SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.
20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
Pursuant to Rule 13a-16 or 15d-16 of the
Securities Exchange Act of 1934
For the month of August 2023
Commission file number: 001-32749
FRESENIUS MEDICAL
CARE AG & Co. KGaA
(Translation of registrant's name into English)
Else-Kröner Strasse 1
61346 Bad Homburg
Germany
(Address of principal executive offices)
Indicate by check mark whether
the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F
x Form 40-F ¨
On August 2, 2023,
Fresenius Medical Care AG & Co. KGaA (the “Company”) issued a Press Release announcing its second quarter results
for the period ending June 30, 2023. A copy of the Press Release is furnished as Exhibit 99.1 and the corresponding financial
figures as Exhibit 99.2.
The
attached Press Release contains non-GAAP financial measures. For purposes of Regulation G, a non-GAAP financial measure is a numerical
measure of a company’s performance, financial position, or cash flows that either excludes or includes amounts that are not normally
excluded or included in the most directly comparable measure calculated and presented in accordance with generally accepted accounting
principles. To supplement the Company’s second quarter 2023 consolidated financial results presented in accordance with
International Financial Reporting Standards, or IFRS® Accounting Standards, we have used non-GAAP financial measures, including (a) EBITDA,
or operating income excluding interest, taxes, depreciation and amortization, (b) free cash flow, (c) net leverage ratio (ratio
of net debt to adjusted EBITDA) and (d) results presented in constant currency and as adjusted for special items identified in the
Press Release and associated tables. These non-GAAP measures are provided to enhance the user’s overall understanding of our current
financial performance and our prospects for the future. In addition, because we have historically reported certain non-GAAP financial
measures in our financial results, we believe the inclusion of these non-IFRS® financial measures provides consistency and comparability
in our financial reporting to prior periods for which these non-GAAP financial measures were previously reported. These non-GAAP financial
measures should not be used as a substitute for or be considered superior to GAAP financial measures. Reconciliation of the non-GAAP
financial measures to the most comparable IFRS® financial measures are included in the attached Financial Statements. As the reconciliation
of amounts stated in Constant Currency is inherent in the disclosure included in the Press Release, we believe that a separate reconciliation
would not provide any additional benefit.
The Exhibits attached hereto,
shall not be deemed “filed” for purposes of Section 18 of the Securities and Exchange Act of 1934 (the “Exchange
Act”) or otherwise subject to the liabilities of that section, nor shall they be deemed incorporated by reference in any filing
under the Securities Act of 1933 or the Exchange Act, regardless of any general incorporation language in such filing.
EXHIBITS
The following exhibits are being furnished with
this Report:
SIGNATURES
Pursuant to the requirements
of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto
duly authorized.
DATE: August 2, 2023
|
Fresenius Medical Care AG & Co. KGaA, |
|
a partnership limited by shares, represented by: |
|
|
|
fresenius medical care management ag, its |
|
General Partner |
|
|
|
|
By: |
/s/
Helen Giza |
|
Name: |
Helen
Giza |
|
Title: |
Chief
Executive Officer, Chair of the Management Board of the General Partner and Acting Chief Financial Officer |
|
By: |
/s/
Dr. Katarzyna Mazur-Hofsäß |
|
Name: |
Dr. Katarzyna
Mazur-Hofsäß |
|
Title: |
CEO
Care Enablement and member of the Management Board of the General Partner |
Exhibit 99.1
Press Release |
Media contact
Leif Heussen
T +49 6172 608-4030
leif.heussen@fresenius.com
Contact for analysts
and investors
Dr. Dominik Heger
T +49 6172 609-2601
dominik.heger@fmc-ag.com
www.freseniusmedicalcare.com
|
August 2, 2023
Fresenius Medical Care successfully executes strategic plan and
narrows guidance range due to strong operational performance in the first half of 2023
| - | Organic growth accelerated in the second quarter in Care Enablement and
Care Delivery including sequentially stable treatment volumes in the U.S. |
| - | Execution on turnaround plan translates into visible productivity improvements
in Care Delivery achieving a Q2 margin at the lower end of the 2025 target margin band |
| - | Savings resulting from FME25 transformation program fully on track |
| - | Successful execution on portfolio optimization strategy |
| - | Legal form conversion to a German Stock Corporation approved by shareholders |
| - | FY 2023 operating income guidance range narrowed |
Helen Giza, Chief Executive Officer of Fresenius
Medical Care, said: “The second quarter makes evident that the execution against our strategic plan is fully on track. We are
executing on our portfolio optimization, continuing to deliver on our FME25 program and are accelerating our turnaround activities. As
expected, we have seen a stabilization of the labor market and of the inflationary environment. Our measures to increase productivity,
supported by the targeted clinic closures, are driving a positive development. This gives us the confidence to narrow our operating income
guidance range to the upper part for the year.”
Key
figures (IFRS®, unaudited)
| |
Q2 2023 | | |
Q2 2022 | | |
Growth | | |
Growth | | |
H1 2023 | | |
H1 2022 | | |
Growth | | |
Growth | |
| |
EUR m | | |
EUR m | | |
yoy | | |
yoy, cc | | |
EUR m | | |
EUR m | | |
yoy | | |
yoy, cc | |
Revenue | |
| 4,825 | | |
| 4,757 | | |
| +1 | % | |
| +6 | % | |
| 9,529 | | |
| 9,305 | | |
| +2 | % | |
| +4 | % |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Operating income | |
| 357 | | |
| 341 | | |
| +5 | % | |
| +5 | % | |
| 618 | | |
| 688 | | |
| -10 | % | |
| -11 | % |
excl. special items and PRF1 | |
| 401 | | |
| 284 | | |
| +41 | % | |
| +44 | % | |
| 755 | | |
| 675 | | |
| +12 | % | |
| +11 | % |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net income2 | |
| 140 | | |
| 147 | | |
| -5 | % | |
| -4 | % | |
| 227 | | |
| 305 | | |
| -26 | % | |
| -26 | % |
excl. special items and PRF1 | |
| 175 | | |
| 116 | | |
| +51 | % | |
| +54 | % | |
| 329 | | |
| 313 | | |
| +5 | % | |
| +5 | % |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Basic EPS (EUR) | |
| 0.48 | | |
| 0.50 | | |
| -5 | % | |
| -4 | % | |
| 0.77 | | |
| 1.04 | | |
| -26 | % | |
| -26 | % |
excl. special items and PRF1 | |
| 0.59 | | |
| 0.39 | | |
| +51 | % | |
| +54 | % | |
| 1.12 | | |
| 1.07 | | |
| +5 | % | |
| +4 | % |
yoy = year-on-year, cc = at constant currency, EPS = earnings per
share
Successful execution against the strategic
plan
Fresenius Medical Care has continuously advanced
its structural change. At the beginning of the year the new operating model was implemented along with the corresponding new financial
reporting. The simplification of the governance structure with the change of the legal form is thus the remaining structural adjustment
to be realized. An important milestone has been achieved in this respect at the Extraordinary General Meeting on July 14, 2023,
where 99.88% of the voting shareholders approved the conversion of Fresenius Medical Care from the legal form of a partnership limited
by shares (Kommanditgesellschaft auf Aktien, KGaA) into a German stock corporation (Aktiengesellschaft, AG).
In parallel, the
Company continuously executes on its operational efficiency and turnaround plans. In the second quarter, the FME25 transformation
program delivered EUR 75 million of additional savings. Fresenius Medical Care is fully on track to achieve sustainable savings of EUR
250 to 300 million by year end 2023 and EUR 650 million by year end 2025.
1
For FY 2022, special items included costs related to the FME25 program, the impact of the war in Ukraine, the impact of
hyperinflation in Turkiye, the Humacyte investment remeasurement and the net gain related to InterWell Health. Additionally, the FY 2022
basis for the 2023 outlook was adjusted for U.S. Provider Relief Funding. For FY 2023, special items include costs related to the FME25
program, the Humacyte investment remeasurement, the costs associated with the legal form conversion and effects from legacy portfolio
optimization. For further details please see the reconciliation attached to the Press Release.
2
Net income attributable to shareholders of Fresenius Medical Care AG & Co. KGaA
In addition to
generating efficiencies and improving productivity, Fresenius Medical Care is advancing the optimization of its portfolio. The announced
strategic divestments of clinic networks in Sub-Saharan Africa and Hungary demonstrate progress against the Company’s execution
plan. The outlined examples are part of the overall portfolio optimization strategy to exit non-core and dilutive assets, against which
Fresenius Medical Care executes. The resulting cash proceeds will be used towards deleveraging – in line with Fresenius Medical
Care’s disciplined financial policy.
Earnings development excluding special items
driven by FME25 savings and productivity improvements
Revenue
increased by 1% to EUR 4,825 million in the second quarter (+6% at constant currency, +6% organic).
Care Delivery
revenue increased by 1% to EUR 3,873 million (+6% at constant currency, +6% organic).
In Care Delivery U.S., revenue growth of 2% (+4%
at constant currency, +4% organic) was mainly driven by organic growth, which was supported by a favorable impact from the value-based
care business, reimbursement rate increases and a favorable payor mix. This was partially offset by a negative exchange rate effect.
The annualization effect of COVID-19-related excess mortality in the late-stage CKD (Chronic Kidney Disease) and ESRD (End-Stage Renal
Disease) population continues to weigh on same market treatment growth (-0.1%) – corresponding to the mid-point of the Company’s
outlined expectations.
In Care Delivery International, revenue remained
stable (+14% at constant currency, +15% organic). Organic growth, which was supported by the effect of hyperinflation in various markets,
was offset by a negative exchange rate effect and the impact of closed or sold clinics. Despite the annualization effect of COVID-19-related
excess mortality, same market treatment growth was positive at 0.9%.
Care Enablement
revenue remained stable and amounted to EUR 1,325 million (+6% at constant currency, +6% organic). Higher sales of machines
for chronic treatment, critical care products and home hemodialysis products as well as increased average sales prices were mostly offset
by a negative exchange rate effect.
Within Inter-segment eliminations, revenue
for products transferred between the operating segments at fair market value decreased by 3% to EUR 373 million (+3% at constant currency;
Q2 2022: EUR 383 million).3
In the first half, revenue increased by 2%
to EUR 9,529 million (+4% at constant currency, +4% organic). Care Delivery revenue increased by 2% to 7,628 million (+3% at
constant currency, +4% organic), with both Care Delivery U.S. and Care Delivery International growing by 2% (U.S.: +1% at constant
currency, +2% organic; International: +13% at constant currency, +14% organic). Care Enablement revenue increased by 2% to EUR 2,635
million (+5% at constant currency, +5% organic). Inter-segment eliminations decreased by 2% and amounted to EUR 734 million (stable
at constant currency; H1 2022: EUR 750 million).
Operating income
increased by 5% to EUR 357 million (+5% at constant currency), resulting in a margin of 7.4% (Q2 2022: 7.2%). Operating income
excluding special items and U.S. Provider Relief Funding (PRF)1 increased by 41% to EUR 401 million (+44% at constant currency),
resulting in a margin of 8.3% (Q2 2022: 6.0%).
Operating income in Care Delivery decreased
by 11% to EUR 384 million (-10% at constant currency), resulting in a margin of 9.9% (Q2 2022: 11.3%). Operating income excluding special
items and PRF1 increased by 40% to EUR 402 million (+42% at constant currency), resulting in a margin of 10.4% (Q2 2022: 7.5%).
This was mainly driven by business growth, lower personnel expenses resulting from improved productivity, and savings from the FME25
program.
Operating income in Care Enablement amounted
to EUR 2 million (Q2 2022: EUR -11 million), resulting in a margin of 0.1% (Q2 2022: -0.8%). Operating income excluding special items increased by 533% to EUR 19
million (+601% at constant currency), resulting in a margin of 1.4% (Q2 2022: 0.2%). The improvement compared to the previous year’s
quarter was mainly driven by increased volumes, improved pricing and savings from the FME25 program. These effects were partially offset
by inflationary cost increases and a negative impact from foreign currency transaction.
3
The Company transfers products between segments at fair market value. The associated internal revenues and expenses and
any remaining internally generated profit or loss for the product transfers are recorded within the operating segments initially, are
eliminated upon consolidation and are included within “Inter-segment eliminations”.
Operating income for Corporate amounted
to EUR -25 million (Q2 2022: EUR -84 million). Excluding special items, operating income amounted to EUR -16 million (Q2 2022: EUR
-9 million).
In the first half, operating income decreased
by 10% to EUR 618 million (-11% at constant currency), resulting in a margin of 6.5% (H1 2022: 7.4%). Excluding special items and PRF1,
operating income increased by 12% to EUR 755 million (+11% at constant currency), resulting in a margin of 7.9% (H1 2022: 7.2%). In Care
Delivery, operating income declined by 8% to EUR 669 million (-10% at constant currency), resulting in a margin of 8.8% (H1 2022: 9.8%).
In Care Enablement, operating income decreased to EUR -23 million (H1 2022: EUR 59 million), resulting in a margin of -0.9% (H1 2022: 2.3%). Operating income for Corporate amounted to
EUR -15 million (H1 2022: -94 million).
Net income2
decreased by 5% to EUR 140 million (-4% at constant currency). Excluding special items and PRF1, net income2
increased by 51% to EUR 175 million (+54% at constant currency).
In the first half,
net income2 declined by 26% to EUR 227 million (-26% at constant currency). Excluding special items and PRF1,
net income2 increased by 5% to EUR 329 million (+5% at constant currency).
Basic earnings
per share (EPS) decreased by 5% to EUR 0.48 (-4% at constant currency). EPS excluding special items and PRF1 increased
by 51% to EUR 0.59 (+54% at constant currency).
In the first half,
EPS declined by 26% to EUR 0.77 (-26% at constant currency). Excluding special items and PRF1, EPS increased by 5%
to EUR 1.12 (+4% at constant currency).
Strong cash flow development
In the second quarter, Fresenius Medical Care
generated EUR 1,007 million of operating cash flow (Q2 2022: EUR 751 million), resulting in a margin of 20.9% (Q2 2022: 15.8%).
The increase was mainly driven by the recoupment of advanced payments during 2022, which had been received in the U.S. under the Medicare
Accelerated and Advance Payment Program in 2020, as well as by seasonality of invoicing.
In the first half, operating cashflow amounted
to EUR 1,150 million (H1 2022: EUR 910 million), resulting in a margin of 12.1% (H1 2022: 9.8%).
Free cash flow4
amounted to EUR 852 million in the second quarter (Q2 2022: EUR 582 million), resulting in a margin of 17.7% (Q2 2022: 12.2%). In the first half, Fresenius Medical Care generated free cash flow
of EUR 854 million (H1 2022: EUR 581 million), resulting in a margin of 9.0% (H1 2022: 6.2%).
Outlook
The Company continues to expect for 2023 revenue
to grow at a low to mid-single digit percentage rate (2022 basis: EUR 19,398 million).
Based on the earnings
development for the first half of the year, Fresenius Medical Care narrows its operating income target range for 2023. The Company now
expects operating income to remain flat or decline by up to a low-single digit percentage rate (2022 basis: EUR 1,540 million; previous
target: remain flat or decline by up to a high-single digit percentage rate)5.
The Company’s target to achieve an operating
income margin of 10 to 14% by 2025 remains unchanged.
Patients, clinics and employees
As of June 30,
2023, Fresenius Medical Care treated 344,086 patients in 4,050 dialysis clinics worldwide and had 124,295 employees
(headcount) globally, compared to 130,448 employees as of June 30, 2022.
4
Net cash provided by / used in operating activities, after capital expenditures, before acquisitions, investments, and dividends
5
Revenue and operating income, as referred to in the outlook, are both on a constant currency basis and excluding special
items. Special items will be provided as separate KPI (“Revenue excluding special items”, “Operating income excluding
special items”) to capture effects that are unusual in nature and have not been foreseeable or not foreseeable in size or impact
at the time of giving guidance. These items are excluded to ensure comparability of the figures presented with the Company’s financial
targets which have been defined excluding special items.
For FY 2022, special items included costs related to the FME25 program, the impact of the war in Ukraine, the impact of hyperinflation
in Turkiye, the Humacyte investment remeasurement, and the net gain related to InterWell Health. Additionally, the basis (FY 2022) for
the 2023 outlook was adjusted for Provider Relief Funding. For FY 2023, special items include costs related to the FME25 program, the
Humacyte investment remeasurement, the costs associated with the legal form conversion and effects from legacy portfolio optimization.
For further details please see the reconciliation attached to the Press Release.
Conference call
Fresenius Medical
Care will host a conference call to discuss the results of the second quarter and first half of 2023 on August 2, 2023 at 3:30 p.m. CEST
/ 9:30 a.m. EDT. Details will be available on the Fresenius Medical Care website in the “Investors” section.
A replay will be available shortly after the call.
Please refer to our statement of earnings
included at the end of this news and to the attachments as separate PDF files for a complete overview of the results of the second quarter
and first half of 2023. Our 6-K disclosure provides more details.
Fresenius Medical Care is the world's leading
provider of products and services for individuals with renal diseases of which around 3.9 million patients worldwide regularly undergo
dialysis treatment. Through its network of 4,050 dialysis clinics, Fresenius Medical Care provides dialysis treatments for approximately
344,000 patients around the globe. Fresenius Medical Care is also the leading provider of dialysis products such as dialysis machines
or dialyzers. Fresenius Medical Care is listed on the Frankfurt Stock Exchange (FME) and on the New York Stock Exchange (FMS).
For more information visit the Company’s
website at www.freseniusmedicalcare.com.
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 various factors, including, but not limited to, changes in business, economic and competitive conditions, legal changes,
regulatory approvals, impacts related to COVID-19, results of clinical studies, 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.
Implementation of measures as presented herein
may be subject to information and consultation procedures with works councils and other employee representative bodies, as per local
laws and practice. Consultation procedures may lead to changes on proposed measures.
Exhibit 99.2
Fresenius
Medical Care AG & Co. KGaA
COMPLETE
OVERVIEW OF THE SECOND QUARTER AND FIRST HALF YEAR 2023
August 2,
2023
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
by segment |
page 6 |
|
|
Key metrics |
page 7 |
|
|
Reconciliation
results excl. special items |
page 8 |
|
|
Outlook 2023 |
page 9 |
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.
Rounding adjustments applied to individual numbers
and percentages may result in these figures differing immaterially from their absolute values. Furthermore, totals and subtotals in tables
may differ slightly from unrounded figures due to rounding in accordance with commercial rounding conventions.
Copyright by Fresenius Medical Care AG &
Co. KGaA
Statement
of earnings
| |
Three
months ended June 30, | | |
| | |
Six
months ended June 30, | | |
| |
in € million,
except share data, unaudited | |
2023 | | |
2022 | | |
Change | | |
Change
at cc | | |
2023 | | |
2022 | | |
Change | | |
Change
at cc | |
Total
revenue | |
| 4,825 | | |
| 4,757 | | |
| 1.4 | % | |
| 6.0 | % | |
| 9,529 | | |
| 9,305 | | |
| 2.4 | % | |
| 3.9 | % |
Costs of revenue | |
| 3,628 | | |
| 3,511 | | |
| 3.3 | % | |
| 8.2 | % | |
| 7,183 | | |
| 6,886 | | |
| 4.3 | % | |
| 5.9 | % |
Selling, general
and administrative expenses | |
| 775 | | |
| 758 | | |
| 2.3 | % | |
| 5.7 | % | |
| 1,557 | | |
| 1,548 | | |
| 0.6 | % | |
| 1.2 | % |
Research and
development expenses | |
| 57 | | |
| 55 | | |
| 3.2 | % | |
| 4.2 | % | |
| 113 | | |
| 105 | | |
| 7.5 | % | |
| 7.1 | % |
Income from equity
method investees | |
| (48 | ) | |
| (19 | ) | |
| 149.2 | % | |
| 149.4 | % | |
| (76 | ) | |
| (30 | ) | |
| 153.8 | % | |
| 153.6 | % |
Other operating
income | |
| (76 | ) | |
| (110 | ) | |
| -31.3 | % | |
| -23.3 | % | |
| (193 | ) | |
| (239 | ) | |
| -19.2 | % | |
| -5.9 | % |
Other operating
expense | |
| 132 | | |
| 221 | | |
| -40.3 | % | |
| -29.2 | % | |
| 327 | | |
| 347 | | |
| -5.7 | % | |
| 10.9 | % |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Operating
income | |
| 357 | | |
| 341 | | |
| 4.7 | % | |
| 5.5 | % | |
| 618 | | |
| 688 | | |
| -10.3 | % | |
| -11.4 | % |
Operating
income excl. special items and PRF 1 | |
| 401 | | |
| 284 | | |
| 41.3 | % | |
| 43.5 | % | |
| 755 | | |
| 675 | | |
| 11.9 | % | |
| 11.0 | % |
Interest income | |
| (24 | ) | |
| (13 | ) | |
| 89.3 | % | |
| 105.0 | % | |
| (36 | ) | |
| (27 | ) | |
| 34.8 | % | |
| 46.4 | % |
Interest expense | |
| 105 | | |
| 85 | | |
| 24.1 | % | |
| 27.8 | % | |
| 199 | | |
| 168 | | |
| 19.0 | % | |
| 19.6 | % |
Interest expense,
net | |
| 81 | | |
| 72 | | |
| 12.5 | % | |
| 14.1 | % | |
| 163 | | |
| 141 | | |
| 16.0 | % | |
| 14.4 | % |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Income before
income taxes | |
| 276 | | |
| 269 | | |
| 2.7 | % | |
| 3.2 | % | |
| 455 | | |
| 547 | | |
| -17.0 | % | |
| -18.0 | % |
Income tax expense | |
| 81 | | |
| 63 | | |
| 28.9 | % | |
| 29.1 | % | |
| 126 | | |
| 130 | | |
| -3.1 | % | |
| -4.3 | % |
Net income | |
| 195 | | |
| 206 | | |
| -5.4 | % | |
| -4.8 | % | |
| 329 | | |
| 417 | | |
| -21.3 | % | |
| -22.2 | % |
Net income attributable
to noncontrolling interests | |
| 55 | | |
| 59 | | |
| -7.3 | % | |
| -6.2 | % | |
| 102 | | |
| 112 | | |
| -9.9 | % | |
| -11.1 | % |
Net income
attributable to shareholders of FMC AG & Co. KGaA | |
| 140 | | |
| 147 | | |
| -4.6 | % | |
| -4.2 | % | |
| 227 | | |
| 305 | | |
| -25.5 | % | |
| -26.4 | % |
Net
income attributable to shareholders of FMC AG & Co. KGaA excl. special items and PRF 1 | |
| 175 | | |
| 116 | | |
| 50.9 | % | |
| 53.6 | % | |
| 329 | | |
| 313 | | |
| 5.2 | % | |
| 4.6 | % |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Operating
income | |
| 357 | | |
| 341 | | |
| 4.7 | % | |
| 5.5 | % | |
| 618 | | |
| 688 | | |
| -10.3 | % | |
| -11.4 | % |
Depreciation,
amortization and impairment loss | |
| 434 | | |
| 422 | | |
| 2.7 | % | |
| 5.8 | % | |
| 872 | | |
| 842 | | |
| 3.6 | % | |
| 3.8 | % |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
EBITDA | |
| 791 | | |
| 763 | | |
| 3.6 | % | |
| 5.7 | % | |
| 1,490 | | |
| 1,530 | | |
| -2.6 | % | |
| -3.0 | % |
Weighted average
number of shares | |
| 293,413,449 | | |
| 293,145,413 | | |
| | | |
| | | |
| 293,413,449 | | |
| 293,076,643 | | |
| | | |
| | |
Basic earnings per share | |
€ | 0.48 | | |
€ | 0.50 | | |
| -4.7 | % | |
| -4.3 | % | |
€ | 0.77 | | |
€ | 1.04 | | |
| -25.6 | % | |
| -26.5 | % |
Basic earnings
per ADS | |
€ | 0.24 | | |
€ | 0.25 | | |
| -4.7 | % | |
| -4.3 | % | |
€ | 0.39 | | |
€ | 0.52 | | |
| -25.6 | % | |
| -26.5 | % |
In percent
of revenue | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Operating income
margin | |
| 7.4 | % | |
| 7.2 | % | |
| | | |
| | | |
| 6.5 | % | |
| 7.4 | % | |
| | | |
| | |
Operating
income margin excl. special items and PRF 1 | |
| 8.3 | % | |
| 6.0 | % | |
| | | |
| | | |
| 7.9 | % | |
| 7.2 | % | |
| | | |
| | |
EBITDA margin | |
| 16.4 | % | |
| 16.0 | % | |
| | | |
| | | |
| 15.6 | % | |
| 16.4 | % | |
| | | |
| | |
1 For a reconciliation of
special items, please refer to the table on page 8.
Statement of earnings | page 2 of 9 | August 2, 2023 |
Segment information
| |
Three
months ended June 30, | | |
| | |
Six
months ended June 30, | | |
| |
unaudited | |
2023 | | |
2022 | | |
Change | | |
Change
at cc | | |
2023 | | |
2022 | | |
Change | | |
Change
at cc | |
Total | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Revenue in €
million | |
| 4,825 | | |
| 4,757 | | |
| 1.4 | % | |
| 6.0 | % | |
| 9,529 | | |
| 9,305 | | |
| 2.4 | % | |
| 3.9 | % |
Operating income in €
million | |
| 357 | | |
| 341 | | |
| 4.7 | % | |
| 5.5 | % | |
| 618 | | |
| 688 | | |
| -10.3 | % | |
| -11.4 | % |
Operating income margin | |
| 7.4 | % | |
| 7.2 | % | |
| | | |
| | | |
| 6.5 | % | |
| 7.4 | % | |
| | | |
| | |
Operating income in € million
excl. special items and PRF 1 | |
| 401 | | |
| 284 | | |
| 41.3 | % | |
| 43.5 | % | |
| 755 | | |
| 675 | | |
| 11.9 | % | |
| 11.0 | % |
Operating income margin excl.
special items and PRF 1 | |
| 8.3 | % | |
| 6.0 | % | |
| | | |
| | | |
| 7.9 | % | |
| 7.2 | % | |
| | | |
| | |
Days
sales outstanding (DSO) 2 | |
| | | |
| | | |
| | | |
| | | |
| 68 | | |
| 68 | | |
| | | |
| | |
Employees (headcount) | |
| | | |
| | | |
| | | |
| | | |
| 124,295 | | |
| 130,448 | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Care Delivery segment | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Revenue in € million | |
| 3,873 | | |
| 3,822 | | |
| 1.3 | % | |
| 5.7 | % | |
| 7,628 | | |
| 7,469 | | |
| 2.1 | % | |
| 3.3 | % |
Operating income in €
million | |
| 384 | | |
| 433 | | |
| -11.3 | % | |
| -10.3 | % | |
| 669 | | |
| 731 | | |
| -8.5 | % | |
| -9.6 | % |
Operating income margin | |
| 9.9 | % | |
| 11.3 | % | |
| | | |
| | | |
| 8.8 | % | |
| 9.8 | % | |
| | | |
| | |
Operating income in € million
excl. special items and PRF 1 | |
| 402 | | |
| 287 | | |
| 39.6 | % | |
| 41.6 | % | |
| 704 | | |
| 599 | | |
| 17.8 | % | |
| 16.8 | % |
Operating income margin excl.
special items and PRF 1 | |
| 10.4 | % | |
| 7.5 | % | |
| | | |
| | | |
| 9.2 | % | |
| 8.0 | % | |
| | | |
| | |
Days
sales outstanding (DSO) 2 | |
| | | |
| | | |
| | | |
| | | |
| 61 | | |
| 60 | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Care Enablement segment | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Revenue in € million | |
| 1,325 | | |
| 1,318 | | |
| 0.5 | % | |
| 5.7 | % | |
| 2,635 | | |
| 2,586 | | |
| 1.9 | % | |
| 4.6 | % |
Operating income in €
million | |
| 2 | | |
| (11 | ) | |
| n.a | | |
| n.a | | |
| (23 | ) | |
| 59 | | |
| n.a | | |
| n.a | |
Operating income margin | |
| 0.1 | % | |
| -0.8 | % | |
| | | |
| | | |
| -0.9 | % | |
| 2.3 | % | |
| | | |
| | |
Operating income in € million
excl. special items and PRF 1 | |
| 19 | | |
| 3 | | |
| 532.7 | % | |
| 600.5 | % | |
| 88 | | |
| 100 | | |
| -11.7 | % | |
| -12.9 | % |
Operating income margin excl.
special items and PRF 1 | |
| 1.4 | % | |
| 0.2 | % | |
| | | |
| | | |
| 3.3 | % | |
| 3.8 | % | |
| | | |
| | |
Days
sales outstanding (DSO) 2 | |
| | | |
| | | |
| | | |
| | | |
| 97 | | |
| 100 | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Inter-segment
eliminations 3 | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Revenue in € million | |
| (373 | ) | |
| (383 | ) | |
| -2.9 | % | |
| 2.5 | % | |
| (734 | ) | |
| (750 | ) | |
| -2.1 | % | |
| 0.1 | % |
Operating income in € million | |
| (4 | ) | |
| 3 | | |
| n.a | | |
| n.a | | |
| (13 | ) | |
| (8 | ) | |
| 91.4 | % | |
| 89.8 | % |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Corporate | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Operating income in €
million | |
| (25 | ) | |
| (84 | ) | |
| -69.8 | % | |
| -69.2 | % | |
| (15 | ) | |
| (94 | ) | |
| -84.0 | % | |
| -84.8 | % |
Operating income in € million
excl. special items and PRF 1 | |
| (16 | ) | |
| (9 | ) | |
| 79.2 | % | |
| 92.4 | % | |
| (24 | ) | |
| (16 | ) | |
| 50.6 | % | |
| 45.6 | % |
1
For a reconciliation of special items, please refer to the table on page 8.
2
2022 includes DSO as of December 31, 2022.
3
The Company transfers products between segments at fair market value. The associated internal revenues and expenses and any remaining
internally generated profit or loss for the product transfers are recorded within the operating segments initially, are eliminated upon
consolidation and are included within “Inter-segment eliminations”.
cc = constant currency. Changes in revenue,
operating income and net income attributable to shareholders of FMC AG & Co. KGaA include the impact of changes in foreign currency
exchange rates. We calculate and present these financial measures using both IFRS® Accounting Standards and at constant exchange
rates to show changes in these metrics and other items without giving effect to period-to-period currency fluctuations. Under IFRS Accounting
Standards, 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".
Segment information | page 3 of 9 | August 2, 2023 |
Balance
sheet
| |
June 30, | | |
December 31, | |
in € million, except for net leverage ratio, unaudited | |
| 2023 | | |
| 2022 | |
Assets | |
| | | |
| | |
Current assets | |
| 8,347 | | |
| 8,203 | |
Goodwill and intangible assets | |
| 16,824 | | |
| 17,310 | |
Right-of-use assets | |
| 3,977 | | |
| 4,187 | |
Other non-current assets | |
| 5,812 | | |
| 6,054 | |
Total assets | |
| 34,960 | | |
| 35,754 | |
| |
| | | |
| | |
Liabilities and equity | |
| | | |
| | |
Current liabilities | |
| 6,624 | | |
| 6,467 | |
Non-current liabilities | |
| 13,406 | | |
| 13,838 | |
Total equity | |
| 14,930 | | |
| 15,449 | |
Total liabilities and equity | |
| 34,960 | | |
| 35,754 | |
| |
| | | |
| | |
Equity/assets ratio | |
| 43 | % | |
| 43 | % |
| |
| | | |
| | |
Debt and lease liabilities | |
| | | |
| | |
Short-term debt from unrelated parties | |
| 901 | | |
| 665 | |
Short-term debt from related parties | |
| 3 | | |
| 4 | |
Current portion of long-term debt | |
| 701 | | |
| 694 | |
Current portion of lease liabilities from unrelated parties | |
| 627 | | |
| 650 | |
Current portion of lease liabilities from related parties | |
| 25 | | |
| 24 | |
Long-term debt, less current portion | |
| 6,997 | | |
| 7,171 | |
Lease liabilities from unrelated parties, less current portion | |
| 3,685 | | |
| 3,875 | |
Lease liabilities from related parties, less current portion | |
| 126 | | |
| 130 | |
Debt and lease liabilities included within liabilities directly
associated with assets held for sale | |
| 12 | | |
| — | |
Total debt and lease liabilities | |
| 13,077 | | |
| 13,213 | |
Minus:
Cash and cash equivalents1 | |
| (1,363 | ) | |
| (1,274 | ) |
Total net debt and lease liabilities | |
| 11,714 | | |
| 11,939 | |
| |
| | | |
| | |
Reconciliation of annualized adjusted
EBITDA and net leverage | |
| | | |
| | |
ratio to the most directly comparable
IFRS financial measures | |
| | | |
| | |
Net income | |
| 805 | | |
| 895 | |
Income tax expense | |
| 321 | | |
| 325 | |
Interest income | |
| (77 | ) | |
| (68 | ) |
Interest expense | |
| 392 | | |
| 360 | |
Depreciation and amortization | |
| 1,700 | | |
| 1,718 | |
Adjustments2 | |
| 319 | | |
| 320 | |
Annualized adjusted EBITDA | |
| 3,460 | | |
| 3,550 | |
| |
| | | |
| | |
Net leverage ratio | |
| 3.4 | | |
| 3.4 | |
1 Includes cash and cash equivalents
included within assets held for sale.
2 Acquisitions and divestitures
made for the last twelve months with a purchase price above a €50 M threshold as defined in the Syndicated Credit Facility (2023:
-€12 M; 2022: -€22 M), non-cash charges, primarily related to pension expense (2023: €51 M; 2022: €54 M), impairment
loss (2023: €168 M; 2022: €120 M) and special items, including costs related to the FME25 Program (2023: €142 M; 2022:
€155 M), Legal Form Conversion Costs (2023: €7 M), Legacy Portfolio Optimization (2023: €71 M), Net Gain Related
to InterWell Health (2023: -€114 M; 2022: -€114 M), Humacyte Investment Remeasurement (2023: €10 M; 2022: €103 M),
Hyperinflation in Turkiye (2023: -€1 M; 2022: €5 M) and the Impacts Related to the War in Ukraine (2023: -€3 M; 2022:
€19 M).
Balance sheet | page 4 of 9 | August 2, 2023 |
Cash
flow statement
| |
Three months
ended June 30, | | |
Six months ended
June 30, | |
in € million, unaudited | |
| 2023 | | |
| 2022 | | |
| 2023 | | |
| 2022 | |
Operating activities | |
| | | |
| | | |
| | | |
| | |
Net income | |
| 195 | | |
| 206 | | |
| 329 | | |
| 417 | |
Depreciation, amortization and impairment
loss | |
| 434 | | |
| 422 | | |
| 872 | | |
| 842 | |
Change in trade accounts and other receivables
from unrelated parties | |
| 326 | | |
| 177 | | |
| (80 | ) | |
| (56 | ) |
Change in inventories | |
| (22 | ) | |
| (56 | ) | |
| (111 | ) | |
| (118 | ) |
Change in other working capital and non-cash
items | |
| 74 | | |
| 2 | | |
| 140 | | |
| (175 | ) |
Net cash provided by (used in) operating
activities | |
| 1,007 | | |
| 751 | | |
| 1,150 | | |
| 910 | |
In percent of revenue | |
| 20.9 | % | |
| 15.8 | % | |
| 12.1 | % | |
| 9.8 | % |
| |
| | | |
| | | |
| | | |
| | |
Investing activities | |
| | | |
| | | |
| | | |
| | |
Purchases of property, plant and equipment
and capitalized development costs | |
| (155 | ) | |
| (172 | ) | |
| (298 | ) | |
| (334 | ) |
Proceeds from sale of property, plant and
equipment | |
| 0 | | |
| 3 | | |
| 2 | | |
| 5 | |
Capital expenditures, net | |
| (155 | ) | |
| (169 | ) | |
| (296 | ) | |
| (329 | ) |
| |
| | | |
| | | |
| | | |
| | |
Free cash flow | |
| 852 | | |
| 582 | | |
| 854 | | |
| 581 | |
In percent of revenue | |
| 17.7 | % | |
| 12.2 | % | |
| 9.0 | % | |
| 6.2 | % |
Acquisitions and investments, net of cash
acquired, and purchases of intangible assets | |
| (10 | ) | |
| (24 | ) | |
| (14 | ) | |
| (61 | ) |
Investments in debt securities | |
| (17 | ) | |
| (43 | ) | |
| (63 | ) | |
| (86 | ) |
Proceeds from divestitures | |
| 13 | | |
| 26 | | |
| 25 | | |
| 40 | |
Proceeds from sale of debt securities | |
| 36 | | |
| 13 | | |
| 51 | | |
| 27 | |
Free cash flow after investing activities | |
| 874 | | |
| 554 | | |
| 853 | | |
| 501 | |
Cash flow | page 5 of 9 | August 2, 2023 |
Revenue development by segment | |
| | |
| | |
| | |
| | |
| | |
| |
| |
| | |
| | |
| | |
| | |
| | |
| |
| |
| | |
| | |
| | |
| | |
| | |
Same market | |
| |
| | |
| | |
| | |
Change | | |
Organic | | |
treatment | |
in € million, unaudited | |
2023 | | |
2022 | | |
Change | | |
at cc | | |
growth | | |
growth1 | |
Three months ended June 30, | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Total
revenue | |
| 4,825 | | |
| 4,757 | | |
| 1.4 | % | |
| 6.0 | % | |
| 6.3 | % | |
| | |
Care Delivery segment | |
| 3,873 | | |
| 3,822 | | |
| 1.3 | % | |
| 5.7 | % | |
| 6.2 | % | |
| 0.3 | % |
Thereof: U.S. | |
| 3,120 | | |
| 3,066 | | |
| 1.7 | % | |
| 3.7 | % | |
| 4.0 | % | |
| -0.1 | % |
Thereof: International | |
| 753 | | |
| 756 | | |
| -0.3 | % | |
| 14.0 | % | |
| 14.9 | % | |
| 0.9 | % |
Care Enablement segment | |
| 1,325 | | |
| 1,318 | | |
| 0.5 | % | |
| 5.7 | % | |
| 5.7 | % | |
| | |
Inter-segment
eliminations | |
| (373 | ) | |
| (383 | ) | |
| -2.9 | % | |
| 2.5 | % | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Six months ended June 30, | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Total revenue | |
| 9,529 | | |
| 9,305 | | |
| 2.4 | % | |
| 3.9 | % | |
| 4.4 | % | |
| | |
Care Delivery segment | |
| 7,628 | | |
| 7,469 | | |
| 2.1 | % | |
| 3.3 | % | |
| 3.9 | % | |
| 0.2 | % |
Thereof: U.S. | |
| 6,123 | | |
| 5,996 | | |
| 2.1 | % | |
| 0.9 | % | |
| 1.6 | % | |
| -0.1 | % |
Thereof: International | |
| 1,505 | | |
| 1,473 | | |
| 2.2 | % | |
| 12.9 | % | |
| 13.6 | % | |
| 0.7 | % |
Care Enablement segment | |
| 2,635 | | |
| 2,586 | | |
| 1.9 | % | |
| 4.6 | % | |
| 4.6 | % | |
| | |
Inter-segment
eliminations | |
| (734 | ) | |
| (750 | ) | |
| -2.1 | % | |
| 0.1 | % | |
| | | |
| | |
1 Same market treatment growth = organic growth less price effects
Reconciliation of health care services and health care products revenue to new segments
| |
2023 | | |
2022 | |
| |
Care
Delivery | | |
Care
Enablement | | |
Inter-
segment | | |
| | |
Care Delivery | | |
Care
Enablement | | |
Inter-
segment | | |
| |
in € million, unaudited | |
segment | | |
segment | | |
eliminations | | |
Total | | |
segment | | |
segment | | |
eliminations | | |
Total | |
Three months ended June 30, | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
Health care services revenue | |
| 3,829 | | |
| — | | |
| — | | |
| 3,829 | | |
| 3,782 | | |
| — | | |
| — | | |
| 3,782 | |
Health care products revenue | |
| 44 | | |
| 952 | | |
| — | | |
| 996 | | |
| 40 | | |
| 935 | | |
| — | | |
| 975 | |
Inter-segment revenue | |
| — | | |
| 373 | | |
| (373 | ) | |
| — | | |
| — | | |
| 383 | | |
| (383 | ) | |
| — | |
Revenue | |
| 3,873 | | |
| 1,325 | | |
| (373 | ) | |
| 4,825 | | |
| 3,822 | | |
| 1,318 | | |
| (383 | ) | |
| 4,757 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Six months ended June 30, | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Health care services revenue | |
| 7,541 | | |
| — | | |
| — | | |
| 7,541 | | |
| 7,389 | | |
| — | | |
| — | | |
| 7,389 | |
Health care products revenue | |
| 87 | | |
| 1,901 | | |
| — | | |
| 1,988 | | |
| 80 | | |
| 1,836 | | |
| — | | |
| 1,916 | |
Inter-segment revenue | |
| — | | |
| 734 | | |
| (734 | ) | |
| — | | |
| — | | |
| 750 | | |
| (750 | ) | |
| — | |
Revenue | |
| 7,628 | | |
| 2,635 | | |
| (734 | ) | |
| 9,529 | | |
| 7,469 | | |
| 2,586 | | |
| (750 | ) | |
| 9,305 | |
Revenue development by segment | page 6 of 9 | August 2, 2023 |
Key metrics Care Delivery segment
|
|
Six months ended June 30, 2023 |
|
|
|
|
|
|
Growth |
|
|
|
|
|
|
|
|
Growth |
|
|
|
|
|
Growth |
|
|
|
|
|
|
in % |
|
|
Net change |
|
|
|
|
|
in % |
|
|
|
|
|
in % |
|
unaudited |
|
Clinics |
|
|
yoy |
|
|
in clinics 1 |
|
|
Patients |
|
|
yoy |
|
|
Treatments |
|
|
yoy |
|
Total |
|
|
4,050 |
|
|
|
-3 |
% |
|
|
(66 |
) |
|
|
344,086 |
|
|
|
0 |
% |
|
|
25,812,988 |
|
|
|
0 |
% |
Thereof: U.S. |
|
|
2,634 |
|
|
|
-2 |
% |
|
|
(37 |
) |
|
|
206,692 |
|
|
|
0 |
% |
|
|
15,525,016 |
|
|
|
0 |
% |
Thereof: International |
|
|
1,416 |
|
|
|
-4 |
% |
|
|
(29 |
) |
|
|
137,394 |
|
|
|
-1 |
% |
|
|
10,287,972 |
|
|
|
-1 |
% |
1 Net change in clinics (acquired, de novo, combined, closed
and sold) in comparison to December 31, 2022.
yoy = year-on-year
Key metrics | page 7 of 9 | August 2, 2023 |
Reconciliation of non-IFRS financial measures to
the most directly comparable IFRS financial measures for comparability with the Company´s outlook
| |
| |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Results
excl. special items | |
| |
| |
Special items | | |
| | |
| | |
| | |
Special items | | |
| | |
| | |
| | |
and
PRF | |
in € million, | |
| |
| |
Legal
Form | | |
Legacy
Portfolio | | |
Humacyte
Investment | | |
| | |
Results
2023 | | |
| | |
| | |
Humacyte
Investment | | |
| | |
Hyper- | | |
Provider
Relief | | |
Sum
of | | |
Results 2022
excl.
special | | |
| | |
| |
except share data, | |
Results
| |
FME25
| |
Conversion
| | |
Optimiza-
| | |
Remeasure-
| | |
Sum
of
| | |
excl.special
| | |
Results
| | |
FME25
| | |
Remeasure-
| | |
Ukraine
| | |
inflation
| | |
Funding
|
|
special
items
| | |
items
| | |
| | |
Change
| |
unaudited | |
2023 | |
Program | |
Costs | | |
tion
1 | | |
ment | | |
special
items | | |
items | | |
2022 | | |
Program | | |
ment | | |
War2 | | |
in
Turkiye | | |
(PRF) | | |
and
PRF | | |
and
PRF | | |
Change | | |
at
cc | |
Three months ended June 30, | |
| | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Total
revenue | |
| 4,825 | |
| | |
| | | |
| | | |
| | | |
| — | | |
| 4,825 | | |
| 4,757 | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| — | | |
| 4,757 | | |
| 1.4 | % | |
| 6.0 | % |
EBITDA | |
| 791 | |
| 14 | |
| 5 | | |
| 11 | | |
| 4 | | |
| 34 | | |
| 825 | | |
| 763 | | |
| 21 | | |
| 75 | | |
| 2 | | |
| 6 | | |
| (161 | ) | |
| (57 | ) | |
| 706 | | |
| 16.8 | % | |
| 19.4 | % |
Total
operating income | |
| 357 | |
| 25 | |
| 5 | | |
| 10 | | |
| 4 | | |
| 44 | | |
| 401 | | |
| 341 | | |
| 21 | | |
| 75 | | |
| 2 | | |
| 6 | | |
| (161 | ) | |
| (57 | ) | |
| 284 | | |
| 41.3 | % | |
| 43.5 | % |
Care Delivery
segment | |
| 384 | |
| 8 | |
| — | | |
| 10 | | |
| — | | |
| 18 | | |
| 402 | | |
| 433 | | |
| 13 | | |
| — | | |
| 2 | | |
| 0 | | |
| (161 | ) | |
| (146 | ) | |
| 287 | | |
| 39.6 | % | |
| 41.6 | % |
Care Enablement
segment | |
| 2 | |
| 17 | |
| — | | |
| 0 | | |
| — | | |
| 17 | | |
| 19 | | |
| (11 | ) | |
| 8 | | |
| — | | |
| 0 | | |
| 6 | | |
| — | | |
| 14 | | |
| 3 | | |
| 532.7 | % | |
| 600.5 | % |
Inter-segment
eliminations | |
| (4 | ) |
| — | |
| — | | |
| — | | |
| — | | |
| — | | |
| (4 | ) | |
| 3 | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| 3 | | |
| n.a. | | |
| n.a. | |
Corporate | |
| (25 | ) |
| 0 | |
| 5 | | |
| — | | |
| 4 | | |
| 9 | | |
| (16 | ) | |
| (84 | ) | |
| — | | |
| 75 | | |
| — | | |
| — | | |
| — | | |
| 75 | | |
| (9 | ) | |
| 79.2 | % | |
| 92.4 | % |
Interest expense,
net | |
| 81 | |
| | |
| | | |
| | | |
| | | |
| — | | |
| 81 | | |
| 72 | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| — | | |
| 72 | | |
| 12.5 | % | |
| 14.1 | % |
Income tax
expense | |
| 81 | |
| 5 | |
| 1 | | |
| 2 | | |
| 1 | | |
| 9 | | |
| 90 | | |
| 63 | | |
| 6 | | |
| 20 | | |
| — | | |
| — | | |
| (42 | ) | |
| (16 | ) | |
| 47 | | |
| 94.9 | % | |
| 97.4 | % |
Net
income attributable to noncontrolling
interests | |
| 55 | |
| — | |
| — | | |
| 0 | | |
| — | | |
| — | | |
| 55 | | |
| 59 | | |
| — | | |
| — | | |
| — | | |
| — | | |
| (10 | ) | |
| (10 | ) | |
| 49 | | |
| 10.5 | % | |
| 12.0 | % |
Net
income3 | |
| 140 | |
| 20 | |
| 4 | | |
| 8 | | |
| 3 | | |
| 35 | | |
| 175 | | |
| 147 | | |
| 15 | | |
| 55 | | |
| 2 | | |
| 6 | | |
| (109 | ) | |
| (31 | ) | |
| 116 | | |
| 50.9 | % | |
| 53.6 | % |
Basic
earnings per share | |
€ | 0.48 | |
€ | 0.07 | |
€ | 0.01 | | |
€ | 0.02 | | |
€ | 0.01 | | |
€ | 0.11 | | |
€ | 0.59 | | |
€ | 0.50 | | |
€ | 0.05 | | |
€ | 0.19 | | |
€ | 0.01 | | |
€ | 0.02 | | |
€ | (0.38 | ) | |
€ | (0.11 | ) | |
€ | 0.39 | | |
| 50.7 | % | |
| 53.5 | % |
| |
| | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Six months ended June 30, | |
| | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Total
revenue | |
| 9,529 | |
| | |
| | | |
| | | |
| | | |
| — | | |
| 9,529 | | |
| 9,305 | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| — | | |
| 9,305 | | |
| 2.4 | % | |
| 3.9 | % |
EBITDA | |
| 1,490 | |
| 36 | |
| 7 | | |
| 71 | | |
| (15 | ) | |
| 99 | | |
| 1,589 | | |
| 1,530 | | |
| 49 | | |
| 78 | | |
| 23 | | |
| 6 | | |
| (177 | ) | |
| (21 | ) | |
| 1,509 | | |
| 5.3 | % | |
| 5.0 | % |
Total
operating income | |
| 618 | |
| 51 | |
| 7 | | |
| 94 | | |
| (15 | ) | |
| 137 | | |
| 755 | | |
| 688 | | |
| 57 | | |
| 78 | | |
| 23 | | |
| 6 | | |
| (177 | ) | |
| (13 | ) | |
| 675 | | |
| 11.9 | % | |
| 11.0 | % |
Care Delivery
segment | |
| 669 | |
| 24 | |
| — | | |
| 11 | | |
| — | | |
| 35 | | |
| 704 | | |
| 731 | | |
| 35 | | |
| — | | |
| 10 | | |
| 0 | | |
| (177 | ) | |
| (132 | ) | |
| 599 | | |
| 17.8 | % | |
| 16.8 | % |
Care Enablement
segment | |
| (23 | ) |
| 28 | |
| — | | |
| 83 | | |
| — | | |
| 111 | | |
| 88 | | |
| 59 | | |
| 22 | | |
| — | | |
| 13 | | |
| 6 | | |
| — | | |
| 41 | | |
| 100 | | |
| -11.7 | % | |
| -12.9 | % |
Inter-segment
eliminations | |
| (13 | ) |
| — | |
| — | | |
| — | | |
| — | | |
| — | | |
| (13 | ) | |
| (8 | ) | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| (8 | ) | |
| 91.4 | % | |
| 89.8 | % |
Corporate | |
| (15 | ) |
| (1 | ) |
| 7 | | |
| — | | |
| (15 | ) | |
| (9 | ) | |
| (24 | ) | |
| (94 | ) | |
| — | | |
| 78 | | |
| — | | |
| — | | |
| — | | |
| 78 | | |
| (16 | ) | |
| 50.6 | % | |
| 45.6 | % |
Interest expense,
net | |
| 163 | |
| | |
| | | |
| | | |
| | | |
| — | | |
| 163 | | |
| 141 | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| — | | |
| 141 | | |
| 16.0 | % | |
| 14.4 | % |
Income tax
expense | |
| 126 | |
| 11 | |
| 2 | | |
| 25 | | |
| (4 | ) | |
| 34 | | |
| 160 | | |
| 130 | | |
| 17 | | |
| 21 | | |
| 3 | | |
| — | | |
| (48 | ) | |
| (7 | ) | |
| 123 | | |
| 31.1 | % | |
| 30.1 | % |
Net
income attributable to noncontrolling
interests | |
| 102 | |
| — | |
| — | | |
| 1 | | |
| — | | |
| 1 | | |
| 103 | | |
| 112 | | |
| — | | |
| — | | |
| — | | |
| — | | |
| (14 | ) | |
| (14 | ) | |
| 98 | | |
| 3.7 | % | |
| 2.5 | % |
Net
income3 | |
| 227 | |
| 40 | |
| 5 | | |
| 68 | | |
| (11 | ) | |
| 102 | | |
| 329 | | |
| 305 | | |
| 40 | | |
| 57 | | |
| 20 | | |
| 6 | | |
| (115 | ) | |
| 8 | | |
| 313 | | |
| 5.2 | % | |
| 4.6 | % |
Basic
earnings per share | |
€ | 0.77 | |
€ | 0.14 | |
€ | 0.02 | | |
€ | 0.23 | | |
€ | (0.04 | ) | |
€ | 0.35 | | |
€ | 1.12 | | |
€ | 1.04 | | |
€ | 0.14 | | |
€ | 0.19 | | |
€ | 0.07 | | |
€ | 0.02 | | |
€ | (0.39 | ) | |
€ | 0.03 | | |
€ | 1.07 | | |
| 5.1 | % | |
| 4.5 | % |
1 Costs mainly comprise the derecognition of capitalized
development costs and the impairment of intangible assets (licenses and distribution rights) as well as termination costs (including
certain contractual obligation expenses) related to a dialysis cycler development program which was discontinued in Q1 2023 and other
expenses related to a divestiture agreed upon in Q2 2023.
2 Bad debt expense in Russia and Ukraine and accruals for
certain risks associated with allowances on inventories related to the Ukraine War.
3 Attributable to shareholders of FMC AG &
Co. KGaA
Reconciliation results excl. special items | page 8 of 9 | August 2, 2023 |
Outlook 2023
|
|
|
|
Outlook 2023 |
|
|
Results 2022 |
|
(at Constant Currency) |
Revenue1 |
|
€19,398 M |
|
low to mid-single digit percentage rate growth |
|
|
|
|
flat to low-single digit percentage rate decline |
Operating income1 |
|
€1,540 M |
|
(initially: flat to
high-single digit percentage rate decline) |
1 Outlook 2023 is based on the assumptions outlined in the
earnings release for the fourth quarter and full year of 2022 and excludes special items. Special items include costs related to the FME25
program, Legal Form Conversion Costs, Legacy Portfolio Optimization, Humacyte Investment Remeasurement and other 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 2022 excluding the costs related to the FME25 program (€204 M for operating income), Net Gain Related to
InterWell Health ( -€56 M for operating income), Humacyte Investment Remeasurement (€103 M for operating income), Hyperinflation
in Turkiye (€5 M for operating income) and the Impacts Related to the War in Ukraine (€49 M for operating income). Additionally,
the results 2022 were adjusted for the Provider Relief Funding (-€277 M for operating income).
Outlook 2023 | page 9 of 9 | August 2, 2023 |
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