Exhibit 99.2
Fresenius Medical Care AG & Co. KGaA
COMPLETE OVERVIEW OF THE FOURTH QUARTER 2020 AND FULL YEAR 2020
February 23, 2021 | |
Investor Relations | |
phone: +49 6172 609 2525 | |
email: ir@fmc-ag.com | |
Content: | |
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 results excl. special items / adjusted results | page 10 |
Outlook 2021 | page 11 |
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
Content | page 1 of 11 | February 23, 2021 |
Statement of earnings
Three months ended December 31 | Twelve months ended December 31 | |||||||||||||||||||||||||||||||
in € million, except share data | 2020 | 2019 | Change | Change at cc | 2020 | 2019 | Change | Change at cc | ||||||||||||||||||||||||
Health Care Services | 3,406 | 3,607 | -5.6 | % | 2.2 | % | 14,114 | 13,872 | 1.7 | % | 4.7 | % | ||||||||||||||||||||
Health Care Products | 994 | 973 | 2.2 | % | 8.9 | % | 3,745 | 3,605 | 3.9 | % | 7.4 | % | ||||||||||||||||||||
Total revenue | 4,400 | 4,580 | -3.9 | % | 3.6 | % | 17,859 | 17,477 | 2.2 | % | 5.3 | % | ||||||||||||||||||||
Costs of revenue | 3,026 | 3,126 | -3.2 | % | 5.0 | % | 12,322 | 12,081 | 2.0 | % | 5.4 | % | ||||||||||||||||||||
Gross profit | 1,374 | 1,454 | -5.5 | % | 0.5 | % | 5,537 | 5,396 | 2.6 | % | 4.9 | % | ||||||||||||||||||||
Selling, general and administrative | 905 | 815 | 11.1 | % | 16.9 | % | 3,165 | 3,061 | 3.4 | % | 5.7 | % | ||||||||||||||||||||
(Gain) loss related to divestitures of Care Coordination activities | 1 | (15 | ) | n.a. | n.a. | (31 | ) | (29 | ) | 6.9 | % | 9.0 | % | |||||||||||||||||||
Research and development | 52 | 49 | 7.3 | % | 10.7 | % | 194 | 168 | 15.3 | % | 16.3 | % | ||||||||||||||||||||
Income from equity method investees | (46 | ) | (11 | ) | 333.4 | % | 333.9 | % | (95 | ) | (74 | ) | 28.3 | % | 28.4 | % | ||||||||||||||||
Operating income | 462 | 616 | -25.1 | % | -18.2 | % | 2,304 | 2,270 | 1.5 | % | 3.7 | % | ||||||||||||||||||||
Operating income margin | 10.5 | % | 13.5 | % | 12.9 | % | 13.0 | % | ||||||||||||||||||||||||
Interest income | (14 | ) | (15 | ) | -3.1 | % | 2.8 | % | (42 | ) | (62 | ) | -31.9 | % | -29.1 | % | ||||||||||||||||
Interest expense | 98 | 117 | -16.0 | % | -9.7 | % | 410 | 491 | -16.5 | % | -14.1 | % | ||||||||||||||||||||
Interest expense, net | 84 | 102 | -17.9 | % | -11.5 | % | 368 | 429 | -14.3 | % | -11.9 | % | ||||||||||||||||||||
Income before taxes | 378 | 514 | -26.6 | % | -19.5 | % | 1,936 | 1,841 | 5.2 | % | 7.4 | % | ||||||||||||||||||||
Income tax expense | 139 | 109 | 26.8 | % | 39.0 | % | 501 | 402 | 24.6 | % | 28.1 | % | ||||||||||||||||||||
Net income | 239 | 405 | -41.0 | % | -35.3 | % | 1,435 | 1,439 | -0.2 | % | 1.6 | % | ||||||||||||||||||||
Net income attributable to noncontrolling interests | 62 | 62 | -0.7 | % | 7.7 | % | 271 | 239 | 13.6 | % | 15.9 | % | ||||||||||||||||||||
Net income attributable to shareholders of FMC-AG & Co. KGaA | 177 | 343 | -48.3 | % | -43.1 | % | 1,164 | 1,200 | -2.9 | % | -1.3 | % | ||||||||||||||||||||
Operating income | 462 | 616 | -25.1 | % | -18.2 | % | 2,304 | 2,270 | 1.5 | % | 3.7 | % | ||||||||||||||||||||
Depreciation, amortization and impairment loss | 581 | 435 | 33.9 | % | 40.3 | % | 1,786 | 1,593 | 12.1 | % | 14.5 | % | ||||||||||||||||||||
EBITDA | 1,043 | 1,051 | -0.7 | % | 6.0 | % | 4,090 | 3,863 | 5.9 | % | 8.2 | % | ||||||||||||||||||||
EBITDA margin | 23.7 | % | 22.9 | % | 22.9 | % | 22.1 | % | ||||||||||||||||||||||||
Weighted average number of shares | 292,855,969 | 299,304,206 | 294,055,525 | 302,691,397 | ||||||||||||||||||||||||||||
Basic earnings per share | € | 0.61 | € | 1.14 | -47.1 | % | -41.8 | % | € | 3.96 | € | 3.96 | -0.1 | % | 1.6 | % | ||||||||||||||||
Basic earnings per ADS | € | 0.30 | € | 0.57 | -47.1 | % | -41.8 | % | € | 1.98 | € | 1.98 | -0.1 | % | 1.6 | % |
Statement of earnings | page 2 of 11 | February 23, 2021 |
Segment information
Three months ended December 31 | Twelve months ended December 31 | |||||||||||||||||||||||||||||||
2020 | 2019 | Change | Change at cc | 2020 | 2019 | Change | Change at cc | |||||||||||||||||||||||||
Total | ||||||||||||||||||||||||||||||||
Revenue in € million | 4,400 | 4,580 | -3.9 | % | 3.6 | % | 17,859 | 17,477 | 2.2 | % | 5.3 | % | ||||||||||||||||||||
Operating income in € million | 462 | 616 | -25.1 | % | -18.2 | % | 2,304 | 2,270 | 1.5 | % | 3.7 | % | ||||||||||||||||||||
Operating income margin | 10.5 | % | 13.5 | % | 12.9 | % | 13.0 | % | ||||||||||||||||||||||||
Delivered Operating Income in € million | 400 | 554 | -27.8 | % | -21.0 | % | 2,033 | 2,031 | 0.1 | % | 2.3 | % | ||||||||||||||||||||
Days sales outstanding (DSO) | 50 | 73 | ||||||||||||||||||||||||||||||
Employees (full-time equivalents) | 125,364 | 120,659 | ||||||||||||||||||||||||||||||
North America | ||||||||||||||||||||||||||||||||
Revenue in € million | 2,983 | 3,174 | -6.0 | % | 1.6 | % | 12,478 | 12,195 | 2.3 | % | 4.4 | % | ||||||||||||||||||||
Operating income in € million | 533 | 515 | 3.4 | % | 10.7 | % | 2,120 | 1,794 | 18.2 | % | 20.4 | % | ||||||||||||||||||||
Operating income margin | 17.9 | % | 16.2 | % | 17.0 | % | 14.7 | % | ||||||||||||||||||||||||
Delivered Operating Income in € million | 474 | 456 | 3.9 | % | 11.0 | % | 1,859 | 1,569 | 18.5 | % | 20.7 | % | ||||||||||||||||||||
Days sales outstanding (DSO) | 26 | 58 | ||||||||||||||||||||||||||||||
EMEA | ||||||||||||||||||||||||||||||||
Revenue in € million | 715 | 709 | 0.7 | % | 6.5 | % | 2,763 | 2,693 | 2.6 | % | 5.4 | % | ||||||||||||||||||||
Operating income in € million | 134 | 114 | 17.1 | % | 22.2 | % | 412 | 448 | -8.1 | % | -6.5 | % | ||||||||||||||||||||
Operating income margin | 18.7 | % | 16.1 | % | 14.9 | % | 16.6 | % | ||||||||||||||||||||||||
Delivered Operating Income in € million | 133 | 113 | 17.3 | % | 22.4 | % | 409 | 443 | -7.8 | % | -6.2 | % | ||||||||||||||||||||
Days sales outstanding (DSO) | 90 | 96 | ||||||||||||||||||||||||||||||
Asia-Pacific | ||||||||||||||||||||||||||||||||
Revenue in € million | 517 | 499 | 3.7 | % | 7.0 | % | 1,894 | 1,859 | 1.9 | % | 3.5 | % | ||||||||||||||||||||
Operating income in € million | 107 | 75 | 43.0 | % | 45.1 | % | 344 | 329 | 4.4 | % | 4.9 | % | ||||||||||||||||||||
Operating income margin | 20.6 | % | 15.0 | % | 18.1 | % | 17.7 | % | ||||||||||||||||||||||||
Delivered Operating Income in € million | 106 | 73 | 45.1 | % | 47.1 | % | 338 | 321 | 5.1 | % | 5.6 | % | ||||||||||||||||||||
Days sales outstanding (DSO) | 110 | 113 | ||||||||||||||||||||||||||||||
Latin America | ||||||||||||||||||||||||||||||||
Revenue in € million | 177 | 193 | -8.5 | % | 16.1 | % | 684 | 709 | -3.5 | % | 21.3 | % | ||||||||||||||||||||
Operating income in € million | (186 | ) | 15 | n.a. | n.a. | (157 | ) | 43 | n.a. | n.a. | ||||||||||||||||||||||
Operating income margin | -105.0 | % | 7.6 | % | -22.9 | % | 6.0 | % | ||||||||||||||||||||||||
Delivered Operating Income in € million | (186 | ) | 15 | n.a. | n.a. | (157 | ) | 42 | n.a. | n.a. | ||||||||||||||||||||||
Days sales outstanding (DSO) | 134 | 127 | ||||||||||||||||||||||||||||||
Corporate | ||||||||||||||||||||||||||||||||
Revenue in € million | 8 | 5 | 77.7 | % | 87.7 | % | 40 | 21 | 96.8 | % | 99.3 | % | ||||||||||||||||||||
Operating income in € million | (126 | ) | (103 | ) | 23.0 | % | 24.9 | % | (415 | ) | (344 | ) | 20.3 | % | 21.1 | % | ||||||||||||||||
Delivered Operating Income in € million | (127 | ) | (103 | ) | 23.8 | % | 25.8 | % | (416 | ) | (344 | ) | 20.7 | % | 21.5 | % |
Segment information | page 3 of 11 | February 23, 2021 |
Balance sheet
December 31 | December 31 | |||||||
in € million, except for net leverage ratio | 2020 | 2019 | ||||||
Assets | ||||||||
Current assets | 7,275 | 7,165 | ||||||
Goodwill and intangible assets | 14,340 | 15,444 | ||||||
Right of use assets | 4,130 | 4,325 | ||||||
Other non-current assets | 5,944 | 6,001 | ||||||
Total assets | 31,689 | 32,935 | ||||||
Liabilities and equity | ||||||||
Current liabilities | 6,160 | 7,059 | ||||||
Non-current liabilities | 13,198 | 12,649 | ||||||
Total equity | 12,331 | 13,227 | ||||||
Total liabilities and equity | 31,689 | 32,935 | ||||||
Equity/assets ratio | 39 | % | 40 | % | ||||
Debt and lease liabilities | ||||||||
Short-term debt from unrelated parties | 63 | 1,150 | ||||||
Short-term debt from related parties | 17 | 22 | ||||||
Current portion of long-term debt | 1,008 | 1,447 | ||||||
Current portion of long-term lease liabilities from unrelated parties | 588 | 622 | ||||||
Current portion of long-term lease liabilities from related parties | 21 | 17 | ||||||
Long-term debt, less current portion | 6,800 | 6,458 | ||||||
Long-term lease liabilities from unrelated parties, less current portion | 3,764 | 3,960 | ||||||
Long-term lease liabilities from related parties, less current portion | 119 | 106 | ||||||
Total debt and lease liabilities | 12,380 | 13,782 | ||||||
Minus: Cash and cash equivalents | (1,082 | ) | (1,008 | ) | ||||
Total net debt and lease liabilities | 11,298 | 12,774 | ||||||
Reconciliation of adjusted EBITDA and net leverage ratio to the most directly comparable IFRS financial measures | ||||||||
Net income | 1,435 | 1,439 | ||||||
Income tax expense | 501 | 402 | ||||||
Interest income | (42 | ) | (62 | ) | ||||
Interest expense | 410 | 491 | ||||||
Depreciation and amortization | 1,587 | 1,553 | ||||||
Adjustments 1 | 249 | 110 | ||||||
Adjusted EBITDA | 4,140 | 3,933 | ||||||
Net leverage ratio | 2.7 | 3.2 |
1 Acquisitions and divestitures made for the last twelve months with a purchase price above a €50 M threshold as defined in the Amended 2012 Credit Agreement (2019: -€71 M), NxStage related transaction costs (2019: €95 M), non-cash charges, primarily related to pension expense (2020: €50 M; 2019: €46 M) and impairment loss (2020: €199 M; 2019: €40 M).
Balance sheet | page 4 of 11 | February 23, 2021 |
Cash flow statement
Three months ended December 31 | Twelve months ended December 31 | |||||||||||||||
in € million | 2020 | 2019 | 2020 | 2019 | ||||||||||||
Operating activities | ||||||||||||||||
Net income | 239 | 405 | 1,435 | 1,439 | ||||||||||||
Depreciation / amortization / impairment loss | 581 | 435 | 1,786 | 1,593 | ||||||||||||
Change in working capital and other non-cash items | (236 | ) | (69 | ) | 1,012 | (465 | ) | |||||||||
Net cash provided by (used in) operating activities | 584 | 771 | 4,233 | 2,567 | ||||||||||||
In percent of revenue | 13.3 | % | 16.8 | % | 23.7 | % | 14.7 | % | ||||||||
Investing activities | ||||||||||||||||
Purchases of property, plant and equipment and capitalized development | ||||||||||||||||
costs | (306 | ) | (337 | ) | (1,052 | ) | (1,125 | ) | ||||||||
Proceeds from sale of property, plant and equipment | 5 | - | 16 | 12 | ||||||||||||
Capital expenditures, net | (301 | ) | (337 | ) | (1,036 | ) | (1,113 | ) | ||||||||
Free cash flow | 283 | 434 | 3,197 | 1,454 | ||||||||||||
In percent of revenue | 6.4 | % | 9.5 | % | 17.9 | % | 8.3 | % | ||||||||
Acquisitions and investments, net of cash acquired, and purchases of intangible assets | (104 | ) | (207 | ) | (259 | ) | (2,222 | ) | ||||||||
Investments in debt securities | (66 | ) | (1 | ) | (96 | ) | (11 | ) | ||||||||
Proceeds from divestitures | 2 | - | 14 | 43 | ||||||||||||
Proceeds from sale of debt securities | 15 | 4 | 42 | 17 | ||||||||||||
Free cash flow after investing activities | 130 | 230 | 2,898 | (719 | ) |
Cash flow | page 5 of 11 | February 23, 2021 |
Revenue development
Same | ||||||||||||||||||||||||
market | ||||||||||||||||||||||||
Change | Organic | treatment | ||||||||||||||||||||||
in € million | 2020 | 2019 | Change | at cc | growth | growth1 | ||||||||||||||||||
Three months ended December 31 | ||||||||||||||||||||||||
Total revenue | 4,400 | 4,580 | -3.9 | % | 3.6 | % | 1.4 | % | ||||||||||||||||
Health Care Services | 3,406 | 3,607 | -5.6 | % | 2.2 | % | -0.2 | % | 0.5 | % | ||||||||||||||
Thereof Dialysis Care revenue | 3,037 | 3,214 | -5.5 | % | 2.4 | % | -0.5 | % | 0.5 | % | ||||||||||||||
Thereof Care Coordination revenue | 369 | 393 | -5.9 | % | 0.9 | % | 2.5 | % | ||||||||||||||||
Health Care Products | 994 | 973 | 2.2 | % | 8.9 | % | 7.9 | % | ||||||||||||||||
Thereof Dialysis Products | 968 | 953 | 1.6 | % | 8.5 | % | 7.4 | % | ||||||||||||||||
Thereof Non-Dialysis Products | 26 | 20 | 28.4 | % | 30.0 | % | 30.0 | % | ||||||||||||||||
North America | 2,983 | 3,174 | -6.0 | % | 1.6 | % | -0.9 | % | ||||||||||||||||
Health Care Services | 2,704 | 2,893 | -6.5 | % | 1.1 | % | -1.4 | % | 0.0 | %2 | ||||||||||||||
Thereof Dialysis Care revenue | 2,412 | 2,568 | -6.1 | % | 1.5 | % | -1.6 | % | 0.0 | %2 | ||||||||||||||
Thereof Care Coordination revenue | 292 | 325 | -10.0 | % | -2.2 | % | 0.8 | % | ||||||||||||||||
Health Care Products | 279 | 281 | -0.7 | % | 6.9 | % | 5.9 | % | ||||||||||||||||
Thereof Dialysis Products | 278 | 281 | -0.9 | % | 6.8 | % | 5.7 | % | ||||||||||||||||
Thereof Non-Dialysis Products | 1 | - | n.a. | n.a. | n.a. | |||||||||||||||||||
EMEA | 715 | 709 | 0.7 | % | 6.5 | % | 4.9 | % | ||||||||||||||||
Health Care Services | 337 | 352 | -4.3 | % | 1.5 | % | 0.5 | % | -1.0 | % | ||||||||||||||
Health Care Products | 378 | 357 | 5.7 | % | 11.5 | % | 9.1 | % | ||||||||||||||||
Thereof Dialysis Products | 353 | 337 | 4.5 | % | 10.6 | % | 8.1 | % | ||||||||||||||||
Thereof Non-Dialysis Products | 25 | 20 | 24.6 | % | 26.0 | % | 26.0 | % | ||||||||||||||||
Asia-Pacific | 517 | 499 | 3.7 | % | 7.0 | % | 7.7 | % | ||||||||||||||||
Health Care Services | 235 | 230 | 2.1 | % | 5.2 | % | 6.8 | % | 9.0 | % | ||||||||||||||
Thereof Dialysis Care revenue | 158 | 162 | -2.7 | % | 0.9 | % | 5.3 | % | 9.0 | % | ||||||||||||||
Thereof Care Coordination revenue | 77 | 68 | 13.5 | % | 15.5 | % | 10.2 | % | ||||||||||||||||
Health Care Products | 282 | 269 | 5.1 | % | 8.5 | % | 8.4 | % | ||||||||||||||||
Thereof Dialysis Products | 282 | 269 | 5.0 | % | 8.4 | % | 8.2 | % | ||||||||||||||||
Thereof Non-Dialysis Products | 0 | - | n.a. | n.a. | n.a. | |||||||||||||||||||
Latin America | 177 | 193 | -8.5 | % | 16.1 | % | 8.8 | % | ||||||||||||||||
Health Care Services | 125 | 132 | -5.6 | % | 19.6 | % | 9.3 | % | -1.6 | % | ||||||||||||||
Health Care Products | 52 | 61 | -14.8 | % | 8.5 | % | 7.6 | % | ||||||||||||||||
Corporate | 8 | 5 | 77.7 | % | 87.7 | % | ||||||||||||||||||
Health Care Services | 5 | - | n.a. | n.a. | ||||||||||||||||||||
Health Care Products | 3 | 5 | -36.4 | % | -36.2 | % | ||||||||||||||||||
Twelve months ended December 31 | ||||||||||||||||||||||||
Total revenue | 17,859 | 17,477 | 2.2 | % | 5.3 | % | 3.1 | % | ||||||||||||||||
Health Care Services | 14,114 | 13,872 | 1.7 | % | 4.7 | % | 2.6 | % | 2.2 | % | ||||||||||||||
Thereof Dialysis Care revenue | 12,558 | 12,447 | 0.9 | % | 4.0 | % | 1.5 | % | 2.2 | % | ||||||||||||||
Thereof Care Coordination revenue | 1,556 | 1,425 | 9.2 | % | 11.3 | % | 13.6 | % | ||||||||||||||||
Health Care Products | 3,745 | 3,605 | 3.9 | % | 7.4 | % | 5.1 | % | ||||||||||||||||
Thereof Dialysis Products | 3,644 | 3,529 | 3.3 | % | 6.8 | % | 4.4 | % | ||||||||||||||||
Thereof Non-Dialysis Products | 101 | 76 | 33.7 | % | 34.4 | % | 34.4 | % | ||||||||||||||||
North America | 12,478 | 12,195 | 2.3 | % | 4.4 | % | 2.0 | % | ||||||||||||||||
Health Care Services | 11,364 | 11,157 | 1.9 | % | 3.9 | % | 1.8 | % | 1.3 | %2 | ||||||||||||||
Thereof Dialysis Care revenue | 10,057 | 9,973 | 0.8 | % | 2.9 | % | 0.2 | % | 1.3 | %2 | ||||||||||||||
Thereof Care Coordination revenue | 1,307 | 1,184 | 10.4 | % | 12.6 | % | 17.0 | % | ||||||||||||||||
Health Care Products | 1,114 | 1,038 | 7.3 | % | 9.5 | % | 4.2 | % | ||||||||||||||||
Thereof Dialysis Products | 1,113 | 1,038 | 7.2 | % | 9.3 | % | 3.9 | % | ||||||||||||||||
Thereof Non-Dialysis Products | 1 | - | n.a. | n.a. | n.a. | |||||||||||||||||||
EMEA | 2,763 | 2,693 | 2.6 | % | 5.4 | % | 3.9 | % | ||||||||||||||||
Health Care Services | 1,365 | 1,354 | 0.8 | % | 4.1 | % | 3.0 | % | 1.4 | % | ||||||||||||||
Health Care Products | 1,398 | 1,339 | 4.4 | % | 6.8 | % | 4.9 | % | ||||||||||||||||
Thereof Dialysis Products | 1,303 | 1,263 | 3.2 | % | 5.7 | % | 3.7 | % | ||||||||||||||||
Thereof Non-Dialysis Products | 95 | 76 | 24.4 | % | 24.9 | % | 24.9 | % | ||||||||||||||||
Asia-Pacific | 1,894 | 1,859 | 1.9 | % | 3.5 | % | 3.8 | % | ||||||||||||||||
Health Care Services | 876 | 862 | 1.6 | % | 2.3 | % | 3.1 | % | 8.5 | % | ||||||||||||||
Thereof Dialysis Care revenue | 627 | 621 | 1.1 | % | 1.4 | % | 5.3 | % | 8.5 | % | ||||||||||||||
Thereof Care Coordination revenue | 249 | 241 | 3.1 | % | 4.5 | % | -2.1 | % | ||||||||||||||||
Health Care Products | 1,018 | 997 | 2.1 | % | 4.5 | % | 4.4 | % | ||||||||||||||||
Thereof Dialysis Products | 1,013 | 997 | 1.6 | % | 3.9 | % | 3.8 | % | ||||||||||||||||
Thereof Non-Dialysis Products | 5 | - | n.a. | n.a. | n.a. | |||||||||||||||||||
Latin America | 684 | 709 | -3.5 | % | 21.3 | % | 15.1 | % | ||||||||||||||||
Health Care Services | 485 | 499 | -2.9 | % | 23.1 | % | 14.7 | % | 2.1 | % | ||||||||||||||
Health Care Products | 199 | 210 | -5.0 | % | 16.9 | % | 16.0 | % | ||||||||||||||||
Corporate | 40 | 21 | 96.8 | % | 99.3 | % | ||||||||||||||||||
Health Care Services | 24 | - | n.a. | n.a. | ||||||||||||||||||||
Health Care Products | 16 | 21 | -24.4 | % | -24.4 | % |
1 same market treatment growth = organic growth less price effects
2 U.S. (excl. Mexico), same market treatment growth North America: 0.3% for the three months and 1.6% for the twelve months ended December 31, 2020.
Revenue development | page 6 of 11 | February 23, 2021 |
Key metrics North America segment
Three months ended December 31 | Twelve months ended December 31 | |||||||||||||||||||||||||||||||
2020 | 2019 | Change | Change at cc | 2020 | 2019 | Change | Change at cc | |||||||||||||||||||||||||
Dialysis | ||||||||||||||||||||||||||||||||
Revenue in € million | 2,691 | 2,849 | -5.6 | % | 2.0 | % | 11,171 | 11,011 | 1.5 | % | 3.5 | % | ||||||||||||||||||||
Operating income in € million | 528 | 476 | 10.8 | % | 18.3 | % | 2,002 | 1,737 | 15.3 | % | 17.4 | % | ||||||||||||||||||||
Operating income margin | 19.6 | % | 16.7 | % | 17.9 | % | 15.8 | % | ||||||||||||||||||||||||
Delivered Operating Income in € million | 476 | 424 | 12.1 | % | 19.4 | % | 1,775 | 1,532 | 15.9 | % | 18.0 | % | ||||||||||||||||||||
Care Coordination | ||||||||||||||||||||||||||||||||
Revenue in € million | 292 | 325 | -10.0 | % | -2.2 | % | 1,307 | 1,184 | 10.4 | % | 12.6 | % | ||||||||||||||||||||
Operating income in € million | 5 | 39 | -87.5 | % | -81.8 | % | 118 | 57 | 106.2 | % | 110.3 | % | ||||||||||||||||||||
Operating income margin | 1.7 | % | 12.1 | % | 9.0 | % | 4.8 | % | ||||||||||||||||||||||||
Delivered Operating Income in € million | (2 | ) | 32 | n.a. | n.a. | 84 | 37 | 129.7 | % | 134.3 | % |
Key metrics Dialysis Care Services
Twelve months ended December 31, 2020 | ||||||||||||||||||||||||||||
Clinics | Growth in % | De novos | Patients | Growth in % | Treatments | Growth in % | ||||||||||||||||||||||
Total | 4,092 | 2 | % | 106 | 346,553 | 0 | % | 53,575,255 | 3 | % | ||||||||||||||||||
North America | 2,639 | 2 | % | 51 | 210,260 | 0 | % | 32,843,592 | 2 | % | ||||||||||||||||||
EMEA | 804 | 3 | % | 22 | 66,008 | 0 | % | 10,189,373 | 1 | % | ||||||||||||||||||
Asia-Pacific | 400 | 0 | % | 28 | 33,106 | 0 | % | 4,660,875 | 2 | % | ||||||||||||||||||
Latin America | 249 | 6 | % | 5 | 37,179 | 7 | % | 5,881,415 | 9 | % |
Key metrics | page 7 of 11 | February 23, 2021 |
Quality data1
North America | EMEA | Latin America | Asia-Pacific | |||||||||||||||||||||||||||||
in % of patients | Q4 2020 | Q4 2019 | Q4 2020 | Q4 2019 | Q4 2020 | Q4 2019 | Q4 2020 | Q4 2019 | ||||||||||||||||||||||||
Kt/V ≥ 1.2 | 97 | 97 | 93 | 94 | 91 | 91 | 94 | 95 | ||||||||||||||||||||||||
Hemoglobin = 10-12 g/dl | 71 | 71 | 82 | 82 | 48 | 50 | 52 | 56 | ||||||||||||||||||||||||
Calcium = 8.4-10.2 mg/dl | 81 | 81 | 78 | 79 | 73 | 76 | 72 | 74 | ||||||||||||||||||||||||
Albumin ≥ 3.5 g/dl1) | 80 | 81 | 90 | 89 | 89 | 91 | 91 | 87 | ||||||||||||||||||||||||
Phosphate ≤ 5.5 mg/dl | 59 | 60 | 80 | 80 | 76 | 76 | 64 | 63 | ||||||||||||||||||||||||
Patients without catheter | ||||||||||||||||||||||||||||||||
(after 90 days) | 79 | 81 | 77 | 78 | 78 | 79 | 81 | 83 | ||||||||||||||||||||||||
in days | ||||||||||||||||||||||||||||||||
Days in hospital per patient year | 9.7 | 10.3 | 7.7 | 7.5 | 4.0 | 4.3 | 3.5 | 2.6 |
1 Definitions cf. Annual Report 2019, Section "Non-Financial Group Report"
Quality data | page 8 of 11 | February 23, 2021 |
Reconciliation of non-IFRS financial measures to the most directly comparable IFRS financial measures
Three months ended December 31 | Twelve months ended December 31 | |||||||||||||||
in € million | 2020 | 2019 | 2020 | 2019 | ||||||||||||
Delivered Operating Income reconciliation | ||||||||||||||||
Total | ||||||||||||||||
Operating income | 462 | 616 | 2,304 | 2,270 | ||||||||||||
less noncontrolling interests | (62 | ) | (62 | ) | (271 | ) | (239 | ) | ||||||||
Delivered Operating Income | 400 | 554 | 2,033 | 2,031 | ||||||||||||
North America | ||||||||||||||||
Operating income | 533 | 515 | 2,120 | 1,794 | ||||||||||||
less noncontrolling interests | (59 | ) | (59 | ) | (261 | ) | (225 | ) | ||||||||
Delivered Operating Income | 474 | 456 | 1,859 | 1,569 | ||||||||||||
Dialysis | ||||||||||||||||
Operating income | 528 | 476 | 2,002 | 1,737 | ||||||||||||
less noncontrolling interests | (52 | ) | (52 | ) | (227 | ) | (205 | ) | ||||||||
Delivered Operating Income | 476 | 424 | 1,775 | 1,532 | ||||||||||||
Care Coordination | ||||||||||||||||
Operating income | 5 | 39 | 118 | 57 | ||||||||||||
less noncontrolling interests | (7 | ) | (7 | ) | (34 | ) | (20 | ) | ||||||||
Delivered Operating Income | (2 | ) | 32 | 84 | 37 | |||||||||||
EMEA | ||||||||||||||||
Operating income | 134 | 114 | 412 | 448 | ||||||||||||
less noncontrolling interests | (1 | ) | (1 | ) | (3 | ) | (5 | ) | ||||||||
Delivered Operating Income | 133 | 113 | 409 | 443 | ||||||||||||
Asia-Pacific | ||||||||||||||||
Operating income | 107 | 75 | 344 | 329 | ||||||||||||
less noncontrolling interests | (1 | ) | (2 | ) | (6 | ) | (8 | ) | ||||||||
Delivered Operating Income | 106 | 73 | 338 | 321 | ||||||||||||
Dialysis | ||||||||||||||||
Operating income | 94 | 65 | 321 | 300 | ||||||||||||
less noncontrolling interests | (1 | ) | (2 | ) | (7 | ) | (7 | ) | ||||||||
Delivered Operating Income | 93 | 63 | 314 | 293 | ||||||||||||
Care Coordination | ||||||||||||||||
Operating income | 13 | 10 | 23 | 29 | ||||||||||||
less noncontrolling interests | 0 | 0 | 1 | (1 | ) | |||||||||||
Delivered Operating Income | 13 | 10 | 24 | 28 | ||||||||||||
Latin America | ||||||||||||||||
Operating income | (186 | ) | 15 | (157 | ) | 43 | ||||||||||
less noncontrolling interests | 0 | 0 | 0 | (1 | ) | |||||||||||
Delivered Operating Income | (186 | ) | 15 | (157 | ) | 42 | ||||||||||
Corporate | ||||||||||||||||
Operating income | (126 | ) | (103 | ) | (415 | ) | (344 | ) | ||||||||
less noncontrolling interests | (1 | ) | 0 | (1 | ) | 0 | ||||||||||
Delivered Operating Income | (127 | ) | (103 | ) | (416 | ) | (344 | ) |
Reconciliation | page 9 of 11 | February 23, 2021 |
Reconciliation of non-IFRS financial measures to the most directly comparable IFRS financial measures
Change | Change at cc | |||||||||||||||||||||||||||||||||||||||
in € million, except share data Three months ended December 31 | Results 2020 | Impairment Charge1 | Results 2020 excl. special items | Results 2019 | NxStage Costs | Cost Optimization Costs | (Gain) loss related to divestitures of Care Coordination activities | Results 2019 adjusted | (2020 excl. special items vs. 2019 adjusted) | |||||||||||||||||||||||||||||||
Total revenue | 4,400 | 4,400 | 4,580 | 4,580 | -3.9 | % | 3.6 | % | ||||||||||||||||||||||||||||||||
EBITDA | 1,043 | 1,043 | 1,051 | 2 | 41 | (15 | ) | 1,079 | -3.3 | % | 3.2 | % | ||||||||||||||||||||||||||||
Total operating income | 462 | 195 | 657 | 616 | 2 | 60 | (15 | ) | 663 | -1.1 | % | 5.3 | % | |||||||||||||||||||||||||||
North America | 533 | 533 | 515 | 2 | 54 | (15 | ) | 556 | -4.3 | % | 2.4 | % | ||||||||||||||||||||||||||||
Dialysis | 528 | 528 | 476 | 2 | 54 | 532 | -0.9 | % | 5.7 | % | ||||||||||||||||||||||||||||||
Care Coordination | 5 | 5 | 39 | (15 | ) | 24 | -79.7 | % | -70.6 | % | ||||||||||||||||||||||||||||||
EMEA | 134 | 134 | 114 | 2 | 116 | 15.5 | % | 20.5 | % | |||||||||||||||||||||||||||||||
Asia-Pacific | 107 | 107 | 75 | 4 | 79 | 35.7 | % | 37.7 | % | |||||||||||||||||||||||||||||||
Dialysis | 94 | 94 | 65 | 4 | 69 | 37.9 | % | 40.2 | % | |||||||||||||||||||||||||||||||
Care Coordination | 13 | 13 | 10 | 10 | 20.8 | % | 20.7 | % | ||||||||||||||||||||||||||||||||
Latin America | (186 | ) | 195 | 9 | 15 | 15 | -38.9 | % | -39.6 | % | ||||||||||||||||||||||||||||||
Corporate | (126 | ) | (126 | ) | (103 | ) | 0 | (103 | ) | 23.0 | % | 24.9 | % | |||||||||||||||||||||||||||
Interest expense, net | 84 | 84 | 102 | 102 | -17.9 | % | -11.5 | % | ||||||||||||||||||||||||||||||||
Income tax expense | 139 | 139 | 109 | 1 | 16 | 5 | 131 | 5.7 | % | 15.9 | % | |||||||||||||||||||||||||||||
Net income attributable to noncontrolling interests | 62 | 62 | 62 | 62 | -0.7 | % | 7.7 | % | ||||||||||||||||||||||||||||||||
Net income2 | 177 | 195 | 372 | 343 | 1 | 44 | (20 | ) | 368 | 1.1 | % | 5.9 | % | |||||||||||||||||||||||||||
Basic earnings per share | € | 0.61 | € | 0.66 | € | 1.27 | € | 1.14 | € | 0.01 | € | 0.15 | (€ | 0.07 | ) | € | 1.23 | 3.3 | % | 8.2 | % | |||||||||||||||||||
Twelve months ended December 31 | ||||||||||||||||||||||||||||||||||||||||
Total revenue | 17,859 | 17,859 | 17,477 | 17,477 | 2.2 | % | 5.3 | % | ||||||||||||||||||||||||||||||||
EBITDA | 4,090 | 4,090 | 3,863 | 24 | 55 | (29 | ) | 3,913 | 4.5 | % | 6.8 | % | ||||||||||||||||||||||||||||
Total operating income | 2,304 | 195 | 2,499 | 2,270 | 24 | 91 | (29 | ) | 2,356 | 6.1 | % | 8.1 | % | |||||||||||||||||||||||||||
North America | 2,120 | 2,120 | 1,794 | 24 | 83 | (29 | ) | 1,872 | 13.2 | % | 15.3 | % | ||||||||||||||||||||||||||||
Dialysis | 2,002 | 2,002 | 1,737 | 24 | 83 | 1,844 | 8.6 | % | 10.6 | % | ||||||||||||||||||||||||||||||
Care Coordination | 118 | 118 | 57 | (29 | ) | 28 | 315.9 | % | 324.2 | % | ||||||||||||||||||||||||||||||
EMEA | 412 | 412 | 448 | 4 | 452 | -9.0 | % | -7.4 | % | |||||||||||||||||||||||||||||||
Asia-Pacific | 344 | 344 | 329 | 4 | 333 | 3.2 | % | 3.7 | % | |||||||||||||||||||||||||||||||
Dialysis | 321 | 321 | 300 | 4 | 304 | 5.7 | % | 6.1 | % | |||||||||||||||||||||||||||||||
Care Coordination | 23 | 23 | 29 | 29 | -23.0 | % | -21.2 | % | ||||||||||||||||||||||||||||||||
Latin America | (157 | ) | 195 | 38 | 43 | 43 | -10.8 | % | -2.1 | % | ||||||||||||||||||||||||||||||
Corporate | (415 | ) | (415 | ) | (344 | ) | 0 | (344 | ) | 20.4 | % | 21.2 | % | |||||||||||||||||||||||||||
Interest expense, net | 368 | 368 | 429 | 429 | -14.3 | % | -11.9 | % | ||||||||||||||||||||||||||||||||
Income tax expense | 501 | 501 | 402 | 6 | 24 | 20 | 452 | 10.6 | % | 13.7 | % | |||||||||||||||||||||||||||||
Net income attributable to noncontrolling interests | 271 | 271 | 239 | 239 | 13.6 | % | 15.9 | % | ||||||||||||||||||||||||||||||||
Net income2 | 1,164 | 195 | 1,359 | 1,200 | 18 | 67 | (49 | ) | 1,236 | 10.0 | % | 11.6 | % | |||||||||||||||||||||||||||
Basic earnings per share | € | 3.96 | € | 0.66 | € | 4.62 | € | 3.96 | € | 0.06 | € | 0.22 | (€ | 0.16 | ) | € | 4.08 | 13.2 | % | 14.9 | % |
1 Impairment of goodwill and trade names in the Latin America Segment
2 Attributable to shareholders of FMC-AG & Co. KGaA
Reconciliation results excl. special items / adjusted results | page 10 of 11 | February 23, 2021 |
Outlook 2021
Results 2020 | Outlook 2021 (at Constant Currency, except for ROIC) | |||||
Revenue1 | €17,859 M | growth: low to mid single digit percentage rate | ||||
Revenue growth at Constant Currency1 | growth: low to mid single digit percentage rate | |||||
Operating income1 | €2,499 M | decline: mid teens to low twenties percentage rate | ||||
Net income1, 2 | €1,359 M | decline: high teens to mid twenties percentage rate | ||||
Net income2 growth at Constant Currency1 | decline: high teens to mid twenties percentage rate | |||||
ROIC1,3 | 6.6% | ≥ 5.0% |
1 Outlook 2021 is inclusive of anticipated COVID-19 effects and excl. special items. Special items include costs related to the FME25 program and effects that are unusual in nature and have not been foreseeable or not foreseeable in size or impact at the time of giving guidance. The growth rates are based on the results 2020 excl. the Impairment Charge of goodwill and trade names in the Latin America Segment of €195 M. For a reconciliation of figures excl. special items, please refer to the table at the end of the press release.
2 Net income attributable to shareholders of FMC-AG & Co. KGaA.
3 Results 2020: excl. impairment charge.
Outlook 2021 | page 11 of 11 | February 23, 2021 |