6-K
Fresenius Medical Care AG (FMS)
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
Pursuant to Rule 13a-16 or 15d-16 of the
Securities Exchange Act of 1934
For the month of August 2023
Commission file number: 001-32749
FRESENIUS MEDICALCARE AG & Co. KGaA
(Translation of registrant's name into English)
Else-Kröner Strasse 1
61346 Bad Homburg
Germany
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F x Form 40-F ¨
On August 2, 2023, Fresenius Medical Care AG & Co. KGaA (the “Company”) issued a Press Release announcing its second quarter results for the period ending June 30, 2023. A copy of the Press Release is furnished as Exhibit 99.1 and the corresponding financial figures as Exhibit 99.2.
The attached Press Release contains non-GAAP financial measures. For purposes of Regulation G, a non-GAAP financial measure is a numerical measure of a company’s performance, financial position, or cash flows that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with generally accepted accounting principles. To supplement the Company’s second quarter 2023 consolidated financial results presented in accordance with International Financial Reporting Standards, or IFRS® Accounting Standards, we have used non-GAAP financial measures, including (a) EBITDA, or operating income excluding interest, taxes, depreciation and amortization, (b) free cash flow, (c) net leverage ratio (ratio of net debt to adjusted EBITDA) and (d) results presented in constant currency and as adjusted for special items identified in the Press Release and associated tables. These non-GAAP measures are provided to enhance the user’s overall understanding of our current financial performance and our prospects for the future. In addition, because we have historically reported certain non-GAAP financial measures in our financial results, we believe the inclusion of these non-IFRS® financial measures provides consistency and comparability in our financial reporting to prior periods for which these non-GAAP financial measures were previously reported. These non-GAAP financial measures should not be used as a substitute for or be considered superior to GAAP financial measures. Reconciliation of the non-GAAP financial measures to the most comparable IFRS® financial measures are included in the attached Financial Statements. As the reconciliation of amounts stated in Constant Currency is inherent in the disclosure included in the Press Release, we believe that a separate reconciliation would not provide any additional benefit.
The Exhibits attached hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities and Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall they be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, regardless of any general incorporation language in such filing.
EXHIBITS
The following exhibits are being furnished with this Report:
| Exhibit 99.1 | Press release issued on August 2, 2023. |
|---|---|
| Exhibit 99.2 | Complete overview of the second quarter 2023 and first six months<br>2023. |
| --- | --- |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
DATE: August 2, 2023
| Fresenius Medical Care AG & Co. KGaA, | |
|---|---|
| a partnership limited by shares, represented by: | |
| fresenius medical care management ag, its | |
| General Partner | |
| By: | /s/<br> Helen Giza |
| Name: | Helen<br> Giza |
| Title: | Chief<br> Executive Officer, Chair of the Management Board of the General Partner and Acting Chief Financial Officer |
| By: | /s/<br> Dr. Katarzyna Mazur-Hofsäß |
| --- | --- |
| Name: | Dr. Katarzyna<br> Mazur-Hofsäß |
| Title: | CEO<br> Care Enablement and member of the Management Board of the General Partner |
Exhibit 99.1
| Press Release | Media contact<br><br><br><br>Leif Heussen<br><br><br><br>T +49 6172 608-4030<br><br><br><br>leif.heussen@fresenius.com<br><br><br><br><br><br><br><br>Contact for analystsand investors<br><br><br><br>Dr. Dominik Heger<br><br><br><br>T +49 6172 609-2601<br><br><br><br>dominik.heger@fmc-ag.com<br><br><br><br><br><br><br><br>www.freseniusmedicalcare.com |
|---|
August 2, 2023
Fresenius Medical Care successfully executes strategic plan andnarrows guidance range due to strong operational performance in the first half of 2023
| - | Organic growth accelerated in the second quarter in Care Enablement and<br> Care Delivery including sequentially stable treatment volumes in the U.S. |
|---|---|
| - | Execution on turnaround plan translates into visible productivity improvements<br> in Care Delivery achieving a Q2 margin at the lower end of the 2025 target margin band |
| --- | --- |
| - | Savings resulting from FME25 transformation program fully on track |
| --- | --- |
| - | Successful execution on portfolio optimization strategy |
| --- | --- |
| - | Legal form conversion to a German Stock Corporation approved by shareholders |
| --- | --- |
| - | FY 2023 operating income guidance range narrowed |
| --- | --- |
Helen Giza, Chief Executive Officer of Fresenius Medical Care, said: “The second quarter makes evident that the execution against our strategic plan is fully on track. We areexecuting on our portfolio optimization, continuing to deliver on our FME25 program and are accelerating our turnaround activities. Asexpected, we have seen a stabilization of the labor market and of the inflationary environment. Our measures to increase productivity,supported by the targeted clinic closures, are driving a positive development. This gives us the confidence to narrow our operating incomeguidance range to the upper part for the year.”
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Keyfigures (IFRS®, unaudited)
| Q2 2022 | Growth | Growth | H1 2023 | H1 2022 | Growth | Growth | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| m | yoy | yoy, cc | m | m | yoy | yoy, cc | |||||||||
| Revenue | +1 | % | +6 | % | +2 | % | +4 | % | |||||||
| Operating income | +5 | % | +5 | % | -10 | % | -11 | % | |||||||
| excl. special items and PRF1 | +41 | % | +44 | % | +12 | % | +11 | % | |||||||
| Net income2 | -5 | % | -4 | % | -26 | % | -26 | % | |||||||
| excl. special items and PRF1 | +51 | % | +54 | % | +5 | % | +5 | % | |||||||
| Basic EPS () | -5 | % | -4 | % | -26 | % | -26 | % | |||||||
| excl. special items and PRF1 | +51 | % | +54 | % | +5 | % | +4 | % |
All values are in Euros.
yoy = year-on-year, cc = at constant currency, EPS = earnings pershare
Successful execution against the strategicplan
Fresenius Medical Care has continuously advanced its structural change. At the beginning of the year the new operating model was implemented along with the corresponding new financial reporting. The simplification of the governance structure with the change of the legal form is thus the remaining structural adjustment to be realized. An important milestone has been achieved in this respect at the Extraordinary General Meeting on July 14, 2023, where 99.88% of the voting shareholders approved the conversion of Fresenius Medical Care from the legal form of a partnership limited by shares (Kommanditgesellschaft auf Aktien, KGaA) into a German stock corporation (Aktiengesellschaft, AG).
In parallel, the Company continuously executes on its operational efficiency and turnaround plans. In the second quarter, the FME25 transformation program delivered EUR 75 million of additional savings. Fresenius Medical Care is fully on track to achieve sustainable savings of EUR 250 to 300 million by year end 2023 and EUR 650 million by year end 2025.
^1^For FY 2022, special items included costs related to the FME25 program, the impact of the war in Ukraine, the impact of hyperinflation in Turkiye, the Humacyte investment remeasurement and the net gain related to InterWell Health. Additionally, the FY 2022 basis for the 2023 outlook was adjusted for U.S. Provider Relief Funding. For FY 2023, special items include costs related to the FME25 program, the Humacyte investment remeasurement, the costs associated with the legal form conversion and effects from legacy portfolio optimization. For further details please see the reconciliation attached to the Press Release.
^2^Net income attributable to shareholders of Fresenius Medical Care AG & Co. KGaA
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In addition to generating efficiencies and improving productivity, Fresenius Medical Care is advancing the optimization of its portfolio. The announced strategic divestments of clinic networks in Sub-Saharan Africa and Hungary demonstrate progress against the Company’s execution plan. The outlined examples are part of the overall portfolio optimization strategy to exit non-core and dilutive assets, against which Fresenius Medical Care executes. The resulting cash proceeds will be used towards deleveraging – in line with Fresenius Medical Care’s disciplined financial policy.
Earnings development excluding special itemsdriven by FME25 savings and productivity improvements
Revenue increased by 1% to EUR 4,825 million in the second quarter (+6% at constant currency, +6% organic).
Care Deliveryrevenue increased by 1% to EUR 3,873 million (+6% at constant currency, +6% organic).
In Care Delivery U.S., revenue growth of 2% (+4% at constant currency, +4% organic) was mainly driven by organic growth, which was supported by a favorable impact from the value-based care business, reimbursement rate increases and a favorable payor mix. This was partially offset by a negative exchange rate effect. The annualization effect of COVID-19-related excess mortality in the late-stage CKD (Chronic Kidney Disease) and ESRD (End-Stage Renal Disease) population continues to weigh on same market treatment growth (-0.1%) – corresponding to the mid-point of the Company’s outlined expectations.
In Care Delivery International, revenue remained stable (+14% at constant currency, +15% organic). Organic growth, which was supported by the effect of hyperinflation in various markets, was offset by a negative exchange rate effect and the impact of closed or sold clinics. Despite the annualization effect of COVID-19-related excess mortality, same market treatment growth was positive at 0.9%.
Care Enablementrevenue remained stable and amounted to EUR 1,325 million (+6% at constant currency, +6% organic). Higher sales of machines for chronic treatment, critical care products and home hemodialysis products as well as increased average sales prices were mostly offset by a negative exchange rate effect.
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Within Inter-segment eliminations, revenue for products transferred between the operating segments at fair market value decreased by 3% to EUR 373 million (+3% at constant currency; Q2 2022: EUR 383 million).^3^
In the first half, revenue increased by 2% to EUR 9,529 million (+4% at constant currency, +4% organic). Care Delivery revenue increased by 2% to 7,628 million (+3% at constant currency, +4% organic), with both Care Delivery U.S. and Care Delivery International growing by 2% (U.S.: +1% at constant currency, +2% organic; International: +13% at constant currency, +14% organic). Care Enablement revenue increased by 2% to EUR 2,635 million (+5% at constant currency, +5% organic). Inter-segment eliminations decreased by 2% and amounted to EUR 734 million (stable at constant currency; H1 2022: EUR 750 million).
Operating incomeincreased by 5% to EUR 357 million (+5% at constant currency), resulting in a margin of 7.4% (Q2 2022: 7.2%). Operating income excluding special items and U.S. Provider Relief Funding (PRF)^1^ increased by 41% to EUR 401 million (+44% at constant currency), resulting in a margin of 8.3% (Q2 2022: 6.0%).
Operating income in Care Delivery decreased by 11% to EUR 384 million (-10% at constant currency), resulting in a margin of 9.9% (Q2 2022: 11.3%). Operating income excluding special items and PRF^1^ increased by 40% to EUR 402 million (+42% at constant currency), resulting in a margin of 10.4% (Q2 2022: 7.5%). This was mainly driven by business growth, lower personnel expenses resulting from improved productivity, and savings from the FME25 program.
Operating income in Care Enablement amounted to EUR 2 million (Q2 2022: EUR -11 million), resulting in a margin of 0.1% (Q2 2022: -0.8%). Operating income excluding special items increased by 533% to EUR 19 million (+601% at constant currency), resulting in a margin of 1.4% (Q2 2022: 0.2%). The improvement compared to the previous year’s quarter was mainly driven by increased volumes, improved pricing and savings from the FME25 program. These effects were partially offset by inflationary cost increases and a negative impact from foreign currency transaction.
^3^The Company transfers products between segments at fair market value. The associated internal revenues and expenses and any remaining internally generated profit or loss for the product transfers are recorded within the operating segments initially, are eliminated upon consolidation and are included within “Inter-segment eliminations”.
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Operating income for Corporate amounted to EUR -25 million (Q2 2022: EUR -84 million). Excluding special items, operating income amounted to EUR -16 million (Q2 2022: EUR -9 million).
In the first half, operating income decreased by 10% to EUR 618 million (-11% at constant currency), resulting in a margin of 6.5% (H1 2022: 7.4%). Excluding special items and PRF^1^, operating income increased by 12% to EUR 755 million (+11% at constant currency), resulting in a margin of 7.9% (H1 2022: 7.2%). In Care Delivery, operating income declined by 8% to EUR 669 million (-10% at constant currency), resulting in a margin of 8.8% (H1 2022: 9.8%). In Care Enablement, operating income decreased to EUR -23 million (H1 2022: EUR 59 million), resulting in a margin of -0.9% (H1 2022: 2.3%). Operating income for Corporate amounted to EUR -15 million (H1 2022: -94 million).
**Net income^2^**decreased by 5% to EUR 140 million (-4% at constant currency). Excluding special items and PRF^1^, net income^2^increased by 51% to EUR 175 million (+54% at constant currency).
In the first half, net income^2^declined by 26% to EUR 227 million (-26% at constant currency). Excluding special items and PRF^1^, net income^2^increased by 5% to EUR 329 million (+5% at constant currency).
Basic earningsper share (EPS) decreased by 5% to EUR 0.48 (-4% at constant currency). EPS excluding special items and PRF^1^ increased by 51% to EUR 0.59 (+54% at constant currency).
In the first half, EPS declined by 26% to EUR 0.77 (-26% at constant currency). Excluding special items and PRF^1^, EPS increased by 5% to EUR 1.12 (+4% at constant currency).
Strong cash flow development
In the second quarter, Fresenius Medical Care generated EUR 1,007 million of operating cash flow (Q2 2022: EUR 751 million), resulting in a margin of 20.9% (Q2 2022: 15.8%). The increase was mainly driven by the recoupment of advanced payments during 2022, which had been received in the U.S. under the Medicare Accelerated and Advance Payment Program in 2020, as well as by seasonality of invoicing.
In the first half, operating cashflow amounted to EUR 1,150 million (H1 2022: EUR 910 million), resulting in a margin of 12.1% (H1 2022: 9.8%).
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**Free cash flow^4^**amounted to EUR 852 million in the second quarter (Q2 2022: EUR 582 million), resulting in a margin of 17.7% (Q2 2022: 12.2%). In the first half, Fresenius Medical Care generated free cash flow of EUR 854 million (H1 2022: EUR 581 million), resulting in a margin of 9.0% (H1 2022: 6.2%).
Outlook
The Company continues to expect for 2023 revenue to grow at a low to mid-single digit percentage rate (2022 basis: EUR 19,398 million).
Based on the earnings development for the first half of the year, Fresenius Medical Care narrows its operating income target range for 2023. The Company now expects operating income to remain flat or decline by up to a low-single digit percentage rate (2022 basis: EUR 1,540 million; previous target: remain flat or decline by up to a high-single digit percentage rate)^5^.
The Company’s target to achieve an operating income margin of 10 to 14% by 2025 remains unchanged.
Patients, clinics and employees
As of June 30, 2023, Fresenius Medical Care treated 344,086 patients in 4,050 dialysis clinics worldwide and had 124,295 employees(headcount) globally, compared to 130,448 employees as of June 30, 2022.
^4^Net cash provided by / used in operating activities, after capital expenditures, before acquisitions, investments, and dividends
^5^Revenue and operating income, as referred to in the outlook, are both on a constant currency basis and excluding special items. Special items will be provided as separate KPI (“Revenue excluding special items”, “Operating income excluding special items”) to capture effects that are unusual in nature and have not been foreseeable or not foreseeable in size or impact at the time of giving guidance. These items are excluded to ensure comparability of the figures presented with the Company’s financial targets which have been defined excluding special items.
For FY 2022, special items included costs related to the FME25 program, the impact of the war in Ukraine, the impact of hyperinflation in Turkiye, the Humacyte investment remeasurement, and the net gain related to InterWell Health. Additionally, the basis (FY 2022) for the 2023 outlook was adjusted for Provider Relief Funding. For FY 2023, special items include costs related to the FME25 program, the Humacyte investment remeasurement, the costs associated with the legal form conversion and effects from legacy portfolio optimization. For further details please see the reconciliation attached to the Press Release.
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Conference call
Fresenius Medical Care will host a conference call to discuss the results of the second quarter and first half of 2023 on August 2, 2023 at 3:30 p.m. CEST / 9:30 a.m. EDT. Details will be available on the Fresenius Medical Care website in the “Investors” section. A replay will be available shortly after the call.
Please refer to our statement of 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 2023. Our 6-K disclosure provides more details.
Fresenius Medical Care is the world's leading provider of products and services for individuals with renal diseases of which around 3.9 million patients worldwide regularly undergo dialysis treatment. Through its network of 4,050 dialysis clinics, Fresenius Medical Care provides dialysis treatments for approximately 344,000 patients around the globe. Fresenius Medical Care is also the leading provider of dialysis products such as dialysis machines or dialyzers. Fresenius Medical Care is listed on the Frankfurt Stock Exchange (FME) and on the New York Stock Exchange (FMS).
For more information visit the Company’s website at www.freseniusmedicalcare.com.
Disclaimer:
This release contains forward-looking statements that are subject to various risks and uncertainties. Actual results could differ materially from those described in these forward-looking statements due to various factors, including, but not limited to, changes in business, economic and competitive conditions, legal changes, regulatory approvals, impacts related to COVID-19, results of clinical studies, foreign exchange rate fluctuations, uncertainties in litigation or investigative proceedings, and the availability of financing. These and other risks and uncertainties are detailed in Fresenius Medical Care AG & Co. KGaA's reports filed with the U.S. Securities and Exchange Commission. Fresenius Medical Care AG & Co. KGaA does not undertake any responsibility to update the forward-looking statements in this release.
Implementation of measures as presented herein may be subject to information and consultation procedures with works councils and other employee representative bodies, as per local laws and practice. Consultation procedures may lead to changes on proposed measures.
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Exhibit 99.2
FreseniusMedical Care AG & Co. KGaA
COMPLETEOVERVIEW OF THE SECOND QUARTER AND FIRST HALF YEAR 2023
August 2, 2023
InvestorRelations
phone:+49 6172 609 2525
email:ir@fmc-ag.com
| Content: | |
|---|---|
| Statement of earnings | page 2 |
| Segment information | page 3 |
| Balance sheet | page 4 |
| Cash flow | page 5 |
| Revenue development<br> by segment | page 6 |
| Key metrics | page 7 |
| Reconciliation<br> results excl. special items | page 8 |
| Outlook 2023 | page 9 |
Disclaimer
This release contains forward-looking statements that are subject to various risks and uncertainties. Actual results could differ materially from those described in these forward-looking statements due to certain factors, including changes in business, economic and competitive conditions, regulatory reforms, foreign exchange rate fluctuations, uncertainties in litigation or investigative proceedings, and the availability of financing. These and other risks and uncertainties are detailed in Fresenius Medical Care AG & Co. KGaA's reports filed with the U.S. Securities and Exchange Commission. Fresenius Medical Care AG & Co. KGaA does not undertake any responsibility to update the forward-looking statements in this release.
Rounding adjustments applied to individual numbers and percentages may result in these figures differing immaterially from their absolute values. Furthermore, totals and subtotals in tables may differ slightly from unrounded figures due to rounding in accordance with commercial rounding conventions.
Copyright by Fresenius Medical Care AG & Co. KGaA
Statementof earnings
| Three<br> months ended June 30, | Six<br> months ended June 30, | |||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| in € million,<br> except share data, unaudited | 2023 | 2022 | Change | Change<br> at cc | 2023 | 2022 | Change | Change<br> at cc | ||||||||||||||||
| Total<br> revenue | 4,825 | 4,757 | 1.4 | % | 6.0 | % | 9,529 | 9,305 | 2.4 | % | 3.9 | % | ||||||||||||
| Costs of revenue | 3,628 | 3,511 | 3.3 | % | 8.2 | % | 7,183 | 6,886 | 4.3 | % | 5.9 | % | ||||||||||||
| Selling, general<br> and administrative expenses | 775 | 758 | 2.3 | % | 5.7 | % | 1,557 | 1,548 | 0.6 | % | 1.2 | % | ||||||||||||
| Research and<br> development expenses | 57 | 55 | 3.2 | % | 4.2 | % | 113 | 105 | 7.5 | % | 7.1 | % | ||||||||||||
| Income from equity<br> method investees | (48 | ) | (19 | ) | 149.2 | % | 149.4 | % | (76 | ) | (30 | ) | 153.8 | % | 153.6 | % | ||||||||
| Other operating<br> income | (76 | ) | (110 | ) | -31.3 | % | -23.3 | % | (193 | ) | (239 | ) | -19.2 | % | -5.9 | % | ||||||||
| Other operating<br> expense | 132 | 221 | -40.3 | % | -29.2 | % | 327 | 347 | -5.7 | % | 10.9 | % | ||||||||||||
| Operating<br> income | 357 | 341 | 4.7 | % | 5.5 | % | 618 | 688 | -10.3 | % | -11.4 | % | ||||||||||||
| Operating<br> income excl. special items and PRF ^1^ | 401 | 284 | 41.3 | % | 43.5 | % | 755 | 675 | 11.9 | % | 11.0 | % | ||||||||||||
| Interest income | (24 | ) | (13 | ) | 89.3 | % | 105.0 | % | (36 | ) | (27 | ) | 34.8 | % | 46.4 | % | ||||||||
| Interest expense | 105 | 85 | 24.1 | % | 27.8 | % | 199 | 168 | 19.0 | % | 19.6 | % | ||||||||||||
| Interest expense,<br> net | 81 | 72 | 12.5 | % | 14.1 | % | 163 | 141 | 16.0 | % | 14.4 | % | ||||||||||||
| Income before<br> income taxes | 276 | 269 | 2.7 | % | 3.2 | % | 455 | 547 | -17.0 | % | -18.0 | % | ||||||||||||
| Income tax expense | 81 | 63 | 28.9 | % | 29.1 | % | 126 | 130 | -3.1 | % | -4.3 | % | ||||||||||||
| Net income | 195 | 206 | -5.4 | % | -4.8 | % | 329 | 417 | -21.3 | % | -22.2 | % | ||||||||||||
| Net income attributable<br> to noncontrolling interests | 55 | 59 | -7.3 | % | -6.2 | % | 102 | 112 | -9.9 | % | -11.1 | % | ||||||||||||
| Net income<br> attributable to shareholders of FMC AG & Co. KGaA | 140 | 147 | -4.6 | % | -4.2 | % | 227 | 305 | -25.5 | % | -26.4 | % | ||||||||||||
| Net<br> income attributable to shareholders of FMC AG & Co. KGaA excl. special items and PRF ^1^ | 175 | 116 | 50.9 | % | 53.6 | % | 329 | 313 | 5.2 | % | 4.6 | % | ||||||||||||
| Operating<br> income | 357 | 341 | 4.7 | % | 5.5 | % | 618 | 688 | -10.3 | % | -11.4 | % | ||||||||||||
| Depreciation,<br> amortization and impairment loss | 434 | 422 | 2.7 | % | 5.8 | % | 872 | 842 | 3.6 | % | 3.8 | % | ||||||||||||
| EBITDA | 791 | 763 | 3.6 | % | 5.7 | % | 1,490 | 1,530 | -2.6 | % | -3.0 | % | ||||||||||||
| Weighted average<br> number of shares | 293,413,449 | 293,145,413 | 293,413,449 | 293,076,643 | ||||||||||||||||||||
| Basic earnings per share | € | 0.48 | € | 0.50 | -4.7 | % | -4.3 | % | € | 0.77 | € | 1.04 | -25.6 | % | -26.5 | % | ||||||||
| Basic earnings<br> per ADS | € | 0.24 | € | 0.25 | -4.7 | % | -4.3 | % | € | 0.39 | € | 0.52 | -25.6 | % | -26.5 | % | ||||||||
| In percent<br> of revenue | ||||||||||||||||||||||||
| Operating income<br> margin | 7.4 | % | 7.2 | % | 6.5 | % | 7.4 | % | ||||||||||||||||
| Operating<br> income margin excl. special items and PRF ^1^ | 8.3 | % | 6.0 | % | 7.9 | % | 7.2 | % | ||||||||||||||||
| EBITDA margin | 16.4 | % | 16.0 | % | 15.6 | % | 16.4 | % |
^1^ For a reconciliation of special items, please refer to the table on page 8.
| Statement of earnings | page 2 of 9 | August 2, 2023 |
| --- | --- | --- |
Segment information
| Six<br> months ended June 30, | |||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| unaudited | 2022 | Change | Change<br> at cc | 2023 | 2022 | Change | Change<br> at cc | ||||||||||||||||
| Total | |||||||||||||||||||||||
| Revenue in <br> million | 4,825 | 4,757 | 1.4 | % | 6.0 | % | 9,529 | 9,305 | 2.4 | % | 3.9 | % | |||||||||||
| Operating income in <br> million | 357 | 341 | 4.7 | % | 5.5 | % | 618 | 688 | -10.3 | % | -11.4 | % | |||||||||||
| Operating income margin | 7.4 | % | 7.2 | % | 6.5 | % | 7.4 | % | |||||||||||||||
| Operating income in million<br> excl. special items and PRF 1 | 401 | 284 | 41.3 | % | 43.5 | % | 755 | 675 | 11.9 | % | 11.0 | % | |||||||||||
| Operating income margin excl.<br> special items and PRF 1 | 8.3 | % | 6.0 | % | 7.9 | % | 7.2 | % | |||||||||||||||
| Days<br> sales outstanding (DSO) 2 | 68 | 68 | |||||||||||||||||||||
| Employees (headcount) | 124,295 | 130,448 | |||||||||||||||||||||
| Care Delivery segment | |||||||||||||||||||||||
| Revenue in million | 3,873 | 3,822 | 1.3 | % | 5.7 | % | 7,628 | 7,469 | 2.1 | % | 3.3 | % | |||||||||||
| Operating income in <br> million | 384 | 433 | -11.3 | % | -10.3 | % | 669 | 731 | -8.5 | % | -9.6 | % | |||||||||||
| Operating income margin | 9.9 | % | 11.3 | % | 8.8 | % | 9.8 | % | |||||||||||||||
| Operating income in million<br> excl. special items and PRF 1 | 402 | 287 | 39.6 | % | 41.6 | % | 704 | 599 | 17.8 | % | 16.8 | % | |||||||||||
| Operating income margin excl.<br> special items and PRF 1 | 10.4 | % | 7.5 | % | 9.2 | % | 8.0 | % | |||||||||||||||
| Days<br> sales outstanding (DSO) 2 | 61 | 60 | |||||||||||||||||||||
| Care Enablement segment | |||||||||||||||||||||||
| Revenue in million | 1,325 | 1,318 | 0.5 | % | 5.7 | % | 2,635 | 2,586 | 1.9 | % | 4.6 | % | |||||||||||
| Operating income in <br> million | 2 | (11 | ) | n.a | n.a | (23 | ) | 59 | n.a | n.a | |||||||||||||
| Operating income margin | 0.1 | % | -0.8 | % | -0.9 | % | 2.3 | % | |||||||||||||||
| Operating income in million<br> excl. special items and PRF 1 | 19 | 3 | 532.7 | % | 600.5 | % | 88 | 100 | -11.7 | % | -12.9 | % | |||||||||||
| Operating income margin excl.<br> special items and PRF 1 | 1.4 | % | 0.2 | % | 3.3 | % | 3.8 | % | |||||||||||||||
| Days<br> sales outstanding (DSO) 2 | 97 | 100 | |||||||||||||||||||||
| Inter-segment<br> eliminations 3 | |||||||||||||||||||||||
| Revenue in million | (373 | ) | (383 | ) | -2.9 | % | 2.5 | % | (734 | ) | (750 | ) | -2.1 | % | 0.1 | % | |||||||
| Operating income in million | (4 | ) | 3 | n.a | n.a | (13 | ) | (8 | ) | 91.4 | % | 89.8 | % | ||||||||||
| Corporate | |||||||||||||||||||||||
| Operating income in <br> million | (25 | ) | (84 | ) | -69.8 | % | -69.2 | % | (15 | ) | (94 | ) | -84.0 | % | -84.8 | % | |||||||
| Operating income in million<br> excl. special items and PRF 1 | (16 | ) | (9 | ) | 79.2 | % | 92.4 | % | (24 | ) | (16 | ) | 50.6 | % | 45.6 | % |
All values are in Euros.
^1^For a reconciliation of special items, please refer to the table on page 8.
^2^2022 includes DSO as of December 31, 2022.
^3^The Company transfers products between segments at fair market value. The associated internal revenues and expenses and any remaining internally generated profit or loss for the product transfers are recorded within the operating segments initially, are eliminated upon consolidation and are included within “Inter-segment eliminations”.
cc = constant currency. Changes in revenue, operating income and net income attributable to shareholders of FMC AG & Co. KGaA include the impact of changes in foreign currency exchange rates. We calculate and present these financial measures using both IFRS® Accounting Standards and at constant exchange rates to show changes in these metrics and other items without giving effect to period-to-period currency fluctuations. Under IFRS Accounting Standards, amounts received in local (non- euro) currency are translated into euro at the average exchange rate for the period presented. Once we translate the local currency for the constant currency, we then calculate the change, as a percentage, of the current period using the prior period exchange rates versus the prior period. The single quarter results are calculated as the variance between the current year-to-date results less the preceding quarter’s year-to-date which makes the single quarter subject to further foreign exchange fluctuation. This resulting percentage is a non-IFRS measure referring to a change as a percentage at constant currency. These currency-adjusted financial measures are identifiable by the designated term "Constant Currency".
| Segment information | page 3 of 9 | August 2, 2023 |
| --- | --- | --- |
Balancesheet
| December 31, | |||||
|---|---|---|---|---|---|
| in million, except for net leverage ratio, unaudited | 2023 | 2022 | |||
| Assets | |||||
| Current assets | 8,347 | 8,203 | |||
| Goodwill and intangible assets | 16,824 | 17,310 | |||
| Right-of-use assets | 3,977 | 4,187 | |||
| Other non-current assets | 5,812 | 6,054 | |||
| Total assets | 34,960 | 35,754 | |||
| Liabilities and equity | |||||
| Current liabilities | 6,624 | 6,467 | |||
| Non-current liabilities | 13,406 | 13,838 | |||
| Total equity | 14,930 | 15,449 | |||
| Total liabilities and equity | 34,960 | 35,754 | |||
| Equity/assets ratio | 43 | % | 43 | % | |
| Debt and lease liabilities | |||||
| Short-term debt from unrelated parties | 901 | 665 | |||
| Short-term debt from related parties | 3 | 4 | |||
| Current portion of long-term debt | 701 | 694 | |||
| Current portion of lease liabilities from unrelated parties | 627 | 650 | |||
| Current portion of lease liabilities from related parties | 25 | 24 | |||
| Long-term debt, less current portion | 6,997 | 7,171 | |||
| Lease liabilities from unrelated parties, less current portion | 3,685 | 3,875 | |||
| Lease liabilities from related parties, less current portion | 126 | 130 | |||
| Debt and lease liabilities included within liabilities directly<br> associated with assets held for sale | 12 | — | |||
| Total debt and lease liabilities | 13,077 | 13,213 | |||
| Minus:<br> Cash and cash equivalents1 | (1,363 | ) | (1,274 | ) | |
| Total net debt and lease liabilities | 11,714 | 11,939 | |||
| Reconciliation of annualized adjusted<br> EBITDA and net leverage | |||||
| ratio to the most directly comparable<br> IFRS financial measures | |||||
| Net income | 805 | 895 | |||
| Income tax expense | 321 | 325 | |||
| Interest income | (77 | ) | (68 | ) | |
| Interest expense | 392 | 360 | |||
| Depreciation and amortization | 1,700 | 1,718 | |||
| Adjustments2 | 319 | 320 | |||
| Annualized adjusted EBITDA | 3,460 | 3,550 | |||
| Net leverage ratio | 3.4 | 3.4 |
All values are in Euros.
^1^ Includes cash and cash equivalents included within assets held for sale.
^2^ Acquisitions and divestitures made for the last twelve months with a purchase price above a €50 M threshold as defined in the Syndicated Credit Facility (2023: -€12 M; 2022: -€22 M), non-cash charges, primarily related to pension expense (2023: €51 M; 2022: €54 M), impairment loss (2023: €168 M; 2022: €120 M) and special items, including costs related to the FME25 Program (2023: €142 M; 2022: €155 M), Legal Form Conversion Costs (2023: €7 M), Legacy Portfolio Optimization (2023: €71 M), Net Gain Related to InterWell Health (2023: -€114 M; 2022: -€114 M), Humacyte Investment Remeasurement (2023: €10 M; 2022: €103 M), Hyperinflation in Turkiye (2023: -€1 M; 2022: €5 M) and the Impacts Related to the War in Ukraine (2023: -€3 M; 2022: €19 M).
| Balance sheet | page 4 of 9 | August 2, 2023 |
| --- | --- | --- |
Cashflow statement
| Six months ended<br> June 30, | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| in million, unaudited | 2023 | 2022 | 2023 | 2022 | |||||
| Operating activities | |||||||||
| Net income | 195 | 206 | 329 | 417 | |||||
| Depreciation, amortization and impairment<br> loss | 434 | 422 | 872 | 842 | |||||
| Change in trade accounts and other receivables<br> from unrelated parties | 326 | 177 | (80 | ) | (56 | ) | |||
| Change in inventories | (22 | ) | (56 | ) | (111 | ) | (118 | ) | |
| Change in other working capital and non-cash<br> items | 74 | 2 | 140 | (175 | ) | ||||
| Net cash provided by (used in) operating<br> activities | 1,007 | 751 | 1,150 | 910 | |||||
| In percent of revenue | 20.9 | % | 15.8 | % | 12.1 | % | 9.8 | % | |
| Investing activities | |||||||||
| Purchases of property, plant and equipment<br> and capitalized development costs | (155 | ) | (172 | ) | (298 | ) | (334 | ) | |
| Proceeds from sale of property, plant and<br> equipment | 0 | 3 | 2 | 5 | |||||
| Capital expenditures, net | (155 | ) | (169 | ) | (296 | ) | (329 | ) | |
| Free cash flow | 852 | 582 | 854 | 581 | |||||
| In percent of revenue | 17.7 | % | 12.2 | % | 9.0 | % | 6.2 | % | |
| Acquisitions and investments, net of cash<br> acquired, and purchases of intangible assets | (10 | ) | (24 | ) | (14 | ) | (61 | ) | |
| Investments in debt securities | (17 | ) | (43 | ) | (63 | ) | (86 | ) | |
| Proceeds from divestitures | 13 | 26 | 25 | 40 | |||||
| Proceeds from sale of debt securities | 36 | 13 | 51 | 27 | |||||
| Free cash flow after investing activities | 874 | 554 | 853 | 501 |
All values are in Euros.
| Cash flow | page 5 of 9 | August 2, 2023 |
| --- | --- | --- |
| Revenue development by segment | ||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Same market | ||||||||||||||||||
| Change | Organic | treatment | ||||||||||||||||
| in € million, unaudited | 2023 | 2022 | Change | at cc | growth | growth^1^ | ||||||||||||
| Three months ended June 30, | ||||||||||||||||||
| Total<br> revenue | 4,825 | 4,757 | 1.4 | % | 6.0 | % | 6.3 | % | ||||||||||
| Care Delivery segment | 3,873 | 3,822 | 1.3 | % | 5.7 | % | 6.2 | % | 0.3 | % | ||||||||
| Thereof: U.S. | 3,120 | 3,066 | 1.7 | % | 3.7 | % | 4.0 | % | -0.1 | % | ||||||||
| Thereof: International | 753 | 756 | -0.3 | % | 14.0 | % | 14.9 | % | 0.9 | % | ||||||||
| Care Enablement segment | 1,325 | 1,318 | 0.5 | % | 5.7 | % | 5.7 | % | ||||||||||
| Inter-segment<br> eliminations | (373 | ) | (383 | ) | -2.9 | % | 2.5 | % | ||||||||||
| Six months ended June 30, | ||||||||||||||||||
| Total revenue | 9,529 | 9,305 | 2.4 | % | 3.9 | % | 4.4 | % | ||||||||||
| Care Delivery segment | 7,628 | 7,469 | 2.1 | % | 3.3 | % | 3.9 | % | 0.2 | % | ||||||||
| Thereof: U.S. | 6,123 | 5,996 | 2.1 | % | 0.9 | % | 1.6 | % | -0.1 | % | ||||||||
| Thereof: International | 1,505 | 1,473 | 2.2 | % | 12.9 | % | 13.6 | % | 0.7 | % | ||||||||
| Care Enablement segment | 2,635 | 2,586 | 1.9 | % | 4.6 | % | 4.6 | % | ||||||||||
| Inter-segment<br> eliminations | (734 | ) | (750 | ) | -2.1 | % | 0.1 | % |
^1^ Same market treatment growth = organic growth less price effects
Reconciliation of health care services and health care products revenue to new segments
| 2023 | 2022 | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Care<br><br> Delivery | Care<br> <br><br>Enablement | Inter-<br><br>segment | Care Delivery | Care<br><br>Enablement | Inter-<br><br>segment | |||||||||||||
| in € million, unaudited | segment | segment | eliminations | Total | segment | segment | eliminations | Total | ||||||||||
| Three months ended June 30, | ||||||||||||||||||
| Health care services revenue | 3,829 | — | — | 3,829 | 3,782 | — | — | 3,782 | ||||||||||
| Health care products revenue | 44 | 952 | — | 996 | 40 | 935 | — | 975 | ||||||||||
| Inter-segment revenue | — | 373 | (373 | ) | — | — | 383 | (383 | ) | — | ||||||||
| Revenue | 3,873 | 1,325 | (373 | ) | 4,825 | 3,822 | 1,318 | (383 | ) | 4,757 | ||||||||
| Six months ended June 30, | ||||||||||||||||||
| Health care services revenue | 7,541 | — | — | 7,541 | 7,389 | — | — | 7,389 | ||||||||||
| Health care products revenue | 87 | 1,901 | — | 1,988 | 80 | 1,836 | — | 1,916 | ||||||||||
| Inter-segment revenue | — | 734 | (734 | ) | — | — | 750 | (750 | ) | — | ||||||||
| Revenue | 7,628 | 2,635 | (734 | ) | 9,529 | 7,469 | 2,586 | (750 | ) | 9,305 |
| Revenue development by segment | page 6 of 9 | August 2, 2023 |
| --- | --- | --- |
Key metrics Care Delivery segment
| Six months ended June 30, 2023 | ||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Growth | Growth | Growth | ||||||||||||||||
| in % | Net change | in % | in % | |||||||||||||||
| unaudited | Clinics | yoy | in clinics ^1^ | Patients | yoy | Treatments | yoy | |||||||||||
| Total | 4,050 | -3 | % | (66 | ) | 344,086 | 0 | % | 25,812,988 | 0 | % | |||||||
| Thereof: U.S. | 2,634 | -2 | % | (37 | ) | 206,692 | 0 | % | 15,525,016 | 0 | % | |||||||
| Thereof: International | 1,416 | -4 | % | (29 | ) | 137,394 | -1 | % | 10,287,972 | -1 | % |
^1^ Net change in clinics (acquired, de novo, combined, closed and sold) in comparison to December 31, 2022.
yoy = year-on-year
| Key metrics | page 7 of 9 | August 2, 2023 |
| --- | --- | --- |
Reconciliation of non-IFRS financial measures tothe most directly comparable IFRS financial measures for comparability with the Company´s outlook
| Results<br> excl. special items | |||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Special items | Special items | and<br> PRF | |||||||||||||||||||||||||||||||||||||||||||
| in million, | Legal<br> Form | Legacy <br><br>Portfolio | Humacyte<br><br>Investment | Results<br> 2023 | Humacyte<br><br>Investment | Hyper- | Provider<br><br>Relief | Sum<br> of | Results 2022 <br><br>excl.<br>special | ||||||||||||||||||||||||||||||||||||
| except share data, | FME25 | Conversion | Optimiza- | Remeasure- | Sum<br> of | excl.special | Results | FME25 | Remeasure- | Ukraine | inflation | Funding | special<br> items | items | Change | ||||||||||||||||||||||||||||||
| unaudited | Program | Costs | tion<br> ^1^ | ment | special<br> items | items | 2022 | Program | ment | War^2^ | in<br> Turkiye | (PRF) | and<br> PRF | and<br> PRF | Change | at<br> cc | |||||||||||||||||||||||||||||
| Three months ended June 30, | |||||||||||||||||||||||||||||||||||||||||||||
| Total<br> revenue | 4,825 | — | 4,825 | 4,757 | — | 4,757 | 1.4 | % | 6.0 | % | |||||||||||||||||||||||||||||||||||
| EBITDA | 791 | 14 | 5 | 11 | 4 | 34 | 825 | 763 | 21 | 75 | 2 | 6 | (161 | ) | (57 | ) | 706 | 16.8 | % | 19.4 | % | ||||||||||||||||||||||||
| Total<br> operating income | 357 | 25 | 5 | 10 | 4 | 44 | 401 | 341 | 21 | 75 | 2 | 6 | (161 | ) | (57 | ) | 284 | 41.3 | % | 43.5 | % | ||||||||||||||||||||||||
| Care Delivery<br> segment | 384 | 8 | — | 10 | — | 18 | 402 | 433 | 13 | — | 2 | 0 | (161 | ) | (146 | ) | 287 | 39.6 | % | 41.6 | % | ||||||||||||||||||||||||
| Care Enablement<br> segment | 2 | 17 | — | 0 | — | 17 | 19 | (11 | ) | 8 | — | 0 | 6 | — | 14 | 3 | 532.7 | % | 600.5 | % | |||||||||||||||||||||||||
| Inter-segment<br> eliminations | (4 | ) | — | — | — | — | — | (4 | ) | 3 | — | — | — | — | — | — | 3 | n.a. | n.a. | ||||||||||||||||||||||||||
| Corporate | (25 | ) | 0 | 5 | — | 4 | 9 | (16 | ) | (84 | ) | — | 75 | — | — | — | 75 | (9 | ) | 79.2 | % | 92.4 | % | ||||||||||||||||||||||
| Interest expense,<br> net | 81 | — | 81 | 72 | — | 72 | 12.5 | % | 14.1 | % | |||||||||||||||||||||||||||||||||||
| Income tax<br> expense | 81 | 5 | 1 | 2 | 1 | 9 | 90 | 63 | 6 | 20 | — | — | (42 | ) | (16 | ) | 47 | 94.9 | % | 97.4 | % | ||||||||||||||||||||||||
| Net<br> income attributable to noncontrolling<br> interests | 55 | — | — | 0 | — | — | 55 | 59 | — | — | — | — | (10 | ) | (10 | ) | 49 | 10.5 | % | 12.0 | % | ||||||||||||||||||||||||
| Net<br> income3 | 140 | 20 | 4 | 8 | 3 | 35 | 175 | 147 | 15 | 55 | 2 | 6 | (109 | ) | (31 | ) | 116 | 50.9 | % | 53.6 | % | ||||||||||||||||||||||||
| Basic<br> earnings per share | 0.48 | € | 0.07 | € | 0.01 | € | 0.02 | € | 0.01 | € | 0.11 | € | 0.59 | € | 0.50 | € | 0.05 | € | 0.19 | € | 0.01 | € | 0.02 | € | (0.38 | ) | € | (0.11 | ) | € | 0.39 | 50.7 | % | 53.5 | % | ||||||||||
| Six months ended June 30, | |||||||||||||||||||||||||||||||||||||||||||||
| Total<br> revenue | 9,529 | — | 9,529 | 9,305 | — | 9,305 | 2.4 | % | 3.9 | % | |||||||||||||||||||||||||||||||||||
| EBITDA | 1,490 | 36 | 7 | 71 | (15 | ) | 99 | 1,589 | 1,530 | 49 | 78 | 23 | 6 | (177 | ) | (21 | ) | 1,509 | 5.3 | % | 5.0 | % | |||||||||||||||||||||||
| Total<br> operating income | 618 | 51 | 7 | 94 | (15 | ) | 137 | 755 | 688 | 57 | 78 | 23 | 6 | (177 | ) | (13 | ) | 675 | 11.9 | % | 11.0 | % | |||||||||||||||||||||||
| Care Delivery<br> segment | 669 | 24 | — | 11 | — | 35 | 704 | 731 | 35 | — | 10 | 0 | (177 | ) | (132 | ) | 599 | 17.8 | % | 16.8 | % | ||||||||||||||||||||||||
| Care Enablement<br> segment | (23 | ) | 28 | — | 83 | — | 111 | 88 | 59 | 22 | — | 13 | 6 | — | 41 | 100 | -11.7 | % | -12.9 | % | |||||||||||||||||||||||||
| Inter-segment<br> eliminations | (13 | ) | — | — | — | — | — | (13 | ) | (8 | ) | — | — | — | — | — | — | (8 | ) | 91.4 | % | 89.8 | % | ||||||||||||||||||||||
| Corporate | (15 | ) | (1 | ) | 7 | — | (15 | ) | (9 | ) | (24 | ) | (94 | ) | — | 78 | — | — | — | 78 | (16 | ) | 50.6 | % | 45.6 | % | |||||||||||||||||||
| Interest expense,<br> net | 163 | — | 163 | 141 | — | 141 | 16.0 | % | 14.4 | % | |||||||||||||||||||||||||||||||||||
| Income tax<br> expense | 126 | 11 | 2 | 25 | (4 | ) | 34 | 160 | 130 | 17 | 21 | 3 | — | (48 | ) | (7 | ) | 123 | 31.1 | % | 30.1 | % | |||||||||||||||||||||||
| Net<br> income attributable to noncontrolling<br> interests | 102 | — | — | 1 | — | 1 | 103 | 112 | — | — | — | — | (14 | ) | (14 | ) | 98 | 3.7 | % | 2.5 | % | ||||||||||||||||||||||||
| Net<br> income3 | 227 | 40 | 5 | 68 | (11 | ) | 102 | 329 | 305 | 40 | 57 | 20 | 6 | (115 | ) | 8 | 313 | 5.2 | % | 4.6 | % | ||||||||||||||||||||||||
| Basic<br> earnings per share | 0.77 | € | 0.14 | € | 0.02 | € | 0.23 | € | (0.04 | ) | € | 0.35 | € | 1.12 | € | 1.04 | € | 0.14 | € | 0.19 | € | 0.07 | € | 0.02 | € | (0.39 | ) | € | 0.03 | € | 1.07 | 5.1 | % | 4.5 | % |
All values are in Euros.
^1^ Costs mainly comprise the derecognition of capitalized development costs and the impairment of intangible assets (licenses and distribution rights) as well as termination costs (including certain contractual obligation expenses) related to a dialysis cycler development program which was discontinued in Q1 2023 and other expenses related to a divestiture agreed upon in Q2 2023.
^2^ Bad debt expense in Russia and Ukraine and accruals for certain risks associated with allowances on inventories related to the Ukraine War.
^3^ Attributable to shareholders of FMC AG & Co. KGaA
| Reconciliation results excl. special items | page 8 of 9 | August 2, 2023 |
| --- | --- | --- |
Outlook 2023
| Outlook 2023 | ||
|---|---|---|
| Results 2022 | (at Constant Currency) | |
| Revenue^1^ | €19,398 M | low to mid-single digit percentage rate growth |
| flat to low-single digit percentage rate decline | ||
| Operating income^1^ | €1,540 M | (initially: flat to<br> high-single digit percentage rate decline) |
^1^ Outlook 2023 is based on the assumptions outlined in the earnings release for the fourth quarter and full year of 2022 and excludes special items. Special items include costs related to the FME25 program, Legal Form Conversion Costs, Legacy Portfolio Optimization, Humacyte Investment Remeasurement and other effects that are unusual in nature and have not been foreseeable or not foreseeable in size or impact at the time of giving guidance. The growth rates are based on the results 2022 excluding the costs related to the FME25 program (€204 M for operating income), Net Gain Related to InterWell Health ( -€56 M for operating income), Humacyte Investment Remeasurement (€103 M for operating income), Hyperinflation in Turkiye (€5 M for operating income) and the Impacts Related to the War in Ukraine (€49 M for operating income). Additionally, the results 2022 were adjusted for the Provider Relief Funding (-€277 M for operating income).
| Outlook 2023 | page 9 of 9 | August 2, 2023 |
| --- | --- | --- |