Exhibit 99.2
Fresenius Medical Care AG & Co. KGaA
COMPLETE OVERVIEW OF THE FIRST QUARTER 2022
May 4, 2022
Investor Relations
phone: +49 6172 609 2525
Content: | |
Statement of earnings | page 2 |
Segment information | page 3 |
Balance sheet | page 4 |
Cash flow | page 5 |
Revenue development | page 6 |
Key metrics | page 7 |
Quality data | page 8 |
Reconciliation results excl. special items | page 9 |
Outlook 2022 | page 10 |
Disclaimer
This release contains forward-looking statements that are subject to various risks and uncertainties. Actual results could differ materially from those described in these forward-looking statements due to 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.
Copyright by Fresenius Medical Care AG & Co. KGaA
Statement of earnings
in € million, except share data, unaudited | Three months ended March 31 | |||||||||||||||
2022 | 2021 | Change | Change at cc | |||||||||||||
Health Care Services | 3,607 | 3,325 | 8.5 | % | 2.6 | % | ||||||||||
Health Care Products | 941 | 885 | 6.4 | % | 3.3 | % | ||||||||||
Total revenue | 4,548 | 4,210 | 8.0 | % | 2.7 | % | ||||||||||
Costs of revenue | 3,290 | 3,003 | 9.5 | % | 4.1 | % | ||||||||||
Gross profit | 1,258 | 1,207 | 4.3 | % | -0.6 | % | ||||||||||
Selling, general and administrative | 870 | 712 | 22.4 | % | 16.8 | % | ||||||||||
Research and development | 50 | 49 | 2.1 | % | -0.9 | % | ||||||||||
Income from equity method investees | (10 | ) | (28 | ) | -62.2 | % | -62.0 | % | ||||||||
Operating income | 348 | 474 | -26.7 | % | -30.2 | % | ||||||||||
Operating income margin | 7.6 | % | 11.3 | % | ||||||||||||
Interest income | (14 | ) | (15 | ) | -7.5 | % | -7.2 | % | ||||||||
Interest expense | 83 | 91 | -8.9 | % | -13.1 | % | ||||||||||
Interest expense, net | 69 | 76 | -9.2 | % | -14.3 | % | ||||||||||
Income before taxes | 279 | 398 | -30.0 | % | -33.2 | % | ||||||||||
Income tax expense | 67 | 94 | -28.9 | % | -31.7 | % | ||||||||||
Net income | 212 | 304 | -30.4 | % | -33.7 | % | ||||||||||
Net income attributable to noncontrolling interests | 55 | 55 | -1.7 | % | -8.4 | % | ||||||||||
Net income attributable to shareholders of FMC-AG & Co. KGaA | 157 | 249 | -36.8 | % | -39.3 | % | ||||||||||
Operating income | 348 | 474 | -26.7 | % | -30.2 | % | ||||||||||
Depreciation, amortization and impairment loss | 419 | 388 | 7.9 | % | 2.5 | % | ||||||||||
EBITDA | 767 | 862 | -11.1 | % | -15.5 | % | ||||||||||
EBITDA margin | 16.9 | % | 20.5 | % | ||||||||||||
Weighted average number of shares | 293,007,109 | 292,878,085 | ||||||||||||||
Basic earnings per share | € | 0.54 | € | 0.85 | -36.8 | % | -39.4 | % | ||||||||
Basic earnings per ADS | € | 0.27 | € | 0.42 | -36.8 | % | -39.4 | % |
Statement of earnings | page 2 of 8 | May 4, 2022 |
Segment information
unaudited | Three months ended March 31 | |||||||||||||||
2022 | 2021 | Change | Change at cc | |||||||||||||
Total | ||||||||||||||||
Revenue in € million | 4,548 | 4,210 | 8.0 | % | 2.7 | % | ||||||||||
Operating income in € million | 348 | 474 | -26.7 | % | -30.2 | % | ||||||||||
Operating income margin | 7.6 | % | 11.3 | % | ||||||||||||
Days sales outstanding (DSO) | 69 | 60 | ||||||||||||||
Employees (full-time equivalents) | 122,635 | 124,995 | ||||||||||||||
North America | ||||||||||||||||
Revenue in € million | 3,171 | 2,899 | 9.4 | % | 1.8 | % | ||||||||||
Operating income in € million | 304 | 399 | -23.7 | % | -28.7 | % | ||||||||||
Operating income margin | 9.6 | % | 13.7 | % | ||||||||||||
Days sales outstanding (DSO) | 58 | 43 | ||||||||||||||
EMEA | ||||||||||||||||
Revenue in € million | 674 | 670 | 0.7 | % | 2.6 | % | ||||||||||
Operating income in € million | 61 | 80 | -23.3 | % | -18.8 | % | ||||||||||
Operating income margin | 9.1 | % | 11.9 | % | ||||||||||||
Days sales outstanding (DSO) | 84 | 85 | ||||||||||||||
Asia-Pacific | ||||||||||||||||
Revenue in € million | 507 | 471 | 7.6 | % | 4.1 | % | ||||||||||
Operating income in € million | 99 | 85 | 15.9 | % | 14.1 | % | ||||||||||
Operating income margin | 19.5 | % | 18.1 | % | ||||||||||||
Days sales outstanding (DSO) | 95 | 102 | ||||||||||||||
Latin America | ||||||||||||||||
Revenue in € million | 183 | 159 | 15.4 | % | 15.3 | % | ||||||||||
Operating income in € million | 11 | 7 | 67.7 | % | 50.8 | % | ||||||||||
Operating income margin | 6.1 | % | 4.2 | % | ||||||||||||
Days sales outstanding (DSO) | 126 | 128 | ||||||||||||||
Corporate | ||||||||||||||||
Revenue in € million | 13 | 11 | 12.0 | % | 7.5 | % | ||||||||||
Operating income in € million | (127 | ) | (97 | ) | 32.7 | % | 30.2 | % |
cc = constant currency. Changes in revenue, operating income, net income attributable to shareholders of FMC-AG & Co. KGaA and other items include the impact of changes in foreign currency exchange rates. We calculate these non-IFRS financial measures at constant exchange rates to show changes in our revenue, operating income, net income attributable to shareholders of FMC-AG & Co. KGaA and other items without giving effect to period-to-period currency fluctuations. Under IFRS, amounts received in local (non-euro) currency are translated into euro at the average exchange rate for the period presented. Once we translate the local currency for the constant currency, we then calculate the change, as a percentage, of the current period using the prior period exchange rates versus the prior period. The single quarter results are calculated as the variance between the current year-to-date results less the preceding quarter’s year-to-date which makes the single quarter subject to further foreign exchange fluctuation. This resulting percentage is a non-IFRS measure referring to a change as a percentage at constant currency. These currency-adjusted financial measures are identifiable by the designated term "Constant Currency".
Segment information | page 3 of 8 | May 4, 2022 |
Balance sheet
in € million, except for net leverage ratio, unaudited | March 31 | December 31 | ||||||
2022 | 2021 | |||||||
Assets | ||||||||
Current assets | 8,039 | 7,967 | ||||||
Goodwill and intangible assets | 16,109 | 15,821 | ||||||
Right of use assets | 4,274 | 4,316 | ||||||
Other non-current assets | 6,302 | 6,263 | ||||||
Total assets | 34,724 | 34,367 | ||||||
Liabilities and equity | ||||||||
Current liabilities | 6,377 | 7,258 | ||||||
Non-current liabilities | 13,808 | 13,130 | ||||||
Total equity | 14,539 | 13,979 | ||||||
Total liabilities and equity | 34,724 | 34,367 | ||||||
Equity/assets ratio | 42 | % | 41 | % | ||||
Debt and lease liabilities | ||||||||
Short-term debt from unrelated parties | 970 | 1,178 | ||||||
Short-term debt from related parties | 145 | 78 | ||||||
Current portion of long-term debt | 59 | 668 | ||||||
Current portion of lease liabilities from unrelated parties | 650 | 640 | ||||||
Current portion of lease liabilities from related parties | 22 | 21 | ||||||
Long-term debt, less current portion | 7,452 | 6,647 | ||||||
Lease liabilities from unrelated parties, less current portion | 3,951 | 3,990 | ||||||
Lease liabilities from related parties, less current portion | 94 | 98 | ||||||
Total debt and lease liabilities | 13,343 | 13,320 | ||||||
Minus: Cash and cash equivalents | (1,173 | ) | (1,482 | ) | ||||
Total net debt and lease liabilities | 12,170 | 11,838 | ||||||
Reconciliation of annualized adjusted EBITDA and net leverage ratio to the most directly comparable IFRS financial measures | ||||||||
Net income | 1,127 | 1,219 | ||||||
Income tax expense | 326 | 353 | ||||||
Interest income | (72 | ) | (73 | ) | ||||
Interest expense | 345 | 353 | ||||||
Depreciation and amortization | 1,611 | 1,586 | ||||||
Adjustments1 | 173 | 125 | ||||||
Annualized adjusted EBITDA | 3,510 | 3,563 | ||||||
Net leverage ratio | 3.5 | 3.3 |
1 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 (2022: €9 M; 2021: €13 M), non-cash charges, primarily related to pension expense (2022: €50 M; 2021: €49 M), impairment loss (2022: €43 M; 2021: €38 M), as well as costs related to the FME25 Program (2022: € 50M; 2021: €25 M) and the impacts related to the War in Ukraine (2022: €21 M).
Balance sheet | page 4 of 8 | May 4, 2022 |
Cash flow statement
in € million, unaudited | Three months ended March 31 | |||||||
2022 | 2021 | |||||||
Operating activities | ||||||||
Net income | 212 | 304 | ||||||
Depreciation / amortization / impairment loss | 419 | 388 | ||||||
Change in working capital and other non-cash items | (472 | ) | (484 | ) | ||||
Net cash provided by (used in) operating activities | 159 | 208 | ||||||
In percent of revenue | 3.5 | % | 4.9 | % | ||||
Investing activities | ||||||||
Purchases of property, plant and equipment and capitalized development costs | (162 | ) | (184 | ) | ||||
Proceeds from sale of property, plant and equipment | 2 | 5 | ||||||
Capital expenditures, net | (160 | ) | (179 | ) | ||||
Free cash flow | (1 | ) | 29 | |||||
In percent of revenue | 0.0 | % | 0.7 | % | ||||
Acquisitions and investments, net of cash acquired, and purchases of intangible assests | (36 | ) | (106 | ) | ||||
Investments in debt securities | (43 | ) | (11 | ) | ||||
Proceeds from divestitures | 14 | 2 | ||||||
Proceeds from sale of debt securities | 13 | 70 | ||||||
Free cash flow after investing activities | (53 | ) | (16 | ) |
Cash flow | page 5 of 8 | May 4, 2022 |
Revenue development
Same | ||||||||||||||||||||||||
market | ||||||||||||||||||||||||
Change | Organic | treatment | ||||||||||||||||||||||
in € million, unaudited | 2022 | 2021 | Change | at cc | growth | growth1 | ||||||||||||||||||
Three months ended March 31, | ||||||||||||||||||||||||
Total revenue | 4,548 | 4,210 | 8.0 | % | 2.7 | % | 1.5 | % | ||||||||||||||||
Health Care Services | 3,607 | 3,325 | 8.5 | % | 2.6 | % | 1.1 | % | -1.4 | % | ||||||||||||||
Health Care Products | 941 | 885 | 6.4 | % | 3.3 | % | 3.2 | % | ||||||||||||||||
North America | 3,171 | 2,899 | 9.4 | % | 1.8 | % | 0.3 | % | ||||||||||||||||
Health Care Services | 2,889 | 2,643 | 9.3 | % | 1.7 | % | 0.0 | % | -2.1 | % 2 | ||||||||||||||
Health Care Products | 282 | 256 | 10.3 | % | 2.7 | % | 2.7 | % | ||||||||||||||||
EMEA | 674 | 670 | 0.7 | % | 2.6 | % | 2.0 | % | ||||||||||||||||
Health Care Services | 344 | 332 | 3.6 | % | 5.0 | % | 4.2 | % | -0.8 | % | ||||||||||||||
Health Care Products | 330 | 338 | -2.2 | % | 0.2 | % | -0.1 | % | ||||||||||||||||
Asia-Pacific | 507 | 471 | 7.6 | % | 4.1 | % | 3.6 | % | ||||||||||||||||
Health Care Services | 236 | 228 | 3.5 | % | 2.2 | % | 1.2 | % | 1.6 | % | ||||||||||||||
Health Care Products | 271 | 243 | 11.5 | % | 5.9 | % | 5.9 | % | ||||||||||||||||
Latin America | 183 | 159 | 15.4 | % | 15.3 | % | 15.6 | % | ||||||||||||||||
Health Care Services | 130 | 115 | 13.2 | % | 15.1 | % | 15.5 | % | -1.8 | % | ||||||||||||||
Health Care Products | 53 | 44 | 21.0 | % | 15.9 | % | 15.9 | % | ||||||||||||||||
Corporate | 13 | 11 | 12.0 | % | 7.5 | % | ||||||||||||||||||
Health Care Services | 8 | 7 | 11.2 | % | 4.2 | % | ||||||||||||||||||
Health Care Products | 5 | 4 | 13.2 | % | 13.1 | % |
1 Same market treatment growth = organic growth less price effects
2 U.S. (excl. Mexico), same market treatment growth North America: -2.0% for the three months ended March 31, 2022.
Revenue development | page 6 of 8 | May 4, 2022 |
Key metrics Dialysis Care Services
unaudited | Three months ended March 31, 2022 | |||||||||||||||||||||||||||
Growth | Growth | Growth | ||||||||||||||||||||||||||
Clinics | in % | De novos | Patients | in % | Treatments | in % | ||||||||||||||||||||||
Total | 4,153 | 1 | % | 9 | 343,493 | 0 | % | 12,858,103 | -1 | % | ||||||||||||||||||
North America | 2,692 | 1 | % | 6 | 207,238 | -1 | % | 7,814,534 | -1 | % | ||||||||||||||||||
EMEA | 819 | 1 | % | 1 | 65,973 | 2 | % | 2,437,934 | 0 | % | ||||||||||||||||||
Asia-Pacific | 393 | -2 | % | 2 | 33,523 | 1 | % | 1,179,567 | 1 | % | ||||||||||||||||||
Latin America | 249 | 1 | % | - | 36,759 | 0 | % | 1,426,068 | -3 | % |
Key metrics | page 7 of 8 | May 4, 2022 |
Quality data1
in % of patients | North America | EMEA | Latin America | Asia-Pacific | ||||||||||||||||||||||||||||
Q1 2022 | Q1 2021 | Q1 2022 | Q1 2021 | Q1 2022 | Q1 2021 | Q1 2022 | Q1 2021 | |||||||||||||||||||||||||
Kt/V ≥ 1.2 | 97 | 97 | 93 | 93 | 92 | 91 | 95 | 93 | ||||||||||||||||||||||||
Hemoglobin = 10-12 g/dl | 70 | 69 | 81 | 81 | 49 | 48 | 52 | 50 | ||||||||||||||||||||||||
Calcium = 8.4-10.2 mg/dl | 84 | 81 | 79 | 78 | 74 | 74 | 72 | 71 | ||||||||||||||||||||||||
Albumin ≥ 3.5 g/dl | 84 | 80 | 89 | 90 | 90 | 89 | 89 | 89 | ||||||||||||||||||||||||
Phosphate ≤ 5.5 mg/dl | 57 | 58 | 78 | 79 | 77 | 76 | 63 | 63 | ||||||||||||||||||||||||
Patients without catheter (after 90 days) | 78 | 79 | 76 | 77 | 77 | 78 | 79 | 81 | ||||||||||||||||||||||||
in days | ||||||||||||||||||||||||||||||||
Days in hospital per patient year (global basis) | 10.7 | 11.1 | (Q1 2021) |
1 Definitions cf. Annual Report 2021, Section "Non-Financial Group Report"
Quality data | page 8 of 8 | May 4, 2022 |