Fresenius Medical Care AG & Co. KGaA
COMPLETE OVERVIEW OF THE RESULTS FOR THE FIRST QUARTER 2018
May 3, 2018
Investor Relations
phone: +49 6172 609 2525
fax: +49 6172 609 2301
email: ir@fmc-ag.com
Content: |
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Statement of earnings |
| page 2 |
Segment information |
| page 3 |
Balance sheet |
| page 4 |
Cash flow |
| page 5 |
Revenue development |
| page 6 |
Key metrics |
| page 7 |
Quality data |
| page 8 |
Reconciliation |
| page 9 |
Reconciliation excluding special items |
| page 10 |
Disclaimer
This release contains forward-looking statements that are subject to various risks and uncertainties. Actual results could differ materially from those described in these forward-looking statements due to certain factors, including changes in business, economic and competitive conditions, regulatory reforms, foreign exchange rate fluctuations, uncertainties in litigation or investigative proceedings, and the availability of financing. These and other risks and uncertainties are detailed in Fresenius Medical Care AG & Co. KGaA’s reports filed with the U.S. Securities and Exchange Commission. Fresenius Medical Care AG & Co. KGaA does not undertake any responsibility to update the forward-looking statements in this release.
Copyright by Fresenius Medical Care AG & Co. KGaA
Statement of earnings
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| Three months ended March 31 |
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| Change |
| ||
in € million, except share data, unaudited |
| 2018 |
| 2017 |
| Change |
| at cc |
| ||
Health Care Services |
| 3,209 |
| 3,769 |
| -14.9 | % | -2.8 | % | ||
Health Care Products |
| 767 |
| 779 |
| -1.5 | % | 6.4 | % | ||
Total revenue |
| 3,976 |
| 4,548 |
| -12.6 | % | -1.2 | % | ||
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|
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Costs of revenue |
| 2,773 |
| 2,956 |
| -6.2 | % | 6.6 | % | ||
Gross profit |
| 1,203 |
| 1,592 |
| -24.4 | % | -15.7 | % | ||
Selling, general and administrative |
| 692 |
| 924 |
| -25.1 | % | -16.2 | % | ||
Research and development |
| 32 |
| 32 |
| -0.7 | % | 5.0 | % | ||
Income from equity method investees |
| (18 | ) | (15 | ) | 20.3 | % | 21.7 | % | ||
Operating income (EBIT) |
| 497 |
| 651 |
| -23.7 | % | -15.2 | % | ||
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Interest income |
| (24 | ) | (29 | ) | -15.8 | % | -13.6 | % | ||
Interest expense |
| 104 |
| 121 |
| -14.2 | % | -6.9 | % | ||
Interest expense, net |
| 80 |
| 92 |
| -13.8 | % | -4.8 | % | ||
Income before taxes |
| 417 |
| 559 |
| -25.4 | % | -16.9 | % | ||
Income tax expense |
| 87 |
| 182 |
| -52.0 | % | -47.1 | % | ||
Net income |
| 330 |
| 377 |
| -12.5 | % | -2.4 | % | ||
Less: Net income attributable to noncontrolling interests |
| 51 |
| 69 |
| -25.7 | % | -14.4 | % | ||
Net income attributable to shareholders of FMC AG & Co. KGaA |
| 279 |
| 308 |
| -9.6 | % | 0.3 | % | ||
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Operating income (EBIT) |
| 497 |
| 651 |
| -23.7 | % | -15.2 | % | ||
Depreciation and amortization |
| 175 |
| 190 |
| -7.9 | % | 2.1 | % | ||
EBITDA |
| 672 |
| 841 |
| -20.1 | % | -11.3 | % | ||
EBITDA margin |
| 16.9 | % | 18.5 | % |
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Weighted average number of shares |
| 306,453,070 |
| 306,241,321 |
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Basic earnings per share |
| € | 0.91 |
| € | 1.01 |
| -9.7 | % | 0.2 | % |
Basic earnings per ADS |
| € | 0.45 |
| € | 0.50 |
| -9.7 | % | 0.2 | % |
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In percent of revenue |
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Costs of revenue |
| 69.7 | % | 65.0 | % |
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Gross profit |
| 30.3 | % | 35.0 | % |
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Operating income (EBIT) |
| 12.5 | % | 14.3 | % |
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Net income attributable to shareholders of FMC AG & Co. KGaA |
| 7.0 | % | 6.8 | % |
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Segment information
|
| Three months ended March 31 |
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| Change |
|
unaudited |
| 2018 |
| 2017 |
| Change |
| at cc |
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Total |
|
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Revenue in € million |
| 3,976 |
| 4,548 |
| -12.6 | % | -1.2 | % |
Operating income (EBIT) in € million |
| 497 |
| 651 |
| -23.7 | % | -15.2 | % |
Operating income margin in % |
| 12.5 | % | 14.3 | % |
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Delivered EBIT in € million |
| 446 |
| 582 |
| -23.5 | % | -15.3 | % |
Days sales outstanding (DSO)(1) |
| 85 |
| 81 |
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Employees (full-time equivalents) |
| 114,831 |
| 110,530 |
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North America |
|
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Revenue in € million |
| 2,774 |
| 3,375 |
| -17.8 | % | -5.1 | % |
Operating income (EBIT) in € million |
| 362 |
| 526 |
| -31.1 | % | -21.4 | % |
Operating income margin in % |
| 13.1 | % | 15.6 | % |
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Delivered EBIT in € million |
| 314 |
| 459 |
| -31.7 | % | -22.3 | % |
Days sales outstanding (DSO)(1) |
| 73 |
| 68 |
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U.S. |
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Revenue per dialysis treatment in US$(2) |
| 348 |
| 342 |
| 1.5 | % | n.a. |
|
Cost per dialysis treatment in US$(3) |
| 288 |
| 276 |
| 4.2 | % | n.a. |
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EMEA |
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Revenue in € million |
| 636 |
| 614 |
| 3.6 | % | 5.9 | % |
Operating income (EBIT) in € million |
| 109 |
| 114 |
| -4.8 | % | -4.3 | % |
Operating income margin in % |
| 17.1 | % | 18.7 | % |
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Delivered EBIT in € million |
| 108 |
| 114 |
| -4.8 | % | -4.2 | % |
Days sales outstanding (DSO)(1) |
| 103 |
| 102 |
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Asia-Pacific |
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Revenue in € million |
| 392 |
| 378 |
| 3.7 | % | 13.5 | % |
Operating income (EBIT) in € million |
| 74 |
| 82 |
| -9.3 | % | -3.8 | % |
Operating income margin in % |
| 19.0 | % | 21.7 | % |
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Delivered EBIT in € million |
| 72 |
| 80 |
| -10.0 | % | -4.7 | % |
Days sales outstanding (DSO)(1) |
| 117 |
| 125 |
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Latin America |
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Revenue in € million |
| 170 |
| 177 |
| -4.0 | % | 17.4 | % |
Operating income (EBIT) in € million |
| 14 |
| 14 |
| -2.0 | % | 10.2 | % |
Operating income margin in % |
| 8.3 | % | 8.1 | % |
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Delivered EBIT in € million |
| 14 |
| 14 |
| -1.9 | % | 10.3 | % |
Days sales outstanding (DSO)(1) |
| 129 |
| 133 |
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Corporate |
|
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Revenue in € million |
| 4 |
| 4 |
| -21.4 | % | -20.9 | % |
Operating income (EBIT) in € million |
| (62 | ) | (85 | ) | -26.6 | % | -23.8 | % |
Delivered EBIT in € million |
| (62 | ) | (85 | ) | -26.6 | % | -23.8 | % |
(1) Concurrent with the implementation of IFRS 15 and IFRS 9 prior year data has been adjusted to conform to the current year’s presentation.
(2) Excl. the effects from the VA Agreement and IFRS 15 implementation, incl. these adjustments revenue per dialysis treatment was $371 for the three months ended March 31, 2017.
(3) Excl. the effects from IFRS 15 implementation, incl. IFRS 15 cost per dialysis treatment was $290 for the three months ended March 31, 2017.
Balance sheet
|
| March 31 |
| December 31 |
|
|
| 2018 |
| 2017 |
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in € million, except net leverage ratio |
| (unaudited) |
| (audited) |
|
Assets |
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Current assets |
| 6,844 |
| 6,374 |
|
Goodwill and intangible assets |
| 12,517 |
| 12,787 |
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Other non-current assets |
| 4,796 |
| 4,864 |
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Total assets |
| 24,157 |
| 24,025 |
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Liabilities and equity |
|
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Current liabilities |
| 5,428 |
| 5,300 |
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Non-current liabilities |
| 7,818 |
| 7,897 |
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Total equity |
| 10,911 |
| 10,828 |
|
Total liabilities and equity |
| 24,157 |
| 24,025 |
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Equity/assets ratio |
| 45 | % | 45 | % |
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Debt |
|
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Short-term debt |
| 1,011 |
| 760 |
|
Short-term debt from related parties |
| 41 |
| 9 |
|
Current portion of long-term debt and capital lease obligations |
| 872 |
| 884 |
|
Long-term debt and capital lease obligations, less current portion |
| 5,797 |
| 5,795 |
|
Total debt |
| 7,721 |
| 7,448 |
|
Cash and cash equivalents |
| 846 |
| 978 |
|
Total net debt |
| 6,875 |
| 6,470 |
|
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Annualized EBITDA(1) |
|
|
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Operating income (EBIT) |
| 2,199 |
| 2,372 |
|
Depreciation and amortization |
| 717 |
| 731 |
|
Non-cash charges |
| 51 |
| 51 |
|
Annualized EBITDA |
| 2,967 |
| 3,154 |
|
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Net leverage ratio |
| 2.3 |
| 2.1 |
|
(1) EBITDA : including largest acquisitions and divestitures.
Cash flow statement
|
| Three months ended |
| ||
|
| March 31 |
| ||
in € million, unaudited |
| 2018 |
| 2017 |
|
Operating activities |
|
|
|
|
|
Net income |
| 330 |
| 377 |
|
Depreciation / amortization |
| 175 |
| 190 |
|
Change in working capital and other non-cash items |
| (550 | ) | (397 | ) |
Net cash provided by, (used in) operating activities |
| (45 | ) | 170 |
|
In percent of revenue |
| -1.1 | % | 3.7 | % |
|
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Investing activities |
|
|
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|
Purchases of property, plant and equipment |
| (221 | ) | (197 | ) |
Proceeds from sale of property, plant and equipment |
| 3 |
| 2 |
|
Capital expenditures, net |
| (218 | ) | (195 | ) |
|
|
|
|
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Free cash flow |
| (263 | ) | (25 | ) |
In percent of revenue |
| -6.6 | % | -0.6 | % |
|
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|
|
|
|
Acquisitions and investments, net of cash acquired, and purchases of intangible assets |
| (181 | ) | (160 | ) |
Proceeds from divestitures |
| — |
| — |
|
Acquisitions and investments, net of divestitures |
| (181 | ) | (160 | ) |
Free cash flow after investing activities |
| (444 | ) | (185 | ) |
Revenue development
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| Same |
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| market |
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| Change |
| Organic |
| treatment |
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in € million, unaudited |
| 2018 |
| 2017 |
| Change |
| at cc |
| growth |
| growth(1) |
|
Three months ended March 31 |
|
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Total revenue |
| 3,976 |
| 4,548 |
| -12.6 | % | -1.2 | % | 2.8 | % |
|
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Health Care Services |
| 3,209 |
| 3,769 |
| -14.9 | % | -2.8 | % | 2.0 | % | 2.3 | % |
Thereof Dialysis Care revenue |
| 2,648 |
| 3,058 |
| -13.4 | % | -1.3 | % | 4.2 | % | 2.3 | % |
Thereof Care Coordination revenue |
| 561 |
| 711 |
| -21.2 | % | -9.3 | % | -7.9 | % |
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Health Care Products |
| 767 |
| 779 |
| -1.5 | % | 6.4 | % | 6.5 | % |
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North America |
| 2,774 |
| 3,375 |
| -17.8 | % | -5.1 | % | 1.3 | % |
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Health Care Services |
| 2,590 |
| 3,165 |
| -18.2 | % | -5.5 | % | 1.3 | % | 2,3 | % |
Thereof Dialysis Care revenue |
| 2,075 |
| 2,474 |
| -16.1 | % | -3.2 | % | 4.0 | % | 2,3 | % |
Thereof Care Coordination revenue |
| 515 |
| 691 |
| -25.5 | % | -14.0 | % | -8.7 | % |
|
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Health Care Products |
| 184 |
| 210 |
| -12.1 | % | 1.4 | % | 1.4 | % |
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EMEA |
| 636 |
| 614 |
| 3.6 | % | 5.9 | % | 4.1 | % |
|
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Health Care Services |
| 314 |
| 303 |
| 3.6 | % | 5.7 | % | 1.7 | % | 2.4 | % |
Health Care Products |
| 322 |
| 311 |
| 3.6 | % | 6.2 | % | 6.4 | % |
|
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Thereof Dialysis Products |
| 302 |
| 290 |
| 4.2 | % | 7.0 | % | 7.3 | % |
|
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Thereof Non-Dialysis Products |
| 20 |
| 21 |
| -6.1 | % | -5.7 | % | -5.7 | % |
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Asia-Pacific |
| 392 |
| 378 |
| 3.7 | % | 13.5 | % | 7.0 | % |
|
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Health Care Services |
| 184 |
| 169 |
| 8.5 | % | 20.0 | % | 5.5 | % | 4.2 | % |
Thereof Dialysis Care revenue |
| 138 |
| 149 |
| -7.6 | % | 2.3 | % | 4.0 | % | 4.2 | % |
Thereof Care Coordination revenue |
| 46 |
| 20 |
| 129.6 | % | 153.6 | % | 15.7 | % |
|
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Health Care Products |
| 208 |
| 209 |
| -0.2 | % | 8.3 | % | 8.2 | % |
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Latin America |
| 170 |
| 177 |
| -4.0 | % | 17.4 | % | 15.8 | % |
|
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Health Care Services |
| 121 |
| 132 |
| -8.4 | % | 14.7 | % | 12.4 | % | 1.1 | % |
Health Care Products |
| 49 |
| 45 |
| 8.7 | % | 25.4 | % | 25.6 | % |
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Corporate |
| 4 |
| 4 |
| -21.4 | % | -20.9 | % |
|
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|
(1) same market treatment growth = organic growth less price effects
cc = constant currency. Changes in revenue, operating income, net income attributable to shareholders of FMC-AG & Co. KGaA and other items include the impact of changes in foreign currency exchange rates. We calculate these non-IFRS financial measures at constant exchange rates to show changes in our revenue, operating income, net income attributable to shareholders of FMC-AG & Co. KGaA and other items without giving effect to period-to-period currency fluctuations. Under IFRS, amounts received in local (non-euro) currency are translated into euro at the average exchange rate for the period presented. Once we translate the local currency for the constant currency, we then calculate the change, as a percentage, of the current period using the prior period exchange rates versus the prior period. The single quarter results are calculated as the variance between the current year-to-date results less the preceding quarter’s year-to-date which makes the single quarter subject to further foreign exchange fluctuation. This resulting percentage is a non-IFRS measure referring to a change as a percentage at constant currency. These currency-adjusted financial measures are identifiable by the designated term “Constant Currency”.
We believe that the non-IFRS financial measure Constant Currency is useful to investors, lenders and other creditors because such information enables them to gauge the impact of currency fluctuations on a company’s revenue, operating income, net income attributable to shareholders of FMC-AG & Co. KGaA and other items from period to period. However we limit our use of Constant Currency period-over-period changes to a measure for the impact of currency fluctuations on the translation of local currency into euro. We do not evaluate our results and performance without considering both Constant Currency period-over-period changes in non-IFRS revenue, operating income, net income attributable to shareholders of FMC-AG & Co. KGaA and other items and changes in revenue, operating income, net income attributable to shareholders of FMC- AG & Co. KGaA and other items prepared in accordance with IFRS. We caution the readers of this report to follow a similar approach by considering data on Constant Currency period-over-period changes only in addition to, and not as a substitute for or superior to, changes in revenue, operating income, net income attributable to shareholders of FMC-AG & Co. KGaA and other items prepared in accordance with IFRS. We present the growth rate derived from IFRS measures next to the growth rate derived from non-IFRS measures such as revenue, operating income, net income attributable to shareholders of FMC-AG & Co. KGaA and other items. As the reconciliation is inherent in the disclosure, we believe that a separate reconciliation would not provide any additional benefit.
Key metrics North America segment
|
| Three months ended March 31 |
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|
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|
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| Change |
|
unaudited |
| 2018 |
| 2017 |
| Change |
| at cc |
|
|
|
|
|
|
|
|
|
|
|
Dialysis |
|
|
|
|
|
|
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|
|
Revenue in € million |
| 2,259 |
| 2,684 |
| -15.8 | % | -2.8 | % |
Operating income (EBIT) in € million |
| 349 |
| 527 |
| -33.7 | % | -24.4 | % |
Operating income margin in % |
| 15.4 | % | 19.6 | % |
|
|
|
|
Delivered EBIT in € million |
| 304 |
| 467 |
| -34.9 | % | -25.9 | % |
|
|
|
| �� |
|
|
|
|
|
Care Coordination |
|
|
|
|
|
|
|
|
|
Revenue in € million |
| 515 |
| 691 |
| -25.5 | % | -14.0 | % |
Operating income (EBIT) in € million |
| 13 |
| (1 | ) | -1684.8 | % | -1929.5 | % |
Operating income margin in % |
| 2.6 | % | -0.1 | % |
|
|
|
|
Delivered EBIT in € million |
| 10 |
| (8 | ) | -228.3 | % | -248.1 | % |
Key metrics Care Coordination
|
| Three months ended March 31 |
| ||||||
|
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|
|
| Change |
|
unaudited |
| 2018 |
| 2017 |
| Change |
| at cc |
|
|
|
|
|
|
|
|
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North America |
|
|
|
|
|
|
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|
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Member months under medical cost management(1) |
| 165,672 |
| 141,950 |
| 16.7 | % |
|
|
Medical cost under management (in € million)(1) |
| 1,186 |
| 1,004 |
| 18.1 | % | 36.3 | % |
Care Coordination patient encounters(1) |
| 1,957,694 |
| 1,608,179 |
| 21.7 | % |
|
|
(1) The metrics may be understated due to a physician mapping issue related to the BPCI program within a CMS system which has not yet been resolved. Additionally, data presented for the BPCI and ESCO metrics are subject to finalization by CMS, which may result in changes from previously reported metrics.
Key metrics Dialysis Care Services
|
| Three months ended March 31, 2018 |
| ||||||||||||
|
|
|
| Growth |
|
|
|
|
| Growth |
|
|
| Growth |
|
unaudited |
| Clinics |
| in % |
| De novos |
| Patients |
| in % |
| Treatments |
| in % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
| 3,790 |
| 4 | % | 35 |
| 322,253 |
| 4 | % | 12,154,164 |
| 3 | % |
North America |
| 2,419 |
| 4 | % | 24 |
| 197,339 |
| 4 | % | 7,473,764 |
| 3 | % |
EMEA |
| 754 |
| 4 | % | 2 |
| 63,114 |
| 5 | % | 2,387,160 |
| 5 | % |
Asia-Pacific |
| 385 |
| 2 | % | 9 |
| 30,194 |
| 2 | % | 1,060,114 |
| 2 | % |
Latin America |
| 232 |
| 0 | % |
|
| 31,606 |
| 5 | % | 1,233,126 |
| 4 | % |
Quality data(1)
|
| North America |
| EMEA |
| Latin America |
| Asia-Pacific |
| ||||||||
in % of patients |
| Q1 2018 |
| Q1 2017 |
| Q1 2018 |
| Q1 2017 |
| Q1 2018 |
| Q1 2017 |
| Q1 2018 |
| Q1 2017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Kt/v > 1.2 |
| 98 |
| 98 |
| 95 |
| 95 |
| 92 |
| 93 |
| 96 |
| 96 |
|
Hemoglobin = 10-12 g/dl |
| 72 |
| 72 |
| 83 |
| 82 |
| 52 |
| 52 |
| 57 |
| 59 |
|
Calcium = 8.4-10.2 mg/dl |
| 85 |
| 84 |
| 80 |
| 77 |
| 78 |
| 78 |
| 74 |
| 75 |
|
Albumin > 3.5 g/dl |
| 79 |
| 78 |
| 88 |
| 88 |
| 90 |
| 90 |
| 89 |
| 87 |
|
Phosphate < 5.5 mg/dl |
| 62 |
| 63 |
| 81 |
| 79 |
| 76 |
| 75 |
| 68 |
| 67 |
|
Patients without catheter (after 90 days) |
| 82 |
| 83 |
| 80 |
| 81 |
| 80 |
| 81 |
| 87 |
| 89 |
|
in days |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Days in hospital per patient year |
| 10.2 |
| 10.2 |
| 7.6 |
| 7.9 |
| 4.0 |
| 4.0 |
| 3.6 |
| 4.0 |
|
(1) Definitions cf. Annual Report 2017, Section “Non-Financial Group Report”
Reconciliation of non-IFRS financial measures to the most directly comparable IFRS financial measures
|
| Three months ended |
| ||
|
| March 31 |
| ||
in € million, unaudited |
| 2018 |
| 2017 |
|
Delivered EBIT reconciliation |
|
|
|
|
|
Total |
|
|
|
|
|
Operating income (EBIT) |
| 497 |
| 651 |
|
less noncontrolling interests |
| (51 | ) | (69 | ) |
Delivered EBIT |
| 446 |
| 582 |
|
|
|
|
|
|
|
North America |
|
|
|
|
|
Operating income (EBIT) |
| 362 |
| 526 |
|
less noncontrolling interests |
| (48 | ) | (67 | ) |
Delivered EBIT |
| 314 |
| 459 |
|
|
|
|
|
|
|
Dialysis |
|
|
|
|
|
Operating income (EBIT) |
| 349 |
| 527 |
|
less noncontrolling interests |
| (45 | ) | (60 | ) |
Delivered EBIT |
| 304 |
| 467 |
|
|
|
|
|
|
|
Care Coordination |
|
|
|
|
|
Operating income (EBIT) |
| 13 |
| (1 | ) |
less noncontrolling interests |
| (3 | ) | (7 | ) |
Delivered EBIT |
| 10 |
| (8 | ) |
|
|
|
|
|
|
EMEA |
|
|
|
|
|
Operating income (EBIT) |
| 109 |
| 114 |
|
less noncontrolling interests |
| (1 | ) | 0 |
|
Delivered EBIT |
| 108 |
| 114 |
|
|
|
|
|
|
|
Asia-Pacific |
|
|
|
|
|
Operating income (EBIT) |
| 74 |
| 82 |
|
less noncontrolling interests |
| (2 | ) | (2 | ) |
Delivered EBIT |
| 72 |
| 80 |
|
|
|
|
|
|
|
Dialysis |
|
|
|
|
|
Operating income (EBIT) |
| 68 |
| 79 |
|
less noncontrolling interests |
| (2 | ) | (2 | ) |
Delivered EBIT |
| 66 |
| 77 |
|
|
|
|
|
|
|
Care Coordination |
|
|
|
|
|
Operating income (EBIT) |
| 6 |
| 3 |
|
less noncontrolling interests |
| 0 |
| 0 |
|
Delivered EBIT |
| 6 |
| 3 |
|
|
|
|
|
|
|
Latin America |
|
|
|
|
|
Operating income (EBIT) |
| 14 |
| 14 |
|
less noncontrolling interests |
| 0 |
| 0 |
|
Delivered EBIT |
| 14 |
| 14 |
|
|
|
|
|
|
|
Corporate |
|
|
|
|
|
Operating income (EBIT) |
| (62 | ) | (85 | ) |
less noncontrolling interests |
| 0 |
| 0 |
|
Delivered EBIT |
| (62 | ) | (85 | ) |
|
|
|
|
|
|
Reconciliation of net cash provided by operating activities to EBITDA(1) |
|
|
|
|
|
Total EBITDA |
| 672 |
| 841 |
|
Interest expense, net |
| (80 | ) | (92 | ) |
Income tax expense |
| (87 | ) | (182 | ) |
Change in working capital and other non-cash items |
| (550 | ) | (397 | ) |
Net cash provided by operating activities |
| (45 | ) | 170 |
|
(1) EBITDA is the basis for determining compliance with certain covenants in Fresenius Medical Care’s long-term debt instruments.
Reconciliation of non-IFRS financial measures to the most directly comparable IFRS financial measures
|
| Three months ended |
| ||
|
| March 31 |
| ||
in € million, unaudited |
| 2018 |
| 2017 |
|
|
|
|
|
|
|
Operating performance excluding special items |
|
|
|
|
|
Revenue |
|
|
|
|
|
Total |
|
|
|
|
|
Revenue |
| 3,976 |
| 4,548 |
|
VA Agreement(1) |
|
|
| (100 | ) |
Effect from IFRS 15 implementation |
|
|
| (139 | ) |
Revenue adjusted and excluding special items |
| 3,976 |
| 4,309 |
|
|
|
|
|
|
|
Health Care Sevices revenue |
| 3,209 |
| 3,769 |
|
VA Agreement |
|
|
| (100 | ) |
Effect from IFRS 15 implementation |
|
|
| (139 | ) |
Health Care Services revenue adjusted and excluding special items |
| 3,209 |
| 3,530 |
|
|
|
|
|
|
|
North America |
|
|
|
|
|
Revenue |
| 2,774 |
| 3,375 |
|
VA Agreement |
|
|
| (100 | ) |
Effect from IFRS 15 implementation |
|
|
| (139 | ) |
Revenue adjusted and excluding special items |
| 2,774 |
| 3,136 |
|
|
|
|
|
|
|
Health Care Sevices revenue |
| 2,590 |
| 3,165 |
|
VA Agreement |
|
|
| (100 | ) |
Effect from IFRS 15 implementation |
|
|
| (139 | ) |
Health Care Services revenue adjusted and excluding special items |
| 2,590 |
| 2,926 |
|
|
|
|
|
|
|
Dialysis Care Services revenue |
| 2,075 |
| 2,474 |
|
VA Agreement |
|
|
| (100 | ) |
Effect from IFRS 15 implementation |
|
|
| (88 | ) |
Dialysis Care Services revenue adjusted and excluding special items |
| 2,075 |
| 2,286 |
|
|
|
|
|
|
|
Care Coordination revenue |
| 515 |
| 691 |
|
Effect from IFRS 15 implementation |
|
|
| (51 | ) |
Care Coordination revenue adjusted |
| 515 |
| 640 |
|
|
|
|
|
|
|
Operating income (EBIT) |
|
|
|
|
|
Total |
|
|
|
|
|
Operating income (EBIT) |
| 497 |
| 651 |
|
VA Agreement |
|
|
| (99 | ) |
Initial Sound Valuation Impact (2) |
| 13 |
|
|
|
Operating income (EBIT) adjusted and excluding special items |
| 510 |
| 552 |
|
|
|
|
|
|
|
North America |
|
|
|
|
|
Operating income (EBIT) |
| 362 |
| 526 |
|
VA Agreement |
|
|
| (99 | ) |
Initial Sound Valuation Impact |
| 13 |
|
|
|
Operating income (EBIT) adjusted and excluding special items |
| 375 |
| 427 |
|
|
|
|
|
|
|
Dialysis operating income (EBIT) |
| 349 |
| 527 |
|
VA Agreement |
|
|
| (99 | ) |
Dialysis operating income (EBIT) excluding special items |
| 349 |
| 428 |
|
|
|
|
|
|
|
Care Coordination operating income (EBIT) |
| 13 |
| (1 | ) |
Initial Sound Valuation Impact |
| 13 |
|
|
|
Care Coordination operating income (EBIT) adjusted |
| 26 |
| (1 | ) |
|
|
|
|
|
|
Net income (3) |
| 279 |
| 308 |
|
VA Agreement |
|
|
| (59 | ) |
U.S. Tax Reform(4) |
| (48 | ) |
|
|
Initial Sound Valuation Impact |
| 13 |
|
|
|
Net income(3) adjusted and excluding special items |
| 244 |
| 249 |
|
(1) VA Agreement: Agreement with the United States Departments of Veterans Affairs and Justice
(2) Initial increase in valuation of Sound Pysicians`share based payment program caused by sale of Sound Physicians
(3) Attributable to shareholders of FMC AG & Co. KGaA
(4) U.S. Tax Reform: impacts from U.S. tax reform