Document and Entity Information
Document and Entity Information | 3 Months Ended |
Mar. 31, 2019 | |
Document And Entity Information [Abstract] | |
Document Period End Date | Mar. 31, 2019 |
Entity Registrant Name | FRESENIUS MEDICAL CARE AG & Co. KGaA |
Entity Central Index Key | 0001333141 |
Document Type | 6-K |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Year Focus | 2019 |
Document Fiscal Period Focus | Q1 |
Amendment Flag | false |
Document Period Start Date | Jan. 1, 2019 |
Consolidated statements of inco
Consolidated statements of income - EUR (€) | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Revenue Table | ||
Health care services | € 3,317,308,000 | € 3,208,795,000 |
Health care products | 815,249,000 | 766,834,000 |
Revenue | 4,132,557,000 | 3,975,629,000 |
Costs of revenue: | ||
Health care services | 2,505,423,000 | 2,434,324,000 |
Health care products | 361,846,000 | 338,556,000 |
Costs of revenue | 2,867,269,000 | 2,772,880,000 |
Gross Profit | 1,265,288,000 | 1,202,749,000 |
Operating (income) expenses: | ||
Selling, general and administrative | 715,157,000 | 678,777,000 |
(Gain) loss related to divestiture of Care Coordination activities | 0 | (13,103,000) |
Research and development | 33,614,000 | 31,897,000 |
Income from equity method investees | (20,033,000) | (17,904,000) |
Operating income | 536,550,000 | 496,876,000 |
Other (income) expense: | ||
Interest income | (27,944,000) | (24,836,000) |
Interest expense | 135,792,000 | 107,769,000 |
Income before income taxes | 428,702,000 | 413,943,000 |
Income tax expense | 100,944,000 | 84,234,000 |
Net income | 327,758,000 | 329,709,000 |
Net income attributable to noncontrolling interests | 57,009,000 | 51,154,000 |
Net income attributable to shareholders of FMC-AG & Co. KGaA | € 270,749,000 | € 278,555,000 |
Basic earnings per share (in dollars per share) | € 0.88 | € 0.91 |
Fully diluted earnings per share (in dollars per share) | € 0.88 | € 0.91 |
Consolidated statements of comp
Consolidated statements of comprehensive income - EUR (€) | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Consolidated statements of comprehensive income | ||
Net income | € 327,758,000 | € 329,709,000 |
Components that may be reclassified subsequently to profit or loss: | ||
Gain (loss) related to foreign currency translation | 269,741,000 | (265,041,000) |
Gain (loss) related to cash flow hedges | (1,296,000) | 7,834,000 |
Income tax (expense) benefit related to components of other comprehensive income that may be reclassified | (426,000) | 2,218,000 |
Other comprehensive income | 268,871,000 | (259,425,000) |
Total comprehensive income | 596,629,000 | (70,284,000) |
Comprehensive income attributable to noncontrolling interests | (78,004,000) | 25,776,000 |
Comprehensive income attributable to shareholders of FMC-AG & Co. KGaA | € 518,625,000 | € (44,508,000) |
Consolidated balance sheets
Consolidated balance sheets - EUR (€) | Mar. 31, 2019 | Dec. 31, 2018 |
Assets | ||
Cash and cash equivalents | € 958,788,000 | € 2,145,632,000 |
Trade accounts receivable, less allowance for doubtful accounts of 474,891 in 2017 and 482,461 in 2016 | 3,856,891,000 | 3,337,706,000 |
Accounts receivable from related parties | 95,281,000 | 92,662,000 |
Inventories | 1,695,658,000 | 1,466,803,000 |
Other current assets | 894,229,000 | 804,083,000 |
Total current assets | 7,500,847,000 | 7,846,886,000 |
Property, plant and equipment | 3,949,557,000 | 3,836,010,000 |
Right of Use Assets | 4,310,976,000 | 0 |
Intangible assets | 1,430,970,000 | 681,331,000 |
Goodwill | 13,561,939,000 | 12,209,606,000 |
Deferred taxes assets | 308,530,000 | 345,686,000 |
Investment in equity method investees | 630,439,000 | 649,780,000 |
Other non-current assets | 659,946,000 | 672,969,000 |
Total non-current assets | 24,852,357,000 | 18,395,382,000 |
Total assets | 32,353,204,000 | 26,242,268,000 |
Liabilities | ||
Accounts payable | 707,774,000 | 641,271,000 |
Accounts payable to related parties | 210,384,000 | 153,781,000 |
Current provisions and other current liabilities | 2,809,937,000 | 2,904,288,000 |
Short-term debt | 1,319,997,000 | 1,205,294,000 |
Short-term debt from related parties | 107,400,000 | 188,900,000 |
Current portion of long-term debt | 1,511,815,000 | 1,106,519,000 |
current portion of of long-term lease liabilities | 615,011,000 | 0 |
Current Portion of Long Term Lease Liability From Related Party | 16,489,000 | 0 |
Income tax payable | 64,627,000 | 68,229,000 |
Total current liabilities | 7,363,434,000 | 6,268,282,000 |
Long-term debt, less current portion | 5,681,163,000 | 5,045,515,000 |
Long-term lease liabilities, less current portion | 3,863,651,000 | 0 |
Long Term Debt From Related Party | 0 | 0 |
Long Term Lease Liabilities From Related Parties Less Current Portion | 116,913,000 | 0 |
Non-current provisions and other noncurrent liabilities | 718,895,000 | 750,738,000 |
Pension liabilities | 563,538,000 | 551,930,000 |
Income tax payable | 96,247,000 | 97,324,000 |
Deferred taxes liabilities | 722,859,000 | 626,521,000 |
Total non-current liabilities | 11,763,266,000 | 7,072,028,000 |
Total liabilities | 19,126,700,000 | 13,340,310,000 |
Shareholders' equity | ||
Ordinary shares, no par value, 1.00 nominal value, 385,913,972 shares authorized, 308,111,000 issued and 306,451,049 outstanding as of December 31, 2017 and 385,913,972 shares authorized, 307,221,791 issued and 306,221,840 outstanding as of December 31, 2016 respectively | 307,907,000 | 307,879,000 |
Treasury stock, at cost | 164,809,000 | 50,993,000 |
Additional paid-in capital | 3,871,908,000 | 3,873,345,000 |
Retained earnings | 8,991,461,000 | 8,831,930,000 |
Accumulated other comprehensive income (loss) | (955,874,000) | (1,203,750,000) |
Total FMC-AG & Co. KGaA shareholders' equity | 12,050,593,000 | 11,758,411,000 |
Noncontrolling interests | 1,175,911,000 | 1,143,547,000 |
Total equity | 13,226,504,000 | 12,901,958,000 |
Total liabilities and equity | € 32,353,204,000 | € 26,242,268,000 |
Consolidated balance sheets (Pa
Consolidated balance sheets (Parenthetical) - EUR (€) | Mar. 31, 2019 | Dec. 31, 2018 |
Consolidated balance sheets | ||
Allowance for doubtful accounts | € 123,416,000 | € 118,015,000 |
Consolidated statements of cash
Consolidated statements of cash flows - EUR (€) | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Operating activities | ||
Net income | € 327,758,000 | € 329,709,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 362,376,000 | 174,994,000 |
Change in deferred taxes, net | 53,960,000 | (8,147,000) |
(Gain) loss on sale of fixed assets and investments | 8,563,000 | (2,028,000) |
Compensation expense related to share-based plans | 1,380,000 | 18,656,000 |
Investments in equity method investees, net | (20,894,000) | (22,303,000) |
Interest expense, net | 107,848,000 | 82,933,000 |
Changes in assets and liabilities, net of amounts from businesses acquired: | ||
Trade accounts receivable, net | (430,041,000) | (462,386,000) |
Inventories | (141,258,000) | (84,210,000) |
Other current and non-current assets | (70,828,000) | 9,537,000 |
Accounts receivable from related parties | (2,476,000) | (10,370,000) |
Accounts payable to related parties | 54,840,000 | 90,081,000 |
Accounts payable, provisions and other current and non-current liabilities | (67,346,000) | (152,973,000) |
Paid interest | 135,041,000 | 110,178,000 |
Received interest | 12,644,000 | 6,436,000 |
Income tax payable | 69,244,000 | 98,507,000 |
Paid income taxes | 79,832,000 | 51,728,000 |
Net cash provided by (used in) operating activities | 75,559,000 | (44,808,000) |
Investing activities | ||
Purchases of property, plant and equipment | 200,849,000 | 221,486,000 |
Proceeds from sale of property, plant and equipment | 1,911,000 | 3,095,000 |
Acquisitions and investments, net of cash acquired, and purchases of intangible assets | 1,828,525,000 | 181,403,000 |
Proceeds from divestitures | (11,012,000) | (158,000) |
Net cash provided by (used in) investing activities | (2,016,451,000) | (399,636,000) |
Financing activities | ||
Proceeds from short-term debt | 175,009,000 | 268,785,000 |
Repayments of short-term debt | 64,027,000 | 18,889,000 |
Proceeds from short-term debt from related parties | 0 | 31,800,000 |
Repayments of short-term debt from related parties | 81,500,000 | 0 |
Proceeds from long-term debt | 414,458,000 | 105,899,000 |
Repayments of long-term debt | 17,421,000 | 15,027,000 |
Repayments of lease liabilities | 151,856,000 | 0 |
Repayments of lease liabilities from related parties | 4,066,000 | 0 |
Increase (decrease) of accounts receivable securitization program | (584,185,000) | (9,356,000) |
Proceeds from exercise of stock options | 148,000 | 562,000 |
Purchase of treasury stock | 89,446,000 | 0 |
Distributions to noncontrolling interests | 54,873,000 | 50,951,000 |
Contributions from noncontrolling interests | 11,545,000 | 6,303,000 |
Net cash provided by (used in) financing activities | 722,156,000 | 337,838,000 |
Effect of exchange rate changes on cash and cash equivalents | 31,892,000 | (25,125,000) |
Cash and cash equivalents: | ||
Net increase (decrease) in cash and cash equivalents | (1,186,844,000) | (131,731,000) |
Cash and cash equivalents at beginning of period | 2,145,632,000 | |
Cash and cash equivalents at end of period | € 958,788,000 | € 846,378,000 |
Consolidated statements of shar
Consolidated statements of shareholders' equity - EUR (€) | Total | Equity Attributable To Owners Of Parent [Member] | Issued Capital [Member] | Treasury Shares [Member] | Share Premium [Member] | Retained Earnings [Member] | Reserve Of Exchange Differences On Translation [Member] | Reserve Of Cash Flow Hedges [Member] | Reserve Of Remeasurements Of Defined Benefit Plans [Member] | Noncontrolling Interests [Member] |
Balance at beginning of period at Dec. 31, 2017 | € 10,823,110,000 | € 9,815,026,000 | € 308,111,000 | € (108,931,000) | € 3,969,245,000 | € 7,132,179,000 | € (1,203,904,000) | € (18,336,000) | € (263,338,000) | € 1,008,084,000 |
Balance at beginning of period (in shares) at Dec. 31, 2017 | 308,111,000 | (1,659,951) | ||||||||
Proceeds from exercise of options and related tax effects | 2,014,000 | 486,000 | € 10,322,000 | 476,000 | ||||||
Proceeds from exercise of options and related tax effects (in shares) | 10 | |||||||||
Compensation expense related to stock options | 2,014,000 | 2,014,000 | 2,014,000 | |||||||
Purchase of treasury stock | 0 | |||||||||
Purchase/sale of noncontrolling interests | (8,364,000) | 2,835,000 | 2,835,000 | (11,199,000) | ||||||
Contributions from/to noncontrolling interests | (43,702,000) | (43,702,000) | ||||||||
Net income | 329,709,000 | 278,555,000 | 278,555,000 | 51,154,000 | ||||||
Other comprehensive income (loss) related to: | ||||||||||
Foreign currency translation | (265,041,000) | (239,663,000) | (243,632,000) | 13,000 | 3,956,000 | (25,378,000) | ||||
Cash flow hedges, net of related tax effects | 5,616,000 | 5,616,000 | 5,616,000 | |||||||
Total comprehensive income | (70,284,000) | 44,508,000 | 25,776,000 | |||||||
Balance at end of period at Mar. 31, 2018 | 10,910,948,000 | € 308,121,000 | € (108,931,000) | 3,974,570,000 | 7,477,854,000 | (1,447,536,000) | (12,707,000) | (259,382,000) | 978,959,000 | |
Balance at end of period (in shares) at Mar. 31, 2018 | 308,121,322 | (1,659,951) | ||||||||
Balance at beginning of period at Dec. 31, 2017 | 10,823,110,000 | 9,815,026,000 | € 308,111,000 | € (108,931,000) | 3,969,245,000 | 7,132,179,000 | (1,203,904,000) | (18,336,000) | (263,338,000) | 1,008,084,000 |
Balance at beginning of period (in shares) at Dec. 31, 2017 | 308,111,000 | (1,659,951) | ||||||||
Purchase of treasury stock | € 50,993,000 | |||||||||
Balance at end of period at Dec. 31, 2018 | 12,901,958,000 | 11,758,411,000 | € 307,879,000 | € (50,993,000) | 3,873,345,000 | 8,831,930,000 | (911,473,000) | (1,528,000) | (290,749,000) | 1,143,547,000 |
Balance at end of period (in shares) at Dec. 31, 2018 | 307,878,652 | (999,951) | ||||||||
Noncontrolling interests subject to put provisions | (67,120,000) | (67,120,000) | (67,120,000) | |||||||
Adjusted balance application IFRS 9 | (130,727,000) | (115,219,000) | (115,219,000) | |||||||
Noncontrolling interests subject to put provisions | (818,871,000) | |||||||||
Proceeds from exercise of options and related tax effects | (1,298,000) | (1,298,000) | € 28,000 | (1,326,000) | ||||||
Proceeds from exercise of options and related tax effects (in shares) | 28,641 | |||||||||
Compensation expense related to stock options | 1,380,000 | 1,380,000 | 1,380,000 | |||||||
Purchase of treasury stock | (89,446,000) | (113,816,000) | € (113,816,000) | |||||||
Purchase of treasury shares (in shares) | 1,629,240 | |||||||||
Withdrawal of treasury stock | (113,816,000) | (113,816,000) | € (113,816,000) | |||||||
Purchase/sale of noncontrolling interests | 14,651,000 | (1,491,000) | (1,491,000) | 16,142,000 | ||||||
Contributions from/to noncontrolling interests | (46,274,000) | |||||||||
Net income | 327,758,000 | 270,749,000 | 270,749,000 | 57,009,000 | ||||||
Other comprehensive income (loss) related to: | ||||||||||
Foreign currency translation | 269,741,000 | 248,746,000 | 251,734,000 | (6,000) | (2,982,000) | 20,995,000 | ||||
Cash flow hedges, net of related tax effects | (870,000) | (870,000) | (870,000) | |||||||
Total comprehensive income | 596,629,000 | 518,625,000 | 78,004,000 | |||||||
Balance at end of period at Mar. 31, 2019 | 13,226,504,000 | 12,050,593,000 | € 307,907,000 | € (164,809,000) | € 3,871,908,000 | 8,991,461,000 | € (659,739,000) | € (2,404,000) | € (293,731,000) | € 1,175,911,000 |
Balance at end of period (in shares) at Mar. 31, 2019 | 307,907,293 | (2,629,191) | ||||||||
Noncontrolling interests subject to put provisions | € (4,001,000) | € (4,001,000) | € (4,001,000) |
The Company, basis of presentat
The Company, basis of presentation and significant accounting policies | 3 Months Ended |
Mar. 31, 2019 | |
The Company, basis of presentation and significant accounting policies | |
The Company, basis of presentation and significant accounting policies | 1 . The Company and b asis of p resentation The Company Fresenius Medical Care AG & Co. KGaA (“FMC-AG & Co. KGaA” or the “Company”), a German partnership limited by shares (Kommanditgesellschaft auf Aktien) registered in the commercial registry of Hof an der Saale under HRB 4019, with its business address at Else-Kröner-Str. 1, 61352 Bad Homburg v. d. Höhe, is the world’s largest kidney dialysis company, based on publicly reported sales and number of patients treated. The Company provides dialysi s treatment and related dialysis care services to persons who suffer from end-stage renal disease (“ESRD”), as well as other health care services. The Company also develops and manufactures a wide variety of health care products, which includes dialysis an d non-dialysis products. The Company’s dialysis products include hemodialysis machines, peritoneal cyclers, dialyzers, peritoneal solutions, hemodialysis concentrates, solutions and granulates, bloodlines, renal pharmaceuticals and systems for water treatm ent. The Company’s non-dialysis products include acute cardiopulmonary and apheresis products. The Company supplies dialysis clinics it owns, operates or manages with a broad range of products and also sells dialysis products to other dialysis service prov iders. The Company describes certain of its other health care services as “Care Coordination.” Care Coordination currently includes, but is not limited to, the coordinated delivery of pharmacy services, vascular, cardiovascular and endovascular specialty s ervices as well as ambu latory surgery center services, physician nephrology and cardiology services, health plan services, urgent care services an d ambulant treatment services. U ntil June 28, 2018 , Care Coordination also include d the coordinated delivery o f emergency, intensivist and hospitalist physician services as well as transitional care which the Company refers to as “hospital related physician services. ” All of these Care Coordination services together with dialysis care and related services represen t the Company’s health care services. In these unaudited consolidated financial statements , “FMC-AG & Co. KGaA,” or the “Company” refers to the Company or the Company and its subsidiaries on a consolidated basis, as the context requires. “Fresenius SE” and “Fresenius SE & Co. KGaA” refer to Fresenius SE & Co. KGaA. “Management AG” and the “General Partner” refer to Fresenius Medical Care Management AG which is FMC-AG & Co. KGaA’s general partner and is wholly owned by Fresenius SE. “Management Board” refers to the members of the management board of Management AG and, except as otherwise specified, “Supervisory Board” refers to the supervisory board of FMC-AG & Co. KGaA. The term “North America Segment” refers to the North America operating segment, the term “EMEA Segment” refers to the Europe, Middle East and Africa operating segment, the term “Asia-Pacific Segment” refers to the Asia-Pacific operating segment, and the term “Latin America Segment” refers to the Latin America operating segment. For further dis cussion of the Company’s operating segments, see n ote 14 . Basis of p resentation The consolidated financial statements and other financial information included in the Company’s quarterly reports on Form 6-K and its Annual Report on Form 20-F for 2018 were prepared solely in accordance with IFRS as issued by the International Accounting Standards Board (“IASB”), using the euro as the Company’s reporting currency. At March 31 , 2019 , there were no IFRS or International Financial Reporting Interpretation C ommittee (“IFRIC”) interpretations as endorsed by the European Union relevant for interim reporting that differed from IFRS as issued by the IASB. As such, the accompanying condensed interim report complies with the requirements of International Accounting Standard (“IAS”) 34, Interim Financial Reporting as well as with the rules concerning interim reporting as issued by the IASB. The consolidated financial statements at March 31 , 2019 and for the three months ended March 31 , 2019 and 2018 contai ned in this report are unaudited and should be read in conjunction with the consolidated financial statements contained in the Compa ny's 2018 Annual Report on Form 20-F. The preparation of c onsolidated f inancial s tatements in conformity with IFRS requir es management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the c onsolidated f inancial s tatements and the reported amounts of revenue and expe nse during the reporting period. Actual results could differ from those estimates . Such financial statements reflect all adjustments that, in the opinion of management, are necessary for a fair presentation of the results of the periods presented. All such adjustments are of a normal recurring nature. Starting on July 1, 2018, the Company’s subsidiaries in Argentina applied IAS 29, Financial Reporting in Hyperinflationary Economies, due to the inflation in Argentina. Pursuant to IAS 29, the Company recorded a loss on its net monetary position of €5,189 for the three months ended March 31 , 2019 . The Company calculated the loss with the use of the Consumer Price Index ( Índice de precios al consumidor ) as published by the Argentine Statistics and Census Institute for the first three months ended March 31 , 2019 , which lists the level at 206 index points, a 12% increase since January 1, 2019 . As a result of the implementation of IFRS 16, Leases, the Company updated its accounting policies. Refer to “Recently implemented accounting pronouncements” below for further details on the updated policies. Excluding the policies update for IFRS 16, t he accounting policies applied in the accompanying c onsolidated f inancial s tatements are the same as those applied in the consolidated financial statements as of December 31 , 2018 . As of December 31, 2018, “ Property, plant and equipment ” included lease d fixed assets of €36, 402 recognized in accordance with IAS 17, Leases. These are transferred to the line item “Right-of-use assets” as of the beginning of fiscal year 2019. As of December 31, 2018, “Current portion of long-term debt” included current lea se liabilities from capital leases in accordance with IAS 17 of €9, 387. From 2019, these are included in the balance sheet item “Current portion of long-term lease liabilities” . As of December 31, 2018, “Long-term debt, less current portion” included non-c urrent lease liabilities from capital leases i n accordance with IAS 17 of €26, 757. From 2019, these are included in the balance sheet item “Long-term lease liabilities, less current portion” . In the consolidated statement of cash flows, in the comparative information for the period from January 1, 2018 to March 31, 201 8 , the line item “Repayments of long-term debt” included repayments of lease liabilities from capital leases in accordance with IAS 17 of €2, 724. In th e previous periods this line item was labeled as “Repayments of long-term debt and capital lease obligations”. From 2019, these repayments are included in the line item “Repayments of lease liabilities” in accordance with IFRS 16 . Based on the IFRIC agenda decision relating to the applicability of IAS 12 , Income Taxes, to the accounting for interest and penalties related to income taxes and an interpretation issued by the Accounting Standards Committee of Germany approved in September 2018 , interest and pen alties related to income taxes have been reclassified from income tax expense to interest expense, net in the amount of € 2,957 for the three months ended March 31, 2018. The results of operations for the three months ended March 31 , 2019 are not n ecessarily indicative of the results of operations for the year ending December 31 , 2019 . Recently i mplemented a ccounting p ronouncements The Company has prepared its c onsolidated f inancial s tatements at March 31 , 2019 in conformity with IFRS in force for the interim periods on January 1, 2019 . In the first quarter of 2019 , the Company applied the following new standard relevant for its business for the first time: IFRS 16 In January 2016, the IASB issued IFRS 16, which supersedes the current standard on lease-accounting, IAS 17, as well as the interpretations IFRIC 4, Determining whether an arrangement contains a lease, Standing Interpretations Committee (“SIC”)-15, Operating leases - incentives and SIC-27, Evaluating the substance of transactions in the legal form of a lease. IFRS 16 significa ntly changes lessee accounting. For almost all leases, a lessee is required to recognize a right-of-use asset representing its right to use the underlying leased asset and a lease liability representing its obligation to make lease payments. Leases with a total maximum term of twelve months (short-term leases) and leases for underlying assets of low-value may be exempt from balance sheet recognition by applying an accounting policy choice. Depreciation of the right-of-use asset and interest on the lease li ability must be recognized in the income statement for every on-balance lease contract. Therefore, straight-line rental expenses will no longer be shown for the vast majority of the leases. The lessor accounting requirements in IAS 17 are substantially car ried forward. The Company applies the modified retrospective method in accordance with IFRS 16 as the transition method. Accordingly, the cumulative effect from first-time application is recognized in the opening balance of retained earnings as of January 1, 2019 without adjustments to the comparative information of the previous period. In the application of the modified retrospective method, the carrying amount of the lease liability at the date of the initial application is determined by discounting the remaining lease payments of lease agreements that were classified as operating leases under IAS 17 using the term-, country-, and currency-specific incremental borrowing rate at date of initial application. Furthermore, right-of-use assets are to be recogn ized. In the application of the modified retrospective method, the carrying amount of the right-of-use asset equals the carrying amount of the lease liability adjusted for any pr epaid or accrued lease payments . For a part of the existing contracts, the C ompany recognizes the right-of-use asset with its carrying amount assuming the new standard had been applied since the commencement date of the lease discounted using its term-, country-, and currency-specific incremental borrowing rate at the date of init ial application. Regarding the options and exemptions available upon the initial application of IFRS 16 , the Company adopted the following approach: IFRS 16 is only applied to contracts that were previously identified as leases under IAS 17 and IFRIC 4. R ecognition, valuation and disclosure principles of IFRS 16 are not applied to lease contracts with a lease term ending in less than 12 months from the date of the initial application. The respective lease contracts are accounted for as if they were short t erm leases and recognized as an expense accordingly. Material initial direct costs are included in the measurement of a right-of-use asset with the carrying amount assuming the new standard was applied since the commencement date of the lease. Upon initia l recognition no impairment review is performed. The right-of-use assets are adjusted for onerous contract provisions, recognized on the consolidated balance sheet immediately before the date of initial application. Right-of-use assets from lease contracts are cla ssified in accordance with the Company’s classification of property, plant and equipment: Right-of-use assets: Land Right-of-use assets: Buildings and improvements Right-of-use assets: Machinery and equipment In addition to the right-of-use asset categories above, prepayments on right-of-use assets are presented separately. Right-of-use assets from lease contracts and lease obligations are presented separately from property, plant and equipment and other financial debt in the consolidated balance s heet. For lease contracts that include both lease and non-lease components that are not separable from lease components, no allocation is performed. Each lease component and any associated non-lease components are accounted for as a single lease. Upon the initial application of IFRS 16 as of January 1, 2019, the Company recognized right-of-use assets of €4,266,753 and lease liabilities from third and related parties of €4,547,535. The cumulative effect from the first- time application is recognized in the op ening balance of retained earnings (€115,219) as well as in non-controlling interests (€15,508) as of January 1, 2019. The following table shows a reconciliation of the future minimum ren tal payments as of December 31 , 2018 to the lease liabilities as of January 1, 2019: Reconciliation of lease liabilities upon the initial application of IFRS 16 in € THOUS Future minimum rental payments as of December 31, 2018 (IAS 17) 5.527.638 less short-term leases (21.936) less leases of low-value assets (34.145) other (30.066) Gross lease liabilities as of January 1, 2019 5.441.491 Discounting (893.957) Lease liabilities as a result of the initial application of IFRS 16 as of January 1, 2019 4.547.534 Lease liabilities from capital leases as of December 31, 2018 (IAS 17) 36.144 Lease liabilities as of January 1, 2019 4.583.678 The lease liabilities were discounted using the term-, country-, and currency-specific incremental borrowing rate as of January 1 , 2019. The weighted average discount rate was 3. 69 %. Leasing in the consolidated statement s of income The Company decided not to ap ply the guidance within IFRS 16 to short-term leases as well as leases for underlying assets of low-value . These lease payments will be recognized as expense s over the lease term. The following table shows the effects from lease agreements on the consolidated statements of income in the first three months of fiscal year 2019: Leasing in the consolidated statements of income in € THOUS For the three months ended March 31, 2019 Depreciation on right-of-use assets 168.893 Expenses relating to short-term leases 12.211 Expenses relating to leases of low-value assets 6.139 Expenses relating to variable lease payments 6.680 Income from subleasing right-of-use asset 55 Interest expense on lease liabilities 41.106 Leasing in the consolidated balance sheet s At March 31 , 2019, the book values of r ight-of-use assets consisted of the following: Right-of-use assets in € THOUS March 31, 2019 Right-of-use assets: Land 29.144 Right-of-use assets: Buildings and improvements 3.871.970 Right-of-use assets: Machinery and equipment 409.862 Right-of-use assets 4.310.976 In the first three months of fiscal year 2019 , additions to right-of-use assets were €104,131 . Recent accounting pronouncements not yet adopted The IASB issued the following new standard which is relevant for the Company: IFRS 17, Insurance Contracts In May 2017, the IASB issued IFRS 17, Insurance Contracts. IFRS 17 establishes principles for the recognition, measurement, presentation and disclosure related to the issuance of insurance contracts. IFRS 17 replaces IFRS 4, Insurance Contracts, which was brought in as an interim standard in 2004. IFRS 4 permitted the use of national accounting standards for the accounting of insurance contracts under IFRS. As a result of the varied application for insurance contracts there was a lack of comparability among peer groups. IFRS 17 eliminates this diversity in practice by requiring all insurance contracts to be accounted for using current values. The frequent updates to the insurance values are expected to provide more useful information to users of financial st atements. IFRS 17 is effective for fiscal years beginning on or after January 1, 2021. Earlier adoption is permitted for entities that have also adopted IFRS 9, Financial Instruments and IFRS 15, Revenue from Contracts with Customers. The Company is evalua ting the impact of IFRS 17 on the consolidated financial statements. In the Company’s view, all other pronouncements issued by the IASB do not have a material impact on the consolidated financial statement s . |
Notes to the consolidated state
Notes to the consolidated statements of income | 3 Months Ended |
Mar. 31, 2019 | |
Notes to the consolidated statements of income | |
Notes to the consolidated statements of income | 2 . Notes to the c onsolidated s tatements of i ncome Revenue The Company has recognized the following revenue in the consolidated statement of income for the three months ended March 31 , 2019 and 2018 : Revenue in € THOUS For the three months ended March 31, 2019 2018 Revenue from contracts with customers Other revenue Total Revenue from contracts with customers Other revenue Total Health care services Dialysis services 2.957.381 - 2.957.381 2.648.293 - 2.648.293 Care Coordination 299.544 60.383 359.927 507.244 53.258 560.502 3.256.925 60.383 3.317.308 3.155.537 53.258 3.208.795 Health care products Dialysis products 762.885 33.790 796.675 729.956 17.736 747.692 Non-dialysis products 18.574 - 18.574 19.142 - 19.142 781.459 33.790 815.249 749.098 17.736 766.834 Total 4.038.384 94.173 4.132.557 3.904.635 70.994 3.975.629 (Gain) loss related to divestitures of Care Coordination activities On April 20, 2018, the Company signed a definitive agreement to divest its controlling interest in Sound Inpatient Physicians, Inc. (“Sound”) to an investment consortium led by Summit Partners, L.P., (“Summit Consortium”). Upon receipt of the required regulatory approvals under the Hart-Scott-Rodino Antitrust Improvements Acts of 1976, as amended, and the satisfaction of customary closing conditions, the divestiture was consummated on June 28, 2018. The total transaction proceeds were $1,770,516 (€1,531,109), net of related tax payments. For the three months ended March 31 , 2018 , the pre-tax loss related to divestitures for Care Coordination activities was € 13.103 , which primarily related to the initial increase in valuation of Sound’s share based payment program. Sound was included in Care Coordination within the North America Segment. The Company’s history with Sound, prior to divestment, includes the following milestones: In July 2014, the Company made an investment for a majority interest in Sound, a physician services organization focused on hospitalist, emergency, intensivist and post-acute care services, furthering its strategic investments and expanding the health care services we offer. In November 2014, Sound acquired Cogent Healthcare, expanding Sound to serve over 180 hospitals in 35 states with more than 1,750 providers. In 2017, the Company increased its interest in Sound raising the Company majority interest to almost 100% during the first half of 2017. Research and development expenses Research and development expenses of € 33.614 for the three months ended March 31 , 2019 (for the three months ended March 31 , 2018 : € 31.897 ) include expenditure for research and non-capitalizable development costs as well as depreciation and amortization expenses related to capitalized development costs of €92 (for the three months ended March 31 , 2018 : €80). Earnings per share The following table contains reconciliations of the numerators and denominators of the basic and fully diluted earnings per share computations for 2019 and 2018 : Reconciliation of Basic and Diluted Earnings per Share in € THOUS, except share and per share data For the three months ended March 31, 2019 2018 Numerator: Net income attributable to shareholders of FMC-AG & Co. KGaA 270.749 278.555 Denominators: Weighted average number of shares outstanding 306.659.364 306.453.070 Potentially dilutive shares - 986.454 Basic earnings per share 0,88 0,91 Fully diluted earnings per share 0,88 0,91 Share buy-back program In 2019, the Company will utilize the authorization granted by the Company’s A nnual G eneral M eeting on May 12, 2016 to conduct a share buy-back program . The 2019 share buy-back program allows for a maximum of 6,000,000 shares to be repurchased at a total purchase price, excluding ancillary transaction costs, of up to €330,000 between March 12 , 2019 and May 10 , 2019. For the period ending March 31, 2019, the Company repurchased 1 ,629,240 shares, at an average weighted stock purchase price of €69.86. As of March 31 , 2019 , the Company holds 2.629.191 treasury shares. These shares will be used solely to reduce the registered share capital of the Company by cancellation of the acquired shares. The following tabular disclosure provides the number of shares acquired in the context of the share buy-back programs as well as the retired treasury stock: Treasury Stock Period Average price paid per share Total number of shares purchased and retired as part of publicly announced plans or programs Total value of shares (1) in € in € THOUS December 31, 2017 65,63 1.659.951 108.931 Purchase of Treasury Stock May 2018 86,69 173.274 15.020 June 2018 86,14 257.726 22.201 Repurchased Treasury Stock 86,37 431.000 37.221 Retirement of repurchased Treasury Stock December 2018 87,23 1.091.000 95.159 December 31, 2018 51,00 999.951 50.993 Purchase of Treasury Stock March 2019 69,86 1.629.240 113.816 March 31, 2019 62,69 2.629.191 164.809 (1) The value of shares repurchased is inclusive of fees (net of taxes) paid in the amount of approximately €11, respectively, for services rendered. |
Acquisitions, investments, purc
Acquisitions, investments, purchases of intangible assets and divestitures | 3 Months Ended |
Mar. 31, 2019 | |
Acquisitions, investments, purchases of intangible assets and divestitures | |
Acquisitions, investments, purchases of intangible assets and divestitures | 3 . Acquisition of NxStage Medical, Inc. On February 21, 2019, the Company acquired all of the outstanding shares of NxStage for $30.00 per common share. The total acquisition value of this business combination, net of cash acquired, is $1,976,235 (€ 1,740,563 at date of closing). NxStage is a leading medical technology company that develops, produces and markets an innovative product portfolio of medical devices for use in home dialysis and in the critical care setting. This acquisition is part of the Company’s stated strategy to expand and complement its existing business through acquisitions. Generally, these acquisitions do not change the Company’s business model and are easy to integrate without disruption to its existing business, requiring lit tle or no realignment of its structures. The NxStage acquisition is consistent in this regard as it supplements the Company’s existing business. The following table summarizes the estimated fair values, as of the date of acquisition based upon information available , as of March 31 , 2019 , of assets acquired and liabilities assumed at the date of the acquisition. Any adjustments to acquisition accounting, net of related income tax effects, will be recorded with a corresponding adjustment to goodwill : Estimated Fair Values of Assets Acquired and Liabilities Assumed - Preliminary in $ THOUS in USD Cash and cash equivalents 47.203 Trade accounts and other receivables 34.062 Other current assets 88.987 Property, plant and equipment 85.470 Intangible assets and other assets 818.150 Goodwill 1.165.289 Accounts payable, current provisions and other current liabilities (69.456) Income tax payable and deferred taxes (119.086) Other liabilities (23.118) Noncontrolling interests (subject and not subject to put provisions) (4.063) Total acquisition cost 2.023.438 Less: Cash acquired (47.203) Net Cash paid 1.976.235 As of the acquisition date , it is estimated that amortizable intangible assets acquired in this acquisition will have weighted average useful lives of 13 years. Goodwill in the amount of $ 1,165,289 was acquired as part of the NxStage acquisition and is allocated to the North America Segment. NxStage’s results have been included in the Company’s consolidated statement of income since February 21, 2019. Specifically, NxStage has contributed revenue and an operating loss in the amount of $33,805 (€29,764) and $12,655 (€11,142) respectively , to the Company’s consolidated operating income. This operating loss amount does not include synergies which may have resulted at consolidated entities outside NxStage since the acquisition closed. Pro forma financial information The following financial information, on a pro forma basis, reflects the consolidated results of operations for the three months ended March 31 , 2019 as if the NxStage acquisition had been consummated on January 1, 2019 and excludes related transaction costs . The pro-forma financial information is not necessarily indicative of the results of operations as it would have been had the transactions been consummated on January 1, 2019 . Pro forma financial Information in € THOUS, except per share data 2019 in EUR Pro forma revenue 4.176.790 Pro forma net income attributable to shareholders of FMC-AG & Co. KGaA 254.538 Basic earnings per share 0,83 Fully diluted earnings per share 0,83 |
Related party transactions
Related party transactions | 3 Months Ended |
Mar. 31, 2019 | |
Related party transactions | |
Related party transactions | 4 . Related p arty t ransactions Fresenius SE is the Company’s largest shareholder and owns 30,92% of the Company’s outstanding shares, excluding treasury shares held by the Company, at March 31 , 2019 . The Company has entered into certain arrangements for services and products with Fresenius SE or its subsidiaries and with certain of the Company’s equity method investees as described in item a) below. The arrangements for leases with Fresenius SE or its subsidiaries are described in item b) below. The Company’s terms related to the receivables or payables for these services, leases and products are generally consistent with the normal terms of the Company’s ordinary course of business transactions with unrelated parties and the Company belie ves that these arrangements reflect fair market terms. The Company utilizes various methods to verify the commercial reasonableness of its related party arrangements. Financing arrangements as described in item c) below have agreed upon terms which are det ermined at the time such financing transactions occur and reflect market rates at the time of the transaction. The relationship between the Company and its key management personnel who are considered to be related parties is described in item d) below. Our related party transactions are settled through Fresenius SE’s cash management system where appropriate. a) Service agreements and products The Company is party to service agreements with Fresenius SE and certain of its affiliates (collectively the “Fresen ius SE Companies”) to receive services, including, but not limited to: administrative services, management information services, employee benefit administration, insurance, information technology services, tax services and treasury management services. The Company also provides central purchasing services to the Fresenius SE Companies. These related party agreements generally have a duration of 1 to 5 years and are renegotiated on an as needed basis when the agreement comes due. The Company provides adminis trative services to one of its equity method investees. The Company sold products to the Fresenius SE Companies and made purchases from the Fresenius SE Companies and equity method investees. In addition, Fresenius Medical Care Holdings, Inc. (“FMCH”) pur chases heparin supplied by Fresenius Kabi USA, Inc. (“Kabi USA”), through an independent group purchasing organization (“GPO”). Kabi USA is an indirect, wholly-owned subsidiary of Fresenius SE. The Company has no direct supply agreement with Kabi USA and d oes not submit purchase orders directly to Kabi USA. FMCH acquires heparin from Kabi USA, through the GPO contract, which was negotiated by the GPO at arm’s length on behalf of all members of the GPO. The Company entered into a ten year agreement with a Fresenius SE C ompany for the manufacturing of infusion bags. In order to establish the new production line, the Company purchased machinery from the Fresenius SE company in the amount of € 250 during the three months ended March 31 , 2019 . In December 2010, the Company and Galenica Ltd. (now known as Vifor Pharma Ltd.) formed the renal pharmaceutical company Vifor Fresenius Medical Care Renal Pharma Ltd., (“VFMCRP”), an equity method investee of which the Company owns 45%. The Company has enter ed into exclusive supply agreements to purchase certain pharmaceuticals from VFMCRP. Below is a summary, including the Company’s receivables from and payables to the indicated parties resulting from the above described transactions with related parties. Service agreements and products with related parties in € THOUS For the three months ended March 31, 2019 For the three months ended March 31, 2018 March 31, 2019 December 31, 2018 Sales of goods and services Purchases of goods and services Sales of goods and services Purchases of goods and services Accounts receivable Accounts payable Accounts receivable Accounts payable Service agreements (1) Fresenius SE 32 5.182 70 5.724 1.064 3.149 378 4.019 Fresenius SE affiliates 940 24.652 876 24.455 849 7.946 681 8.470 Equity method investees 730 - 5.060 - 78 - 2.449 - Total 1.702 29.834 6.006 30.179 1.991 11.095 3.508 12.489 Products Fresenius SE affiliates 9.862 8.290 7.907 9.075 11.062 3.699 8.750 3.658 Equity method investees - 151.645 - 121.021 - 112.907 - 57.975 Total 9.862 159.935 7.907 130.096 11.062 116.606 8.750 61.633 (1) In addition to the above shown accounts payable, accrued expenses for service agreements with related parties amounted to €6,687 and €9,376 at March 31, 2019 and December 31, 2018, respectively. b) Lease agreements In addition to the above - mentioned product and service agreements, the Company is a party to real estate lease agreements with the Fresenius SE Companies, which mainly include leases for the Company’s corporate headquarters in Bad Homburg, Germany and production sites in Schweinfurt and St. Wendel, Germany. The majority of the leases expire at the end of 2026. Below is a summary resulting from the above described lease agreements with related parties. For information on the implementation of IFRS 16, see note 1 . Lease agreements with related parties in € THOUS For the three months ended March 31, 2019 For the three months ended March 31, 2018 March 31, 2019 Depreciation Interest expense Lease expense (1) Lease income Lease expense Right-of-use asset Lease liability Fresenius SE 1.214 137 854 - 2.069 35.219 35.286 Fresenius SE affiliates 3.089 353 161 - 3.692 97.966 98.116 Total 4.303 490 1.015 - 5.761 133.185 133.402 (1) Short-term leases and expenses relating to variable lease payments are exempted from balance sheet recognition. c ) Financing The Company receives short-term financing from and provides short-term financing to Fresenius SE. The Company also utilizes Fresenius SE’s cash management system for the settlement of certain intercompany receivables an d payables with its subsidiaries and other related parties. As of March 31 , 2019 and December 31 , 2018 , the Company had accounts receivable from Fresenius SE related to short-term financing in the amount of € 80.388 and € 80.228 , respectively. As of March 31 , 2019 and December 31 , 2018 , the Company had accounts payable to Fresenius SE related to short-term financing in the amount of € 76.784 and € 32.454 , respectively. The interest rate s for these cash management arrangements are set on a daily basis and are based on the then-prevailing overnight reference rate, with a floor of zero, for the respective currencies. On August 19, 2009, the Company borrowed € 1.500 from the General Partner on an unsecured basis at 1,335% . The loan repayment has been extended periodically and is currently due August 22, 2019 with an interest rate of 0,825% . On November 28, 2013, the Company borrowed an additional € 1.500 with an interest rate of 1,875% from the General Partner. The loan repayment has been extended periodically and is cu rrently due on November 23, 2019 with an interest r ate of 0,825% . At March 31 , 2019 and December 31 , 2018 , a subsidiary of Fresenius SE held unsecured bonds issued by the Company in the amount of € 5.000 and € 6.000 , re spectively. The bonds were issued in 2011 and 2012, mature in 2021 and 2019, respectively, and each has a coupon rate of 5.25% with interest payable semiannually. At March 31 , 2019 and December 31 , 2018 , the Company borrowed from Fresenius SE in the am ount of € 104.400 on an unsecured basis at an interest rate of 0,825% and € 185.900 on an unsecured basis at an interest rate of 0,825% , respectively. For further information on this loan agreement, see note 8 . d ) Key management personnel Due to the Company’s legal form of a German partnership limited by shares, the General Partner holds a key management position within the Company. In addition, as key management personnel, mem bers of the Management Board and the Supervisory Board, as well as their close relatives, are considered related parties. The Company’s Articles of Association provide that the General Partner shall be reimbursed for any and all expenses in connection with management of the Company’s business, including remuneration of the members of the General Partner’s supervisory board and the members of the Management Board. The aggregate amount reimbursed to the General Partner was € 8.028 and € 4.016 , respectively, for its management services during the three months ended March 31 , 2019 and 2018 . As of March 31 , 2019 and December 31 , 2018 , the Company had accounts receivable from the General Partner in the amount of € 1.840 and € 176 , respectively. As of March 31 , 2019 and December 31 , 2018 , the Company had accounts payable to the General Partner in the amount of € 5.899 and € 47.205 , respectively. |
Cash and cash equivalents
Cash and cash equivalents | 3 Months Ended |
Mar. 31, 2019 | |
Cash and cash equivalents | |
Cash and cash equivalents | 5 . Cash and c ash e quivalents As of March 31 , 2019 and December 31 , 2018 , cash and cash equivalents are as follows : Cash and cash equivalents in € THOUS March 31, December 31, 2019 2018 Cash 705.731 831.885 Securities and time deposits 253.057 1.313.747 Cash and cash equivalents 958.788 2.145.632 The cash and cash equivalents disclosed in the table above, and in the c onsolidated statements of cash flows , include at March 31 , 2019 an amount of € 5,740 (December 31, 2018 : €5, 002 ) from collateral requirements towards an insurance company in North America that are not available for use. |
Trade accounts receivable
Trade accounts receivable | 3 Months Ended |
Mar. 31, 2019 | |
Trade accounts receivable | |
Trade accounts receivable | 6 . Trade accounts and other receivables As of March 31 , 2019 and December 31 , 2018 , trade accounts and other receivables are as follows : Trade accounts and other receivables in € THOUS March 31, December 31, 2019 2018 thereof Credit-Impaired thereof Credit-Impaired Trade accounts and other receivables, gross 3.980.307 387.850 3.455.721 325.240 thereof Finance Lease Receivables 44.037 - 28.726 - less allowances (123.416) (87.056) (118.015) (85.775) Trade accounts and other receivables 3.856.891 300.794 3.337.706 239.465 The other receivables in the amount of €79,627 include receivables from finance leases, operating leases and insurance contracts (December 31, 2018 : €66,496). All trade accounts and other receivables are due within one year. A small portion of the trade account receivables are subject to factoring agreements. Trade accounts receivables and finance lease receivables with a term of more than one year in the amount of €120,479 (December 31, 2018 : €120,668) are included in the balance sheet item "Other non-current assets." |
Inventories
Inventories | 3 Months Ended |
Mar. 31, 2019 | |
Inventories | |
Inventories | 7 . Inventories At March 31 , 2019 and December 31 , 2018 , inventories consisted of the following: Inventories in € THOUS March 31, December 31, 2019 2018 Finished goods 895.533 774.133 Health care supplies 470.202 391.593 Raw materials and purchased components 237.664 224.054 Work in process 92.259 77.023 Inventories 1.695.658 1.466.803 |
Short-term debt and short-term
Short-term debt and short-term debt from related parties | 3 Months Ended |
Mar. 31, 2019 | |
Short-term debt and short-term debt from related parties | |
Short-term debt and short-term debt from related parties | 8 . Short-term d ebt and s hort-term d ebt from r elated p arties At March 31 , 2019 and December 31 , 2018 , short-term debt and short-term debt from related parties consisted of the following: Short-term debt and short-term debt from related parties in € THOUS March 31, December 31, 2019 2018 Commercial paper program 999.834 999.873 Borrowings under lines of credit 318.540 204.491 Other 1.623 930 Short-term debt 1.319.997 1.205.294 Short-term debt from related parties (see note 4c) 107.400 188.900 Short-term debt and short-term debt from related parties 1.427.397 1.394.194 The Company and certain consolidated entities operate a multi-currency notional pooling cash management system. The Company met the conditions to offset balances within this cash pool for reporting purposes. At March 31 , 2019 , cash and borrowings under lines of credit in the amount of € 113.238 ( December 31 , 2018 : € 122.256 ) were offset under this cash management system. Commercial paper program The Company maintains a commercial paper program under which sh ort-term notes of up to €1,000,000 can be issued. At March 31 , 2019 , the outstanding commercial paper amounted to € 1.000.000 ( December 31 , 2018 : € 1.000.000 ). Other At March 31 , 2019 , the Company had € 1.623 ( December 31 , 2018 : € 930 ) of other debt outstanding related to fixed payments outstanding for acquisitions. Short-term debt from related parties The Company is party to an unsecured loan agreement with Fresenius SE under which the Company o r FMCH may request and receive one or more short-term advances up to an aggregate amount of $400,000 until maturity on July 31, 2022. For further information on short-term debt from related parties, see note 4 c ). |
Long-term debt and capital leas
Long-term debt and capital lease obligations | 3 Months Ended |
Mar. 31, 2019 | |
Long-term debt and capital lease obligations | |
Long-term debt and capital lease obligations | 9 . Long-term d ebt As of March 31 , 2019 and December 31 , 2018 , long-term debt consisted of the following: Long-term debt in € THOUS March 31, December 31, 2019 2018 Amended 2012 Credit Agreement 2.296.088 1.887.357 Bonds 3.752.592 3.700.446 Convertible Bonds 394.794 393.232 Accounts Receivable Facility 589.779 - Capital lease obligations (1) - 36.144 Other 159.725 134.855 Long-term debt (2) 7.192.978 6.152.034 Less current portion (1.511.815) (1.106.519) Long-term debt, less current portion (2) 5.681.163 5.045.515 1) As of December 31, 2018, this line item included lease liabilities from capital leases in accordance with IAS 17. From 2019, these are transferred to balance sheet items "Current portion of long-term lease liabilities" and "Long-term lease liabilities, less current portion" (see Note 1). 2) Labeled as "Long-term debt and capital lease obligations" as of December 31, 2018, this line item included lease liabilities from capital leases in accordance with IAS 17. From 2019, these are transferred to balance sheet item "Long-term lease liabilities, less current portion" (see Note 1). Amended 2012 C redit A greement The following table shows the available and outstanding amounts under the Amended 2012 Credit Agreement at March 31 , 2019 and December 31 , 2018 : Amended 2012 Credit Agreement - Maximum amount available and balance outstanding in THOUS Maximum amount available Balance outstanding March 31, 2019 March 31, 2019 (1) Revolving credit USD 2017 / 2022 $ 900.000 € 801.068 $ 246.345 € 219.266 Revolving credit EUR 2017 / 2022 € 600.000 € 600.000 € 200.000 € 200.000 USD term loan 2017 / 2022 $ 1.320.000 € 1.174.900 $ 1.320.000 € 1.174.900 EUR term loan 2017 / 2022 € 308.000 € 308.000 € 308.000 € 308.000 EUR term loan 2017 / 2020 € 400.000 € 400.000 € 400.000 € 400.000 € 3.283.968 € 2.302.166 Maximum amount available Balance outstanding December 31, 2018 December 31, 2018 (1) Revolving credit USD 2017 / 2022 $ 900.000 € 786.026 $ - € - Revolving credit EUR 2017 / 2022 € 600.000 € 600.000 € - € - USD term loan 2017 / 2022 $ 1.350.000 € 1.179.039 $ 1.350.000 € 1.179.039 EUR term loan 2017 / 2022 € 315.000 € 315.000 € 315.000 € 315.000 EUR term loan 2017 / 2020 € 400.000 € 400.000 € 400.000 € 400.000 € 3.280.065 € 1.894.039 (1) Amounts shown are excluding debt issuance costs. Accounts Receivable Facility The following table shows the available and outstanding amounts under the Accounts Receivable Facility at March 31 , 2019 and at December 31 , 2018 : Accounts Receivable Facility - Maximum amount available and balance outstanding in THOUS Maximum amount available Balance outstanding March 31, 2019 (1) March 31, 2019 (2) Accounts Receivable Facility $ 900.000 € 801.068 $ 663.500 € 590.565 Maximum amount available Balance outstanding December 31, 2018 (1) December 31, 2018 (2) Accounts Receivable Facility $ 900.000 € 786.026 $ - € - (1) Subject to availability of sufficient accounts receivable meeting funding criteria. (2) Amounts shown are excluding debt issuance costs. The Company also had letters of credit outstanding under the Accounts Receivable Facility in the amount of $ 26.631 and $ 26.631 (€ 23.704 and € 23.259 ) at March 31 , 2019 and December 31 , 2018 , respectively. These letters of credit are not included above as part of the balance outstanding at March 31 , 2019 and December 31 , 2018 ; however, they reduce available borrowings under the Accounts Receivable Facility. |
Employee benefit plans
Employee benefit plans | 3 Months Ended |
Mar. 31, 2019 | |
Employee benefit plans | |
Employee benefit plans | 11 . Employee b enefit p lans The Company currently has five principal pension plans, one for German employees, three for French employees and the other covering employees in the United States, the last of which was curtailed in 2002. Plan benefits are generally based on years of service and final salary. As there is no legal requirement in Germany to fund defined benefit plans, the Company's pension obligations in Germany are unfunded. Each year FMCH co ntributes to the plan covering United States employees at least the minimum required by the Employee Retirement Income Security Act of 1974, as amended. In 2019 , FMCH did not have a minimum funding requirement. For the first three months of 2019 , the Company voluntarily provided € 294 to the defined benefit plan. For the remaining period of 2019 , the Company expects further voluntarily contributions of € 812 . The following table provides the calculations of net periodic benefi t cost for the three months ended March 31 , 2019 and 2018 , respectively. Net periodic benefit cost in € THOUS For the three months ended March 31, 2019 2018 Current service cost 7.444 6.794 Net interest cost 3.454 3.208 Net periodic benefit costs 10.898 10.002 |
Supplementary information on ca
Supplementary information on capital management | 3 Months Ended |
Mar. 31, 2019 | |
Supplementary information on capital management | |
Supplementary information on capital management | 10 . Supplementary information on capital management As of March 31 , 2019 and December 31 , 2018 the total equity in percent of total assets was 40,9% and 49,2% , respectively, and the debt in p ercent of total assets was 40,9% and 28,8% , respectively. Further information on the Company’s capital management is available in the Annual Report on F orm 20-F as of December 31, 2018 . The Company’s financing structure and business model are reflected in the investment grade ratings. The Company is covered and rated investment grade by the three leading rating agencies, Moody’s, Standard & Poor’s and Fitch. Rating (1) Standard & Poor´s Moody´s Fitch Corporate Credit Rating BBB- Baa3 BBB- Outlook positive stable stable (1) A rating is not a recommendation to buy, sell or hold securities of the Company, and may be subject to suspension, change or withdrawal at any time by the assigning rating agency. |
Earnings per share
Earnings per share | 3 Months Ended |
Mar. 31, 2019 | |
Earnings per share | |
Earnings per share | Reconciliation of Basic and Diluted Earnings per Share in € THOUS, except share and per share data For the three months ended March 31, 2019 2018 Numerator: Net income attributable to shareholders of FMC-AG & Co. KGaA 270.749 278.555 Denominators: Weighted average number of shares outstanding 306.659.364 306.453.070 Potentially dilutive shares - 986.454 Basic earnings per share 0,88 0,91 Fully diluted earnings per share 0,88 0,91 |
Commitments and contingencies
Commitments and contingencies | 3 Months Ended |
Mar. 31, 2019 | |
Commitments and contingencies | |
Commitments and contingencies | 12 . Commitments and c ontingencies Legal and regulatory matters The Company is routinely involved in claims, lawsuits, regulatory and tax audits, investigations and other legal matters arising, for the most part, in the ordinary course of its business of providing health care services and products. Legal matters that the Company currently deems to be material or noteworthy are described below. The Company records its litigation reserves for certain legal proceedings and regulatory matters to the extent that the Company determines an unfavor able outcome is probable and the amount of loss can be reasonably estimated. For the other matters described below, the Company believes that the loss probability is remote and/or the loss or range of possible losses cannot be reasonably estimated at this time. The outcome of litigation and other legal matters is always difficult to predict accurately and outcomes that are not consistent with the Company's view of the merits can occur. The Company believes that it has valid defenses to the legal matters pen ding against it and is defending itself vigorously. Nevertheless, it is possible that the resolution of one or more of the legal matters currently pending or threatened could have a material adverse effect on its business, results of operations and financi al condition. On February 15, 2011, a whistleblower (relator) action under the False Claims Act against FMCH was unsealed by order of the United States District Court for the District of Massachusetts and served by the relator. United States ex rel. Chris Drennen v. Fresenius Medical Care Holdings, Inc. , 2009 Civ. 10179 (D. Mass.). The relator's complaint, which was first filed under seal in February 2009, alleged that FMCH sought and received reimbursement from government payors for serum ferritin and mul tiple forms of hepatitis B laboratory tests that were medically unnecessary or not properly ordered by a physician. Discovery on the relator's complaint closed in May 2015. Although the United States initially declined to intervene in the case, the governm ent subsequently changed position. On April 3, 2017, the court allowed the government to intervene with respect only to certain hepatitis B surface antigen tests performed prior to 2011, when Medicare reimbursement rules for such tests changed. The court h as subsequently rejected government requests to conduct new discovery and to add counts to its complaint-in-intervention that would expand upon the relator's complaint, but has allowed FMCH to take discovery against the government as if the government had intervened at the outset. Beginning in 2012, the Company received certain communications alleging conduct in countries outside the United States that might violate the Foreign Corrupt Practices Act or other anti-bribery laws. The Company conducted investi gations with the assistance of outside counsel and, in a continuing dialogue, advised the Securities and Exchange Commission and the United States Department of Justice (collectively and interchangeably the "government") about these investigations. The gov ernment also conducted its own investigations, in which the Company cooperated. In the course of this dialogue, the Company identified and reported to the government, and took remedial actions including employee disciplinary actions with respect to, condu ct that resulted in the government seeking monetary penalties including disgorgement of profits and other remedies. This conduct revolved principally around the Company's products business in countries outside the United States. The Company recorded charge s of €200,000 in 2017 and €77,200 in 2018 encompassing estimates for the government’s claims for profit disgorgement, penalties, certain legal expenses, and other related costs or asset impairments believed likely to be necessary for full and final resolut ion, by litigation or settlement, of the claims and issues arising from the investigation. The increase recorded in 2018 took into consideration preliminary understandings with the government on the financial terms of a potential settlement. Following this increase, which takes into account incurred and anticipated legal expenses, impairments and other costs, the provision totals €223,980 as of December 31, 2018. On March 29, 2019, the Company entered into a non-prosecution agreement with the DOJ and a sepa rate agreement with the SEC intended to resolve fully and finally the government’s claims against the Company a rising from the investigations. The Company agreed to pay a combined total in penalties and disgorgement of approximately $231,700 to the governm ent in co nnection with these agreements. As part of the settlement, the Company further agreed to retain an independent compliance monitor for a period of two years and to an additional year of self-reporting. The Company continues to cooperate with govern ment authorities in Germany in their review of the issues resolved in the U.S. settlement. The Company continues to implement enhancements to its anti-corruption compliance program, including internal controls related to compliance with international anti-bribery laws. The Company continues to be fully committed to compliance with the Foreign Corrupt Practices Act and other applicable anti-bribery laws. Personal injury litigation involving th e Company's acid concentrate product, labeled as Granuflo® or Naturalyte®, first arose in 2012 and was substantially resolved by settlement agreed in principle in February 2016 an d consummated in November 2017. Remaining individual personal injury cases do not present material risk. The Company's affected insurers agreed to the settlement of the acid concentrate personal injury litigation and funded $220,000 of the settlement fund under a reciprocal reservation of rights encompassing certain coverage issue s raised by insurers and the Company's claims for indemnification of defense costs. The Company accrued a net expense of $60,000 in connection with the settlement, including legal fees and other anticipated costs. Following entry into the settlement, the C ompany's insurers in the AIG group and the Company each initiated litigation against the other relating to the AIG group's coverage obligations under applicable policies. In the coverage litigation, the AIG group seeks to be indemnified by the Company for a portion of its $220,000 outlay; the Company seeks to confirm the AIG group's $220,000 funding obligation, to recover defense costs already incurred by the Company, and to compel the AIG group to honor defense and indemnification obligations, if any, requ ired for resolution of cases not participating in the settlement. As a result of decisions on issues of venue, the coverage litigation is proceeding in the New York state trial court for Manhattan. ( National Union Fire Insurance v. Fresenius Medical Care , 2016 Index No. 653108 (Supreme Court of New York for New York County)). Four institutional plaintiffs filed complaints against FMCH or its affiliates under state deceptive practices statutes resting on certain background allegations common to the GranuFlo ®/NaturaLyte® personal injury litigation but seeking as a remedy the repayment of sums paid to FMCH that are attributable to the GranuFlo®/NaturaLyte® products. These cases implicate different legal standards, theories of liability and forms of potential r ecovery from those in the personal injury litigation and their claims were not extinguished by the personal injury litigation settlement described above. The four plaintiffs were the Attorneys General for the States of Kentucky, Louisiana and Mississippi a nd the commercial insurance company Blue Cross Blue Shield of Louisiana in its private capacity. State of Mississippi ex rel. Hood, v. Fresenius Medical Care Holdings, Inc., No. 14-cv-152 (Chancery Court, DeSoto County); State of Louisiana ex re. Caldwell and Louisiana Health Service & Indemnity Company v. Fresenius Medical Care Airline, et al 2016 Civ. 11035 (U.S.D.C. D. Mass.); Commonwealth of Kentucky ex rel. Beshear v. Fresenius Medical Care Holdings, Inc. et al., No. 16-CI-00946 (Circuit Court, Frankli n Co unty). On February 12, 2019, agreement was reached to settle and resolve Kentucky’s claims in Beshear in exchange for FMCH´s payment of $10,300 a nd the case has been dismissed. On April 1, 2019, agreement was reached to settle and resolve Mississippi’s cla ims in Hood for $15,700 and activity has ceased in that case pending the court’s expected approval. The Caldwell and Blue Cross Louisiana cases remain unresolved and are proceeding together in federal court in Boston but are subject to undecided motion s for severance and remand. There is no trial date in either case. The Company has additionally increased its litigation reserves to account for anticipated settlement of some, but not all , of the remaining payor cases. However, at the present time there a re no agreements in principle for resolving the remaining cases and litigation through final adjudication ma y be required in all of them. On September 6, 2018, a special-purpose entity organized under Delaware law for the purpose of pursuing litigation fi led a Pure Bill of Discovery in a Florida county court seeking discovery from FMCH related to the personal injury s ettlement, but no other relief. MSP Recovery Claims Series LLC v. Fresenius Medical Care Holdings, No. 2018-030366-CA-01 (11th Judicial Circu it, Dade County, Florida). The Pure Bill was thereafter removed to federal court and transferred into the multidistrict Fresenius Granuflo/Naturalyte Dialysate Products Liability Litigation in Boston. No.1:13- MD-02428-DPW (D. Mass. 2013). On March 12, 2019 , plaintiff amended its Pure Bill by filing a complaint claiming rights to recover monetary damages on behalf of various persons and entities who are alleged to have assigned to plaintiff their rights to recover monetary damages arising from their having p rovided or paid for medical services for dialysis patients receiving treatments using F MCH’s acid concentrate product. FMCH is responding to the amended complaint. In August 2014, FMCH received a subpoena from the United States Attorney for the District of Maryland inquiring into FMCH's contractual arrangements with hospitals and physicians involving contracts relating to the management of in-patient acute dialysis services. FMCH is cooperating in the investigation. In July 2015, the Attorney General for H awaii issued a civil complaint under the Hawaii False Claims Act alleging a conspiracy pursuant to which certain Liberty Dialysis subsidiaries of FMCH overbilled Hawaii Medicaid for Liberty's Epogen® administrations to Hawaii Medicaid patients during the p eriod from 2006 through 2010, prior to the time of FMCH's acquisition of Liberty. Hawaii v. Liberty Dialysis – Hawaii, LLC et al. , Case No. 15-1-1357-07 (Hawaii 1 st Circuit). The State alleges that Liberty acted unlawfully by relying on incorrect and unaut horized billing guidance provided to Liberty by Xerox State Healthcare LLC, which acted as Hawaii's contracted administrator for its Medicaid program reimbursement operations during the relevant period. The amount of the overpayment claimed by the State is approximately $8,000, but the State seeks civil remedies, interest, fines, and penalties against Liberty and FMCH under the Hawaii False Claims Act substantially in excess of the overpayment. After prevailing on motions by Xerox to preclude it from doing so, FMCH is pursuing third-party claims for contribution and indemnification against Xerox. The State's False Claims Act complaint was filed after Liberty initiated an administrative action challenging the State's recoupment of alleged overpayments from su ms currently owed to Liberty. The civil litigation and administrative action are proceeding in parallel. Trial in the civil litigation is scheduled for April 2020. On August 31, 2015, FMCH received a subpoena under the False Claims Act from the United Sta tes Attorney for the District of Colorado (Denver) inquiring into FMCH's participation in and management of dialysis facility joint ventures in which physicians are partners. FMCH continues to cooperate in the Denver United States Attorney’s Office (“USAO” ) investigation, which has come to focus on purchases and sales of minority interests in ongoing outpatient facilities between FMCH and physician groups. On November 25, 2015, FMCH received a subpoena under the False Claims Act from the United States Attor ney for the Eastern District of New York (Brooklyn) also inquiring into FMCH’s involvement in certain dialysis facil ity joint ventures in New York. On September 26, 2018, the Brooklyn USAO declined to intervene on the qui tam complaint filed under seal in 2014 that gave rise to this investigation. CKD Project LLC v. Fresenius Medical Care , 2014 Civ. 6646 (E.D.N.Y. November 12, 2014). The court unsealed the complaint, allowing the relator t o serve and proceed on its own. The relator — a special-purpose entit y formed by law firms to pursue qui tam proceedings — has served its complaint and litigation is proceeding. Beginning October 6, 2015, the United States Attorney for the Eastern District of New York (Brooklyn) has led an investigation, through subpoenas i ssued under the False Claims Act, utilization and invoicing by the Company's subsidiary Azura Vascular Care for a period beginning after the Company's acquisition of American Access Care LLC ("AAC") in October 2011. The Company has cooperated in the Brookl yn USAO investigation, which is continuing. Allegations against AAC arising in districts in Connecticut, Florida and Rhode Island relating to utilization and invoicing were settled in 2015. On October 22, 2018, the United States Attorney for the Southern District of New York (Manhattan) announced a False Claims Act settlement for up to $18,400 with Vascular Access Centers LP, a competitor of AAC and Azura. Simultaneously, the 2012 qui tam (whistleblower) complaint that gave rise to the investigation was un sealed. Levine v. Vascular Access Centers , 2012 Civ. 5103 (S.D.N.Y.). That qui tam complaint names as defendants, among others in the dialysis industry, subsidiaries and employees of the Company engaged in the vascular access business. The Manhattan USAO d id not intervene against non-settling defendants, allowing the relator to proceed on his own against those defendants. The relator subsequently dismissed with prejudice the defendants related to FMCH. On June 30, 2016, FMCH received a subpoena from the Uni ted States Attorney for the Northern District of Texas (Dallas) seeking information under the False Claims Act about the use and management of pharmaceuticals including Velphoro®. The investigation encompasses DaVita, Amgen, Sanofi, and other pharmaceutica l manufacturers and includes inquiries into whether certain compensation transfers between manufacturers and pharmacy vendors constituted unlawful kickbacks. The Company understands that this investigation is substantively independent of the $63,700 settle ment by DaVita Rx announced on December 14, 2017 in the matter styled United States ex rel. Gallian v. DaVita Rx , 2016 Civ. 0943 (N.D. Tex.). FMCH is cooperating in the investigation. On November 18, 2016, FMCH received a subpoena under the False Claims A ct from the United States Attorney for the Eastern District of New York (Brooklyn) seeking documents and information relating to the operations of Shiel Medical Laboratory, Inc., which FMCH acquired in October 2013. In the course of cooperating in the inve stigation and preparing to respond to the subpoena, FMCH identified falsifications and misrepresentations in documents submitted by a Shiel salesperson that relate to the integrity of certain invoices submitted by Shiel for laboratory testing for patients in long term care facilities. On February 21, 2017, FMCH terminated the employee and notified the United States Attorney of the termination and its circumstances. The terminated employee's conduct is expected to result in demands for the Company to refund overpayments and to pay related penalties under applicable laws, but the monetary value of such payment demands canno t yet be reasonably estimated. The Brooklyn USAO continues to investigate a range of issues involving Shiel, including allegations of impro per compensation (kickbacks) to physicians, and has disclosed that multiple sealed qui tam complaints underlie the investigation. On December 12, 2017, the Company sold to Quest Diagnostics certain Shiel operations that are the subject of this Brooklyn sub poena, including the misconduct reported to the United States Attorney. Under the sale agreement, the Company retains responsibility for the Brooklyn investigation and its outcome. The Company continues to cooperate in the ongoing investigation. On Decemb er 14, 2016, the Center for Medicare & Medicaid Services ("CMS"), which administers the federal Medicare program, published an Interim Final Rule ("IFR") titled "Medicare Program; Conditions for Coverage for End-Stage Renal Disease Facilities-Third Party P ayment." The IFR would have amended the Conditions for Coverage for dialysis providers, like FMCH and would have effectively enabled insurers to reject premium payments made by or on behalf of patients who received grants for individual market coverage fro m the American Kidney Fund ("AKF" or "the Fund"). The IFR could thus have resulted in those patients losing individual insurance market coverage. The loss of coverage for these patients would have had a material and adverse impact on the operating results of FMCH. On January 25, 2017, a federal district court in Texas responsible for litigation initiated by a patient advocacy group and dialysis providers including FMCH preliminarily enjoined CMS from implementing the IFR. Dialysis Patient Citizens v. Burwe ll , 2017 Civ. 0016 (E.D. Texas, Sherman Div.). The preliminary injunction was based on CMS' failure to follow appropriate notice-and-comment procedures in adopting the IFR. The injunction remains in place and the court retains jurisdiction over the dispute . On June 22, 2017, CMS requested a stay of proceedings in the litigation pending further rulemaking concerning the IFR. CMS stated, in support of its request, that it expects to publish a Notice of Proposed Rulemaking in the Federal Register and otherwis e pursue a notice-and-comment process. Plaintiffs in the litigation, including FMCH, consented to the stay, which was granted by the court on June 27, 2017. On January 3, 2017, FMCH received a subpoena from the United States Attorney for the District of Massachusetts under the False Claims Act inquiring into FMCH’s interactions and relationships with the AKF, including FMCH's charitable contributions to the Fund and the Fund's financial assistance to patients for insurance premiums. FMCH is cooperating in the investigation, which is part of a broader investigation into charitable contributions in the medical industry. The Company believes that the investigation revolves around conduct alleged to be unlawful in United Healthcare v. American Renal Associates , 2018 Civ. 10622 (D. Mass.), but believes that such unlawful conduct was not undertaken by the Company. On July 2, 2018, American Renal Associates announced that it had reached a settlement in principle of the United Healthcare litigation. The Company lac ks information necessary to assess how the American Renal Associates settlement may impact the United States Attorney's investigation. On April 8, 2019, United Healthcare served a deman d for arbitration against FMCH. The demand asserts that FMCH unlawfull y “steered” patients by waiving co-payments and other means away from coverage under government-funded insurance plans including Medicare into United’s commercial plans, including Affordable Care Act exchange plans. FMCH is contesting United’s claims and d emands. In early May 2017, the United States Attorney for the Middle District of Tennessee (Nashville) issued identical subpoenas to FMCH and two subsidiaries under the False Claims Act concerning the Company's retail pharmaceutical business. The investiga tion is exploring allegations related to improper inducements to dialysis patients to fill oral prescriptions through FMCH's pharmacy service, improper billing for returned pharmacy products and other allegations similar to those underlying the $63,700 set tlement by DaVita Rx in Texas announced on December 14, 2017. United States ex rel. Gallian , 2016 Civ. 0943 (N.D. Tex.). FMCH is cooperating in the investigation. On March 12, 2018, Vifor Fresenius Medical Care Renal Pharma Ltd. and Vifor Fresenius Medical Care Renal Pharma France S.A.S. (collectively, “VFMCRP”) (the joint venture between Galenica (Vifor) and FMC-AG & Co. KGaA), filed a complaint for patent infringement against Lupin Atlantis Holdings SA and Lupin Pharmaceuticals Inc. (col lectively, “Lupin”), and Teva Pharmaceuticals USA, Inc. (“Teva”) in the U.S. District Court for the District of Dela ware (Case 1:18-cv-00390-LPS). The patent infringement action is in response to Lupin and Teva’s filings of Abbreviated New Drug Application s (ANDA) with the FDA for generic versions of Velphoro®. Velphoro® is protected by patents listed in the FDA’s Approved Drug Products with Therapeutic Equivalence Evaluations, also known as the Orange Book. The complaint was filed within the 45-day period provided for under the Hatch-Waxman legislation, and triggered a stay of FDA approval of the ANDAs for 30 months (2.5 years) (specifically, up to July 29, 2020 for Lupin’s ANDA; and August 6, 2020 for Teva’s ANDA), or a shorter time if a decision in the in fringement suit is reached that the patents-at-issu e are invalid or not infringed. Recently, in response to another ANDA being filed for a generic Velphoro®, VFMCRP filed a complaint for patent infringement against Annora Pharma Private Ltd., and Hetero La bs Ltd. (collectively, “Annora”), in the U.S. District Court for the District of Delaware on December 17, 2018. A 30-month stay of FDA approval of Annora’s ANDA will run through to May 30, 2021. On December 17, 2018, FMCH was served with a subpoena under t he False Claims Act from the United States Attorney for the District of Colorado (Denver) as part of an investigation of allegations against DaVita, Inc. involving transactions between FMCH and DaVita. The subject transactions include sales and purchases o f dialysis facilities, dialysis-related products and pharmaceuticals, including dialysis machines and dialyzers, and contracts for ce rtain administrative services. FMCH is cooperating in the investigation. From time to time, the Company is a party to or ma y be threatened with other litigation or arbitration, claims or assessments arising in the ordinary course of its business. Management regularly analyzes current information including, as applicable, the Company's defenses and insurance coverage and, as ne cessary, provides accruals for probable liabilities for the eventual disposition of these matters. The Company, like other healthcare providers, insurance plans and suppliers, conducts its operations under intense government regulation and scrutiny. It mu st comply with regulations which relate to or govern the safety and efficacy of medical products and supplies, the marketing and distribution of such products, the operation of manufacturing facilities, laboratories, dialysis clinics and other health care facilities, and environmental and occupational health and safety. With respect to its development, manufacture, marketing and distribution of medical products, if such compliance is not maintained, the Company could be subject to significant adverse regula tory actions by the U.S. Food and Drug Administration ("FDA") and comparable regulatory authorities outside the U.S. These regulatory actions could include warning letters or other enforcement notices from the FDA, and/or comparable foreign regulatory auth ority which may require the Company to expend significant time and resources in order to implement appropriate corrective actions. If the Company does not address matters raised in warning letters or other enforcement notices to the satisfaction of the FDA and/or comparable regulatory authorities outside the U.S., these regulatory authorities could take additional actions, including product recalls, injunctions against the distribution of products or operation of manufacturing plants, civil penalties, seizu res of the Company's products and/or criminal prosecution. FMCH is currently engaged in remediation efforts with respect to one pending FDA warning letter. The Company must also comply with the laws of the United States, including the federal Anti-Kickback Statute, the federal False Claims Act, the federal Stark Law, the federal Civil Monetary Penalties Law and the federal Foreign Corrupt Practices Act as well as other federal and state fraud and abuse laws. Applicable laws or regulations may be amended, or enforcement agencies or courts may make interpretations that differ from the Company's interpretations or the manner in which it conducts its business. Enforcement has become a high priority for the federal government and some states. In addition, the pro visions of the False Claims Act authorizing payment of a portion of any recovery to the party bringing the suit encourage private plaintiffs to commence whistleblower actions. By virtue of this regulatory environment, the Company's business activities and practices are subject to extensive review by regulatory authorities and private parties, and continuing audits, subpoenas, other inquiries, claims and litigation relating to the Company's compliance with applicable laws and regulations. The Company may not always be aware that an inquiry or action has begun, particularly in the case of whistleblower actions, which are initially filed under court seal. The Company operates many facilities and handles the personal data ("PD") of its patients and beneficiarie s throughout the United States and other parts of the world, and engages with other business associates to help it carry out its health care activities. In such a decentralized system, it is often difficult to maintain the desired level of oversight and co ntrol over the thousands of individuals employed by many affiliated companies and its business associates. On occasion, the Company or its business associates may experience a breach under the Health Insurance Portability and Accountability Act Privacy Rul e and Security Rules, the EU's General Data Protection Regulation and or other similar laws ("Data Protection Laws") when there has been impermissible use, access, or disclosure of unsecured PD or when the Company or its business associates neglect to impl ement the required administrative, technical and physical safeguards of its electronic systems and devices, or a data breach that results in impermissible use, access or disclosure of personal identifying information of its employees, patients and benefici aries. On those occasions, the Company must comply with applicable breach notification requirements. The Company relies upon its management structure, regulatory and legal resources, and the effective operation of its compliance program to direct, manage and monitor the activities of its employees. On occasion, the Company may identify instances where employees or other agents deliberately, recklessly or inadvertently contravene the Company's policies or violate applicable law. The actions of such persons may subject the Company and its subsidiaries to liability under the Anti-Kickback Statute, the Stark Law, the False Claims Act, Data Protection Laws, the Health Information Technology for Economic and Clinical Health Act and the Foreign Corrupt Practices A ct, among other laws and comparable state laws or laws of other countries. Physicians, hospitals and other participants in the healthcare industry are also subject to a large number of lawsuits alleging professional negligence, malpractice, product liabil ity, worker's compensation or related claims, many of which involve large claims and significant defense costs. The Company has been and is currently subject to these suits due to the nature of its business and expects that those types of lawsuits may cont inue. Although the Company maintains insurance at a level which it believes to be prudent, it cannot assure that the coverage limits will be adequate or that insurance will cover all asserted claims. A successful claim against the Company or any of its sub sidiaries in excess of insurance coverage could have a material adverse effect upon it and the results of its operations. Any claims, regardless of their merit or eventual outcome, could have a material adverse effect on the Company's reputation and busine ss. The Company has also had claims asserted against it and has had lawsuits filed against it relating to alleged patent infringements or businesses that it has acquired or divested. These claims and suits relate both to operation of the businesses and to the acquisition and divestiture transactions. The Company has, when appropriate, asserted its own claims, and claims for indemnification. A successful claim against the Company or any of its subsidiaries could have a material adverse effect upon its busin ess, financial condition, and the results of its operations. Any claims, regardless of their merit or eventual outcome, could have a material adverse effect on the Company's reputation and business. In Germany, the tax audits for the years 2006 through 20 09 have been substantially completed. The German tax authorities have indicated a re-qualification of dividends received in connection with intercompany mandatorily redeemable preferred shares into fully taxable interest payments for these and subsequent y ears until 2013. The Company has defended its position and will avail itself of appropriate remedies. An adverse determination with respect to fully taxable interest payments related to intercompany mandatorily redeemable preferred shares and the disallowa nce of certain other tax deductions could have a material adverse effect on the Company's financial condition and results of operations. The Company is also subject to ongoing and future tax audits in the U.S., Germany and other jurisdictions in the ordin ary course of business. Tax authorities routinely pursue adjustments to the Company's tax returns and disallowances of claimed tax deductions. When appropriate, the Company defends these adjustments and disallowances and asserts its own claims. A successfu l tax related claim against the Company or any of its subsidiaries could have a material adverse effect upon its business, financial condition and results of operations. Any claims, regardless of their merit or eventual outcome, could have a material adver se effect on the Company's reputation and business. Other than those individual contingent liabilities mentioned above, the current estimated amount of the Company's other known individual contingent liabilities is immaterial. |
Financial instruments
Financial instruments | 3 Months Ended |
Mar. 31, 2019 | |
Financial instruments | |
Financial instruments | 13 . Financial i nstruments The following tables show the carrying amounts and fair values of the Company’s financial instruments at March 31 , 2019 and December 31 , 2018 : Carrying amount and fair value of financial instruments in € THOUS March 31, 2019 Carrying amount Fair value Amortized cost FVPL FVOCI Not classified Total Level 1 Level 2 Level 3 Cash and cash equivalents (1) 705.731 253.057 - - 958.788 - 253.057 - Trade accounts and other receivables 3.801.501 - - 55.390 3.856.891 - - - Accounts receivable from related parties 95.281 - - - 95.281 - - - Derivatives - cash flow hedging instruments - - - 1.232 1.232 - 1.232 - Derivatives - not designated as hedging instruments - 29.646 - - 29.646 - 29.646 - Equity investments - 113.668 33.608 - 147.276 13.045 134.231 - Debt securities - 94.223 256.902 - 351.125 346.508 4.617 - Other financial assets 127.088 - - 105.063 232.151 - - - Other current and non-current assets 127.088 237.537 290.510 106.295 761.430 - - - Financial assets 4.729.601 490.594 290.510 161.685 5.672.390 - - - Accounts payable 707.774 - - - 707.774 - - - Accounts payable to related parties 210.384 - - - 210.384 - - - Short-term debt and short-term debt from related parties 1.427.397 - - - 1.427.397 - - - Long-term debt 7.192.978 - - - 7.192.978 4.331.857 3.049.725 - Long-term lease liabilities and long-term lease liabilities from related parties - - - 4.612.064 4.612.064 - - - Derivatives - cash flow hedging instruments - - - 4.874 4.874 - 4.874 - Derivatives - not designated as hedging instruments - 40.184 - - 40.184 - 40.184 - Variable payments outstanding for acquisitions - 135.161 - - 135.161 - - 135.161 Noncontrolling interest subject to put provisions - - - 831.630 831.630 - - 831.630 Other financial liabilities 1.275.539 - - - 1.275.539 - - - Other current and non-current liabilities 1.275.539 175.345 - 836.504 2.287.388 - - - Financial liabilities 10.814.072 175.345 - 5.448.568 16.437.985 - - - (1) Highly liquid short-term investments are categorized in level 2 of the fair value hierarchy. Other cash and cash equivalents is not categorized. Carrying amount and fair value of financial instruments in € THOUS December 31, 2018 Carrying amount Fair value Amortized cost FVPL FVOCI Not classified Total Level 1 Level 2 Level 3 Cash and cash equivalents (1) 831.885 1.313.747 - - 2.145.632 - 1.313.747 - Trade accounts and other receivables 3.288.258 - - 49.448 3.337.706 - - - Accounts receivable from related parties 92.662 - - - 92.662 - - - Derivatives - cash flow hedging instruments - - - 1.492 1.492 - 1.492 - Derivatives - not designated as hedging instruments - 18.222 - - 18.222 - 18.222 - Equity investments - 106.350 34.377 - 140.727 13.869 126.858 - Debt securities - 83.213 250.822 - 334.035 329.821 4.214 - Other financial assets 144.838 - - 107.125 251.963 - - - Other current and non-current assets 144.838 207.785 285.199 108.617 746.439 - - - Financial assets 4.357.643 1.521.532 285.199 158.065 6.322.439 - - - - - - Accounts payable 641.271 - - - 641.271 - - - Accounts payable to related parties 153.781 - - - 153.781 - - - Short-term debt and short-term debt from related parties 1.394.194 - - - 1.394.194 - - - Long-term debt and capital lease obligations 6.115.890 - - 36.144 6.152.034 4.227.684 2.022.057 - Derivatives - cash flow hedging instruments - - - 1.125 1.125 - 1.125 - Derivatives - not designated as hedging instruments - 18.911 - - 18.911 - 18.911 - Variable payments outstanding for acquisitions - 172.278 - - 172.278 - - 172.278 Noncontrolling interest subject to put provisions - - - 818.871 818.871 - - 818.871 Other financial liabilities 1.467.767 - - - 1.467.767 - - - Other current and non-current liabilities 1.467.767 191.189 - 819.996 2.478.952 - - - Financial liabilities 9.772.903 191.189 - 856.140 10.820.232 - - - (1) Highly liquid short-term investments are categorized in level 2 of the fair value hierarchy. Other cash and cash equivalents is not categorized. Derivative and non-derivative financial instruments are categorised in the following three-tier fair value hierarchy that reflects the significance of the inputs in making the measurements. Level 1 is defined as observable inputs, such as quoted prices in active markets. Level 2 is defined as inputs other than quoted prices in active markets that are directly or indirectly observable. Level 3 is defined as unobservable inputs for which little or no market data exists, therefore requiring the Company to dev elop its own assumptions. Fair value information is not provided for lease liabilities and for financial instruments, if the carrying amount is a reasonable estimate of fair value due to the relatively short period of maturity of these instruments. Transfers between levels of the f air value hierarchy have not occurred as of March 31 , 2019 and December 31 , 2018 . The Company accounts for possible transfers at the end of the reporting period. Derivative financial instruments In order to manage the risk of currency exchange rate flu ctuations and interest rate fluctuations, the Company enters into various hedging transactions by means of derivative instruments with highly rated financial institutions. The Company primarily enters into foreign exchange forward contracts and interest ra te swaps. Derivative contracts that do not qualify for hedge accounting are utilized for economic purposes. The Company does not use financial instruments for trading purposes. Additionally the Company purchased share options in connection with the issuanc e of the Convertible Bonds. Any change in the Company’s share price above the conversion price would be offset by a corresponding value change in the share options. Non-derivative financial instruments The significant methods and assumptions used for the classification and measurement of non-derivative financial instruments are as follows: The Company assessed its business models and the cash flow characteristics of its financial assets. The vast majority of the non-derivative financial assets are held in order to collect the contractual cash flows. The contractual terms of the financial assets allow the conclusion that the cash flows represent payment of principle and interest only. Trade accounts and other receivables, Accounts receivable from related par ties and Other financial assets are consequently measured at amortized cost. Cash and cash equivalents are comprised of cash funds and other short-term investments. Cash funds are measured at amortized cost. Short-term investments are highly liquid and rea dily convertible to known amounts of cash. Short-term investments are measured at FVPL. The risk of changes in fair value is insignificant. Equity investments are not held for trading. At initial recognition the Company elected, on an instrument-by-instrum ent basis, to represent subsequent changes in the fair value of individual strategic investments in OCI. If equity instruments are quoted in an active market, the fair value is based on price quotations at the period-end-date. The majority of the debt secu rities are held within a business model whose objective is achieving both contractual cash flows and sell the securities. The standard coupon bonds give rise on specified dates to cash flows that are solely payments of principal and interest on the outstan ding principal amount. Subsequently these financial assets have been classified as FVOCI. The smaller part of debt securities do not give rise to cash flows that are solely payments of principle and interest. Consequently, these securities are measured at FVPL. In general most of the debt securities are quoted in an active market. Long-term debt is recognized at its carrying amount. The fair values of major long-term debt are calculated on the basis of market information. Liabilities for which market quotes are available are measured using these quotes. The fair values of the other long-term debt are calculated at the present value of the respective future cash flows. To determine these present values, the prevailing interest rates and credit spreads for the Company as of the balance sheet date are used. Variable payments outstanding for acquisitions are recognized at their fair value. The estimation of the individual fair values is based on the key inputs of the arrangement that determine the future continge nt payment as well as the Company’s expectation of these factors. The Company assesses the likelihood and timing of achieving the relevant objectives. The underlying assumptions are reviewed regularly. Noncontrolling interests subject to put provisions are recognized at their fair value. The methodology the Company uses to estimate the fair values assumes the greater of net book value or a multiple of earnings, based on historical earnings, development stage of the underlying business and other factors. Add itionally, there are put provisions that are valued by an external valuation firm. The external valuation estimates the fair values using a combination of discounted cash flows and a multiple of earnings and/or revenue. When applicable, the obligations are discounted at a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the liability. The estimated fair values of the noncontrolling interests subject to these put provisions can also fluctuate , and the discounted cash flows as well as the implicit multiple of earnings and/or revenue at which these noncontrolling interest obligations may ultimately be settled could vary significantly from the Company’s current estimates depending upon market co nditions. Following is a roll forward of variable payments outstanding for acquisitions and noncontrolling interests subject to put provisions at March 31 , 2019 and December 31 , 2018 : Reconciliation from beginning to ending balance of level 3 financial instruments in € THOUS 2019 2018 Variable payments outstanding for acquisitions Noncontrolling interests subject to put provisions Variable payments outstanding for acquisitions Noncontrolling interests subject to put provisions Beginning balance at January 1, 172.278 818.871 205.792 830.773 Increase 83 15.997 19.051 53.731 Decrease (3.653) (968) (15.734) (50.706) (Gain) Loss recognized in profit or loss (34.666) 32.586 (36.327) 142.279 (Gain) Loss recognized in equity - (26.895) - (50.612) Dividends - (28.287) - (139.742) Foreign currency translation and other changes 1.119 20.326 (504) 33.148 Ending balance at March 31, and December 31, 135.161 831.630 172.278 818.871 |
Supplementary cash flow informa
Supplementary cash flow information | 3 Months Ended |
Mar. 31, 2019 | |
Supplementary cash flow information | |
Supplementary cash flow information | 15 . Supplementary c ash f low i nformation The following additional information is provided with respect to net cash provided by (used in) investing activities : Details for net cash provided by (used in) investing activities in € THOUS For the three months ended March 31, 2019 2018 Details for acquisitions Assets acquired (2.082.291) (36.062) Liabilities assumed 190.406 2.608 Noncontrolling interests subject to put provisions 12.679 - Noncontrolling interests 10.492 - Non-cash consideration 6.518 2.864 Cash paid (1.862.196) (30.590) Less cash acquired 42.496 252 Net cash paid for acquisitions (1.819.700) (30.338) Cash paid for investments (282) (146.867) Cash paid for intangible assets (8.543) (4.198) Total cash paid for acquisitions and investments, net of cash acquired, and purchases of intangible assets (1.828.525) (181.403) Details for divestitures Cash received from sale of subsidiaries or other businesses, less cash disposed 6.782 - Cash received from divestitures of securities 4.230 82 Cash received from repayment of loans - 76 Proceeds from divestitures 11.012 158 Acquisiti ons of the last twelve months decreased net income (net income attributable to shareholders of FMC-AG & Co. KGaA) for the three months ended March 31, 2019 by €12,593 ( excluding the costs of the acquisitions ). |
Segment and corporate informati
Segment and corporate information | 3 Months Ended |
Mar. 31, 2019 | |
Segment and corporate information | |
Segment and corporate information | 14 . Segment and c orporate i nformation The Company’s operating segments are the North America Segment, the EMEA Segment, the Asia-Pacific Segment and the Latin America Segment. The operating segments are determined based upon how the Company manages its businesses with geographical responsibilities. All segments are primarily engaged in providing health care services and the distribution of products and equipment for the treatment of ESRD and other extracorporeal therapies . Management evaluate s each segment using measures that reflect all of the segment’s controllable revenues and expenses. With respect to the performance of business operations, management believes that the most appropriate measures are revenue, operating income and operating i ncome margin. The Company does not include income taxes as it believes this is outside the segments’ control. Financing is a corporate function, which the Company’s segments do not control. Therefore, the Company does not include interest expense relating to financing as a segment measurement. Similarly, the Company does not allocate certain costs, which relate primarily to certain headquarters’ overhead charges, including accounting and finance, because the Company believes that these costs are also not wi thin the control of the individual segments . Production of products, production asset management, quality and supply chain management as well as procurement related to production are centrally managed at Corporate. The Company’s global research and develop ment is also centrally managed at Corporate. These c orporate activities do not fulfill the definition of a segment according to IFRS 8, Operating Segments . Products are transferred to the segments at cost; therefore , no internal profit is generated. The as sociated internal revenue for the product transfers and their elimination are recorded as c orporate activities. Capital expenditures for production are based on the expected demand of the segments and consolidated profitability consideration s. In addition, certain revenues , investments and intangible assets, as well as any related expenses, are not allocated to a segment but are accounted for as Corporate. Information pertaining to the Company’s segment and Corporate activities for the three months ended March 31 , 2019 and 2018 is set forth below: Segment and corporate information in € THOUS North America Segment EMEA Segment Asia-Pacific Segment Latin America Segment Total Segment Corporate Total Three months ended March 31, 2019 Revenue from contracts with customers 2.826.212 635.800 411.603 160.601 4.034.216 4.168 4.038.384 Other revenue external customers 60.564 16.813 15.971 825 94.173 - 94.173 Revenue external customers 2.886.776 652.613 427.574 161.426 4.128.389 4.168 4.132.557 Inter-segment revenue 576 1 234 65 876 (876) - Revenue 2.887.352 652.614 427.808 161.491 4.129.265 3.292 4.132.557 Operating income 372.394 137.776 94.702 11.395 616.267 (79.717) 536.550 Interest (107.848) Income before income taxes 428.702 Depreciation and amortization (228.735) (46.973) (22.601) (8.363) (306.672) (55.704) (362.376) Income (loss) from equity method investees 21.362 (1.317) (294) 282 20.033 - 20.033 Total assets 21.513.220 4.232.196 2.669.344 821.984 29.236.744 3.116.460 32.353.204 thereof investment in equity method investees 332.184 177.658 96.641 23.956 630.439 - 630.439 Additions of property, plant and equipment, intangible assets and right of use assets 188.150 47.114 13.743 14.783 263.790 73.487 337.277 ´´ Three months ended March 31, 2018 Revenue from contracts with customers 2.719.627 631.224 380.801 169.340 3.900.992 3.643 3.904.635 Other revenue external customers 54.835 4.584 10.661 914 70.994 - 70.994 Revenue external customers 2.774.462 635.808 391.462 170.254 3.971.986 3.643 3.975.629 Inter-segment revenue 400 303 187 39 929 (929) - Revenue 2.774.862 636.111 391.649 170.293 3.972.915 2.714 3.975.629 Operating income 362.208 108.934 74.220 14.114 559.476 (62.600) 496.876 Interest (82.933) Income before income taxes 413.943 Depreciation and amortization (90.655) (28.861) (11.159) (4.580) (135.255) (39.739) (174.994) Income (loss) from equity method investees 18.801 (1.334) 335 102 17.904 - 17.904 Total assets 15.408.120 3.640.775 2.081.140 694.375 21.824.410 2.332.651 24.157.061 thereof investment in equity method investees 316.916 181.938 96.961 23.915 619.730 - 619.730 Additions of property, plant and equipment and intangible assets 141.821 30.405 10.034 3.796 186.056 45.114 231.170 |
Subsequent events
Subsequent events | 3 Months Ended |
Mar. 31, 2019 | |
Subsequent events | |
Subsequent events | 16 . Events o ccurring after the b alance s heet d ate No significant activities have taken place subsequent to the balance sheet date March 31 , 2019 that have a material impact on the key figures and earnings presented. Currently, there are no other significant changes in the Company’s structure, management, legal form or personnel. |
The Company, basis of present_2
The Company, basis of presentation and significant accounting policies (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
The Company, basis of presentation and significant accounting policies | |
Reconciliation of IFRS 16 Lease Liabilities | Reconciliation of lease liabilities upon the initial application of IFRS 16 in € THOUS Future minimum rental payments as of December 31, 2018 (IAS 17) 5.527.638 less short-term leases (21.936) less leases of low-value assets (34.145) other (30.066) Gross lease liabilities as of January 1, 2019 5.441.491 Discounting (893.957) Lease liabilities as a result of the initial application of IFRS 16 as of January 1, 2019 4.547.534 Lease liabilities from capital leases as of December 31, 2018 (IAS 17) 36.144 Lease liabilities as of January 1, 2019 4.583.678 |
Leasing on the consolidated statements of income | Leasing in the consolidated statements of income in € THOUS For the three months ended March 31, 2019 Depreciation on right-of-use assets 168.893 Expenses relating to short-term leases 12.211 Expenses relating to leases of low-value assets 6.139 Expenses relating to variable lease payments 6.680 Income from subleasing right-of-use asset 55 Interest expense on lease liabilities 41.106 |
Leasing on the consolidated balance sheet | Right-of-use assets in € THOUS March 31, 2019 Right-of-use assets: Land 29.144 Right-of-use assets: Buildings and improvements 3.871.970 Right-of-use assets: Machinery and equipment 409.862 Right-of-use assets 4.310.976 |
Notes to the consolidated sta_2
Notes to the consolidated statements of income (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Notes to the consolidated statements of income | |
Disclosure of earnings per share [text block] | Reconciliation of Basic and Diluted Earnings per Share in € THOUS, except share and per share data For the three months ended March 31, 2019 2018 Numerator: Net income attributable to shareholders of FMC-AG & Co. KGaA 270.749 278.555 Denominators: Weighted average number of shares outstanding 306.659.364 306.453.070 Potentially dilutive shares - 986.454 Basic earnings per share 0,88 0,91 Fully diluted earnings per share 0,88 0,91 |
Disclosure of Revenue | Revenue in € THOUS For the three months ended March 31, 2019 2018 Revenue from contracts with customers Other revenue Total Revenue from contracts with customers Other revenue Total Health care services Dialysis services 2.957.381 - 2.957.381 2.648.293 - 2.648.293 Care Coordination 299.544 60.383 359.927 507.244 53.258 560.502 3.256.925 60.383 3.317.308 3.155.537 53.258 3.208.795 Health care products Dialysis products 762.885 33.790 796.675 729.956 17.736 747.692 Non-dialysis products 18.574 - 18.574 19.142 - 19.142 781.459 33.790 815.249 749.098 17.736 766.834 Total 4.038.384 94.173 4.132.557 3.904.635 70.994 3.975.629 |
Treasury Shares [Table Text Block] | Treasury Stock Period Average price paid per share Total number of shares purchased and retired as part of publicly announced plans or programs Total value of shares (1) in € in € THOUS December 31, 2017 65,63 1.659.951 108.931 Purchase of Treasury Stock May 2018 86,69 173.274 15.020 June 2018 86,14 257.726 22.201 Repurchased Treasury Stock 86,37 431.000 37.221 Retirement of repurchased Treasury Stock December 2018 87,23 1.091.000 95.159 December 31, 2018 51,00 999.951 50.993 Purchase of Treasury Stock March 2019 69,86 1.629.240 113.816 March 31, 2019 62,69 2.629.191 164.809 (1) The value of shares repurchased is inclusive of fees (net of taxes) paid in the amount of approximately €11, respectively, for services rendered. |
Acquisitions - Estimated Fair V
Acquisitions - Estimated Fair Values of Assets Acquired and Liabilities Assumed - Preliminary (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Estimated Fair Values of Assets Acquired and Liabilities Assumed | |
Summary of Estimated Fair Values of Assets Acquired and Liabilities Assumed | Estimated Fair Values of Assets Acquired and Liabilities Assumed - Preliminary in $ THOUS in USD Cash and cash equivalents 47.203 Trade accounts and other receivables 34.062 Other current assets 88.987 Property, plant and equipment 85.470 Intangible assets and other assets 818.150 Goodwill 1.165.289 Accounts payable, current provisions and other current liabilities (69.456) Income tax payable and deferred taxes (119.086) Other liabilities (23.118) Noncontrolling interests (subject and not subject to put provisions) (4.063) Total acquisition cost 2.023.438 Less: Cash acquired (47.203) Net Cash paid 1.976.235 |
Acquisitions - Pro Forma financ
Acquisitions - Pro Forma financial Information (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Pro forma Financial Information | |
Summary of Pro forma financial information | Pro forma financial Information in € THOUS, except per share data 2019 in EUR Pro forma revenue 4.176.790 Pro forma net income attributable to shareholders of FMC-AG & Co. KGaA 254.538 Basic earnings per share 0,83 Fully diluted earnings per share 0,83 |
Related party transactions (Tab
Related party transactions (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Related party transactions | |
Schedule of Related Party Transactions | Service agreements and products with related parties in € THOUS For the three months ended March 31, 2019 For the three months ended March 31, 2018 March 31, 2019 December 31, 2018 Sales of goods and services Purchases of goods and services Sales of goods and services Purchases of goods and services Accounts receivable Accounts payable Accounts receivable Accounts payable Service agreements (1) Fresenius SE 32 5.182 70 5.724 1.064 3.149 378 4.019 Fresenius SE affiliates 940 24.652 876 24.455 849 7.946 681 8.470 Equity method investees 730 - 5.060 - 78 - 2.449 - Total 1.702 29.834 6.006 30.179 1.991 11.095 3.508 12.489 Products Fresenius SE affiliates 9.862 8.290 7.907 9.075 11.062 3.699 8.750 3.658 Equity method investees - 151.645 - 121.021 - 112.907 - 57.975 Total 9.862 159.935 7.907 130.096 11.062 116.606 8.750 61.633 (1) In addition to the above shown accounts payable, accrued expenses for service agreements with related parties amounted to €6,687 and €9,376 at March 31, 2019 and December 31, 2018, respectively. |
Schedule of Related Party Lease Transactions | Lease agreements with related parties in € THOUS For the three months ended March 31, 2019 For the three months ended March 31, 2018 March 31, 2019 Depreciation Interest expense Lease expense (1) Lease income Lease expense Right-of-use asset Lease liability Fresenius SE 1.214 137 854 - 2.069 35.219 35.286 Fresenius SE affiliates 3.089 353 161 - 3.692 97.966 98.116 Total 4.303 490 1.015 - 5.761 133.185 133.402 (1) Short-term leases and expenses relating to variable lease payments are exempted from balance sheet recognition. |
Cash and cash equivalents (Tabl
Cash and cash equivalents (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Cash and cash equivalents | |
Summary of Cash and cash equivalents | Cash and cash equivalents in € THOUS March 31, December 31, 2019 2018 Cash 705.731 831.885 Securities and time deposits 253.057 1.313.747 Cash and cash equivalents 958.788 2.145.632 |
Trade accounts receivable (Tabl
Trade accounts receivable (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Trade accounts receivable | |
Components of trade accounts receivable | Trade accounts and other receivables in € THOUS March 31, December 31, 2019 2018 thereof Credit-Impaired thereof Credit-Impaired Trade accounts and other receivables, gross 3.980.307 387.850 3.455.721 325.240 thereof Finance Lease Receivables 44.037 - 28.726 - less allowances (123.416) (87.056) (118.015) (85.775) Trade accounts and other receivables 3.856.891 300.794 3.337.706 239.465 |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Inventories | |
Summary of Inventories | Inventories in € THOUS March 31, December 31, 2019 2018 Finished goods 895.533 774.133 Health care supplies 470.202 391.593 Raw materials and purchased components 237.664 224.054 Work in process 92.259 77.023 Inventories 1.695.658 1.466.803 |
Short-term debt and short-ter_2
Short-term debt and short-term debt from related parties (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Short-term debt and short-term debt from related parties | |
Schedule of short-term debt and short-term debt from related parties | Short-term debt and short-term debt from related parties in € THOUS March 31, December 31, 2019 2018 Commercial paper program 999.834 999.873 Borrowings under lines of credit 318.540 204.491 Other 1.623 930 Short-term debt 1.319.997 1.205.294 Short-term debt from related parties (see note 4c) 107.400 188.900 Short-term debt and short-term debt from related parties 1.427.397 1.394.194 |
Long-term debt and capital le_2
Long-term debt and capital lease obligations (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Long-term debt and capital lease obligations | |
Schedule of long-term debt and capital lease obligations | Long-term debt in € THOUS March 31, December 31, 2019 2018 Amended 2012 Credit Agreement 2.296.088 1.887.357 Bonds 3.752.592 3.700.446 Convertible Bonds 394.794 393.232 Accounts Receivable Facility 589.779 - Capital lease obligations (1) - 36.144 Other 159.725 134.855 Long-term debt (2) 7.192.978 6.152.034 Less current portion (1.511.815) (1.106.519) Long-term debt, less current portion (2) 5.681.163 5.045.515 1) As of December 31, 2018, this line item included lease liabilities from capital leases in accordance with IAS 17. From 2019, these are transferred to balance sheet items "Current portion of long-term lease liabilities" and "Long-term lease liabilities, less current portion" (see Note 1). 2) Labeled as "Long-term debt and capital lease obligations" as of December 31, 2018, this line item included lease liabilities from capital leases in accordance with IAS 17. From 2019, these are transferred to balance sheet item "Long-term lease liabilities, less current portion" (see Note 1). |
Schedule of available and outstanding amounts under the Amended 2012 Credit Agreement | Amended 2012 Credit Agreement - Maximum amount available and balance outstanding in THOUS Maximum amount available Balance outstanding March 31, 2019 March 31, 2019 (1) Revolving credit USD 2017 / 2022 $ 900.000 € 801.068 $ 246.345 € 219.266 Revolving credit EUR 2017 / 2022 € 600.000 € 600.000 € 200.000 € 200.000 USD term loan 2017 / 2022 $ 1.320.000 € 1.174.900 $ 1.320.000 € 1.174.900 EUR term loan 2017 / 2022 € 308.000 € 308.000 € 308.000 € 308.000 EUR term loan 2017 / 2020 € 400.000 € 400.000 € 400.000 € 400.000 € 3.283.968 € 2.302.166 Maximum amount available Balance outstanding December 31, 2018 December 31, 2018 (1) Revolving credit USD 2017 / 2022 $ 900.000 € 786.026 $ - € - Revolving credit EUR 2017 / 2022 € 600.000 € 600.000 € - € - USD term loan 2017 / 2022 $ 1.350.000 € 1.179.039 $ 1.350.000 € 1.179.039 EUR term loan 2017 / 2022 € 315.000 € 315.000 € 315.000 € 315.000 EUR term loan 2017 / 2020 € 400.000 € 400.000 € 400.000 € 400.000 € 3.280.065 € 1.894.039 (1) Amounts shown are excluding debt issuance costs. |
Schedule of accounts receivable facility | Accounts Receivable Facility - Maximum amount available and balance outstanding in THOUS Maximum amount available Balance outstanding March 31, 2019 (1) March 31, 2019 (2) Accounts Receivable Facility $ 900.000 € 801.068 $ 663.500 € 590.565 Maximum amount available Balance outstanding December 31, 2018 (1) December 31, 2018 (2) Accounts Receivable Facility $ 900.000 € 786.026 $ - € - (1) Subject to availability of sufficient accounts receivable meeting funding criteria. (2) Amounts shown are excluding debt issuance costs. |
Employee benefit plans (Tables)
Employee benefit plans (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Employee benefit plans | |
Schedule of components of net periodic benefit cost | Net periodic benefit cost in € THOUS For the three months ended March 31, 2019 2018 Current service cost 7.444 6.794 Net interest cost 3.454 3.208 Net periodic benefit costs 10.898 10.002 |
Supplementary information on _2
Supplementary information on capital management (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Supplementary information on capital management | |
Schedule of credit ratings | Rating (1) Standard & Poor´s Moody´s Fitch Corporate Credit Rating BBB- Baa3 BBB- Outlook positive stable stable (1) A rating is not a recommendation to buy, sell or hold securities of the Company, and may be subject to suspension, change or withdrawal at any time by the assigning rating agency. |
Financial instruments (Tables)
Financial instruments (Tables) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | |
Financial instruments | ||||
Schedule of carrying value and fair value of financial instruments | Carrying amount and fair value of financial instruments in € THOUS March 31, 2019 Carrying amount Fair value Amortized cost FVPL FVOCI Not classified Total Level 1 Level 2 Level 3 Cash and cash equivalents (1) 705.731 253.057 - - 958.788 - 253.057 - Trade accounts and other receivables 3.801.501 - - 55.390 3.856.891 - - - Accounts receivable from related parties 95.281 - - - 95.281 - - - Derivatives - cash flow hedging instruments - - - 1.232 1.232 - 1.232 - Derivatives - not designated as hedging instruments - 29.646 - - 29.646 - 29.646 - Equity investments - 113.668 33.608 - 147.276 13.045 134.231 - Debt securities - 94.223 256.902 - 351.125 346.508 4.617 - Other financial assets 127.088 - - 105.063 232.151 - - - Other current and non-current assets 127.088 237.537 290.510 106.295 761.430 - - - Financial assets 4.729.601 490.594 290.510 161.685 5.672.390 - - - Accounts payable 707.774 - - - 707.774 - - - Accounts payable to related parties 210.384 - - - 210.384 - - - Short-term debt and short-term debt from related parties 1.427.397 - - - 1.427.397 - - - Long-term debt 7.192.978 - - - 7.192.978 4.331.857 3.049.725 - Long-term lease liabilities and long-term lease liabilities from related parties - - - 4.612.064 4.612.064 - - - Derivatives - cash flow hedging instruments - - - 4.874 4.874 - 4.874 - Derivatives - not designated as hedging instruments - 40.184 - - 40.184 - 40.184 - Variable payments outstanding for acquisitions - 135.161 - - 135.161 - - 135.161 Noncontrolling interest subject to put provisions - - - 831.630 831.630 - - 831.630 Other financial liabilities 1.275.539 - - - 1.275.539 - - - Other current and non-current liabilities 1.275.539 175.345 - 836.504 2.287.388 - - - Financial liabilities 10.814.072 175.345 - 5.448.568 16.437.985 - - - (1) Highly liquid short-term investments are categorized in level 2 of the fair value hierarchy. Other cash and cash equivalents is not categorized. | Carrying amount and fair value of financial instruments in € THOUS December 31, 2018 Carrying amount Fair value Amortized cost FVPL FVOCI Not classified Total Level 1 Level 2 Level 3 Cash and cash equivalents (1) 831.885 1.313.747 - - 2.145.632 - 1.313.747 - Trade accounts and other receivables 3.288.258 - - 49.448 3.337.706 - - - Accounts receivable from related parties 92.662 - - - 92.662 - - - Derivatives - cash flow hedging instruments - - - 1.492 1.492 - 1.492 - Derivatives - not designated as hedging instruments - 18.222 - - 18.222 - 18.222 - Equity investments - 106.350 34.377 - 140.727 13.869 126.858 - Debt securities - 83.213 250.822 - 334.035 329.821 4.214 - Other financial assets 144.838 - - 107.125 251.963 - - - Other current and non-current assets 144.838 207.785 285.199 108.617 746.439 - - - Financial assets 4.357.643 1.521.532 285.199 158.065 6.322.439 - - - - - - Accounts payable 641.271 - - - 641.271 - - - Accounts payable to related parties 153.781 - - - 153.781 - - - Short-term debt and short-term debt from related parties 1.394.194 - - - 1.394.194 - - - Long-term debt and capital lease obligations 6.115.890 - - 36.144 6.152.034 4.227.684 2.022.057 - Derivatives - cash flow hedging instruments - - - 1.125 1.125 - 1.125 - Derivatives - not designated as hedging instruments - 18.911 - - 18.911 - 18.911 - Variable payments outstanding for acquisitions - 172.278 - - 172.278 - - 172.278 Noncontrolling interest subject to put provisions - - - 818.871 818.871 - - 818.871 Other financial liabilities 1.467.767 - - - 1.467.767 - - - Other current and non-current liabilities 1.467.767 191.189 - 819.996 2.478.952 - - - Financial liabilities 9.772.903 191.189 - 856.140 10.820.232 - - - (1) Highly liquid short-term investments are categorized in level 2 of the fair value hierarchy. Other cash and cash equivalents is not categorized. | Carrying amount and fair value of financial instruments in € THOUS December 31, 2018 Carrying amount Fair value Amortized cost FVPL FVOCI Not classified Total Level 1 Level 2 Level 3 Cash and cash equivalents (1) 831.885 1.313.747 - - 2.145.632 - 1.313.747 - Trade accounts and other receivables 3.288.258 - - 49.448 3.337.706 - - - Accounts receivable from related parties 92.662 - - - 92.662 - - - Derivatives - cash flow hedging instruments - - - 1.492 1.492 - 1.492 - Derivatives - not designated as hedging instruments - 18.222 - - 18.222 - 18.222 - Equity investments - 106.350 34.377 - 140.727 13.869 126.858 - Debt securities - 83.213 250.822 - 334.035 329.821 4.214 - Other financial assets 144.838 - - 107.125 251.963 - - - Other current and non-current assets 144.838 207.785 285.199 108.617 746.439 - - - Financial assets 4.357.643 1.521.532 285.199 158.065 6.322.439 - - - - - - Accounts payable 641.271 - - - 641.271 - - - Accounts payable to related parties 153.781 - - - 153.781 - - - Short-term debt and short-term debt from related parties 1.394.194 - - - 1.394.194 - - - Long-term debt and capital lease obligations 6.115.890 - - 36.144 6.152.034 4.227.684 2.022.057 - Derivatives - cash flow hedging instruments - - - 1.125 1.125 - 1.125 - Derivatives - not designated as hedging instruments - 18.911 - - 18.911 - 18.911 - Variable payments outstanding for acquisitions - 172.278 - - 172.278 - - 172.278 Noncontrolling interest subject to put provisions - - - 818.871 818.871 - - 818.871 Other financial liabilities 1.467.767 - - - 1.467.767 - - - Other current and non-current liabilities 1.467.767 191.189 - 819.996 2.478.952 - - - Financial liabilities 9.772.903 191.189 - 856.140 10.820.232 - - - (1) Highly liquid short-term investments are categorized in level 2 of the fair value hierarchy. Other cash and cash equivalents is not categorized. | Carrying amount and fair value of financial instruments in € THOUS December 31, 2018 Carrying amount Fair value Amortized cost FVPL FVOCI Not classified Total Level 1 Level 2 Level 3 Cash and cash equivalents (1) 831.885 1.313.747 - - 2.145.632 - 1.313.747 - Trade accounts and other receivables 3.288.258 - - 49.448 3.337.706 - - - Accounts receivable from related parties 92.662 - - - 92.662 - - - Derivatives - cash flow hedging instruments - - - 1.492 1.492 - 1.492 - Derivatives - not designated as hedging instruments - 18.222 - - 18.222 - 18.222 - Equity investments - 106.350 34.377 - 140.727 13.869 126.858 - Debt securities - 83.213 250.822 - 334.035 329.821 4.214 - Other financial assets 144.838 - - 107.125 251.963 - - - Other current and non-current assets 144.838 207.785 285.199 108.617 746.439 - - - Financial assets 4.357.643 1.521.532 285.199 158.065 6.322.439 - - - - - - Accounts payable 641.271 - - - 641.271 - - - Accounts payable to related parties 153.781 - - - 153.781 - - - Short-term debt and short-term debt from related parties 1.394.194 - - - 1.394.194 - - - Long-term debt and capital lease obligations 6.115.890 - - 36.144 6.152.034 4.227.684 2.022.057 - Derivatives - cash flow hedging instruments - - - 1.125 1.125 - 1.125 - Derivatives - not designated as hedging instruments - 18.911 - - 18.911 - 18.911 - Variable payments outstanding for acquisitions - 172.278 - - 172.278 - - 172.278 Noncontrolling interest subject to put provisions - - - 818.871 818.871 - - 818.871 Other financial liabilities 1.467.767 - - - 1.467.767 - - - Other current and non-current liabilities 1.467.767 191.189 - 819.996 2.478.952 - - - Financial liabilities 9.772.903 191.189 - 856.140 10.820.232 - - - (1) Highly liquid short-term investments are categorized in level 2 of the fair value hierarchy. Other cash and cash equivalents is not categorized. |
Schedule of non-controlling interests subject to put provisions | Reconciliation from beginning to ending balance of level 3 financial instruments in € THOUS 2019 2018 Variable payments outstanding for acquisitions Noncontrolling interests subject to put provisions Variable payments outstanding for acquisitions Noncontrolling interests subject to put provisions Beginning balance at January 1, 172.278 818.871 205.792 830.773 Increase 83 15.997 19.051 53.731 Decrease (3.653) (968) (15.734) (50.706) (Gain) Loss recognized in profit or loss (34.666) 32.586 (36.327) 142.279 (Gain) Loss recognized in equity - (26.895) - (50.612) Dividends - (28.287) - (139.742) Foreign currency translation and other changes 1.119 20.326 (504) 33.148 Ending balance at March 31, and December 31, 135.161 831.630 172.278 818.871 |
Supplementary cash flow infor_2
Supplementary cash flow information (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Supplementary cash flow information | |
Schedule of reconciliation of debt to net cash provided by (used in) financing activities | Details for net cash provided by (used in) investing activities in € THOUS For the three months ended March 31, 2019 2018 Details for acquisitions Assets acquired (2.082.291) (36.062) Liabilities assumed 190.406 2.608 Noncontrolling interests subject to put provisions 12.679 - Noncontrolling interests 10.492 - Non-cash consideration 6.518 2.864 Cash paid (1.862.196) (30.590) Less cash acquired 42.496 252 Net cash paid for acquisitions (1.819.700) (30.338) Cash paid for investments (282) (146.867) Cash paid for intangible assets (8.543) (4.198) Total cash paid for acquisitions and investments, net of cash acquired, and purchases of intangible assets (1.828.525) (181.403) Details for divestitures Cash received from sale of subsidiaries or other businesses, less cash disposed 6.782 - Cash received from divestitures of securities 4.230 82 Cash received from repayment of loans - 76 Proceeds from divestitures 11.012 158 |
Segment and corporate informa_2
Segment and corporate information (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Segment and corporate information | |
Schedule of segment and corporate activity | Segment and corporate information in € THOUS North America Segment EMEA Segment Asia-Pacific Segment Latin America Segment Total Segment Corporate Total Three months ended March 31, 2019 Revenue from contracts with customers 2.826.212 635.800 411.603 160.601 4.034.216 4.168 4.038.384 Other revenue external customers 60.564 16.813 15.971 825 94.173 - 94.173 Revenue external customers 2.886.776 652.613 427.574 161.426 4.128.389 4.168 4.132.557 Inter-segment revenue 576 1 234 65 876 (876) - Revenue 2.887.352 652.614 427.808 161.491 4.129.265 3.292 4.132.557 Operating income 372.394 137.776 94.702 11.395 616.267 (79.717) 536.550 Interest (107.848) Income before income taxes 428.702 Depreciation and amortization (228.735) (46.973) (22.601) (8.363) (306.672) (55.704) (362.376) Income (loss) from equity method investees 21.362 (1.317) (294) 282 20.033 - 20.033 Total assets 21.513.220 4.232.196 2.669.344 821.984 29.236.744 3.116.460 32.353.204 thereof investment in equity method investees 332.184 177.658 96.641 23.956 630.439 - 630.439 Additions of property, plant and equipment, intangible assets and right of use assets 188.150 47.114 13.743 14.783 263.790 73.487 337.277 ´´ Three months ended March 31, 2018 Revenue from contracts with customers 2.719.627 631.224 380.801 169.340 3.900.992 3.643 3.904.635 Other revenue external customers 54.835 4.584 10.661 914 70.994 - 70.994 Revenue external customers 2.774.462 635.808 391.462 170.254 3.971.986 3.643 3.975.629 Inter-segment revenue 400 303 187 39 929 (929) - Revenue 2.774.862 636.111 391.649 170.293 3.972.915 2.714 3.975.629 Operating income 362.208 108.934 74.220 14.114 559.476 (62.600) 496.876 Interest (82.933) Income before income taxes 413.943 Depreciation and amortization (90.655) (28.861) (11.159) (4.580) (135.255) (39.739) (174.994) Income (loss) from equity method investees 18.801 (1.334) 335 102 17.904 - 17.904 Total assets 15.408.120 3.640.775 2.081.140 694.375 21.824.410 2.332.651 24.157.061 thereof investment in equity method investees 316.916 181.938 96.961 23.915 619.730 - 619.730 Additions of property, plant and equipment and intangible assets 141.821 30.405 10.034 3.796 186.056 45.114 231.170 |
The Company, basis of present_3
The Company, basis of presentation and significant accounting policies - Principles of consolidation and composition (Details) - EUR (€) | 3 Months Ended | |||
Mar. 31, 2019 | Mar. 31, 2018 | Jan. 01, 2019 | Dec. 31, 2018 | |
The Company, basis of presentation and significant accounting policies | ||||
loss on net monetary position for hyperinflation in Argentina | € 5,189,000 | |||
IFRIC Reclassification IAS 12 | 2,957,000 | |||
Property Plant Equipment Leased Fixed Assets | € 36,402,000 | |||
Long Term Debt To Long Term Lease Liability | 9,387,000 | |||
Long Term Debt Less Current Portion To Long Term Lease Liabilities Less Current Portion | 26,757,000 | |||
Repayments Of Long Term Debt To Repayments Of Lease Liabilities | 2,724,000 | |||
Right of use assets recognized at January 1 | € 4,266,753,000 | 104,131,000 | ||
Initial Application Of Lease Liabilities | € 4,547,535,000 | |||
IFRS 16 Cumulative Effect Retained Earnings | (115,219,000) | |||
IFRS 16 Cumulative Effect Non Controlling Interests | (15,508,000) | |||
Lease Liability Weighted Average Discount Rate | 369.00% | |||
Reconciliation Lease Liability [Abstract] | ||||
Future Minimum Rental Payments | 5,527,638,000 | |||
Short Term Leases | 21,936,000 | |||
Leases Low Value Assets | 34,145,000 | |||
Payments Future Lease Agreements | 0 | |||
Other Lease Liability | 30,065,575.0000021 | |||
Gross Lease Liability | 5,441,491,425 | |||
Discounting Lease Liability | 893,957,425 | |||
Lease Liability IFRS 16 | 4,547,534,000 | |||
Capital Lease Liabilities | 36,144,000 | |||
Lease Liabilities IFRS 16 | € 4,583,678,000 | |||
Leasing In The Consolidated Statement Of Income [Abstract] | ||||
Right of use asset depreciation | € 168,893,000 | |||
Right Of Use Asset Impairment | 0 | |||
short term lease expense | 12,211,000 | |||
Expenses related to low-value assets | 6,139,000 | |||
Expenses relating to variable lease payments | 6,680,000 | |||
Other Leasing Expense | 0 | |||
sublease income | 55,000 | |||
Interest Expense On Lease Liabilities | 41,106,000 | |||
Leasing In The Consolidated Balance Sheet [Abstract] | ||||
Right Of Use Asset Land | 29,144,000 | |||
Right Of Use Assets Buildings And Improvements | 3,871,970,000 | |||
Right Of Use Assets Machinery And Improvements | 409,862,000 | |||
Right Of Use Assets Advanced Payments | 0 | |||
Right of Use Assets | 4,310,976,000 | € 0 | ||
Additions to right of use assets | € 4,266,753,000 | € 104,131,000 |
The Company, basis of present_4
The Company, basis of presentation and significant accounting policies - Financial instruments (Details) - EUR (€) | Mar. 31, 2019 | Dec. 31, 2018 |
Disclosure of detailed information about financial instruments [line items] | ||
Potential obligations put provisions, current and non-current | € 16,437,985,000 | € 10,820,232,000 |
Discretionary decisions and sou
Discretionary decisions and sources of estimation uncertainties - Trade accounts receivable and allowance for doubtful accounts (Details) - EUR (€) | Mar. 31, 2019 | Dec. 31, 2018 |
Trade accounts Receivable and Allowance for Doubtful Accounts | ||
Trade accounts receivable, less allowance for doubtful accounts of 482,461 in 2016 and 427,841 in 2015 | € 3,856,891,000 | € 3,337,706,000 |
Allowance for doubtful accounts | € 123,416,000 | € 118,015,000 |
Notes to the consolidated sta_3
Notes to the consolidated statements of income - Revenue (Details) - EUR (€) | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Revenue [Line Items] | ||
Health Care Services | € 3,317,308,000 | € 3,208,795,000 |
Dialysis services | 2,957,381,000 | 2,648,293,000 |
Care Coordination Revenue | 359,927,000 | 560,502,000 |
Health Care Products | 815,249,000 | 766,834,000 |
Dialysis Products Revenue | 796,675,000 | 747,692,000 |
Non-dialysis Product Revenue | 18,574,000 | 19,142,000 |
Revenue | 4,132,557,000 | 3,975,629,000 |
Revenue from contracts with customers (IFRS 15) [Member] | ||
Revenue [Line Items] | ||
Health Care Services | 3,256,925,000 | 3,155,537,000 |
Dialysis services | 2,957,381,000 | 2,648,293,000 |
Care Coordination Revenue | 299,544,000 | 507,244,000 |
Health Care Products | 781,459,000 | 749,098,000 |
Dialysis Products Revenue | 762,885,000 | 729,956,000 |
Non-dialysis Product Revenue | 18,574,000 | 19,142,000 |
Revenue | 4,038,384,000 | 3,904,635,000 |
Other revenue [Member] | ||
Revenue [Line Items] | ||
Health Care Services | 60,383,000 | 53,258,000 |
Dialysis services | 0 | |
Care Coordination Revenue | 60,383,000 | 53,258,000 |
Health Care Products | 33,790,000 | 17,736,000 |
Dialysis Products Revenue | 33,790,000 | 17,736,000 |
Non-dialysis Product Revenue | 0 | |
Revenue | € 94,173,000 | € 70,994,000 |
Notes to the consolidated sta_4
Notes to the consolidated statements of income - Selling, general and administrative expenses (Details) - EUR (€) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | |
Selling, general and administrative expenses | ||||
FCPA related charge | € 231,700,000 | € 77,200,000 | € 223,980,000 | € 77,200,000 |
Notes to the consolidated sta_5
Notes to the consolidated statements of income - Research and development expenses (Details) - EUR (€) | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Disclosure of detailed information about intangible assets [line items] | ||
Research and development expense | € 33,614,000 | € 31,897,000 |
Depreciation and amortisation expense | (362,376,000) | (174,994,000) |
Capitalized development costs | ||
Disclosure of detailed information about intangible assets [line items] | ||
Depreciation and amortisation expense | € 92,000 | € 80,000 |
Earnings per share (Details)
Earnings per share (Details) - EUR (€) | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Numerators: | ||
Net income attributable to shareholders of FMC-AG & Co. KGaA | € 270,749,000 | € 278,555,000 |
Denominators: | ||
Weighted average number of shares outstanding | 306,659,364 | 306,453,070 |
Potentially dilutive shares | 0 | 986,454 |
Basic earnings per share (in dollars per share) | € 0.88 | € 0.91 |
Fully diluted earnings per share (in dollars per share) | € 0.88 | € 0.91 |
Shareholders' equity - Treasury
Shareholders' equity - Treasury stock (Details) - EUR (€) | Jun. 08, 2018 | May 31, 2018 | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2017 |
Treasury stock | ||||||||
Average price paid per share | € 62.69 | |||||||
Total number of shares purchased and retired as part of publicly announced plans or programs | 2,629,191 | |||||||
Total value of shares purchased | € 164,809,000 | € (89,446,000) | € 0 | |||||
Cancellation of treasury shares | (113,816,000) | |||||||
Treasury shares | € (164,809,000) | € (50,993,000) | (164,809,000) | € (50,993,000) | ||||
Treasury Stock | ||||||||
Treasury stock | ||||||||
Average price paid per share | € 86.14 | € 86.69 | € 69.8577964081412 | € 51 | € 65.63 | |||
Total number of shares purchased and retired as part of publicly announced plans or programs | 257,726 | 173,274 | 1,629,240 | 999,951 | 1,659,951 | |||
Total value of shares purchased | € 22,201,000 | € 15,020,000 | € 113,816,000 | (113,816,000) | € 50,993,000 | € 108,931,000 | ||
Retired treasury stock average price paid per share | € 87.23 | |||||||
Number of shares retired | 1,091,000 | |||||||
Cancellation of treasury shares | € 95,159,000 | (113,816,000) | ||||||
Repurchase of shares fees, net of taxes | € 11,000 |
Notes to the consolidated sta_6
Notes to the consolidated statements of income - Net interest (Details) - EUR (€) | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Notes to the consolidated statements of income | ||
Interest expense | € 135,792,000 | € 107,769,000 |
Interest income | € 27,944,000 | € 24,836,000 |
Notes to the consolidated sta_7
Notes to the consolidated statements of income - Income taxes geographical (Details) - EUR (€) | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Disclosure of geographical areas [line items] | ||
Income before income taxes | € 428,702,000 | € 413,943,000 |
income tax expense (benefit) | ||
Total tax expense (income) | € 100,944,000 | € 84,234,000 |
Notes to the consolidated sta_8
Notes to the consolidated statements of income - Income taxes reconciliation (Details) - EUR (€) | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Tax reconciliation | ||
Total tax expense (income) | € 100,944,000 | € 84,234,000 |
Notes to the consolidated sta_9
Notes to the consolidated statements of income - Net deferred income tax assets and liabilities (Details) - EUR (€) | Mar. 31, 2019 | Dec. 31, 2018 |
Notes to the consolidated statements of income | ||
Deferred taxes assets | € 308,530,000 | € 345,686,000 |
Deferred taxes liabilities | € 722,859,000 | € 626,521,000 |
Notes to the consolidated st_10
Notes to the consolidated statements of income - Sound (Details) | 3 Months Ended |
Mar. 31, 2018EUR (€) | |
Notes to the consolidated statements of income | |
Procees from the sale of an investment | € 1,531,109,000 |
Expected Pre Tax Loss On Sale of Investment | € 13,103,000 |
Acquisitions, investments, pu_2
Acquisitions, investments, purchases of intangible assets and divestitures - Acquisitions and Investments (Details) - EUR (€) | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Disclosure of detailed information about business combination [line items] | |||
Cash consideration, net of cash acquired | € (1,828,525,000) | € (181,403,000) | |
Acquisitions | |||
Cash consideration, net of cash acquired | (1,819,700,000) | € (30,338,000) | |
Goodwill. | € 13,561,939,000 | € 12,209,606,000 |
Acquisitions, investments, pu_3
Acquisitions, investments, purchases of intangible assets and divestitures - Proceeds from divestitures (Details) - EUR (€) | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Acquisitions, investments, purchases of intangible assets and divestitures | ||
Cash portion of proceeds from divestitures | € (11,012,000) | € (158,000) |
Acquisitions - Estimated Fair_2
Acquisitions - Estimated Fair Values of Assets Acquired and Liabilities Assumed - Preliminary (Details) | 3 Months Ended | |
Mar. 31, 2019EUR (€)€ / shares | Mar. 31, 2019USD ($) | |
Estimated Fair Values of Assets Acquired and Liabilities Assumed Details | ||
Proforma assets held for sale | € 47,203,000 | |
Proforma trade accounts and other receivables | 34,062,000 | |
proforma other current assets | 88,987,000 | |
Proforma deferred tax assets | 0 | |
Proforma PP&E | 85,470,000 | |
Proforma Intangible Assets and other assets | 818,150,110 | |
Proforma Goodwill | 1,165,289,000 | |
Proforma accounts payable, current provisions, and other current liabilities | (69,456,000) | |
Proforma income tax payable and deferred taxes | (119,086,000) | |
Proforma short term debt, long term debt and lease liabilities | 0 | |
Proforma other liabilities | (23,118,220) | |
Proforma noncontrolling interest | (4,063,000) | |
Proforma total acquisition cost | 2,023,437,890 | |
Proforma non cash contributions | 0 | |
Proforma Investment at acquisition date | 0 | |
Proforma long term notes receivable | 0 | |
Proforma total noncash items | 0 | |
Proforma Cash acquired | (47,203,000) | |
Proforma net cash paid | € 1,976,234,890 | |
Proforma weighted average useful lives of intangibles | 13 | 13 |
Proforma NxStage Goodwill | € 1,165,289,000 | |
Proforma NxStage contributed revenue | € 29,764,000 | |
NxStage Purchase Price per share | € / shares | € 30 | |
Proforma NxStage contributed operating income | € (11,142,000) | |
NxStage Total Purchase Price | $ | $ 1,740,563,000 |
Acquisitions - Pro Forma fina_2
Acquisitions - Pro Forma financial Information (Details) | 3 Months Ended |
Mar. 31, 2019EUR (€)€ / shares | |
Proforma financial information details | |
Proforma revenue | € | € 4,176,790,134.49733 |
Proforma net income | € | € 254,537,741.800771 |
Proforma basic eps | € / shares | € 0.83 |
Proforma fully diluted eps | € / shares | € 0.83 |
Related party transactions - Se
Related party transactions - Service agreements, lease agreements and products - General (Details) | Mar. 31, 2019 |
Disclosure of transactions between related parties [line items] | |
Proportion of ownership interest in reporting entity (as a percent) | 30.92% |
Related party transactions - _2
Related party transactions - Service agreements and products - Summary (Details) - EUR (€) | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Balances | |||
Accounts Payables | € 210,384,000 | € 153,781,000 | |
Service Agreements | |||
Transactions | |||
Sales of goods and services | 1,702,000 | € 6,006,000 | |
Purchases of goods and services | 29,834,000 | 30,179,000 | |
Balances | |||
Accounts Receivable | 1,991,000 | 3,508,000 | |
Accounts Payables | 11,095,000 | 12,489,000 | |
Accrued Expenses | 6,687,000 | 9,376,000 | |
Products | |||
Transactions | |||
Sales of goods and services | 9,862,000 | 7,907,000 | |
Purchases of goods and services | 159,935,000 | 130,096,000 | |
Balances | |||
Accounts Receivable | 11,062,000 | 8,750,000 | |
Accounts Payables | 116,606,000 | 61,633,000 | |
Fresenius SE (largest shareholder) | |||
Balances | |||
Accounts Receivable | 80,388,000 | 80,228,000 | |
Accounts Payables | 76,784,000 | 32,454,000 | |
Fresenius SE (largest shareholder) | Service Agreements | |||
Transactions | |||
Sales of goods and services | 32,000 | 70,000 | |
Purchases of goods and services | 5,182,000 | 5,724,000 | |
Balances | |||
Accounts Receivable | 1,064,000 | 378,000 | |
Accounts Payables | 3,149,000 | 4,019,000 | |
Fresenius SE (largest shareholder) | Lease Agreements | |||
Transactions | |||
Purchases of goods and services | 0 | ||
Fresenius SE (largest shareholder) | Products | |||
Transactions | |||
Sales of goods and services | 9,862,000 | 7,907,000 | |
Purchases of goods and services | 8,290,000 | 9,075,000 | |
Balances | |||
Accounts Receivable | 11,062,000 | 8,750,000 | |
Accounts Payables | 3,699,000 | 3,658,000 | |
Affiliates of Fresenius SE | |||
Transactions | |||
Purchases of goods and services | 250,000 | ||
Affiliates of Fresenius SE | Service Agreements | |||
Transactions | |||
Sales of goods and services | 940,000 | 876,000 | |
Purchases of goods and services | 24,652,000 | 24,455,000 | |
Balances | |||
Accounts Receivable | 849,000 | 681,000 | |
Accounts Payables | 7,946,000 | 8,470,000 | |
Equity method investees | Service Agreements | |||
Transactions | |||
Sales of goods and services | 730,000 | 5,060,000 | |
Balances | |||
Accounts Receivable | 78,000 | 2,449,000 | |
Equity method investees | Products | |||
Transactions | |||
Purchases of goods and services | 151,645,000 | € 121,021,000 | |
Balances | |||
Accounts Payables | € 112,907,000 | € 57,975,000 |
Related Party Transactions - Le
Related Party Transactions - Lease Agreements - Summary (Details) - EUR (€) | Mar. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
Lease Balances [Abstract] | |||
Right of Use Assets | € 4,310,976,000 | € 0 | |
Lease Liability IFRS 16 | € 4,547,534,000 |
Related party transactions - Fi
Related party transactions - Financing (Details) - EUR (€) | Mar. 31, 2019 | Dec. 31, 2018 |
Balances | ||
Accounts Payables | € 210,384,000 | € 153,781,000 |
Transactions | ||
Outstanding borrowings | 7,192,978,000 | 6,152,034,000 |
Bonds | ||
Transactions | ||
Outstanding borrowings | 3,752,592,000 | 3,700,446,000 |
Fresenius SE (largest shareholder) | ||
Balances | ||
Accounts Receivable | 80,388,000 | 80,228,000 |
Accounts Payables | € 76,784,000 | € 32,454,000 |
Fresenius SE (largest shareholder) | Short-term financing | ||
Transactions | ||
Interest rate on borrowings (as a percent) | 0.825% | 0.825% |
Outstanding borrowings | € 104,400,000 | € 185,900,000 |
General Partner | ||
Balances | ||
Accounts Receivable | 1,840,000 | 176,000 |
Accounts Payables | € 5,899,000 | € 47,205,000 |
General Partner | Unsecured debt - originated in 2009 | ||
Transactions | ||
Interest rate on borrowings (as a percent) | 0.825% | |
Outstanding borrowings | € 1,500,000 | |
General Partner | Unsecured debt - originated in 2013 | ||
Transactions | ||
Interest rate on borrowings (as a percent) | 0.825% | |
Outstanding borrowings | € 1,500,000 | |
Subsidiary of Fresenius SE | Bonds | ||
Transactions | ||
Interest rate on borrowings (as a percent) | 5.25% | 5.25% |
Outstanding borrowings | € 5,000,000 | € 6,000,000 |
Related party transactions - Ke
Related party transactions - Key management personnel (Details) - EUR (€) | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Transactions | |||
Capital | € 307,907,000 | € 307,879,000 | |
Balances | |||
Accounts Payables | 210,384,000 | 153,781,000 | |
General Partner | |||
Transactions | |||
Reimbursements paid to related party for management services | 8,028,000 | € 4,016,000 | |
Balances | |||
Accounts Receivable | 1,840,000 | 176,000 | |
Accounts Payables | € 5,899,000 | € 47,205,000 |
Cash and cash equivalents (Deta
Cash and cash equivalents (Details) - EUR (€) | Mar. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | Jan. 01, 2018 | Jan. 01, 2017 |
Cash and cash equivalents | ||||||
Cash | € 705,731,000 | € 831,885,000 | ||||
Securities and time deposits | 253,057,000 | 1,313,747,000 | ||||
Cash and cash equivalents | 958,788,000 | € 958,788,000 | 2,145,632,000 | € 846,378,000 | € 2,145,632,000 | € 978,109,000 |
Restricted cash | € 5,740,000 | € 5,002,000 |
Trade accounts receivable - Tra
Trade accounts receivable - Trade accounts receivable, less allowance for doubtful accounts (Details) - EUR (€) | 12 Months Ended | ||
Dec. 31, 2017 | Mar. 31, 2019 | Dec. 31, 2018 | |
Trade accounts receivable [Line Items] | |||
Trade accounts receivable | € 3,980,307,000 | € 3,455,721,000 | |
finance lease receivables | 44,037,000 | 28,726,000 | |
less allowance for doubtful accounts | 123,416,000 | 118,015,000 | |
Trade accounts receivable, net | 3,856,891,000 | 3,337,706,000 | |
Collection period for trade accounts receivable | 1 year | ||
Trade accounts receivable included in other non-current assets | 120,479,000 | 120,668,000 | |
other receivables | 79,627,000 | ||
Credit impaired trade AR [Member] | |||
Trade accounts receivable [Line Items] | |||
Trade accounts receivable | 387,850,000 | 325,240,000 | |
less allowance for doubtful accounts | 87,056,000 | (85,775,000) | |
Trade accounts receivable, net | € 300,794,000 | € 239,465,000 |
Trade accounts receivable - Dev
Trade accounts receivable - Development of allowance for doubtful accounts (Details) | Mar. 31, 2019EUR (€) |
Development of Allowance For Doubtful Accounts | |
Allowance for doubtful accounts, beginning of period | € 118,015,000 |
Allowance for doubtful accounts, end of period | € 123,416,000 |
Trade Accounts Receivable - Agi
Trade Accounts Receivable - Aging Analysis of Trade Accounts Receivable and the Allowance For Doubtful Accounts (Details) - EUR (€) | Mar. 31, 2019 | Dec. 31, 2018 |
Aging Analysis of Trade Accounts Receivable | ||
Trade accounts receivable | € 3,980,307,000 | € 3,455,721,000 |
less allowance for doubtful accounts | (123,416,000) | (118,015,000) |
Trade accounts receivable, net | € 3,856,891,000 | € 3,337,706,000 |
Inventories (Details)
Inventories (Details) - EUR (€) | Mar. 31, 2019 | Dec. 31, 2018 |
Inventories [Line Items] | ||
Finished Goods | € 895,533,000 | € 774,133,000 |
Health care supplies | 470,202,000 | 391,593,000 |
Raw materials and purchased components | 237,664,000 | 224,054,000 |
Work in process | 92,259,000 | 77,023,000 |
Inventories | € 1,695,658,000 | € 1,466,803,000 |
Other current assets (Details)
Other current assets (Details) - EUR (€) | Mar. 31, 2019 | Dec. 31, 2018 |
Other current assets | ||
Other current assets | € 894,229,000 | € 804,083,000 |
Property, plant and equipment (
Property, plant and equipment (Details) | Mar. 31, 2019EUR (€) |
Changes in property, plant, and equipment: | |
Balance, beginning of period | € 3,836,010,000 |
Balance, ending of period | 3,949,557,000 |
Property, plant and equipment | € 3,836,010,000 |
Intangible assets and goodwill
Intangible assets and goodwill - Acquisition or manufacturing costs of intangible assets and goodwill (Details) | Mar. 31, 2019EUR (€) |
Detailed information on intangible assets | |
Intangible assets other than goodwill | € 681,331,000 |
Goodwill | 12,209,606,000 |
Reconciliation of intangible assets other than goodwill | |
Balance at the beginning of the period | 681,331,000 |
Balance at the end of the period | 1,430,970,000 |
Reconciliation of goodwill | |
Balance at the beginning of the period | 12,209,606,000 |
Balance at the end of the period | € 13,561,939,000 |
Intangible assets and goodwil_2
Intangible assets and goodwill - Goodwill and intangible assets with indefinite useful Life (Details) - EUR (€) | Mar. 31, 2019 | Dec. 31, 2018 |
Disclosure of geographic region | ||
Goodwill | € 13,561,939,000 | € 12,209,606,000 |
Intangible assets other than goodwill | € 1,430,970,000 | € 681,331,000 |
Current provisions and other cu
Current provisions and other current liabilities (Details) - EUR (€) | Mar. 31, 2019 | Dec. 31, 2018 |
Miscellaneous current liabilities | ||
Variable payments outstanding for acquisitions | € 135,161,000 | € 172,278,000 |
Short-term debt and short-ter_3
Short-term debt and short-term debt from related parties (Details) - EUR (€) | Mar. 31, 2019 | Dec. 31, 2018 |
Long-term Debt and Capital Lease Obligations. | ||
Short-term debt | € 1,319,997,000 | € 1,205,294,000 |
Short-term debt from related parties | 107,400,000 | 188,900,000 |
Short-term debt and short-term debt from related parties | 1,427,397,000 | 1,394,194,000 |
Commercial paper borrowing limit | 1,000,000,000 | 1,000,000,000 |
Remaining borrowing capacity | 0 | 0 |
Offset amount | 113,238,000 | 122,256,000 |
Short term borrowing from related party | 400,000,000 | |
Commercial paper program | ||
Long-term Debt and Capital Lease Obligations. | ||
Short-term debt | 999,834,000 | 999,873,000 |
Borrowings under lines of credit | ||
Long-term Debt and Capital Lease Obligations. | ||
Short-term debt | 318,540,000 | 204,491,000 |
Other | ||
Long-term Debt and Capital Lease Obligations. | ||
Short-term debt | € 1,623,000 | € 930,000 |
Long-term debt and capital le_3
Long-term debt and capital lease obligations - Long-term debt and capital lease obligations (Details) - EUR (€) | Mar. 31, 2019 | Dec. 31, 2018 |
Long-term Debt and Capital Lease Obligations. | ||
Total long-term debt and capital lease obligations | € 7,192,978,000 | € 6,152,034,000 |
Less current portion | (1,511,815,000) | (1,106,519,000) |
Long-term debt, less current portion | 5,681,163,000 | 5,045,515,000 |
Amended 2012 credit agreement | ||
Long-term Debt and Capital Lease Obligations. | ||
Total long-term debt and capital lease obligations | 2,296,088,000 | 1,887,357,000 |
Bonds | ||
Long-term Debt and Capital Lease Obligations. | ||
Total long-term debt and capital lease obligations | 3,752,592,000 | 3,700,446,000 |
Convertible Bonds | ||
Long-term Debt and Capital Lease Obligations. | ||
Total long-term debt and capital lease obligations | 394,794,000 | 393,232,000 |
Accounts Receivable Facility | ||
Long-term Debt and Capital Lease Obligations. | ||
Total long-term debt and capital lease obligations | 589,779,000 | |
Capital lease obligations | ||
Long-term Debt and Capital Lease Obligations. | ||
Total long-term debt and capital lease obligations | 36,144,000 | |
Other | ||
Long-term Debt and Capital Lease Obligations. | ||
Total long-term debt and capital lease obligations | € 159,725,000 | € 134,855,000 |
Long-term debt and capital le_4
Long-term debt and capital lease obligations - Amended 2012 credit agreement (Details) - EUR (€) | Mar. 31, 2019 | Dec. 31, 2018 |
Amended 2012 credit agreement | ||
Long-term Debt and Capital Lease Obligations. | ||
Entered in to credit facility / Maximum amount available | € 3,280,065,000 | |
Balance outstanding | 1,894,039,000 | |
Revolving credit facility | ||
Long-term Debt and Capital Lease Obligations. | ||
Entered in to credit facility / Maximum amount available | € 3,283,968,000 | |
Balance outstanding | 2,302,165,554.0721 | |
Letters of credit outstanding | 1,059,000 | 1,476,000 |
Revolving credit facility USD | ||
Long-term Debt and Capital Lease Obligations. | ||
Entered in to credit facility / Maximum amount available | 801,068,000 | 786,026,000 |
Balance outstanding | 219,265,687.583445 | 0 |
Revolving credit facility EUR | ||
Long-term Debt and Capital Lease Obligations. | ||
Entered in to credit facility / Maximum amount available | 600,000,000 | 600,000,000 |
Balance outstanding | 200,000,000 | |
USD term loan 5-year | ||
Long-term Debt and Capital Lease Obligations. | ||
Entered in to credit facility / Maximum amount available | 1,174,900,000 | 1,179,039,000 |
Balance outstanding | 1,174,899,866.48865 | 1,179,039,000 |
EUR term loan 5-year | ||
Long-term Debt and Capital Lease Obligations. | ||
Entered in to credit facility / Maximum amount available | 308,000,000 | 315,000,000 |
Balance outstanding | 308,000,000 | 315,000,000 |
EUR term loan 3-year | ||
Long-term Debt and Capital Lease Obligations. | ||
Entered in to credit facility / Maximum amount available | 400,000,000 | 400,000,000 |
Balance outstanding | € 400,000,000 | € 400,000,000 |
Long-term debt and capital le_5
Long-term debt and capital lease obligations - Bonds (Details) - EUR (€) | Mar. 31, 2019 | Dec. 31, 2018 |
Long-term Debt and Capital Lease Obligations. | ||
Outstanding borrowings | € 7,192,978,000 | € 6,152,034,000 |
Bonds | ||
Long-term Debt and Capital Lease Obligations. | ||
Outstanding borrowings | € 3,752,592,000 | € 3,700,446,000 |
Long-term debt and capital le_6
Long-term debt and capital lease obligations - Accounts Receivable Facility, Other and Secured debt (Details) - EUR (€) | Mar. 31, 2019 | Dec. 31, 2018 |
Long-term Debt and Capital Lease Obligations. | ||
Current Portion of long term borrowings | € 1,511,815,000 | € 1,106,519,000 |
Amended 2012 credit agreement | ||
Long-term Debt and Capital Lease Obligations. | ||
Maximum amount available | 3,280,065,000 | |
Balance outstanding | 1,894,039,000 | |
Accounts Receivable Facility | ||
Long-term Debt and Capital Lease Obligations. | ||
Maximum amount available | 801,068,000 | 786,026,000 |
Balance outstanding | 590,565,000 | |
Letters of credit outstanding | € 23,704,000 | € 23,259,000 |
Non-current provisions and othe
Non-current provisions and other non-current liabilities (Details) - EUR (€) | Mar. 31, 2019 | Dec. 31, 2018 |
Disclosure of non-current provisions and other provisions [line items] | ||
Noncurrent provisions and other noncurrent liabilities | € 718,895,000 | € 750,738,000 |
Employee benefit plans - Define
Employee benefit plans - Defined benefit pension plans (Details) | 3 Months Ended |
Mar. 31, 2019EUR (€) | |
Defined benefit pension plans | |
Company contribution to plan | € 294,218.926367134 |
Expected funding for next fiscal year | € 812,145.114576346 |
Employee benefit plans - Funded
Employee benefit plans - Funded status (Details) - EUR (€) | 3 Months Ended | |
Mar. 31, 2019 | Dec. 31, 2018 | |
Net defined benefit liability and asset | ||
Employer contributions | € 294,218.926367134 | |
Non-current portion of pension liability | € 563,538,000 | € 551,930,000 |
Employee benefit plans - Compon
Employee benefit plans - Components of net periodic benefit cost (Details) - Defined Benefit Pension Plans - EUR (€) | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Disclosure of defined benefit plans [line items] | ||
Service cost | € 7,444,000 | € 6,794,000 |
Net interest cost | 3,454,000 | 3,208,000 |
Net periodic benefit costs | € 10,898,000 | € 10,002,000 |
Shareholders' equity - Conditio
Shareholders' equity - Conditional capital (Details) - EUR (€) | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Disclosure of classes of share capital [line items] | ||
Increase in capital stock from exercise of stock options | € (1,298,000) | € 2,014,000 |
Supplementary information on _3
Supplementary information on capital management (Details) - EUR (€) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | |
Supplementary information on capital management | ||||
Total equity including noncontrolling interests | € 13,226,504,000 | € 12,901,958,000 | € 10,910,948,000 | € 10,823,110,000 |
Debt | 13,232,439,000 | |||
Total assets | € 32,353,204,000 | € 26,242,268,000 | € 24,157,061,000 | |
Debt in % of total assets | 40.90% | 28.80% | 28.80% | 30.99% |
Total equity in % of total assets | 40.90% | 49.20% | 49.20% | 45.07% |
Share-based Plans - Stock Optio
Share-based Plans - Stock Options Other Disclosure (Details) - EUR (€) | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Proceeds from exercise of stock options | € 148,000 | € 562,000 |
Commitments and contingencies (
Commitments and contingencies (Details) | 3 Months Ended | 12 Months Ended | |||||
Mar. 31, 2019EUR (€) | Mar. 31, 2018EUR (€) | Dec. 31, 2018EUR (€) | Dec. 31, 2017EUR (€) | Apr. 01, 2019EUR (€) | Mar. 31, 2019USD ($) | Feb. 12, 2019EUR (€) | |
Disclosure Of Contingent Liabilities Line Items | |||||||
FCPA related charge | € 231,700,000 | € 77,200,000 | € 223,980,000 | € 77,200,000 | |||
Litigation settlement amount | $ | $ 250,000,000 | ||||||
Litigation settlement insurance recovery | $ | 220,000,000 | ||||||
Net litigation settlement expense recorded | 60,000,000 | ||||||
Acid Concentrate Products - Personal Injury | |||||||
Disclosure Of Contingent Liabilities Line Items | |||||||
Litigation settlement amount | € 15,700,000 | ||||||
Acid Concentrate Products - Deceptive Practices | |||||||
Disclosure Of Contingent Liabilities Line Items | |||||||
Litigation settlement amount | € 10,300,000 | ||||||
Subpoena from the United States Attorney for the Northern District of Texas | |||||||
Disclosure Of Contingent Liabilities Line Items | |||||||
Litigation settlement amount | $ | 63,700,000 | ||||||
Hawaii Medicaid False Claims | |||||||
Disclosure Of Contingent Liabilities Line Items | |||||||
Litigation settlement amount | $ | $ 8,000,000 | ||||||
Levine False Claims Act [Member] | |||||||
Disclosure Of Contingent Liabilities Line Items | |||||||
Litigation settlement amount | € 18,400,000 |
Financial instruments - Categor
Financial instruments - Categories (Details) - EUR (€) | Mar. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | Jan. 01, 2018 | Jan. 01, 2017 |
Category Disclosure of detailed information about financial instruments [line items] | ||||||
Cash and cash equivalents. | € 958,788,000 | € 958,788,000 | € 2,145,632,000 | € 846,378,000 | € 2,145,632,000 | € 978,109,000 |
trade accounts receivable and other receivables | 3,856,891,000 | 3,337,706,000 | ||||
accounts receivable related parties | 95,281,000 | 92,662,000 | ||||
Derivatives cash flow hedging instruments | 1,232,000 | 1,492,000 | ||||
Derivatives not designated as hedging instruments | 29,646,000 | 18,222,000 | ||||
Equity investments | 147,276,000 | 140,727,000 | ||||
Debt securities | 351,125,000 | 334,035,000 | ||||
Other financial assets | 232,151,000 | 251,963,000 | ||||
Financial assets | € 5,672,390,000 | 4,839,973,000 | 4,834,897,000 | |||
Financial Assets At Amortised Cost [Member] | Financial Instruments Not Assigned To Category [Member] | ||||||
Category Disclosure of detailed information about financial instruments [line items] | ||||||
Cash and cash equivalents. | 620,145,000 | 620,145,000 | ||||
Financial Assets At Amortised Cost [Member] | Loans And Receivables Category [Member] | ||||||
Category Disclosure of detailed information about financial instruments [line items] | ||||||
trade accounts receivable and other receivables | 3,330,990,000 | 3,327,692,000 | ||||
accounts receivable related parties | 111,643,000 | 111,643,000 | ||||
Other financial assets | 130,964,000 | 129,614,000 | ||||
Financial Assets At Fair Value Through Profit Or Loss Category [Member] | Financial Instruments Not Assigned To Category [Member] | ||||||
Category Disclosure of detailed information about financial instruments [line items] | ||||||
Cash and cash equivalents. | 357,964,000 | 357,964,000 | ||||
Equity investments | 7,259,000 | 7,259,000 | ||||
Financial Assets At Fair Value Through Profit Or Loss Category [Member] | Financial Assets At Fair Value Through Profit Or Loss Category [Member] | ||||||
Category Disclosure of detailed information about financial instruments [line items] | ||||||
Derivatives not designated as hedging instruments | 113,713,000 | 113,713,000 | ||||
Assets And Liabilities Not Classified As Held For Sale [Member] | Financial Instruments Not Assigned To Category [Member] | ||||||
Category Disclosure of detailed information about financial instruments [line items] | ||||||
trade accounts receivable and other receivables | 58,336,000 | 58,144,000 | ||||
Derivatives cash flow hedging instruments | 561,000 | |||||
Derivatives not designated as hedging instruments | 561,000 | |||||
Other financial assets | 78,368,000 | 78,132,000 | ||||
Assets And Liabilities Not Classified As Held For Sale [Member] | Financial Assets Availableforsale Category [Member] | ||||||
Category Disclosure of detailed information about financial instruments [line items] | ||||||
Debt securities | 833,000 | 833,000 | ||||
Financial Assets At Fair Value Through Other Comprehensive Income Category [Member] | Financial Instruments Not Assigned To Category [Member] | ||||||
Category Disclosure of detailed information about financial instruments [line items] | ||||||
Equity investments | 10,537,000 | 10,537,000 | ||||
Financial Assets At Fair Value Through Other Comprehensive Income Category [Member] | Financial Assets Availableforsale Category [Member] | ||||||
Category Disclosure of detailed information about financial instruments [line items] | ||||||
Equity investments | € 16,010,000 | 16,010,000 | ||||
Debt securities | € 2,650,000 |
Financial instruments - Carryin
Financial instruments - Carrying amount and fair value (Details) - EUR (€) | Mar. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | Jan. 01, 2018 | Jan. 01, 2017 |
Disclosure of detailed information about financial instruments [line items] | ||||||
Cash and cash equivalents. | € 958,788,000 | € 958,788,000 | € 2,145,632,000 | € 846,378,000 | € 2,145,632,000 | € 978,109,000 |
trade accounts receivable and other receivables | 3,856,891,000 | 3,337,706,000 | ||||
accounts receivable related parties | 95,281,000 | 92,662,000 | ||||
Derivatives cash flow hedging instruments | 1,232,000 | 1,492,000 | ||||
Derivatives not designated as hedging instruments | 29,646,000 | 18,222,000 | ||||
Equity investments | 147,276,000 | 140,727,000 | ||||
Debt securities | 351,125,000 | 334,035,000 | ||||
Other financial assets | 232,151,000 | 251,963,000 | ||||
Other Current and Non Current Financial Assets | 761,430,000 | 746,439,000 | ||||
Financial assets | 5,672,390,000 | 4,839,973,000 | € 4,834,897,000 | |||
accounts payable | 707,774,000 | 641,271,000 | ||||
Amounts payable, related party transactions | 210,384,000 | 153,781,000 | ||||
Current Debt Instruments Issued | 1,427,397,000 | 1,394,194,000 | ||||
Noncurrent Debt Instruments Issued | 7,192,978,000 | 6,152,034,000 | ||||
Lease Liability Related Party | 4,612,064,000 | |||||
Derivatives cash flow hedging instruments liabilities | 4,874,000 | 1,125,000 | ||||
Derivatives not designated as hedging instruments liabilities | 40,184,000 | 18,911,000 | ||||
Current variable payments outstanding for acquisitions | 135,161,000 | 172,278,000 | ||||
Noncontrolling Interest Subject To Put provisions | 4,001,000 | 818,871,000 | € 67,120,000 | |||
other current financial liabilities | 1,275,539,000 | 1,467,767,000 | ||||
other current and noncurrent financial liabilities | 2,287,388,000 | 2,478,952,000 | ||||
Financial liabilities | 16,437,985,000 | 10,820,232,000 | ||||
Level 1 | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Cash and cash equivalents. | 0 | |||||
trade accounts receivable and other receivables | 0 | |||||
accounts receivable related parties | 0 | |||||
Derivatives cash flow hedging instruments | 0 | |||||
Derivatives not designated as hedging instruments | 0 | |||||
Equity investments | 13,045,000 | 13,869,000 | ||||
Debt securities | 346,508,000 | 329,821,000 | ||||
Other financial assets | 0 | |||||
Other Current and Non Current Financial Assets | 0 | |||||
Financial assets | 0 | |||||
accounts payable | 0 | |||||
Amounts payable, related party transactions | 0 | |||||
Current Debt Instruments Issued | 0 | |||||
Noncurrent Debt Instruments Issued | 4,331,857,000 | 4,227,684,000 | ||||
Derivatives cash flow hedging instruments liabilities | 0 | |||||
Derivatives not designated as hedging instruments liabilities | 0 | |||||
Current variable payments outstanding for acquisitions | 0 | |||||
Noncontrolling Interest Subject To Put provisions | 0 | |||||
other current financial liabilities | 0 | |||||
other current and noncurrent financial liabilities | 0 | |||||
Financial liabilities | 0 | |||||
Level 2 | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Cash and cash equivalents. | 253,057,000 | 1,313,747,000 | ||||
trade accounts receivable and other receivables | 0 | |||||
accounts receivable related parties | 0 | |||||
Derivatives cash flow hedging instruments | 1,232,000 | 1,492,000 | ||||
Derivatives not designated as hedging instruments | 29,646,000 | 18,222,000 | ||||
Equity investments | 134,231,000 | 126,858,000 | ||||
Debt securities | 4,617,000 | 4,214,000 | ||||
Other financial assets | 0 | |||||
Other Current and Non Current Financial Assets | 0 | |||||
Financial assets | 0 | |||||
Noncurrent Debt Instruments Issued | 3,049,725,000 | 2,022,057,000 | ||||
Derivatives cash flow hedging instruments liabilities | 4,874,000 | 1,125,000 | ||||
Derivatives not designated as hedging instruments liabilities | 40,184,000 | 18,911,000 | ||||
Level 3 | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Current variable payments outstanding for acquisitions | 135,161,000 | 172,278,000 | ||||
Noncontrolling Interest Subject To Put provisions | 831,630,000 | 818,871,000 | ||||
Financial Assets At Fair Value Through Profit Or Loss Category [Member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Cash and cash equivalents. | 253,057,000 | 1,313,747,000 | ||||
trade accounts receivable and other receivables | 0 | |||||
accounts receivable related parties | 0 | |||||
Derivatives cash flow hedging instruments | 0 | |||||
Derivatives not designated as hedging instruments | 29,646,000 | 18,222,000 | ||||
Equity investments | 113,668,000 | 106,350,000 | ||||
Debt securities | 94,223,000 | 83,213,000 | ||||
Other financial assets | 0 | 0 | ||||
Other Current and Non Current Financial Assets | 237,537,000 | 207,785,000 | ||||
Financial assets | 490,594,000 | 1,521,532,000 | ||||
Financial Liabilities At Fair Value Through Profit Or Loss Category [Member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
accounts payable | 0 | |||||
Amounts payable, related party transactions | 0 | |||||
Current Debt Instruments Issued | 0 | |||||
Noncurrent Debt Instruments Issued | 0 | |||||
Derivatives cash flow hedging instruments liabilities | 0 | |||||
Derivatives not designated as hedging instruments liabilities | 40,184,000 | 18,911,000 | ||||
Current variable payments outstanding for acquisitions | 135,161,000 | 172,278,000 | ||||
Noncontrolling Interest Subject To Put provisions | 0 | |||||
other current financial liabilities | 0 | |||||
other current and noncurrent financial liabilities | 175,345,000 | 191,189,000 | ||||
Financial liabilities | 175,345,000 | 191,189,000 | ||||
Financial Instruments Not Assigned To Category [Member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Cash and cash equivalents. | 0 | |||||
trade accounts receivable and other receivables | 55,390,000 | 49,448,000 | ||||
accounts receivable related parties | 0 | |||||
Derivatives cash flow hedging instruments | 1,232,000 | 1,492,000 | ||||
Derivatives not designated as hedging instruments | 0 | |||||
Equity investments | 0 | |||||
Debt securities | 0 | |||||
Other financial assets | 105,063,000 | 107,125,000 | ||||
Other Current and Non Current Financial Assets | 106,295,000 | 108,617,000 | ||||
Financial assets | 161,685,000 | 158,065,000 | ||||
accounts payable | 0 | |||||
Amounts payable, related party transactions | 0 | |||||
Current Debt Instruments Issued | 0 | |||||
Noncurrent Debt Instruments Issued | 0 | 36,144,000 | ||||
Lease Liability Related Party | 4,612,064,000 | |||||
Derivatives cash flow hedging instruments liabilities | 4,874,000 | 1,125,000 | ||||
Derivatives not designated as hedging instruments liabilities | 0 | |||||
Current variable payments outstanding for acquisitions | 0 | |||||
Noncontrolling Interest Subject To Put provisions | 831,630,000 | 818,871,000 | ||||
other current financial liabilities | 0 | |||||
other current and noncurrent financial liabilities | 836,504,000 | 819,996,000 | ||||
Financial liabilities | 5,448,568,000 | 856,140,000 | ||||
Financial Assets At Amortised Cost [Member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Cash and cash equivalents. | 705,731,000 | 831,885,000 | ||||
trade accounts receivable and other receivables | 3,801,501,000 | 3,288,258,000 | ||||
accounts receivable related parties | 95,281,000 | 92,662,000 | ||||
Other financial assets | 127,088,000 | 144,838,000 | ||||
Other Current and Non Current Financial Assets | 127,088,000 | 144,838,000 | ||||
Financial assets | 4,729,601,000 | 4,357,643,000 | ||||
Financial Liabilities At Amortised Cost [Member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
accounts payable | 707,774,000 | 641,271,000 | ||||
Amounts payable, related party transactions | 210,384,000 | 153,781,000 | ||||
Current Debt Instruments Issued | 1,427,397,000 | 1,394,194,000 | ||||
Noncurrent Debt Instruments Issued | 7,192,978,000 | 6,115,890,000 | ||||
Derivatives cash flow hedging instruments liabilities | 0 | |||||
Derivatives not designated as hedging instruments liabilities | 0 | |||||
Current variable payments outstanding for acquisitions | 0 | |||||
Noncontrolling Interest Subject To Put provisions | 0 | |||||
other current financial liabilities | 1,275,539,000 | 1,467,767,000 | ||||
other current and noncurrent financial liabilities | 1,275,539,000 | 1,467,767,000 | ||||
Financial liabilities | 10,814,072,000 | 9,772,903,000 | ||||
Financial Assets At Fair Value Through Other Comprehensive Income Category [Member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Equity investments | 33,608,000 | 34,377,000 | ||||
Debt securities | 256,902,000 | 250,822,000 | ||||
Other financial assets | 0 | |||||
Other Current and Non Current Financial Assets | 290,510,000 | 285,199,000 | ||||
Financial assets | € 290,510,000 | € 285,199,000 |
Financial instruments - Noncont
Financial instruments - Noncontrolling interests subject to put provisions (Details) - EUR (€) | 3 Months Ended | |||||
Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | Jan. 01, 2019 | Jan. 01, 2018 | Jan. 01, 2017 | |
Reconciliation of changes in fair value measurement, liabilities [abstract] | ||||||
Beginning balance | € 19,126,700,000 | € 13,340,310,000 | ||||
Dividends paid to non-controlling interests, classified as financing activities | (54,873,000) | € (50,951,000) | ||||
Net income | 57,009,000 | 51,154,000 | ||||
Ending balance | 19,126,700,000 | 13,340,310,000 | ||||
Noncontrolling interests subject to put provisions | ||||||
Reconciliation of changes in fair value measurement, liabilities [abstract] | ||||||
Beginning balance | 831,630,000 | 818,871,000 | € 818,871,000 | € 830,773,000 | € 830,773,000 | |
Purchase of noncontrolling interests | (15,997,000) | (53,731,000) | ||||
Sale of noncontrolling interests | (968,000) | (50,706,000) | ||||
Changes in fair value of noncontrolling interests | 32,586,000 | 142,279,000 | ||||
Gain (Loss) recognized in equity | (26,895,000) | (50,612,000) | € (50,612,000) | |||
Dividends paid to non-controlling interests, classified as financing activities | (28,287,000) | (139,742,000) | ||||
Foreign currency translation | 20,326,000 | 33,148,000 | ||||
Ending balance | 831,630,000 | 818,871,000 | 818,871,000 | 830,773,000 | 830,773,000 | |
Variable Payments Outstanding For Acquisitions [Member] | ||||||
Reconciliation of changes in fair value measurement, liabilities [abstract] | ||||||
Beginning balance | 135,161,000 | 172,278,000 | 172,278,000 | 205,792,000 | 205,792,000 | |
Purchase of noncontrolling interests | (83,000) | (19,051,000) | ||||
Sale of noncontrolling interests | (3,653,000) | (15,734,000) | ||||
Changes in fair value of noncontrolling interests | (34,666,000) | (36,327,000) | ||||
Foreign currency translation | 1,119,000 | (504,000) | ||||
Ending balance | € 135,161,000 | € 172,278,000 | € 172,278,000 | € 205,792,000 | € 205,792,000 |
Financial instruments - Effect
Financial instruments - Effect of derivatives on consolidated financial statements (Details) - EUR (€) | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Disclosure of detailed information about financial instruments [line items] | ||
Interest income recorded as an effect of financial instruments | € 27,944,000 | € 24,836,000 |
Interest expense recorded as an effect of financial instruments | € 135,792,000 | € 107,769,000 |
Supplementary cash flow infor_3
Supplementary cash flow information (Details) - EUR (€) | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Supplementary cash flow information | ||
Assets acquired | € (2,082,291,000) | € (36,062,000) |
Liabilities assumed | 190,406,000 | 2,608,000 |
Noncontrolling interest subject to put provisions | 12,679,000 | |
Noncontrolling interests | 10,492,000 | |
Non-cash consideration | 6,518,000 | 2,864,000 |
Cash paid | 1,862,196,000 | 30,590,000 |
Less cash acquired | 42,496,000 | 252,000 |
Net cash paid for acquisitions | 1,819,700,000 | 30,338,000 |
Cash paid for investments | 282,000 | 146,867,000 |
Cash paid for intangible assets | 8,543,000 | 4,198,000 |
Total cash paid for acquisitions and investments, net of cash acquired and purchases of intangible assets | 1,828,525,000 | 181,403,000 |
Details for divestitures | ||
Cash received from sale of subsidiaries or other businesses, less cash disposed | 6,782,000 | |
Cash received from divestitures of available for sale financial assets | 4,230,000 | 82,000 |
Cash received from repayment of loans | 76,000 | |
Proceeds from divestitures | (11,012,000) | € (158,000) |
Acquisition effect net income shareholders | € 12,593,000 |
Segment and corporate informa_3
Segment and corporate information- Segment Activities (Details) - EUR (€) | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Disclosure of operating segments [line items] | |||
Revenue from contracts with external customers | € 4,038,384,000 | € 3,904,635,000 | |
other revenue | 94,173,000 | 70,994,000 | |
Revenue external customers | 4,132,557,000 | 3,975,629,000 | |
Inter - segment revenue | 0 | ||
Revenue | 4,132,557,000 | 3,975,629,000 | |
Segment operating income | 536,550,000 | 496,876,000 | |
Interest | 107,848,000 | 82,933,000 | |
Income before income taxes | 428,702,000 | 413,943,000 | |
Depreciation and amortization | 362,376,000 | 174,994,000 | |
Income (loss) from equity method investees | 20,033,000 | 17,904,000 | |
Total assets | 32,353,204,000 | 24,157,061,000 | € 26,242,268,000 |
thereof investments in equity method investees | 630,439,000 | 619,730,000 | € 649,780,000 |
Additions of property, plant and equipment and intangible assets | 337,277,000 | 231,170,000 | |
North America Segment | |||
Disclosure of operating segments [line items] | |||
Revenue from contracts with external customers | 2,826,212,000 | 2,719,627,000 | |
other revenue | 60,564,000 | 54,835,000 | |
Revenue external customers | 2,886,776,000 | 2,774,462,000 | |
Inter - segment revenue | 576,000 | 400,000 | |
Revenue | 2,887,352,000 | 2,774,862,000 | |
Segment operating income | 372,394,000 | 362,208,000 | |
Depreciation and amortization | 228,735,000 | 90,655,000 | |
Income (loss) from equity method investees | 21,362,000 | 18,801,000 | |
Total assets | 21,513,220,000 | 15,408,120,000 | |
thereof investments in equity method investees | 332,184,000 | 316,916,000 | |
Additions of property, plant and equipment and intangible assets | 188,150,000 | 141,821,000 | |
EMEA Segment | |||
Disclosure of operating segments [line items] | |||
Revenue from contracts with external customers | 635,800,000 | 631,224,000 | |
other revenue | 16,813,000 | 4,584,000 | |
Revenue external customers | 652,613,000 | 635,808,000 | |
Inter - segment revenue | 1,000 | 303,000 | |
Revenue | 652,614,000 | 636,111,000 | |
Segment operating income | 137,776,000 | 108,934,000 | |
Depreciation and amortization | 46,973,000 | 28,861,000 | |
Income (loss) from equity method investees | (1,317,000) | (1,334,000) | |
Total assets | 4,232,196,000 | 3,640,775,000 | |
thereof investments in equity method investees | 177,658,000 | 181,938,000 | |
Additions of property, plant and equipment and intangible assets | 47,114,000 | 30,405,000 | |
Asia-Pacific Segment | |||
Disclosure of operating segments [line items] | |||
Revenue from contracts with external customers | 411,603,000 | 380,801,000 | |
other revenue | 15,971,000 | 10,661,000 | |
Revenue external customers | 427,574,000 | 391,462,000 | |
Inter - segment revenue | 234,000 | 187,000 | |
Revenue | 427,808,000 | 391,649,000 | |
Segment operating income | 94,702,000 | 74,220,000 | |
Depreciation and amortization | 22,601,000 | 11,159,000 | |
Income (loss) from equity method investees | (294,000) | 335,000 | |
Total assets | 2,669,344,000 | 2,081,140,000 | |
thereof investments in equity method investees | 96,641,000 | 96,961,000 | |
Additions of property, plant and equipment and intangible assets | 13,743,000 | 10,034,000 | |
Latin America Segment | |||
Disclosure of operating segments [line items] | |||
Revenue from contracts with external customers | 160,601,000 | 169,340,000 | |
other revenue | 825,000 | 914,000 | |
Revenue external customers | 161,426,000 | 170,254,000 | |
Inter - segment revenue | 65,000 | 39,000 | |
Revenue | 161,491,000 | 170,293,000 | |
Segment operating income | 11,395,000 | 14,114,000 | |
Depreciation and amortization | 8,363,000 | 4,580,000 | |
Income (loss) from equity method investees | 282,000 | 102,000 | |
Total assets | 821,984,000 | 694,375,000 | |
thereof investments in equity method investees | 23,956,000 | 23,915,000 | |
Additions of property, plant and equipment and intangible assets | 14,783,000 | 3,796,000 | |
Operating Segments | |||
Disclosure of operating segments [line items] | |||
Revenue from contracts with external customers | 4,034,216,000 | 3,900,992,000 | |
other revenue | 94,173,000 | 70,994,000 | |
Revenue external customers | 4,128,389,000 | 3,971,986,000 | |
Inter - segment revenue | 876,000 | 929,000 | |
Revenue | 4,129,265,000 | 3,972,915,000 | |
Segment operating income | 616,267,000 | 559,476,000 | |
Depreciation and amortization | 306,672,000 | 135,255,000 | |
Income (loss) from equity method investees | 20,033,000 | 17,904,000 | |
Total assets | 29,236,744,000 | 21,824,410,000 | |
thereof investments in equity method investees | 630,439,000 | 619,730,000 | |
Additions of property, plant and equipment and intangible assets | 263,790,000 | 186,056,000 | |
Corporate | |||
Disclosure of operating segments [line items] | |||
Revenue from contracts with external customers | 4,168,000 | 3,643,000 | |
Revenue external customers | 4,168,000 | 3,643,000 | |
Inter - segment revenue | (876,000) | (929,000) | |
Revenue | 3,292,000 | 2,714,000 | |
Segment operating income | (79,717,000) | (62,600,000) | |
Depreciation and amortization | 55,704,000 | 39,739,000 | |
Total assets | 3,116,460,000 | 2,332,651,000 | |
Additions of property, plant and equipment and intangible assets | € 73,487,000 | € 45,114,000 |
Segment and corporate informa_4
Segment and corporate information - Geographic Information (Details) - EUR (€) | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Disclosure of geographical areas [line items] | ||
Revenue external customers | € 4,132,557,000 | € 3,975,629,000 |
Proposal for the distribution o
Proposal for the distribution of earnings (Details) - EUR (€) | Mar. 31, 2019 | Dec. 31, 2018 |
Disclosure of classes of share capital [line items] | ||
Capital | € 307,907,000 | € 307,879,000 |
Employee Benefit Plans - Fund_2
Employee Benefit Plans - Funded Status (Details) (Calc 2) - EUR (€) | Mar. 31, 2019 | Dec. 31, 2018 |
SurplusDeficitInPlanAbstract | ||
Non-current provisions for employee benefits | € 563,538,000 | € 551,930,000 |
Segment and Corporate Informa_5
Segment and Corporate Information - Segment Activities Calc2 (Details) - EUR (€) | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Revenue Table | ||
Revenue | € 4,132,557,000 | € 3,975,629,000 |
Inter-segment revenue | 0 | |
Revenue external customers | € 4,132,557,000 | € 3,975,629,000 |
Subsequent Events (Details)
Subsequent Events (Details) | 3 Months Ended |
Mar. 31, 2018EUR (€) | |
Subsequent events | |
Procees from the sale of an investment | € 1,531,109,000 |
Expected Pre Tax Loss On Sale of Investment | € 13,103,000 |
Uncategorized Items - fms-20190
Label | Element | Value |
Related Party Lease Agreement [Member] | ||
Lease And Sublease Payments Recognised As Expense | ifrs-full_LeaseAndSubleasePaymentsRecognisedAsExpense | € 5,761,000 |
Lease And Sublease Payments Recognised As Expense | ifrs-full_LeaseAndSubleasePaymentsRecognisedAsExpense | 1,015,000 |
Lease Depreciation | fms_LeaseDepreciation | 4,303,000 |
Interest Expense On Finance Leases | ifrs-full_InterestExpenseOnFinanceLeases | 490,000 |
Right of Use Assets | ifrs-full_RightofuseAssets | 133,185,000 |
Lease Liability IFRS 16 | fms_LeaseLiabilityIFRS16 | 133,402,000 |
Fresenius Se [Member] | Related Party Lease Agreement [Member] | ||
Lease And Sublease Payments Recognised As Expense | ifrs-full_LeaseAndSubleasePaymentsRecognisedAsExpense | 2,069,000 |
Lease And Sublease Payments Recognised As Expense | ifrs-full_LeaseAndSubleasePaymentsRecognisedAsExpense | 854,000 |
Lease Depreciation | fms_LeaseDepreciation | 1,214,000 |
Interest Expense On Finance Leases | ifrs-full_InterestExpenseOnFinanceLeases | 137,000 |
Right of Use Assets | ifrs-full_RightofuseAssets | 35,219,000 |
Lease Liability IFRS 16 | fms_LeaseLiabilityIFRS16 | 35,286,000 |
Affiliates Of Largest Shareholder [Member] | Related Party Lease Agreement [Member] | ||
Lease And Sublease Payments Recognised As Expense | ifrs-full_LeaseAndSubleasePaymentsRecognisedAsExpense | 3,692,000 |
Lease And Sublease Payments Recognised As Expense | ifrs-full_LeaseAndSubleasePaymentsRecognisedAsExpense | 161,000 |
Lease Depreciation | fms_LeaseDepreciation | 3,089,000 |
Interest Expense On Finance Leases | ifrs-full_InterestExpenseOnFinanceLeases | 353,000 |
Right of Use Assets | ifrs-full_RightofuseAssets | 97,966,000 |
Lease Liability IFRS 16 | fms_LeaseLiabilityIFRS16 | € 98,116,000 |