Fresenius Medical Care AG & Co. KGaA: Reports Third Quarter 2012 And Nine Month 2012 Results


31.10.12 07:20
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KGaA: Reports Third Quarter 2012 AndNine Month 2012 Results31.10.2012 / 07:17---------------------------------October 31, 2012Fresenius Medical Care Reports Third Quarter 2012 And Nine Months 2012Results3rd Quarter 2012 Summary:
Net revenue                          $3,418 million                    +7%OpeRating income (EBIT)                $568 million                    +6%Net income *                           $270 million                    -3%Earnings per ordinary share                   $0.88                    -4%                                                                                                                                                                                                                                                                                                        
Nine Months 2012 Summary:
Net revenue                               $10,095 million               +8%Operating income (EBIT)                    $1,659 million              +11%Net income *                                 $930 million              +22%Earnings per ordinary share                         $3.05              +21%                                                                           Earnings excluding investment gain:                                        Net income *                                 $790 million               +4%Earnings per ordinary share                         $2.59               +3%                                                                           
* Attributable to shareholders of Fresenius Medical Care AG & Co. KGaABad Homburg, Germany - Fresenius Medical Care AG & Co. KGaA (the 'company'or 'Fresenius Medical Care'; Frankfurt Stock Exchange: FME / New York StockExchange: FMS), the world's largest provider of dialysis products andservices, today announced its results for the third quarter and first ninemonths of 2012.3rd Quarter of 2012RevenueNet revenue for the third quarter of 2012 increased by 7% to $3,418 million(+11% at constant currency) compared to the third quarter of 2011. Organicrevenue growth worldwide was 4%. Dialysis services revenue grew by 10% to$2,605 million (+12% at constant currency) and dialysis product revenuedecreased by 1% to $813 million and increased by 7% at constant currency.North America revenue for the third quarter of 2012 increased by 13% to$2,249 million. Dialysis services revenue grew by 15% to $2,047 millionwith a same market treatment growth of 4%. Average revenue per treatmentfor U.S. clinics increased to $349 in the third quarter of 2012 compared to$345 for the corresponding quarter in 2011. Dialysis product revenuedecreased by 1% to $202 million. After adjusting for the Libertyacquisition, dialysis product revenue increased by 2%.International revenue decreased by 2% to $1,163 million and increased by 7%at constant currency. Organic revenue growth was 7%. Dialysis servicesrevenue decreased by 4% to $558 million and increased by 6% at constantcurrency. Dialysis product revenue decreased by 1% to $605 million andincreased by 9% at constant currency.EarningsOperating income (EBIT) for the third quarter of 2012 increased by 6% to$568 million compared to $534 million in the third quarter of 2011. Thisresulted in an operating margin of 16.6% for the third quarter of 2012compared to 16.8% for the corresponding quarter in 2011.In North America, the operating margin decreased from 18.8% to 18.7%.Average costs per treatment for U.S. clinics increased by $2 to $281 in thethird quarter of 2012 as compared to $279 in the third quarter of 2011.In the International segment, the operating margin decreased from 17.3% to16.8%.Net interest expense for the third quarter of 2012 was $108 million,compared to $68 million in the third quarter of 2011. This development wasmainly attributable to the higher level of indebtedness as a result of theissuance of various tranches of senior notes over the course of 2011 and2012 to finance dialysis clinic acquisitions.Income tax expense was $153 million for the third quarter of 2012 comparedto $163 million in the third quarter of 2011, reflecting effective taxrates of 33.3% and 35.0%, respectively. Net income attributable to shareholders of Fresenius Medical Care AG & Co.KGaA for the third quarter of 2012 was $270 million, a decrease of 3%compared to the corresponding quarter of 2011.Earnings per ordinary share (EPS) for the third quarter 2012 was $0.88compared to $0.92 for the third quarter of 2011. The weighted averagenumber of shares outstanding for the third quarter of 2012 wasapproximately 305.5 million shares, compared to 303.2 million shares forthe third quarter of 2011. The increase in shares outstanding resulted fromstock option exercises in the past 12 months.Cash flow In the third quarter of 2012, the company generated $535 million in cashfrom operations, an increase of 16% compared to the corresponding figurelast year and representing 15.7% of revenue. The cash flow generation wassupported by the favorable earnings development as well as the favorabledevelopment of working capital items including inventory.A total of $164 million was spent for capital expenditures, net ofdisposals. Free cash flow before acquisitions was $371 million(representing 10.8% of revenue) compared to $313 million in the thirdquarter of 2011. A total of $37 million in cash was spent for acquisitionsand investments, net of divestitures. Free cash flow after acquisitions anddivestitures was $334 million, compared to $264 million in the thirdquarter of 2011.Nine Months of 2012Revenue and EarningsNet revenue for the first nine months of 2012 increased by 8% to $10,095million (+11% at constant currency) compared to the first nine months of2011. Organic revenue growth was 4% in the first nine months of 2012.Operating income (EBIT) for the first nine months of 2012 increased by 11%to $1,659 million compared to $1,488 million in the first nine months of2011. The operating income margin increased to 16.4% for the first ninemonths of 2012 as compared to 16.0% in the same period in 2011.Net interest expense for the first nine months of 2012 was $311 millioncompared to $214 million in the same period of 2011.For the first nine months of 2012, net income attributable to shareholdersof Fresenius Medical Care AG & Co. KGaA was $930 million, up by 22% fromthe first nine months of 2011. This includes a non-taxable investment gainof $140 million related to the acquisition of Liberty Dialysis Holdings,Inc., including its 51% stake in Renal Advantage Partners, LLC (RAI). Thegain is a result of measuring the 49% equity interest in RAI held by thecompany at its fair value at the time of the Liberty acquisition. Excludingthis investment gain, net income attributable to shareholders of FreseniusMedical Care AG & Co. KGaA increased by 4% to $790 million.Income tax expense for the first nine months of 2012 was $462 millioncompared to $436 million in the same period in 2011, reflecting effectivetax rates of 31.1% and 34.2%, respectively. Excluding the investment gainthe effective tax rate for the first nine months of 2012 was 34.3%.In the first nine months of 2012, earnings per ordinary share rose by 21%to $3.05 and by 3% to $2.59 if excluding the investment gain. The weightedaverage number of shares outstanding during the first nine months of 2012was approximately 304.7 million compared to 302.7 million shares for thefirst nine months of 2011.Cash Flow Cash from operations during the first nine months of 2012 was $1,467million compared to $950 million for the same period in 2011, representing14.5% of revenue.A total of $438 million in cash was spent for capital expenditures, net ofdisposals. Free cash flow before acquisitions for the first nine months of2012 was $1,029 million compared to $570 million in the same period in2011. A total of $1,557 million in cash was spent for acquisitions, net ofdivestitures. Free cash flow after acquisitions and divestitures was minus$528 million compared to minus $601 million in the first nine months oflast year.Please refer to the attachments for a complete overview on the thirdquarter and first nine months of 2012 and the reconciliation of non-GAAPfinancial measures included in this release to the most comparable GAAPfinancial measures.Patients - Clinics - Treatments As of September 30, 2012, Fresenius Medical Care treated 256,521 patientsworldwide, which represents a 12% increase compared to the previous year'sfigure. North America provided dialysis treatments for 163,454 patients, anincrease of 16%. Including 31 clinics managed by Fresenius Medical CareNorth America, the number of patients in North America was 165,754. TheInternational segment provided dialysis treatment to 93,067 patients, anincrease of 6% over the prior year's figure.As of September 30, 2012, the company operated a total of 3,135 clinicsworldwide, which represents a 9% increase compared to the previous year'sfigure. The number of clinics is comprised of 2,056 clinics in NorthAmerica (2,087 including managed clinics), and 1,079 clinics in theInternational segment, representing an increase of 12% and 4%,respectively.During the first nine months of 2012, Fresenius Medical Care deliveredapproximately 28.6 million dialysis treatments worldwide. This representsan increase of 12%, compared to last year's figure. North America accountedfor 18.1 million treatments, an increase of 12%. The International segmentdelivered 10.5 million treatments, an increase of 13%.Employees As of September 30, 2012, Fresenius Medical Care had 85,368 employees(full-time equivalents) worldwide, compared to 79,159 employees at the endof 2011. This increase of more than 6,200 employees is due to overallgrowth in the company's business and acquisitions including LibertyDialysis Holdings, Inc.Debt/EBITDA ratioThe ratio of debt to earnings before interest, taxes, depreciation andamortization (EBITDA) increased from 2.55 at the end of the third quarterof 2011 to 2.81 at the end of the third quarter of 2012. The debt/EBITDAratio at the end of the second quarter 2012 was 2.92.RatingDuring the third quarter of 2012, Standard & Poor's removed the company'sratings from review and affirmed the company's corporate credit as 'BB+'with a 'stable' outlook. Moody's rates the company's corporate credit as'Ba1' with a 'stable' outlook, and Fitch rates the company's corporatecredit as 'BB+' with a 'stable' outlook. For further information onFresenius Medical Care's credit ratings, maturity profiles and creditinstruments, please visit our website at www.fmc-ag.com / InvestorRelations/ Credit Relations.Successful Renewal of Credit AgreementFresenius Medical Care successfully renewed its syndicated credit agreementincluding a revolving facility and a long term loan. The refinancing ofthose facilities was well received in the bank market. The company enteredinto a $3.85 billion syndicated credit agreement, comprised of 5-yearrevolving facilities (including a $200 million U.S. Dollar facility, aEUR500 million Euro facility and a $ 400 million multi-currency facility)and a 5-year $2.6 billion term loan. Proceeds from the credit facilitieswere used to refinance the company's existing credit facilities, whichotherwise would have matured on March 31, 2013, and for general corporatepurposes.Sales and earnings outlook for 2012 confirmedFor the full year 2012, the company confirms its sales and earningsoutlook.The company expects revenue to grow to ~ $14 billion in 2012 . Net incomeattributable to shareholders of Fresenius Medical Care AG & Co. KGaA isexpected to grow to ~ $1.14 billion1. This does neither include theinvestment gain in the amount of $140 million in the first nine months of2012 nor does it consider charges of up to $70 million after tax mainlyrelated to the intended renegotiation of the distribution, manufacturingand supply agreement for iron products in North America to reflect changesin the market and a donation to the American Society of Nephrologyfoundation to establish the Ben J. Lipps Research Fellowship Program. For 2012, the company expects to spend ~ $700 million on capitalexpenditures and ~ $1.8 billion on acquisitions. The debt/EBITDA ratio isexpected to be below 3.0 by the end of 2012.Ben Lipps, chief executive officer of Fresenius Medical Care, commented:'In light of the negative implications from the difficult economicenvironment and from currency fluctuations, we achieved good operatingresults with an excellent operating cash flow in the third quarter of 2012.In summary, we are confirming our guidance for the full year at the lowerend of the previously indicated range. We anticipate some specialcollection efforts related to services performed in prior years and otherinitiatives in the fourth quarter that will help us to achieve ourguidance. The integration progress of our latest acquisitions continues andwe are very pleased with our Quality Improvement programs and patientoutcomes continuing to improve in nutritional status and reduced hospitaldays. The CEO transition to Rice Powell continues on track with theappointment of Ron Kuerbitz as the new CEO for North America effectiveJanuary 2013.' Conference callFresenius Medical Care will hold a conference call to discuss the resultsof the third quarter and first nine months of 2012 on Wednesday, October31, 2012, at 3:30 p.m. CET / 10:30 a.m. EDT. The company invites investorsto view the live webcast of the call at the company's websitewww.fmc-ag.com in the 'Investor Relations' section. A replay will beavailable shortly after the call.Fresenius Medical Care is the world's largest integrated provider ofproducts and services for individuals undergoing dialysis because ofchronic kidney failure, a condition that affects more than 2.1 millionindividuals worldwide. Through its network of 3,135 dialysis clinics inNorth America, Europe, Latin America, Asia-Pacific and Africa, FreseniusMedical Care provides dialysis treatment to 256,521 patients around theglobe. Fresenius Medical Care is also the world's leading provider ofdialysis products such as hemodialysis machines, dialyzers and relateddisposable products.For more information about Fresenius Medical Care, visit the company'swebsite at www.fmc-ag.com.DisclaimerThis release contains forward-looking statements that are subject tovarious risks and uncertainties. Actual results could differ materiallyfrom those described in these forward-looking statements due to certainfactors, including changes in business, economic and competitiveconditions, regulatory reforms, foreign exchange rate fluctuations,uncertainties in litigation or investigative proceedings, and theavailability of financing. These and other risks and uncertainties aredetailed in Fresenius Medical Care AG & Co. KGaA's reports filed with theU.S. Securities and Exchange Commission. Fresenius Medical Care AG & Co.KGaA does not undertake any responsibility to update the forward-lookingstatements in this release. cc = constant currencyChanges in revenue include the impact of changes in foreign currencyexchange rates. We use the non-GAAP financial measure 'at constant exchangerates' in our filings to show changes in our revenue without giving effectto period-to-period currency fluctuations. Under U.S. GAAP, revenuesreceived in local (non-U.S. dollar) currency are translated into U.S.dollars at the average exchange rate for the period presented. When we usethe term 'constant currency', it means that we have translated localcurrency revenues for the current reporting period into U.S. dollars usingthe same average foreign currency exchange rates for the conversion ofrevenues into U.S. dollars that we used to translate local currencyrevenues for the comparable reporting period of the prior year. We thencalculate the change, as a percentage, of the current period revenues usingthe prior period exchange rates versus the prior period revenues. Thisresulting percentage is a non-GAAP measure referring to a change as apercentage 'at constant exchange rates'.We believe that revenue growth is a key indication of how a company isprogressing from period to period and that the non-GAAP financial measureconstant currency is useful to investors, lenders, and other creditorsbecause such information enables them to gauge the impact of currencyfluctuations on its revenue from period to period. However, we also believethat data on constant currency period-over-period changes have limitations,particularly as the currency effects that are eliminated could constitute asignificant element of our revenue and could significantly impact ourperformance. We therefore limit our use of constant currencyperiod-over-period changes to a measure for the impact of currencyfluctuations on the translation of local currency revenue into U.S.dollars. We do not evaluate our results and performance without consideringboth constant currency period-over-period changes in non-U.S. GAAP revenueon the one hand and changes in revenue prepared in accordance with U.S.GAAP on the other. We caution the readers of this report to follow asimilar approach by considering data on constant currencyperiod-over-period changes only in addition to, and not as a substitute foror superior to, changes in revenue prepared in accordance with U.S. GAAP.We present the fluctuation derived from U.S. GAAP revenue next to thefluctuation derived from non-GAAP revenue. Because the reconciliation isinherent in the disclosure, we believe that a separate reconciliation wouldnot provide any additional benefit. End of Corporate News---------------------------------31.10.2012 Dissemination of a Corporate News, transmitted by DGAP - acompany of EquityStory AG.The issuer is solely responsible for the content of this announcement.DGAP's Distribution Services include Regulatory Announcements,Financial/Corporate News and Press Releases.Media archive at www.dgap-medientreff.de and www.dgap.de---------------------------------Language: English Company: Fresenius Medical Care AG & Co. KGaA Else-Kröner-Straße 1 61352 Bad Homburg Germany Phone: +49 (0) 6172- 609 2525 Fax: +49 (0) 6172- 609 2301 E-mail: ir@fmc-ag.com Internet: www.fmc-ag.de ISIN: DE0005785802, DE0005785836, WKN: 578580, 578583 Indices: DAX Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin, Düsseldorf, Hamburg, Hannover, München, Stuttgart; Terminbörse EUREX; NYSE End of News DGAP News-Service --------------------------------- 190894 31.10.2012


 

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