Fresenius Medical Care Reports First Quarter 2006 Results; Excellent Start into the Year 2006.BAD HOMBURG Bad Hom·burg A city of west-central Germany at the foot of the Taunus Mountains near Frankfurt. It is a famous spa and resort. Population: 53,200. , Germany Germany (jûr`mənē), Ger. Deutschland, officially Federal Republic of Germany, republic (2005 est. pop. 82,431,000), 137,699 sq mi (356,733 sq km). -- Fresenius Medical Care Fresenius Medical Care is a German company specializing in the production of medical supplies, primarily to facilitate or aid renal dialysis. It is 37%-owned by the health care company Fresenius SE. AG & Co. KGaA KGaA Kommanditgesellschaft Auf Aktien (German: Limited partnership on shares; business entity) ("the Company") (Frankfurt Stock Exchange Frankfurt Stock Exchange The largest of Germany's eight securities exchanges, operated by Deutsche Borse AS. : FME FME Formal Methods Europe FME Faculty of Mechanical Engineering (Brno University of Technology, Czech Republic) FME Feature Manipulation Engine FME Facultat de Matemàtiques I Estadística , FME3) (NYSE NYSE See: New York Stock Exchange : FMS FMS - Flexible Manufacturing System (factory automation). , FMS-p): Summary First Quarter 2006: Net Revenue $ 1,747 million + 9% Operating Income (EBIT) $ 244 million + 11% Operating Income (EBIT) excluding SFAS 123 (R) and one-time-costs $ 247 million + 12% Net Income $ 116 million + 8% Net Income excluding SFAS 123 (R) and one-time-costs $ 127 million + 18% Fresenius Medical Care AG & Co. KGaA ("the Company") (Frankfurt Stock Exchange: FME, FME3) (NYSE: FMS, FMS-p), the world's largest provider of Dialysis dialysis (dīăl`ĭsĭs), in chemistry, transfer of solute (dissolved solids) across a semipermeable membrane. Strictly speaking, dialysis refers only to the transfer of the solute; transfer of the solvent is called osmosis. Products and Services, today announced the results for the first quarter 2006. Revenue Total revenue for the first quarter 2006 compared to the first quarter 2005 increased by 9% (10% at constant currency) to $1,747 million. Total organic revenue growth worldwide was 9%. Dialysis Services revenue grew by 9% to $1,273 million (10% at constant currency) in the first quarter of 2006. Dialysis Product revenue increased by 6% to $474 million (11% at constant currency) in the same period. North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. revenue increased by 10% to $1,194 million. Dialysis Services revenue increased by 9% to $1,059 million. Average revenue per treatment for the U.S. clinics increased by 6% to $310 in the first quarter 2006 as compared to $293 for the same quarter in 2005. Dialysis Product revenue increased by 12% to $134 million led by strong sales of our 2008K hemodialysis hemodialysis /he·mo·di·al·y·sis/ (-di-al´i-sis) removal of certain elements from the blood by virtue of the difference in rates of their diffusion through a semipermeable membrane while being circulated outside the body; the process machines and single-use dialyzer dialyzer /di·a·lyz·er/ (di´ah-liz?er) hemodialyzer. di·a·lyz·er n. 1. A machine equipped with a semipermeable membrane and used for performing dialysis. 2. sales (Carepak(TM)). International revenue was $553 million, an increase of 6% (12% at constant currency) as compared to the first quarter of 2005. Dialysis Services revenue reached $213 million, an increase of 10% (15% at constant currency). Dialysis Product revenue increased by 4% to $340 million (10% at constant currency), led by strong machine (both the 4008 and 5008 series) and peritoneal dialysis peritoneal dialysis n. The removal of soluble substances and water from the body by transfer across the peritoneum, utilizing a solution which is intermittently introduced into and removed from the peritoneal cavity. sales. Earnings Operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. (EBIT EBIT See: Earnings Before Interest and Taxes EBIT See earnings before interest and taxes (EBIT). ) increased by 11% to $244 million. Operating income for the first quarter 2006 includes $3 million of costs related to the change of accounting principles for stock options (SFAS SFAS Statement of Financial Accounting Standards SFAS Special Forces Assessment and Selection SFAS Student Financial Aid Services SFAS Sport Fishing Association of Singapore SFAS Safety Features Actuation System SFAS Statewide Fixed Assets System 123R) and one-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. costs associated with the transformation of Fresenius Fresenius may mean:
Excluding these costs, operating income for the first quarter 2006 increased on a comparable basis by 12% to $247 million. This very good performance resulted in an operating margin Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: of 14.2% as compared to 13.7% for the same quarter in 2005. Compared with the first quarter 2005, the operating margin in North America increased by 40 basis points to 13.8%. In our International segment, the operating margin increased by 150 basis points to 17.3%. Our strong operational performance in the International segment was positively impacted by improvements in key countries in Latin America Latin America, the Spanish-speaking, Portuguese-speaking, and French-speaking countries (except Canada) of North America, South America, Central America, and the West Indies. and Asia Pacific and reimbursement Reimbursement Payment made to someone for out-of-pocket expenses has incurred. increases in some dialysis service countries as well as very strong product sales. Net interest expense increased by 33% to $56 million compared to the same quarter in 2005. The increase was due to write-off Write-Off A reduction in the value of an asset or earnings by the amount of an expense or loss. Companies are able to write off certain expenses that are required to run the business, or have been incurred in the operation of the business and detract from retained revenues. of one-time deferred financing costs related to the 2003 senior credit facility of $15 million. Income tax expense was $71 million in the first quarter of 2006 as compared to $70 million in the first quarter 2005, reflecting effective tax rates of 37.9% and 39.2%, respectively. Net income for the first quarter 2006 was $ 116 million, an increase of 8%. Excluding one-time costs, net income increased on a comparable basis by 18% to $127 million. Due to this very positive development, the net income margin increased to 7.3% of sales compared with 6.7% in the first quarter 2005. Earnings per share (EPS (Encapsulated PostScript) A PostScript file format used to transfer a graphic image between applications and platforms. EPS files contain PostScript code as well as an optional preview image in TIFF, WMF, PICT or EPSI, the latter being an ASCII-only format. )(1) for the first quarter of 2006 rose by 7% to $1.19 per ordinary share ($0.40 per American Depositary Share American Depositary Share (ADS) Foreign stock issued in the US and registered in the ADR system. (ADS)), as compared to $1.11 ($0.37 per ADS) for the first quarter of 2005. The weighted average number of shares outstanding for the first quarter of 2006 was approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 97.8 million shares, as compared to 96.3 million shares for the first quarter 2005. The increase in shares outstanding results from stock option exercises in 2005 and in the first quarter 2006. Cash Flow In the first quarter of 2006, the Company generated $162 million in net cash from operations, or 9.3% of revenue, compared to $138 million last year. The increase was mainly due to lower income tax payments in North America. A total of $65 million (net of disposals) was spent for capital expenditures. Free Cash Flow before acquisitions was $97 million compared to $98 million in the first quarter of 2005. Days Sales Outstanding In accountancy, Days Sales Outstanding is a company's average collection period. A low figure indicates that the company collects its outstanding receivables quickly. Typically it is looked at either quarterly or yearly (90 or 365 days). (DSO See CSO. ) in the first quarter of 2006 decreased by another 4 days to 78 days from the fourth quarter 2005. Compared with the first quarter of the previous year DSO were reduced by 6 days. A total of $10 million in cash was used for acquisitions excluding the RCG RCG Responsible Conduct of Gambling RCG Revolutionary Communist Group (Northern Ireland) RCG Raiffeisen Central Genossenschaft (German: Raiffeisen Cooperative) RCG Race, Class and Gender acquisition. The Free Cash Flow after acquisitions excluding the RCG acquisition increased by 14% to $87 million compared to $76 million last year. Including the RCG acquisition, a total of $3,951 million in cash was used for acquisitions. For a complete overview of the first quarter 2006, please refer to the appendix appendix, small, worm-shaped blind tube, about 3 in. (7.6 cm) long and 1-4 in. to 1 in. (.64–2.54 cm) thick, projecting from the cecum (part of the large intestine) on the right side of the lower abdominal cavity. . Patients - Clinics - Treatments As of March 31, 2006, Fresenius Medical Care treated approximately 133,100 patients worldwide, which represents a 6% increase in patients compared with Q1 of last year. North America provided dialysis treatments for more than 89,800 patients (up 3%) and the International segment served approximately 43,300 patients (up 11%). Including Renal renal /re·nal/ (re´n'l) pertaining to the kidney. re·nal adj. Of or in the region of the kidneys. Renal Relating to the kidney. Care Group and after divestitures, the Company provides dialysis for approximately 158,700 patients worldwide, thereof 115,400 patients in North America. As of March 31, 2006, the Company operated a total of 1,700 clinics worldwide, comprised of 1,165 clinics, an increase of 2% in North America, and 535 clinics, an increase of 9%, in the International segment. Including Renal Care Group and after divestitures, the Company operates a total of 2,045 clinics worldwide, thereof 1,510 clinics in North America. Fresenius Medical Care delivered approximately 5.02 million dialysis treatments worldwide, which represents an increase of 6% year over year. North America accounted for 3.38 million treatments, an increase of 4%, and the International segment delivered 1.65 million treatments, an increase of 12% over last year. Including Renal Care Group and after divestitures, the Company would have delivered approximately 6.01 million dialysis treatments worldwide, thereof 4.36 million dialysis treatments in North America. Renal Care Group Acquisition On March 31, 2006, the Company announced the closing of the acquisition of Renal Care Group, Inc. effective March 31, 2006. The closing followed the completion of the Federal Trade Commission's (FTC FTC See Federal Trade Commission (FTC). ) review of the acquisition and the issuance of a consent order to permit the closing of the acquisition. The result of operations of Renal Care Group will be consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: from April 1, 2006 onwards on·ward adj. Moving or tending forward. adv. also on·wards In a direction or toward a position that is ahead in space or time; forward. Adv. 1. . On April 7, 2006 the Company completed the sale of 96 freestanding free·stand·ing adj. Standing or operating independently of anything else: a freestanding bell tower; a freestanding maternity clinic. renal dialysis centers to a wholly-owned subsidiary of DSI (Dynamic Systems Initiative) An umbrella term for a suite of Microsoft products that help manage the Windows environment in large enterprises. DSI was introduced in 2003. Holding Company, Inc ("DSI"), including centers divested pursuant to a consent agreement with the FTC. An additional 9 centers located in Illinois Illinois, river, United States Illinois, river, 273 mi (439 km) long, formed by the confluence of the Des Plaines and Kankakee rivers, NE Ill., and flowing SW to the Mississippi at Grafton, Ill. It is an important commercial and recreational waterway. will be sold upon receipt of Illinois regulatory reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. approval, which is expected in the second quarter of 2006. Fresenius Medical Care will receive aggregate cash consideration of approximately $512 million for all of the centers being divested, subject to post-closing adjustments. Outlook for 2006 Confirmed For the year 2006, the Company confirms its outlook and expects to report revenue of more than $8 billion. The Company expects reported net income for 2006 to be between $515 million and $535 million. Guidance provided by the Company does not take into effect any expected one-time items and the change of accounting principle for stock options - SFAS 123(R) in the fiscal year 2006. The Company expects the after tax impact of the one-time items and SFAS 123(R) to be around $60 million for the full year 2006. In addition in 2006, the Company expects capital expenditures to be approximately $450 million, and spending of approximately $100 million for acquisitions, excluding the RCG acquisition. Ben Lipps Lipps may refer to:
 r`əp), 6th largest continent, c.4,000,000 sq mi (10,360,000 sq km) including adjacent islands (1992 est. pop. 512,000,000). , which represent over ninety percent of our business,
continued their strong growth momentum in both the products and services
segments. It is particularly gratifying grat·i·fy tr.v. grat·i·fied, grat·i·fy·ing, grat·i·fies 1. To please or satisfy: His achievement gratified his father. See Synonyms at please. 2. that we were able to keep our strong focus on operating performance while we completed the transformation, the preference share conversion and the RCG acquisition in the first quarter. Going forward, we will emphasize the integration of RCG, the further growth of our net income and the reduction of our leverage ratio." Video Webcast Fresenius Medical Care will hold a conference call to discuss the results of the first quarter 2006 on May 3, 2006, at 3.15 p.m. CET CET abbr. Central European Time CET Central European Time CET n abbr (= Central European Time) → hora de Europa central CET abbr / 9.15 a.m. EST EST electroshock therapy. EST abbr. electroshock therapy . The Company invites investors to view the live video webcast of the meeting at the Company's website www.fmc-ag.com in the "Investor Relations Investor relations The process by which the corporation communicates with its investors. " section. A replay will be available shortly after the meeting. Fresenius Medical Care is the world's largest, integrated provider of products and services for individuals undergoing dialysis because of chronic kidney failure Chronic Kidney Failure Definition Chronic kidney failure occurs when disease or disorder damages the kidneys so that they are no longer capable of adequately removing fluids and wastes from the body or of maintaining the proper level of certain , a condition that affects more than 1,400,000 individuals worldwide. Through its network of approximately 2,045 dialysis clinics in North America, Europe, Latin America, Asia-Pacific The term Asia-Pacific generally applies to littoral East Asia, Southeast Asia and Australasia near the Pacific Ocean, plus the states in the ocean itself (Oceania). and Africa, Fresenius Medical Care provides dialysis treatment to approximately 158,700 patients around the globe. Fresenius Medical Care is also the world's leading provider of dialysis products such as hemodialysis machines, dialyzers and related disposable products Disposable products are items that are not intended by the manufacturer to be reused more than once or a few times as compared to more permanent serviceable and reusable items. Some products that have disposable versions are:
For more information about Fresenius Medical Care visit the Company's website at www.fmc-ag.com. This release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. 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 Regulatory Reform concerns improvements to the quality of government regulation. At the international level, the "OECD Regulatory Reform Programme is aimed at helping governments improve regulatory quality -- that is, reforming regulations that raise unnecessary obstacles to , foreign exchange rate fluctuations, uncertainties in litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called 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. (1) Conversion of preference shares treated as capital contributions, subject to change.
Fresenius Medical Care Three Months Ended
Statements of Earnings March 31,
----------------------------------------------------------------------
(in US-$ thousands, except 2006 2005 % Change
share and per share data)
(unaudited)
Net revenue
Dialysis Care 1,272,533 1,162,461 9.5%
Dialysis Products 474,397 446,542 6.2%
Total net revenue 1,746,930 1,609,003 8.6%
Cost of revenue 1,168,640 1,100,258 6.2%
Gross profit 578,290 508,745 13.7%
Selling, general and administrative 321,671 275,514 16.8%
Research and development 12,774 13,248 -3.6%
Operating income (EBIT) 243,845 219,983 10.8%
Interest income (4,809) (2,245) 114.2%
Interest expense 61,004 44,532 37.0%
Interest expense, net 56,195 42,287 32.9%
Earnings before income taxes
and minority interest 187,650 177,696 5.6%
Income tax expense 71,133 69,643 2.1%
Minority interest 480 582 -17.5%
Net income 116,037 107,471 8.0%
Operating income (EBIT) 243,845 219,983 10.8%
Depreciation and amortization 61,258 59,711 2.6%
EBITDA 305,103 279,694 9.1%
Total bad debt expenses 29,622 29,983
Earnings per Ordinary share $1.19 $1.11 7.2%
Earnings per Ordinary ADS $0.40 $0.37 7.2%
Weighted average number
of shares
Ordinary shares 96,629,422 70,000,000
Preference shares 1,144,162 26,330,125
Percentages of revenue
Cost of revenue 66.9% 68.4%
Gross profit 33.1% 31.6%
Selling, general and administrative 18.4% 17.1%
Research and development 0.7% 0.8%
Operating income (EBIT) 14.0% 13.7%
Interest expense, net 3.2% 2.6%
Earnings before income taxes
and minority interest 10.7% 11.0%
Income tax expense 4.1% 4.3%
Minority interest 0.0% 0.0%
Net income 6.6% 6.7%
EBITDA 17.5% 17.4%
----------------------------------------------------------------------
Fresenius Medical Care Three Months Ended
Segment and Other Information March 31,
----------------------------------------------------------------------
(in US-$ million) 2006 2005 % Change
(unaudited)
Net revenue
North America 1,194 1,088 9.7%
International 553 521 6.3%
Total net revenue 1,747 1,609 8.6%
Operating income (EBIT)
North America 164 146 12.2%
International 96 82 16.5%
Corporate (16) (8) 89.8%
Total operating income (EBIT) 244 220 10.8%
Operating income
in percentage of revenue
North America 13.8% 13.4%
International 17.3% 15.8%
Total 14.0% 13.7%
Employees
Full-time equivalents
(March 31 compared to Dec. 31) 56,178 47,521
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Fresenius Medical Care
Reconciliation of non US-GAAP financial measures
to the most directly comparable US-GAAP
financial measures
Three Months Ended
March 31,
----------------------------------------------------------------------
(in US-$ million) 2006 2005 % Change
(unaudited)
Operating performance before SFAS 123(R)
and one-time costs(1)
Operating income (EBIT) 244 220 11%
SFAS 123(R) and one-time costs(2) 3 -
Operating income (EBIT) excluding SFAS
123(R) and one-time costs(1) 247 220 12%
Percent of revenue 14.2% 13.7%
Net income 116 107 8%
SFAS 123(R) and one-time costs(2) 11 -
Net income excluding SFAS 123(R)
and one-time costs(1) 127 107 18%
Segment information North America
Net revenue 1,194 1,088
Costs of revenue and research and
development 839 785
Selling, general and administrative 190 157
Costs of revenue and operating expenses 1,029 942
Operating income (EBIT) 164 146
Dialysis Products revenue incl. and
excl. internal sales
North America
Dialysis Products revenue incl. internal
sales 225 208
less internal sales (91) (88)
Dialysis Products external sales 134 120
International
Dialysis Products revenue incl. internal
sales 377 367
less internal sales (37) (40)
Dialysis Products external sales 340 327
Reconciliation of cash flow from
operating activities to EBITDA
Total EBITDA 305 280
Interest expense, net (56) (42)
Income tax expense (71) (70)
Change in working capital and other non
cash items (16) (30)
Net cash provided by operating
activities 162 138
Annualized EBITDA(3)
Operating income (EBIT) last twelve
months 1,256 874
Depreciation and amortization
last twelve months 333 236
Non cash charges 17 11
Annualized EBITDA 1,606 1,121
----------------------------------------------------------------------
(1) These non US-GAAP financial measures are provided to assist
readers in evaluation of Fresenius Medical Care's underlying
operating performance.
(2) Costs related to the changed accounting principles for stock
options (SFAS 123 R) and one-time costs associated with the
transformation of legal form and the settlement and related legal
fees and the write-off of deferred financing costs related to the
(3) EBITDA 2006: Pro forma numbers including RCG, before FTC
mandated divestitures, excluding one-time costs for the
acquisition.
Fresenius Medical Care March 31, December 31,
Balance Sheet (unaudited) (audited)
----------------------------------------------------------------------
(in US-$ million) 2006 2005
Assets
Current assets 3,730 2,461
Intangible assets 7,506 4,043
Other non-current assets 1,908 1,479
Total assets 13,144 7,983
Shareholders' equity and liabilities
Current liabilities 2,702 1,578
Long-term liabilities 5,976 2,431
Shareholders' equity 4,466 3,974
Total shareholders' equity and liabilities 13,144 7,983
Equity/assets ratio: 34% 50%
Debt
Short-term borrowings 442 151
Short-term borrowings from related parties 242 19
Current portion of long-term debt and
capital lease obligations 161 126
Long-term debt and capital lease
obligations, less current portion 4,067 707
Trust Preferred Securities 1,205 1,188
Total debt 6,117 2,191
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Fresenius Medical Care
Cash Flow Statement 2006 2005
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Three Months Ended March 31,
(in US-$ million)
(unaudited)
Operating activities
Net income 116 107
Depreciation / amortization 61 60
Change in working capital and other non cash items (15) (29)
Cash Flow from operating activities 162 138
Investing activities
Purchases of property, plant and equipment (70) (44)
Proceeds from sale of property, plant and
equipment 5 4
Capital expenditures, net (65) (40)
Free Cash Flow 97 98
Acquisitions, net of cash acquired (3,951) (22)
Free Cash Flow after investing activities (3,854) 76
Financing activities
Change in accounts receivable securitization
program 296 (71)
Change in intercompany debt 221 -
Change in other debt 3,288 (16)
Proceeds from exercise of stock options 14 4
Proceeds from conversion of preference
shares into ordinary shares 309 -
Cash Flow from financing activities 4,128 (83)
Effects of exchange rates on cash 5 (1)
Net increase (decrease) in cash 279 (8)
Cash at beginning of period 85 59
Cash at end of period 364 51
----------------------------------------------------------------------
Fresenius Medical Care
Quarterly Performance Scorecard - Revenue
----------------------------------------------------------------------
Three months ended March 31, 2006 cc 2005 cc
(in US-$ thousands, except per
treatment revenue)
North America
Net revenue 1,193,517 1,088,184
Growth year-over-year 9.7% 8.5%
Dialysis Care 1,059,244 968,561
Growth year-over-year 9.4% 7.7%
U.S. per treatment 310 293
Per treatment 307 291
Sequential growth 2.6% 1.0%
Growth year-over-year 5.4% 2.4%
Dialysis Products
incl. internal sales 224,713 207,678
Growth year-over-year 8.2% 6.0%
External sales 134,273 119,623
Growth year-over-year 12.2% 15.9%
International
Net revenue 553,413 520,818
Growth year-over-year 6.3% 12.0% 14.1% 8.4%
Dialysis Care 213,289 193,900
Growth year-over-year 10.0% 15.2% 22.4% 16.0%
Per treatment 130 136 132 125
Sequential growth 1.8% 4.6%
Growth year-over-year -2.0% 2.6% 16.8% 10.7%
Dialysis Products
incl. internal sales 377,277 367,322
Growth year-over-year 2.7% 8.7% 10.9% 5.4%
External sales 340,124 326,918
Growth year-over-year 4.0% 10.1% 9.7% 4.4%
----------------------------------------------------------------------
cc = at constant exchange rates
Fresenius Medical Care
Quarterly Performance Scorecard - Dialysis Care Volume
----------------------------------------------------------------------
Three months ended March 31, 2006 2005
North America
Number of treatments 3,375,906 3,250,110
Treatments per day 43,838 42,205
Per day sequential growth 0.8% 0.4%
Per day year-over-year growth 3.9% 3.8%
of which:
- acquisitions 1.4% 1.0%
- same market growth year-over-year 2.4% 3.8%
- adjustment for closed/sold facilities,
yield and other 0.1% -1.0%
International
Number of treatments 1,645,938 1,466,672
Same market growth year-over-year 10.4% 5.6%
----------------------------------------------------------------------
Fresenius Medical Care
Quarterly Performance Scorecard - Expenses
----------------------------------------------------------------------
Three months ended March 31, 2006 2005
North America
Costs of revenue and operating expenses
Percent of revenue 86.2% 86.6%
Selling, general and administrative
Percent of revenue 15.9% 14.4%
Bad debt expenses
Percent of revenue 2.9% 2.7%
Dialysis Care operating expenses/Treatment
(in US-$) 259 253
Sequential growth 1.2% 1.5%
Growth year-over-year 2.3% 1.9%
Total Group
Costs of revenue and operating expenses
Percent of revenue 86.0% 86.3%
Selling, general and administrative
Percent of revenue 18.4% 17.1%
Effective tax rate 37.9% 39.2%
----------------------------------------------------------------------
Fresenius Medical Care
Quarterly Performance Scorecard - Cash Flow/Investing Activities
----------------------------------------------------------------------
Three months ended March 31, 2006 2005
(in US-$ thousands, except number of de
novos)
Total Group
Operating Cash Flow 161,660 138,475
Percent of revenue 9.3% 8.6%
Free Cash Flow, before acquisitions 96,788 98,430
Percent of revenue 5.5% 6.1%
Acquisitions, net 3,950,974 21,988
Capital expenditures, net 64,872 40,045
Percent of revenue 3.7% 2.5%
Maintenance 20,745 20,537
Percent of revenue 1.2% 1.3%
Growth 44,127 19,508
Percent of revenue 2.5% 1.2%
Number of de novos 16 23
North America 9 13
International 7 10
----------------------------------------------------------------------
Fresenius Medical Care
Quarterly Performance Scorecard - Balance Sheet
----------------------------------------------------------------------
Three months ended March 31, 2006 2005
Total Group
Debt (in US-$ million) 6,117 2,343
Debt/EBITDA 3.8 2.1
North America
Days sales outstanding 60 66
Sequential development -4.8% -1.5%
Year-over-year development -9.1% -7.0%
International
Days sales outstanding 117 123
Sequential development -2.5% 3.4%
Year-over-year development -4.9% 1.7%
----------------------------------------------------------------------
Fresenius Medical Care
Quarterly Performance Scorecard
----------------------------------------------------------------------
Three months ended March 31, 2006 2005
Clinical Performance
North America (U.S.)
Urea reduction greater than or = 65% 89% 91%
Single Pool Kt/v greater than 1.2 93% 94%
Hemoglobin greater than or = 11g/dl 82% 81%
Albumin greater than or = 3.5 g/dl(a) 79% 78%
Hospitalization days per patient (12 months ending
Mar. 31,) 11.6 13.3
Demographics
North America (U.S.)
Average age (yr) 61 61
Average time on dialysis (yr) 3.4 3.4
Average body weight (kg) 77 77
Prevalence of diabetes 52% 52%
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(a) International standard BCR CRM470
Fresenius Medical Care and Renal Care Group - Proforma (1)
----------------------------------------------------------------------
Three months ended March 31, 2006 2005
(in US-$ million)
Net revenue 2,057 1,901
Operating income 298 273
Net income 106 85
----------------------------------------------------------------------
1) Proforma data including RCG, after FTC mandated divestitures.
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