6-K
Fresenius Medical Care AG (FMS)
SECURITIES AND EXCHANGECOMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATEISSUER
Pursuant to Rule 13a-16 or 15d-16 of the
Securities Exchange Act of 1934
For the month of August 2022
Commission file number: 001-32749
FRESENIUSMEDICAL CARE AG & Co. KGaA
(Translation of registrant's name into English)
Else-Kröner Strasse 1
61346 Bad Homburg
Germany
(Addressof 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 ¨
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ¨
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ¨
On August 2, 2022, Fresenius Medical Care AG & Co. KGaA (the “Company”) issued a Press Release announcing its second quarter results for the period ending June 30, 2022. 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 our second quarter 2022 consolidated financial results presented in accordance with International Financial Reporting Standards, or IFRS, 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. 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 EBITDA, Adjusted EBITDA, Net Leverage Ratio and Free Cash Flow 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:
| Exhibit<br> 99.1 | Press<br> release issued on August 2, 2022. |
|---|---|
| Exhibit 99.2 | Complete<br> overview of the second quarter 2022 and first six months 2022. |
| --- | --- |
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, 2022 | |||
|---|---|---|---|
| Fresenius<br> Medical Care AG & Co. KGaA, | |||
| a<br> partnership limited by shares, represented by: | |||
| fresenius<br> medical care management ag, its General Partner | |||
| By: | /s/<br> Rice Powell | ||
| Name: | Rice Powell | ||
| Title: | Chief Executive Officer and | ||
| Chairman<br> of the Management Board of the General Partner | |||
| By: | /s/ Helen<br> Giza | ||
| --- | --- | --- | |
| Name: | Helen Giza | ||
| Title: | Deputy Chief Executive Officer,<br> Chief Financial Officer and member of the Management Board of the General Partner |
Exhibit 99.1
| Press Release | Media contact<br><br> <br>Matthias Link<br><br> <br>T +49 6172 609-2872<br><br> <br>matthias.link@fmc-ag.com<br><br> <br><br><br> <br>Contact for analysts and investors<br><br> <br>Dr. Dominik Heger<br><br> <br>T +49 6172 609-2601<br><br> <br>dominik.heger@fmc-ag.com<br><br> <br><br><br> <br>www.freseniusmedicalcare.com |
|---|
August 2, 2022
Fresenius Medical Care publishes financial results for thesecond quarter and first half of 2022 in line with preliminary results
| - | Results<br> unchanged compared with preliminary figures published on July 27, 2022 |
|---|---|
| - | Business<br> development impacted by unprecedented U.S. labor market situation and worsening macroeconomic<br> environment driving cost inflation and supply chain disruptions |
| - | Meaningful<br> decline in COVID-19-related excess mortality |
| - | Solid<br> support by positive exchange rates |
| - | FME25:<br> transformation to new operating model and savings generation on track |
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| Key figures (IFRS, unaudited) | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Q2<br> 2022 | Q2<br> 2021 | Growth | Growth | H1<br> 2022 | H1<br> 2021 | Growth | Growth | |||||
| EUR<br> m | EUR<br> m | yoy | yoy,<br> cc | EUR<br> m | EUR<br> m | yoy | yoy,<br> cc | |||||
| Revenue | 4,757 | 4,320 | +10 | % | +1 | % | 9,305 | 8,530 | +9 | % | +2 | % |
| Operating income | 341 | 424 | -20 | % | -27 | % | 688 | 898 | -23 | % | -29 | % |
| excl.<br>special items^1^ | 445 | 433 | +3 | % | -6 | % | 852 | 910 | -6 | % | -13 | % |
| Netincome^2^ | 147 | 219 | -33 | % | -39 | % | 305 | 468 | -35 | % | -39 | % |
| excl.<br> special items^1^ | 225 | 225 | 0 | % | -7 | % | 428 | 476 | -10 | % | -15 | % |
| Basic EPS (EUR) | 0.50 | 0.75 | -33 | % | -39 | % | 1.04 | 1.60 | -35 | % | -39 | % |
| excl.<br> special items^1^ | 0.77 | 0.77 | 0 | % | -7 | % | 1.46 | 1.62 | -10 | % | -15 | % |
yoy = year-on-year, cc = at constant currency, EPS = earnings pershare
Decline in COVID-19-relatedexcess mortality
In the second quarter of 2022, COVID-19-related excess mortality among Fresenius Medical Care’s patients declined and amounted to approximately 300 (Q3 2021: ~2,900; Q4 2021: ~2,000; Q1 2022: ~2,400^3^). Thus, excess mortality accumulated to approximately 7,600 patients over the past twelve months and to approximately 23,000 since the start of the pandemic.
While excess mortality sequentially declined in line with the Company’s projections, infection rates remained on a high level resulting in a continued need and costs for isolation clinics and shifts as well as personal protective equipment.
The overall estimated adverse effect of accumulated excess mortality on organic growth in the Health Care Services business amounted to around 260 basis points in the second quarter.
^1^Special items include costs related to the FME25 program, the impact of the war in Ukraine, the impact of hyperinflation in Turkiye, the remeasurement effect on the fair value of the investment in Humacyte, Inc. (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. These items are excluded to ensure comparability of the figures presented with the Company’s financial targets which have been defined excluding special items.
^2^Attributable to shareholders of Fresenius Medical Care AG & Co. KGaA
^3^Historical excess mortality updated for late entries
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Increased headwinds from laborand inflation
The unprecedented U.S. labor market challenges materially worsened in the second quarter. For Fresenius Medical Care, this resulted in meaningfully higher than assumed wage inflation, surcharges, retention payments and additional costs for contract labor to contain the increasing staff shortages. Despite these additional investments in labor, including application of monies received from the U.S. government's Provider Relief Fund, staff shortages and turnover rates have continued to increase. The Company’s growth in the second quarter was affected by the number of clinics with constrained ability to accept new patients for treatment.
The already existing challenging macroeconomic environment has further significantly deteriorated in the second quarter as well, driving accelerated non-wage cost inflation. This has been exacerbated by the ongoing war in Ukraine and its global economic impact and results in higher logistics costs, raw material and energy prices as well as further supply chain disruptions.
Revenueincreased by 10% to EUR 4,757 million (+1% at constant currency, +0% organic) in the second quarter.
Health Care Services revenue grew by 11% to EUR 3,782 million (+1% at constant currency, +0% organic). Growth at constant currency was mainly driven by contributions from acquisitions.
Health Care Products revenue increased by 6% to EUR 975 million (+1% at constant currency, +1% organic). Constant currency growth was mainly driven by higher sales of in-center disposables, partially offset by lower sales of acute cardiopulmonary products.
In the first half, revenue grew by 9% to EUR 9,305 million (+2% at constant currency, +1% organic). Health Care Services revenue increased by 10% to EUR 7,389 million (+2% at constant currency, +1% organic); Health Care Products revenue grew by 6% to EUR 1,916 million (+2% at constant currency, +2% organic).
Operatingincome decreased by 20% to EUR 341 million (-27% at constant currency) in the second quarter, resulting in a margin of 7.2% (Q2 2021: 9.8%). Operating income excluding special items, i.e. costs incurred for FME25, the impacts related to the war in Ukraine, the impact of hyperinflation in Turkiye, and the remeasurement effect on the fair value of the investment in Humacyte, Inc. (Humacyte investment remeasurement), increased by 3% to EUR 445 million (-6% at constant currency), resulting in a margin of 9.4% (Q2 2021: 10.0%). At constant currency, the decline was mainly due to higher labor costs as well as inflationary and supply chain cost increases. This was partially offset by Provider Relief Funding received from the U.S. government to compensate for certain COVID-19-related costs.
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In the first half, operating income declined by 23% to EUR 688 million (-29% at constant currency), resulting in a margin of 7.4% (H1 2021: 10.5%). Excluding special items, operating income decreased by 6% to EUR 852 million (-13% at constant currency), resulting in a margin of 9.2% (H1 2021: 10.7%).
Netincome^2^ decreased by 33% to EUR 147 million (-39% at constant currency). Excluding special items, net income^2^was stable and amounted to EUR 225 million (-7% at constant currency). At constant currency, the decline was mainly due to the mentioned negative effects on operating income. Basic earnings per share (EPS) decreased by 33% to EUR 0.50 (-39% at constant currency). Excluding special items, EPS was stable and amounted to EUR 0.77 (-7% at constant currency).
In the first half, net income^2^ declined by 35% to EUR 305 million (-39% at constant currency). Excluding special items, net income^2^ decreased by 10% to EUR 428 million (-15% at constant currency). EPS decreased by 35% to EUR 1.04 (-39% at constant currency). Excluding special items, EPS declined by 10% to EUR 1.46 (-15% at constant currency).
Regional developments
In North America, revenue increased by 12% to EUR 3,294 million (-1% at constant currency, -2% organic) in the second quarter. At constant currency, this was mainly due to a decline in organic growth – which was driven by COVID-19 as well as by declines in co-insurance, increases in patient choice of higher deductibles plans, and lower than expected collections in aged accounts receivable in the Health Care Services business – and due to lower sales of in-center disposables, machines for chronic treatment, renal pharmaceuticals and home hemodialysis products. These effects were only partially offset by contributions from acquisitions. In the first half, revenue grew by 10% to EUR 6,464 million (+0% at constant currency, -1% organic).
Operating income in North America decreased by 14% to EUR 340 million (-24% at constant currency) in the second quarter, resulting in a margin of 10.3% (Q2 2021: 13.5%). At constant currency, the decline in operating income was mainly due to higher labor costs, the Humacyte investment remeasurement, declines in co-insurance, increases in patient choice of higher deductibles plans, and lower than expected collections in aged accounts receivable, the impact of COVID-19, as well as inflationary and supply chain costs. This was partially offset by provider relief funding received from the U.S. government to compensate for certain COVID-19-related costs. In the first half, operating income declined by 19% to EUR 644 million (-26% at constant currency), resulting in a margin of 10.0% (H1 2021: 13.6%).
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Revenue in the EMEA region increased by 5% to EUR 727 million in the second quarter (+7% at constant currency, +6% organic). At constant currency, this was mainly due to organic growth in Health Care Services and Health Care Products, both including the effects of hyperinflation in Turkiye. Growth in Health Care Products was driven by higher sales of in-center disposables, machines for chronic treatment and renal pharmaceuticals, partially offset by lower sales of acute cardiopulmonary products. In the first half, revenue grew by 3% to EUR 1,401 million (+5% at constant currency, +4% organic).
Operating income in EMEA decreased by 19% to EUR 60 million (-18% at constant currency) in the second quarter, resulting in a margin of 8.2% (Q2 2021: 10.6%). At constant currency, the decline in operating income was mainly due to inflationary cost increases, the impact of hyperinflation in Turkiye and costs associated with the FME25 program, partially offset by favorable currency transaction effects. In the first half, operating income declined by 21% to EUR 121 million (-18% at constant currency), resulting in a margin of 8.6% (H1 2021: 11.2%).
In Asia-Pacific, revenue increased by 6% to EUR 516 million (+2% at constant currency, +2% organic) in the second quarter. At constant currency, this was mainly driven by organic growth in the Health Care Services business. In the first half, revenue increased by 7% to EUR 1,023 million (+3% at constant currency, +3% organic).
Operating income decreased by 16% to EUR 71 million (-16% at constant currency) in the second quarter, resulting in a margin of 13.8% (Q2 2021: 17.3%). At constant currency, the decline in operating income was mainly due to the unfavorable impact of growth in lower margin businesses and inflationary cost increases. In the first half, operating income was stable and amounted to EUR 170 million (-1% at constant currency), resulting in a margin of 16.6% (H1 2021: 17.7%).
Latin****America revenue increased by 21% to EUR 207 million (+17% at constant currency, +18% organic) in the second quarter, mainly driven by organic growth in the Health Care Services business, as well as higher sales of in-center disposables and machines for chronic treatment. In the first half, revenue grew by 18% to EUR 391 million (+16% at constant currency, +17% organic).
Operating income decreased to EUR -6 million in the second quarter, resulting in a margin of -3.0% (Q2 2021: 1.5%). At constant currency, the decline in operating income was mainly due to inflationary cost increases and unfavorable foreign currency transaction effects, partially offset by lower bad debt expense. In the first half, operating income decreased by 46% to EUR 5 million (-71% at constant currency), resulting in a margin of 1.3% (H1 2021: 2.8%).
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Cash flow development
In the second quarter, Fresenius Medical Care generated EUR 751 million of operating cash flow (Q2 2021: EUR 921 million), resulting in a margin of 15.8% (Q2 2021: 21.3%). The decrease was mainly due to an unfavorable development of days sales outstanding as well as a decrease in net income^2^, partially offset by U.S. government relief funding. In the first half, operating cash flow amounted to EUR 910 million (H1 2021: EUR 1,129 million), resulting in a margin of 9.8% (H1 2021: 13.2%).
Freecash flow^4^ amounted to EUR 582 million (Q2 2021: EUR 720 million) in the second quarter, resulting in a margin of 12.2% (Q2 2021: 16.7%). In the first half, free cash flow amounted to EUR 581 million (H1 2021: EUR 749 million), resulting in a margin of 6.2% (H1 2021: 8.8%).
Patients, clinics and employees
As of June 30, 2022, Fresenius Medical Care treated 345,687 patients in 4,163 dialysis clinics worldwide and had 123,153 employees (full-time equivalents) globally, compared to 123,538 employees as of June 30, 2021.
FME25 update
With savings of EUR 26 million in the first half of the year, Fresenius Medical Care is on track to achieve its savings target of EUR 40-70 million in 2022 as part of the FME25 transformation program. Key achievements in the first half of the year include the announcement of the first two leadership levels below the Management Board and the corresponding organizational structure in line with the future operating model. The Company has also made significant progress in the transformation of global G&A functions. In addition to the ongoing and already identified FME25 measures, Fresenius Medical Care is currently in the process of reviewing potential additional initiatives in both designated operating segments (Care Delivery and Care Enablement) as part of the transformation program.
^4^ Net cash provided by / used in operating activities, after capital expenditures, before acquisitions, investments, and dividends
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Outlook
As announced on July 27, 2022, Fresenius Medical Care expects revenue to grow at a low single digit percentage rate and net income^2^to decline at around a high teens percentage range. Revenue and net income guidance are both on a constant currency basis and before special items.^5^
These targets are based on the following operating income relevant assumptions:
| § | Macro-economic<br> inflation and supply chain costs of around EUR 220 million |
|---|---|
| § | COVID-19:<br> impact of accumulated excess mortality of around EUR 100 million |
| --- | --- |
| § | U.S.<br> labor costs expected to be around EUR 100 million, net of support from U.S. Provider Relief<br> Fund, in excess of the 3% base wage inflation assumption |
| --- | --- |
| § | U.S.<br> ballot initiative expense of EUR 20 to 30 million |
| --- | --- |
| § | Business<br> growth of EUR 70 million |
| --- | --- |
| § | Personal<br> protective equipment cost reduction of around EUR 20 million |
| --- | --- |
| § | FME25<br> savings of EUR 40 to 70 million |
| --- | --- |
| § | Remeasurement<br> effects on the fair value of investments are expected to be volatile but neutral on a full<br> year basis; for guidance relevant comparison, the Humacyte investment remeasurement is treated<br> as special item |
| --- | --- |
| § | No<br> meaningful further impact from natural gas shortages or suspension of gas supply to affect<br> manufacturing sites |
| --- | --- |
Please refer to our statement of earningsincluded at the end of this news and to the attachments as separate PDF files for a complete overview of the results of the second quarterand first half of 2022. 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 3.8 million patients worldwide regularly undergo dialysis treatment. Through its network of 4,163 dialysis clinics, Fresenius Medical Care provides dialysis treatments for approximately 346,000 patients around the globe. Fresenius Medical Care is also the leading provider of dialysis products such as dialysis machines or dialyzers. Along with its core business, the Renal Care Continuum, the Company focuses on expanding in complementary areas and in the field of critical care. Fresenius Medical Care is listed on the Frankfurt Stock Exchange (FME) and on the New York Stock Exchange (FMS).
^5^ These targets are based on the 2021 results excluding the costs related to FME25 of EUR 49 million (for Net Income). They are in constant currency and exclude special items. Special items include further costs related to FME25, the impact of the war in Ukraine, the impact of hyperinflation in Turkiye, the 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.
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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.
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Exhibit99.2
FreseniusMedical Care AG & Co. KGaA
COMPLETEOVERVIEW OF THE SECOND QUARTER AND FIRST HALF YEAR 2022
August 2, 2022
InvestorRelations
phone:+49 6172 609 2525
email:ir@fmc-ag.com
Content:
| Statement<br> of earnings | page 2 |
|---|---|
| Segment<br> information | page 3 |
| Balance<br> sheet | page 4 |
| Cash<br> flow | page 5 |
| Revenue<br> development | page 6 |
| Key<br> metrics | page 7 |
| Quality<br> data | page 8 |
| Reconciliation<br> results excl. special items | page 9 |
| Outlook<br> 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 certain factors, including changes in business, economic and competitive conditions, regulatory reforms, foreign exchange rate fluctuations, uncertainties in litigation or investigative proceedings, and the availability of financing. These and other risks and uncertainties are detailed in Fresenius Medical Care AG & Co. KGaA's reports filed with the U.S. Securities and Exchange Commission. Fresenius Medical Care AG & Co. KGaA does not undertake any responsibility to update the forward-looking statements in this release.
| Copyright by Fresenius Medical Care AG & Co. KGaA |
| --- |
Statementof earnings
| Three<br> months ended June 30, | Six<br> months ended June 30, | |||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| in<br> € million, except share data, unaudited | 2022 | 2021 | Change | Change<br><br> at cc | 2022 | 2021 | Change | Change<br><br> at cc | ||||||||||||||||
| Health Care<br> Services | 3,782 | 3,400 | 11.2 | % | 0.8 | % | 7,389 | 6,726 | 9.9 | % | 1.7 | % | ||||||||||||
| Health Care Products | 975 | 920 | 6.0 | % | 1.1 | % | 1,916 | 1,804 | 6.2 | % | 2.2 | % | ||||||||||||
| Total revenue | **** | 4,757 | **** | **** | 4,320 | **** | **** | 10.1 | % | **** | 0.8 | % | **** | 9,305 | **** | **** | 8,530 | **** | **** | 9.1 | % | **** | 1.8 | % |
| Costs of revenue | 3,411 | 3,036 | 12.3 | % | 2.7 | % | 6,701 | 6,039 | 10.9 | % | 3.4 | % | ||||||||||||
| Gross profit | 1,346 | 1,284 | 4.8 | % | -3.5 | % | 2,604 | 2,491 | 4.6 | % | -2.1 | % | ||||||||||||
| Selling, general and administrative | 969 | 830 | 16.8 | % | 8.2 | % | 1,841 | 1,542 | 19.4 | % | 12.1 | % | ||||||||||||
| Research and development | 55 | 52 | 6.5 | % | 0.9 | % | 105 | 101 | 4.4 | % | 0.0 | % | ||||||||||||
| Income from equity method<br> investees | (19 | ) | (22 | ) | -13.6 | % | -14.0 | % | (30 | ) | (50 | ) | -40.5 | % | -40.5 | % | ||||||||
| Operating income | **** | 341 | **** | **** | 424 | **** | **** | -19.7 | % | **** | -27.3 | % | **** | 688 | **** | **** | 898 | **** | **** | -23.4 | % | **** | -28.9 | % |
| Operating<br> income excl. special items ^1^ | 445 | 433 | 2.8 | % | -6.1 | % | 852 | 910 | -6.4 | % | -12.5 | % | ||||||||||||
| Interest income | (13 | ) | (14 | ) | -8.7 | % | 6.8 | % | (27 | ) | (29 | ) | -8.1 | % | -0.5 | % | ||||||||
| Interest expense | 85 | 83 | 1.4 | % | -4.1 | % | 168 | 174 | -4.0 | % | -8.8 | % | ||||||||||||
| Interest expense, net | 72 | 69 | 3.4 | % | -6.3 | % | 141 | 145 | -3.2 | % | -10.5 | % | ||||||||||||
| Income before taxes | **** | 269 | **** | **** | 355 | **** | **** | -24.2 | % | **** | -31.5 | % | **** | 547 | **** | **** | 753 | **** | **** | -27.3 | % | **** | -32.4 | % |
| Income tax expense | 63 | 75 | -16.4 | % | -24.0 | % | 130 | 169 | -23.3 | % | -28.3 | % | ||||||||||||
| Net income | **** | 206 | **** | **** | 280 | **** | **** | -26.4 | % | **** | -33.5 | % | **** | 417 | **** | **** | 584 | **** | **** | -28.5 | % | **** | -33.6 | % |
| Net income attributable<br> to noncontrolling interests | 59 | 61 | -3.7 | % | -14.6 | % | 112 | 116 | -2.8 | % | -11.7 | % | ||||||||||||
| Net income attributable to shareholders of FMC-AG & Co. KGaA | **** | 147 | **** | **** | 219 | **** | **** | -32.7 | % | **** | -38.7 | % | **** | 305 | **** | **** | 468 | **** | **** | -34.9 | % | **** | -39.0 | % |
| Net income attributable<br> to shareholders of FMC-AG & Co. KGaA<br> excl. special items ^1^ | 225 | 225 | 0.2 | % | -7.2 | % | 428 | 476 | -10.0 | % | -14.9 | % | ||||||||||||
| Operating income | **** | 341 | **** | **** | 424 | **** | **** | -19.7 | % | **** | -27.3 | % | **** | 688 | **** | **** | 898 | **** | **** | -23.4 | % | **** | -28.9 | % |
| Depreciation, amortization<br> and impairment loss | 422 | 396 | 6.9 | % | -2.4 | % | 842 | 784 | 7.4 | % | 0.1 | % | ||||||||||||
| EBITDA | **** | 763 | **** | **** | 820 | **** | **** | -6.9 | % | **** | -15.3 | % | **** | 1,530 | **** | **** | 1,682 | **** | **** | -9.1 | % | **** | -15.4 | % |
| Weighted average number of shares | 293,145,413 | 292,913,910 | 293,076,643 | 292,896,096 | ||||||||||||||||||||
| Basic earnings per share | € | 0.50 | **** | € | 0.75 | **** | **** | -32.7 | % | **** | -38.8 | % | € | 1.04 | **** | € | 1.60 | **** | **** | -34.9 | % | **** | -39.1 | % |
| Basic earnings per ADS | € | 0.25 | **** | € | 0.37 | **** | **** | -32.7 | % | **** | -38.8 | % | € | 0.52 | **** | € | 0.80 | **** | **** | -34.9 | % | **** | -39.1 | % |
| In percent of revenue | **** | **** | **** | **** | **** | **** | **** | **** | **** | **** | **** | **** | **** | **** | **** | **** | **** | **** | **** | **** | **** | **** | **** | **** |
| Operating income margin | 7.2 | % | 9.8 | % | 7.4 | % | 10.5 | % | ||||||||||||||||
| Operating<br> income margin excl. special items ^1^ | 9.4 | % | 10.0 | % | 9.2 | % | 10.7 | % | ||||||||||||||||
| EBITDA margin | 16.0 | % | 19.0 | % | 16.4 | % | 19.7 | % |
^1^For a reconciliation of special items, please refer to the table on page 9.
| Statement of earnings | page 2 of 10 | August 2, 2022 |
| --- | --- | --- |
Segmentinformation
| Six months ended June 30, | |||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| unaudited | 2021 | Change | Change <br><br>at cc | 2022 | 2021 | Change | Change<br><br> at cc | ||||||||||||||||
| Total | |||||||||||||||||||||||
| Revenue in million | 4,757 | 4,320 | 10.1 | % | 0.8 | % | 9,305 | 8,530 | 9.1 | % | 1.8 | % | |||||||||||
| Operating income in million | 341 | 424 | -19.7 | % | -27.3 | % | 688 | 898 | -23.4 | % | -28.9 | % | |||||||||||
| Operating income margin | 7.2 | % | 9.8 | % | 7.4 | % | 10.5 | % | |||||||||||||||
| Days sales outstanding (DSO) | 69 | 58 | |||||||||||||||||||||
| Employees (full-time equivalents) | 123,153 | 123,538 | |||||||||||||||||||||
| North America | |||||||||||||||||||||||
| Revenue in million | 3,294 | 2,953 | 11.5 | % | -1.4 | % | 6,464 | 5,852 | 10.5 | % | 0.2 | % | |||||||||||
| Operating income in million | 340 | 398 | -14.4 | % | -24.0 | % | 644 | 796 | -19.1 | % | -26.4 | % | |||||||||||
| Operating income margin | 10.3 | % | 13.5 | % | 10.0 | % | 13.6 | % | |||||||||||||||
| Days sales outstanding (DSO) | 56 | 37 | |||||||||||||||||||||
| EMEA | |||||||||||||||||||||||
| Revenue in million | 727 | 693 | 4.9 | % | 6.6 | % | 1,401 | 1,362 | 2.8 | % | 4.6 | % | |||||||||||
| Operating income in million | 60 | 73 | -18.6 | % | -18.1 | % | 121 | 153 | -21.0 | % | -18.5 | % | |||||||||||
| Operating income margin | 8.2 | % | 10.6 | % | 8.6 | % | 11.2 | % | |||||||||||||||
| Days sales outstanding (DSO) | 88 | 87 | |||||||||||||||||||||
| Asia-Pacific | |||||||||||||||||||||||
| Revenue in million | 516 | 486 | 6.3 | % | 1.6 | % | 1,023 | 957 | 7.0 | % | 2.9 | % | |||||||||||
| Operating income in million | 71 | 84 | -15.5 | % | -15.7 | % | 170 | 170 | 0.3 | % | -0.7 | % | |||||||||||
| Operating income margin | 13.8 | % | 17.3 | % | 16.6 | % | 17.7 | % | |||||||||||||||
| Days sales outstanding (DSO) | 99 | 105 | |||||||||||||||||||||
| Latin America | |||||||||||||||||||||||
| Revenue in million | 207 | 171 | 21.4 | % | 16.8 | % | 391 | 330 | 18.5 | % | 16.1 | % | |||||||||||
| Operating income in million | (6 | ) | 3 | n.a. | n.a. | 5 | 9 | -46.2 | % | -70.9 | % | ||||||||||||
| Operating income margin | -3.0 | % | 1.5 | % | 1.3 | % | 2.8 | % | |||||||||||||||
| Days sales outstanding (DSO) | 121 | 135 | |||||||||||||||||||||
| Corporate | |||||||||||||||||||||||
| Revenue in million | 13 | 17 | -29.8 | % | -34.4 | % | 26 | 29 | -13.7 | % | -18.2 | % | |||||||||||
| Operating income in million | (124 | ) | (134 | ) | -6.7 | % | -12.0 | % | (252 | ) | (230 | ) | 9.8 | % | 5.7 | % |
All values are in Euros.
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 10 | August 2, 2022 |
| --- | --- | --- |
Balancesheet
| June 30 | December 31 | |||||
|---|---|---|---|---|---|---|
| in € million, except for net leverage<br> ratio, unaudited | 2022 | **** | 2021 | **** | ||
| Assets | ||||||
| Current assets | 8,105 | 7,967 | ||||
| Goodwill and intangible assets | 17,144 | 15,821 | ||||
| Right of use assets | 4,450 | 4,316 | ||||
| Other non-current assets | 6,371 | 6,263 | ||||
| Total assets | **** | 36,070 | **** | **** | 34,367 | **** |
| Liabilities and equity | ||||||
| Current liabilities | 6,877 | 7,258 | ||||
| Non-current liabilities | 13,742 | 13,130 | ||||
| Total equity | 15,451 | 13,979 | ||||
| Total liabilities and equity | **** | 36,070 | **** | **** | 34,367 | **** |
| Equity/assets ratio | **** | 43 | % | **** | 41 | % |
| Debt and lease liabilities | ||||||
| Short-term debt from unrelated parties | 1,391 | 1,178 | ||||
| Short-term debt from related parties | 23 | 78 | ||||
| Current portion of long-term debt | 57 | 668 | ||||
| Current portion of lease liabilities from unrelated parties | 683 | 640 | ||||
| Current portion of lease liabilities from related parties | 22 | 21 | ||||
| Long-term debt, less current portion | 7,263 | 6,647 | ||||
| Lease liabilities from unrelated parties, less current portion | 4,133 | 3,990 | ||||
| Lease liabilities from related parties, less current portion | 87 | 98 | ||||
| Total debt and lease liabilities | 13,659 | 13,320 | ||||
| Minus: Cash and cash equivalents | (1,025 | ) | (1,482 | ) | ||
| Total net debt and lease liabilities | **** | 12,634 | **** | **** | 11,838 | **** |
| Reconciliation of annualized adjusted EBITDA and net leverage ratio to the most directly comparable IFRS financial measures | **** | **** | **** | **** | **** | **** |
| Net income | 1,053 | 1,219 | ||||
| Income tax expense | 313 | 353 | ||||
| Interest income | (71 | ) | (73 | ) | ||
| Interest expense | 347 | 353 | ||||
| Depreciation and amortization | 1,647 | 1,586 | ||||
| Adjustments^1^ | 260 | 125 | ||||
| Annualized adjusted EBITDA | **** | 3,549 | **** | **** | 3,563 | **** |
| Net leverage ratio | **** | 3.6 | **** | **** | 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: €4 M; 2021: €13 M), non-cash charges, primarily related to pension expense (2022: €51 M; 2021: €49 M), impairment loss (2022: €35 M; 2021: €38 M) and special items, including costs related to the FME25 Program (2022: € 63 M; 2021: €25 M), Humacyte Investment Remeasurement (2022: €78 M), Hyperinflation in Turkiye (2022: €6 M) and the Impacts Related to the War in Ukraine (2022: €23 M).
| Balance sheet | page 4 of 10 | August 2, 2022 |
| --- | --- | --- |
Cashflow statement
| Three months ended June 30, | Six months ended June 30, | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| in € million, unaudited | 2022 | **** | 2021 | **** | 2022 | **** | 2021 | **** | ||||
| Operating activities | ||||||||||||
| Net income | 206 | 280 | 417 | 584 | ||||||||
| Depreciation, amortization and impairment loss | 422 | 396 | 842 | 784 | ||||||||
| Change in working capital and other non-cash items | 123 | 245 | (349 | ) | (239 | ) | ||||||
| Net cash provided by (used in) operating activities | **** | 751 | **** | **** | 921 | **** | **** | 910 | **** | **** | 1,129 | **** |
| In percent of revenue | 15.8 | % | 21.3 | % | 9.8 | % | 13.2 | % | ||||
| Investing activities | **** | **** | **** | **** | **** | **** | **** | **** | **** | **** | **** | **** |
| Purchases of property, plant and equipment and capitalized development costs | (172 | ) | (209 | ) | (334 | ) | (394 | ) | ||||
| Proceeds from sale of property, plant and equipment | 3 | 8 | 5 | 14 | ||||||||
| Capital expenditures, net | (169 | ) | (201 | ) | (329 | ) | (380 | ) | ||||
| Free cash flow | **** | 582 | **** | **** | 720 | **** | **** | 581 | **** | **** | 749 | **** |
| In percent of revenue | 12.2 | % | 16.7 | % | 6.2 | % | 8.8 | % | ||||
| Acquisitions and investments, net of cash acquired, and purchases of intangible assets | (24 | ) | (22 | ) | (61 | ) | (129 | ) | ||||
| Investments in debt securities | (43 | ) | (52 | ) | (86 | ) | (62 | ) | ||||
| Proceeds from divestitures | 26 | 0 | 40 | 2 | ||||||||
| Proceeds from sale of debt securities | 13 | 26 | 27 | 96 | ||||||||
| Free cash flow after investing activities | **** | 554 | **** | **** | 672 | **** | **** | 501 | **** | **** | 656 | **** |
| Cash flow | page 5 of 10 | August 2, 2022 |
| --- | --- | --- |
Revenuedevelopment
| Same | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| market | ||||||||||||||||
| Change | Organic | treatment | ||||||||||||||
| in € million, unaudited | 2022 | 2021 | Change | at cc | growth | growth^1^ | ||||||||||
| Three months ended June 30, | **** | **** | **** | **** | **** | **** | **** | **** | **** | **** | ||||||
| Total revenue | **** | 4,757 | **** | 4,320 | **** | 10.1 | % | **** | 0.8 | % | **** | 0.3 | % | **** | **** | **** |
| Health Care Services | 3,782 | 3,400 | 11.2 | % | 0.8 | % | 0.1 | % | -1.5 | % | ||||||
| Health Care Products | 975 | 920 | 6.0 | % | 1.1 | % | 1.1 | % | ||||||||
| North America | **** | 3,294 | **** | 2,953 | **** | 11.5 | % | **** | -1.4 | % | **** | -2.1 | % | **** | **** | **** |
| Health Care Services | 3,026 | 2,695 | 12.3 | % | -0.7 | % | -1.5 | % | -2.4 | %^2^ | ||||||
| Health Care Products | 268 | 258 | 3.8 | % | -8.5 | % | -8.4 | % | ||||||||
| EMEA | **** | 727 | **** | 693 | **** | 4.9 | % | **** | 6.6 | % | **** | 6.4 | % | **** | **** | **** |
| Health Care Services | 362 | 341 | 6.1 | % | 6.5 | % | 6.0 | % | 0.0 | % | ||||||
| Health Care Products | 365 | 352 | 3.7 | % | 6.8 | % | 6.8 | % | ||||||||
| Asia-Pacific | **** | 516 | **** | 486 | **** | 6.3 | % | **** | 1.6 | % | **** | 1.6 | % | **** | **** | **** |
| Health Care Services | 237 | 227 | 4.6 | % | 2.6 | % | 2.6 | % | 2.6 | % | ||||||
| Health Care Products | 279 | 259 | 7.8 | % | 0.8 | % | 0.8 | % | ||||||||
| Latin America | **** | 207 | **** | 171 | **** | 21.4 | % | **** | 16.8 | % | **** | 17.5 | % | **** | **** | **** |
| Health Care Services | 149 | 123 | 21.0 | % | 19.7 | % | 20.6 | % | -1.8 | % | ||||||
| Health Care Products | 58 | 48 | 22.4 | % | 9.6 | % | 9.7 | % | ||||||||
| Corporate | **** | 13 | **** | 17 | **** | -29.8 | % | **** | -34.4 | % | **** | **** | **** | **** | **** | **** |
| Health Care Services | 8 | 14 | -47.7 | % | -53.6 | % | ||||||||||
| Health Care Products | 5 | 3 | 22.9 | % | 22.6 | % | ||||||||||
| Six months ended June 30, | **** | **** | **** | **** | **** | **** | **** | **** | **** | **** | **** | **** | **** | **** | **** | **** |
| Total revenue | **** | 9,305 | **** | 8,530 | **** | 9.1 | % | **** | 1.8 | % | **** | 0.9 | % | **** | **** | **** |
| Health Care Services | 7,389 | 6,726 | 9.9 | % | 1.7 | % | 0.6 | % | -1.5 | % | ||||||
| Health Care Products | 1,916 | 1,804 | 6.2 | % | 2.2 | % | 2.1 | % | ||||||||
| North America | **** | 6,464 | **** | 5,852 | **** | 10.5 | % | **** | 0.2 | % | **** | -0.9 | % | **** | **** | **** |
| Health Care Services | 5,915 | 5,338 | 10.8 | % | 0.5 | % | -0.8 | % | -2.3 | %^2^ | ||||||
| Health Care Products | 549 | 514 | 7.1 | % | -2.9 | % | -2.9 | % | ||||||||
| EMEA | **** | 1,401 | **** | 1,362 | **** | 2.8 | % | **** | 4.6 | % | **** | 4.3 | % | **** | **** | **** |
| Health Care Services | 707 | 674 | 4.9 | % | 5.7 | % | 5.1 | % | -0.4 | % | ||||||
| Health Care Products | 694 | 688 | 0.8 | % | 3.6 | % | 3.4 | % | ||||||||
| Asia-Pacific | **** | 1,023 | **** | 957 | **** | 7.0 | % | **** | 2.9 | % | **** | 2.6 | % | **** | **** | **** |
| Health Care Services | 473 | 455 | 4.1 | % | 2.4 | % | 1.8 | % | 2.1 | % | ||||||
| Health Care Products | 550 | 502 | 9.6 | % | 3.2 | % | 3.2 | % | ||||||||
| Latin America | **** | 391 | **** | 330 | **** | 18.5 | % | **** | 16.1 | % | **** | 16.6 | % | **** | **** | **** |
| Health Care Services | 279 | 238 | 17.2 | % | 17.5 | % | 18.1 | % | -1.8 | % | ||||||
| Health Care Products | 112 | 92 | 21.7 | % | 12.6 | % | 12.7 | % | ||||||||
| Corporate | **** | 26 | **** | 29 | **** | -13.7 | % | **** | -18.2 | % | **** | **** | **** | **** | **** | **** |
| Health Care Services | 15 | 21 | -27.3 | % | -33.7 | % | ||||||||||
| Health Care Products | 11 | 8 | 18.3 | % | 18.0 | % |
^1^Same market treatment growth = organic growth less price effects
^2^U.S. (excl. Mexico), same market treatment growth North America: -2.5% for the three months and -2.2% for the six months ended June 30, 2022.
| Revenue development | page 6 of 10 | August 2, 2022 |
| --- | --- | --- |
Keymetrics Dialysis Care Services
| Six months ended June 30, 2022 | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| unaudited | Clinics | Growth<br><br> in % | De novos | Patients | Growth <br><br>in % | Treatments | Growth<br><br>in % | ||||||||||
| Total | 4,163 | 1 | % | 24 | 345,687 | 0 | % | 25,932,144 | -1 | % | |||||||
| North America | 2,694 | 1 | % | 11 | 209,084 | -1 | % | 15,767,874 | -1 | % | |||||||
| EMEA | 820 | 1 | % | 4 | 66,544 | 2 | % | 4,919,002 | 0 | % | |||||||
| Asia-Pacific | 400 | -1 | % | 8 | 33,799 | 1 | % | 2,387,338 | 1 | % | |||||||
| Latin America | 249 | 2 | % | 1 | 36,260 | 0 | % | 2,857,930 | -3 | % |
| Key metrics | page 7 of 10 | August 2, 2022 |
| --- | --- | --- |
Qualitydata^1^
| North America | EMEA | Latin America | Asia-Pacific | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| in % of patients | Q2 2022 | Q2 2021 | Q2 2022 | Q2 2021 | Q2 2022 | Q2 2021 | Q2 2022 | Q2 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<br> 2021) | **** | **** |
^1^Definitions cf. Annual Report 2021, Section "Non-Financial Group Report"
| Quality data | page 8 of 10 | August 2, 2022 |
| --- | --- | --- |
Reconciliationof non-IFRS financial measures to the most directly comparable IFRS financial measures for comparability with the Company´s outlook
| Results excl.<br> special items | ||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| in € million, except<br><br><br> share data, unaudited | Results 2022 | FME25<br><br><br> Program | Humacyte<br><br> Investment<br><br><br> Remeasurement | Ukraine<br><br> War^1^ | Hyperinflation<br><br><br> in Turkiye | Results 2022 excl. special items | Results 2021 | FME25<br><br> program | Results 2021 excl. special items | Change | Change <br><br>at<br> cc | |||||||||||||||||
| Three months ended June 30, | ||||||||||||||||||||||||||||
| Total revenue | **** | 4,757 | **** | **** | **** | **** | **** | **** | **** | **** | **** | **** | 4,757 | **** | **** | 4,320 | **** | **** | **** | **** | 4,320 | **** | **** | 10.1 | % | **** | 0.8 | % |
| EBITDA | **** | 763 | **** | **** | 21 | **** | 75 | **** | 2 | **** | 6 | **** | 867 | **** | **** | 820 | **** | **** | 9 | **** | 829 | **** | **** | 4.6 | % | **** | -4.4 | % |
| Total operating income | **** | 341 | **** | **** | 21 | **** | 75 | **** | 2 | **** | 6 | **** | 445 | **** | **** | 424 | **** | **** | 9 | **** | 433 | **** | **** | 2.8 | % | **** | -6.1 | % |
| North America | 340 | 6 | 75 | - | - | 421 | 398 | 3 | 401 | 5.2 | % | -6.3 | % | |||||||||||||||
| EMEA | 60 | 4 | - | 2 | 6 | 72 | 73 | - | 73 | -1.4 | % | 3.1 | % | |||||||||||||||
| Asia-Pacific | 71 | - | - | - | - | 71 | 84 | - | 84 | -15.5 | % | -15.7 | % | |||||||||||||||
| Latin America | (6 | ) | - | - | - | - | (6 | ) | 3 | - | 3 | n.a. | n.a. | |||||||||||||||
| Corporate | (124 | ) | 11 | - | - | - | (113 | ) | (134 | ) | 6 | (128 | ) | -10.8 | % | -15.5 | % | |||||||||||
| Interest expense, net | 72 | 72 | 69 | 69 | 3.4 | % | -6.3 | % | ||||||||||||||||||||
| Income tax expense | 63 | 6 | 20 | - | - | 89 | 75 | 3 | 78 | 14.7 | % | 4.2 | % | |||||||||||||||
| Net income attributable to noncontrolling interests | 59 | 59 | 61 | 61 | -3.7 | % | -14.6 | % | ||||||||||||||||||||
| Net income^2^ | **** | 147 | **** | **** | 15 | **** | 55 | **** | 2 | **** | 6 | **** | 225 | **** | **** | 219 | **** | **** | 6 | **** | 225 | **** | **** | 0.2 | % | **** | -7.2 | % |
| Basic earnings per share | € | 0.50 | **** | € | 0.05 | € | 0.19 | € | 0.01 | € | 0.02 | € | 0.77 | **** | € | 0.75 | **** | € | 0.02 | € | 0.77 | **** | **** | 0.1 | % | **** | -7.3 | % |
| Six months ended June 30, | ||||||||||||||||||||||||||||
| Total revenue | **** | 9,305 | **** | **** | **** | **** | **** | **** | **** | **** | **** | **** | 9,305 | **** | **** | 8,530 | **** | **** | **** | **** | 8,530 | **** | **** | 9.1 | % | **** | 1.8 | % |
| EBITDA | **** | 1,530 | **** | **** | 49 | **** | 78 | **** | 23 | **** | 6 | **** | 1,686 | **** | **** | 1,682 | **** | **** | 12 | **** | 1,694 | **** | **** | -0.5 | % | **** | -7.1 | % |
| Total operating income | **** | 688 | **** | **** | 57 | **** | 78 | **** | 23 | **** | 6 | **** | 852 | **** | **** | 898 | **** | **** | 12 | **** | 910 | **** | **** | -6.4 | % | **** | -12.5 | % |
| North America | 644 | 20 | 78 | - | - | 742 | 796 | 3 | 799 | -7.2 | % | -15.6 | % | |||||||||||||||
| EMEA | 121 | 6 | - | 23 | 6 | 156 | 153 | - | 153 | 1.9 | % | 6.8 | % | |||||||||||||||
| Asia-Pacific | 170 | - | - | - | - | 170 | 170 | - | 170 | 0.3 | % | -0.7 | % | |||||||||||||||
| Latin America | 5 | - | - | - | - | 5 | 9 | - | 9 | -46.0 | % | -70.8 | % | |||||||||||||||
| Corporate | (252 | ) | 31 | - | - | - | (221 | ) | (230 | ) | 9 | (221 | ) | 0.0 | % | -3.7 | % | |||||||||||
| Interest expense, net | 141 | 141 | 145 | 145 | -3.2 | % | -10.5 | % | ||||||||||||||||||||
| Income tax expense | 130 | 17 | 21 | 3 | - | 171 | 169 | 4 | 173 | -1.7 | % | -8.2 | % | |||||||||||||||
| Net income attributable to noncontrolling interests | 112 | 112 | 116 | 116 | -2.8 | % | -11.7 | % | ||||||||||||||||||||
| Net income^2^ | **** | 305 | **** | **** | 40 | **** | 57 | **** | 20 | **** | 6 | **** | 428 | **** | **** | 468 | **** | **** | 8 | **** | 476 | **** | **** | -10.0 | % | **** | -14.9 | % |
| Basic earnings per share | € | 1.04 | **** | € | 0.14 | € | 0.19 | € | 0.07 | € | 0.02 | € | 1.46 | **** | € | 1.60 | **** | € | 0.02 | € | 1.62 | **** | **** | -10.0 | % | **** | -14.9 | % |
^1^Bad debt expense in Russia and Ukraine and accruals for certain risks associated with allowances on inventories related to the Ukraine War.
^2^ Attributable to shareholders of FMC-AG & Co. KGaA
| Reconciliation results excl. special items | page 9 of 10 | August 2, 2022 |
| --- | --- | --- |
Outlook2022
| **** | Revised Outlook 2022 | Previous Outlook 2022 | |
|---|---|---|---|
| **** | Results<br> 2021 | (at Constant Currency, except for ROIC) | (at Constant Currency, except for ROIC) |
| Revenue^1^ | 17,619 M | growth: low-single-digit percentage rate | growth: low-to-mid-single-digit percentage rate |
| Revenue growth at Constant Currency^1^ | growth: low-single-digit percentage rate | growth: low-to-mid-single-digit percentage rate | |
| Operating income^1^ | decline: around mid-teens percentage rate | growth: low-to-mid-single-digit percentage rate | |
| Net income^1, 2^ | decline: around high-teens percentage rate | growth: low-to-mid-single-digit percentage rate | |
| Net income^2^ growth at Constant Currency^1^ | decline: around high-teens percentage rate | growth: low-to-mid-single-digit percentage rate | |
| ROIC^1^ | ≥ 4.0% | ≥ 5.0% |
All values are in Euros.
^1^Revised Outlook 2022 is based on the assumptions outlined in the earnings release for the second quarter and first half year 2022 and excludes special items. Special items include further costs related to the FME25 Program, Humacyte Investment Remeasurement, Hyperinflation in Turkiye, the Impacts Related to the War in Ukraine 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 2021 excluding the costs related to the FME25 Program (€63 M for operating income and €49 M for net income).
^2^Net income attributable to shareholders of FMC-AG & Co. KGaA.
| Outlook 2022 | page 10 of 10 | August 2, 2022 |
| --- | --- | --- |