If no timeframe is specified, information refers to Q1-3/2016

Q1-3/2016:

  • Sales: €21.3 billion (+5%, +6% in constant currency)
  • EBIT1: €3,092 million (+9%, +9% in constant currency)
  • Net income1,2: €1,154 million (+14%, +15% in constant currency)

Q3/2016:

  • Sales: €7.3 billion (+6%, +7% in constant currency)
  • EBIT1: €1,082 million (+5%, +6% in constant currency)
  • Net income1,2: €399 million (+9%, +10% in constant currency)

Stephan Sturm, CEO of Fresenius, said: “We achieved substantial earnings growth in the third quarter, following our very strong development in the first half. Each business segment continued to grow organically in every region. That makes us even more confident for the full year 2016. We are also full of optimism about our medium-term prospects. The acquisition of the Spanish hospital group Quirónsalud will further broaden our foundation for continued strong growth. This will be reflected in the ambitious targets for the coming years that we will announce with our forecast for 2017.”

1 2015 before special items
2 Net income attributable to shareholders of Fresenius SE & Co. KGaA
For a detailed overview of special items please see the reconciliation tables on pages 15-16 of the .pdf file.

Lower end of 2016 Group earnings guidance raised

Based on the Group’s excellent financial results and strong prospects for the remainder of the year, Fresenius raises the lower end of its 2016 Group earnings guidance range. The upper end of the Group’s earnings guidance remains unchanged, due to the offsetting effect of financing costs related to the Quirónsalud acquisition. Net income1,2 is now expected to grow by 12% to 14% in constant currency. Previously, Fresenius expected net income1,2 growth of 11% to 14% in constant currency. The company confirms its Group sales guidance. Sales are expected to increase by 6% to 8% in constant currency.

The net debt/EBITDA3 ratio is expected to be approximately 2.5 at the end of 2016.

1Net income attributable to shareholders of Fresenius SE & Co. KGaA
22015 before special items
3Calculated at FY average exchange rates for both net debt and EBITDA; excluding potential acquisitions
For a detailed overview of special items please see the reconciliation tables on pages 15-16 of the .pdf file.

6% sales growth in constant currency

Group sales increased by 5% (6% in constant currency) to €21,345 million (Q1-3/2015: €20,369 million). Organic sales growth was 6%. The minor negative currency translation effects (-1%) were mainly related to the devaluation of Latin American currencies against the Euro. Acquisitions contributed 1% and divestitures reduced sales by 1%. In Q3/2016, Group sales increased by 6% (7% in constant currency) to €7,339 million (Q3/2015: €6,940 million). Organic sales growth was 6%. Acquisitions contributed 1%.



15% net income1,2 growth in constant currency

Group EBITDA2 increased by 7% (8% in constant currency) to €3,949 million (Q1-3/2015: €3,674 million). Group EBIT2 increased by 9% (9% in constant currency) to €3,092 million (Q1-3/2015: €2,849 million). The EBIT margin2 increased to 14.5% (Q1-3/2015: 14.0%). In Q3/2016, Group EBIT2 increased by 5% (6% in constant currency) to €1,082 million (Q3/2015: €1,027 million), the EBIT margin2 was 14.7% (Q3/2015: 14.8%).

Group net interest decreased to -€433 million (Q1-3/2015: -€476 million), mainly due to more favorable financing terms and lower net debt.

With 28.1%, the Group tax rate2 was below the previous year (Q1 3/2015: 29.6%). The decrease is mainly due to released tax accruals at Fresenius Medical Care in Q3/2016. In Q3/2016, the Group tax rate was 27.1% (Q3/2015: 29.7%).

Noncontrolling interest increased to €759 million (Q1-3/2015: €661 million), of which 96% was attributable to the noncontrolling interest in Fresenius Medical Care.

Group net income1,2 , increased by 14% (15% in constant currency) to €1,154 million (Q1-3/2015: €1,009 million). Earnings per share1,2 increased by 13% (15% in constant currency) to €2.11 (Q1-3/2015: €1.86). In Q3/2016, Group net income1,2 increased by 9% (10% in constant currency) to €399 million (Q3/2015: €367 million). Earnings per share1,2 increased by 7% (9% in constant currency) to €0.73 (Q3/2015: €0.68).

1 Net income attributable to shareholders of Fresenius SE & Co. KGaA
2 2015 before special items
For a detailed overview of special items please see the reconciliation tables on pages 15-16 of the .pdf file.

Continued investment in growth

Spending on property, plant and equipment was €1,044 million (Q1-3/2015: €950 million), primarily for the modernization and expansion of dialysis clinics, production facilities and hospitals.

Total acquisition spending was €592 million (Q1-3/2015: €272 million), including the acquisition of dialysis clinics and further expansion in the field of care coordination at Fresenius Medical Care, the acquisition of a U.S. pharmaceutical plant for ready-to-administer prefilled syringes at Fresenius Kabi and the acquisition of the municipal hospital Niederberg at Fresenius Helios.

Strong operating cash flow

Operating cash flow increased by 5% to €2,259 million (Q1-3/2015: €2,151 million) with a margin of 10.6% (Q1-3/2015: 10.6%). With €929 million, operating cash flow in Q3/2016 was slightly above the level of the strong prior-year quarter (Q3/2015: €900 million), despite of a US$100 million discretionary cash contribution of Fresenius Medical Care to its pension plan assets in the United States. The cash flow margin was 12.7% (Q3/2015: 13.0%).

Free cash flow before acquisitions and dividends decreased slightly to €1,207 million (Q1-3/2015: €1,219 million). Free cash flow after acquisitions and dividends was €253 million (Q1-3/2015: €574 million).

Solid balance sheet structure

The Group’s total assets increased by 3% (4% in constant currency) to €44,075 million (Dec. 31, 2015: €42,959 million), driven by its growing scale of operations. Current assets grew by 6% (7% in constant currency) to €11,135 million (Dec. 31, 2015: €10,479 million). Non-current assets increased by 1% (3% in constant currency) to €32,940 million (Dec. 31, 2015: € 32,480 million).

Total shareholders’ equity grew by 6% (7% in constant currency) to €19,086 million (Dec. 31, 2015: €18,003 million). The equity ratio increased to 43.3% (Dec. 31, 2015: 41.9%).

Group debt decreased by 2% (1% in constant currency) to €14,530 million (Dec. 31, 2015: € 14,769 million). As of September 30, 2016, the net debt/EBITDA ratio was 2.501,2, (Dec. 31, 2015: 2.681).

1 2015 before special items; at LTM average exchange rates for both net debt and EBITDA
2 Pro forma acquisitions
For a detailed overview of special items please see the reconciliation tables on pages 15-16 of the .pdf file.

Increased number of employees
As of September 30, 2016, the number of employees increased by 4% to 231,432 (Dec. 31, 2015: 222,305).

Business Segments

Fresenius Medical Care

Fresenius Medical Care is the world's largest provider of products and services for individuals with chronic kidney failure. As of September 30, 2016, Fresenius Medical Care was treating 306,366 patients in 3,579 dialysis clinics. Along with its core business, the company seeks to expand the range of medical services in the field of care coordination.

  • 9% sales growth in constant currency in Q3
  • 27% net income growth in Q3 (17% before one-time items1)
  • 2016 outlook confirmed

1 Net income attributable to shareholders of Fresenius Medical Care AG & Co. KGaA
2 2015 before divestiture of dialysis business in Venezuela (-US$27 million after tax) and European pharmaceutical business (US$5 million after tax)

Sales increased by 7% (8% in constant currency) to US$13,224 million (Q1-3/2015: US$12,390 million). Organic sales growth was 7%. Acquisitions contributed 1%. In Q3/2016, sales increased by 9% (9% in constant currency) to US$4,598 million (Q3/2015: US$4,231 million). Organic sales growth was 7%.

Health Care services sales (dialysis services and care coordination) increased by 8% (9% in constant currency) to US$10,720 million (Q1-3/2015: US$9,929 million). Dialysis product sales increased by 2% (4% in constant currency) to US$2,504 million (Q1-3/2015: US$2,461 million).

In North America, sales increased by 9% to US$9,512 million (Q1-3/2015: US$8,730 million). Health Care services sales grew by 9% to US$8,838 million (Q1-3/2015: US$8,087 million). Dialysis product sales increased by 5% to US$674 million (Q1-3/2015: US$642 million).

Sales outside North America increased by 2% (7% in constant currency) to US$3,700 million (Q1-3/2015: US$3,639 million). Health Care services sales increased by 2% (9% in constant currency) to US$1,882 million (Q1-3/2015: US$1,842 million). Dialysis product sales remained nearly unchanged at (increased by 5% in constant currency to) US$1,819 million (Q1-3/2015: US$1,797 million).

EBIT increased by 11% (12% in constant currency) to US$1,851 million (Q1-3/2015: US$1,665 million). The EBIT margin was 14.0% (Q1-3/2015: 13.4%). EBIT before one-time items1 increased by 10%. In Q3/2016, EBIT increased by 9% (10% in constant currency) to US$670 million (Q3/2015: US$614 million). The EBIT margin was 14.6% (Q3/2015: 14.5%). EBIT before one-time items1 increased by 6%.

Net income2 increased by 20% (20% in constant currency) to US$855 million (Q1-3/2015: US$713 million). Net income before one-time items2,3, increased by 16%. In Q3/2016, net income2 grew by 27% (28% in constant currency) to US$333 million (Q3/2015: US$262 million). Net income before one-time items2,3 increased by 17%.

Operating cash flow decreased by 8% to US$1,296 million (Q1-3/2015: US$1,412 million). The cash flow margin was 9.8% (Q1-3/2015: 11.4%). The decrease is mainly attributable to a discretionary cash contribution of US$100 million to Fresenius Medical Care’s pension plan assets in the United States. As a consequence, in Q3/2016, operating cash flow decreased to US$439 million (Q3/2015: US$579 million) with a cash flow margin of 9.5% (Q3/2015: 13.7%).

Fresenius Medical Care confirms its outlook for 2016. The company expects sales to grow by 7% to 10% in constant currency. Net income1 is expected to increase by 15% to 20%4 .

For further information, please see Fresenius Medical Care’s Investor News at www.freseniusmedicalcare.com.

1 2015 before divestiture of dialysis business in Venezuela (-US$26 million before tax) and European pharmaceutical business (US$8 million before tax)
2 Net income attributable to shareholders of Fresenius Medical Care AG & Co. KGaA
3 2015 before divestiture of dialysis business in Venezuela (-US$27 million after tax) and European pharmaceutical business (US$5 million after tax)
4 2015 before GranuFlo®/NaturaLyte® settlement costs (-US$37 million after tax) and before acquisitions (US$9 million after tax); hence the basis for expected net income growth is US$1,057 million.

Fresenius Kabi

Fresenius Kabi offers intravenously administered generic drugs, clinical nutrition and infusion therapies for seriously and chronically ill patients in the hospital and outpatient environments. The company is also a leading supplier of medical devices and transfusion technology products.

  • 5% organic sales growth in Q3
  • 1% constant currency EBIT1 growth in Q3
  • 2016 outlook raised: both, organic sales growth and EBIT1 growth in constant currency of 4% to 6% expected


Sales increased by 4% in constant currency to €4,457 million (Q1-3/2015: €4,431 million). Organic sales growth was 6%. The divestment of the Australian and German oncology compounding business reduced sales by 2%. In Q3/2016, sales increased by 1% (by 3% in constant currency) to €1,511 million (Q3/2015: €1,499 million). Negative currency translation effects (-2%) were mainly related to the devaluation of the Chinese yuan and the Argentine peso against the Euro. Organic sales growth was 5%.

Sales in Europe remained nearly unchanged at €1,569 million (Q1-3/2015: €1,566 million). Organic sales growth was 2%. Divestitures reduced sales by 2%. In Q3/2016, sales of €521 million were slightly above prior-year level (Q3/2015: €514 million). Organic sales growth was 3%.

Sales in North America increased by 5% (organic growth: 5%) to €1,628 million (Q1-3/2015: €1,555 million), mainly driven by new product launches. In Q3/2016, sales increased by 2% (organic growth: 2%) to €542 million (Q3/2015: €529 million).

Sales in Asia-Pacific decreased by 5% (organic growth: 8%) to €821 million (Q1-3/2015: €862 million). Adverse currency translation effects reduced sales by 5%, divestitures by another 8%. In Q3/2016, sales decreased by 3% (organic growth: 9%) to €290 million (Q3/2015: €298 million).

Given adverse currency translation effects, sales in Latin America/Africa decreased by 2% (organic growth: 16%, in particular due to inflation driven price increases) to €439 million (Q1-3/2015: €448 million). In Q3/2016, sales remained unchanged at €158 million (Q3/2015: €158 million). Organic sales growth was 7%.

EBIT1 increased by 5% (7% in constant currency) to €916 million (Q1-3/2015: €872 million). The EBIT margin1 improved to 20.6% (Q1-3/2015: 19.7%). In Q3/2016, EBIT1 remained virtually unchanged at €300 million (Q3/2015: €301 million). EBIT1 increased by 1% in constant currency. The EBIT margin1 was 19.9% (Q3/2015: 20.1%).

Net income2 increased by 11% (12% in constant currency) to €532 million (Q1-3/2015: €479 million). In Q3/2016, net income2 increased by 2% (3% in constant currency) to €173 million (Q3/2015: €170 million).

Operating cash flow increased by 10% to €646 million (Q1-3/2015: €589 million) with a margin of 14.5% (Q1-3/2015: 13.3%). In Q3/2016, operating cash flow increased by 32% to €311 million (Q3/2015: €235 million), due to a catch-up from Q2/2016 and temporarily reduced net working capital requirements. The cash flow margin increased to 20.6% (Q3/2015: 15.7%).

Fresenius Kabi raises its outlook for 2016 and now expects both organic sales growth and EBIT1 growth in constant currency of 4% to 6%. Previously, Fresenius Kabi had projected 3% to 5% for both metrics.

1 2015 before special items
2 Net income attributable to shareholders of Fresenius Kabi AG; 2015 before special items
For a detailed overview of special items please see the reconciliation tables on pages 15-16 of the .pdf file.


Fresenius Helios

Fresenius Helios is Germany’s largest hospital operator. HELIOS operates 112 hospitals, thereof 88 acute care clinics (including seven maximum care hospitals in Berlin-Buch, Duisburg, Erfurt, Krefeld, Schwerin, Wiesbaden and Wuppertal) and 24 post-acute care clinics. HELIOS treats more than 4.7 million patients per year, thereof approximately 1.3 million inpatients, and operates approximately 35,000 beds.

  • 4% organic sales growth in Q3
  • 20 bps sequential EBIT margin increase
  • 2016 outlook confirmed

Sales increased by 5% to €4,382 million (Q1-3/2015: €4,167 million). Organic sales growth was 4%. Acquisitions increased sales by 1%. In Q3/2016, sales increased by 6% to €1,470 million (Q3/2015: €1,393 million). Organic sales growth was 4%.

EBIT1 grew by 7% to €507 million (Q1-3/2015: €472 million). The EBIT margin1 increased to 11.6% (Q1-3/2015: 11.3%). In Q3/2016, EBIT1 increased by 6% to €175 million (Q3/2015: €165 million). Sequentially, the EBIT margin increased by 20 bps to 11.9%.

Net income2 increased by 14% to €402 million (Q1-3/2015: €352 million). In Q3/2016, net income2 increased by 11% to €140 million (Q3/2015: €126 million).

Operating cash flow increased by 13% to €437 million (Q1-3/2015: €386 million) with a margin of 10.0% (Q1-3/2015: 9.3%). In Q3/2016 operating cash flow increased by 34% to €207 million (Q3/2015: €155 million), mainly driven by decreased working capital. The cash flow margin increased to 14.1% (Q3/2015: 11.1%).

Fresenius Helios confirms its outlook for 2016 and projects organic sales growth of 3% to 5%. EBIT is expected to increase to €670 to €700 million.

Fresenius Helios expects the acquisition of Quirónsalud to close in Q1/2017.

1 2015 before special items
2 Net income attributable to shareholders of HELIOS Kliniken GmbH; 2015 before special items
For a detailed overview of special items please see the reconciliation tables on pages 15-16 of the .pdf file.

Fresenius Vamed

Fresenius Vamed manages projects and provides services for hospitals and other health care facilities worldwide. The portfolio ranges along the entire value chain: from project development, planning, and turnkey construction, via maintenance and technical management, to total operational management.

  • Strong order intake of €209 million in Q3
  • 2016 outlook confirmed

Sales increased by 1% (1% in constant currency) to €740 million (Q1-3/2015: €731 million). Organic sales growth was 2%. Sales in the project business decreased by 2% to €325 million (Q1-3/2015: €333 million). Sales in the service business grew by 4% to €415 million (Q1-3/2015: €398 million). In Q3/2016, sales remained unchanged at €268 million (Q3/2015: €268 million). Organic sales growth was 1%.

EBIT increased by 3% to €31 million (Q1-3/2015: €30 million). The EBIT margin increased to 4.2% (Q1-3/2015: 4.1%). In Q3/2016, EBIT increased by 7% to €15 million (Q3/2015: €14 million). The EBIT margin increased to 5.6% (Q3/2015: 5.2%).

Net income1 grew by 5% to €21 million (Q1-3/2015: €20 million). In Q3/2016, net income1 of €10 million was at prior-year level (Q3/2015: €10 million).

Order intake increased by 42% to €674 million (Q1-3/2015: €476 million). In Q3/2016, order intake increased by 9% to €209 million (Q3/2015: €192 million). As of September 30, 2016, order backlog grew to €1,995 million (December 31, 2015: €1,650 million).

Fresenius Vamed confirms its outlook for 2016 and expects organic sales growth in the range of 5% to 10% and EBIT growth of 5% to 10%.

1 Net income attributable to shareholders of VAMED AG

Conference Call

As part of the publication of the results for the first nine months of 2016, a conference call will be held on October 27, 2016 at 2 p.m. CEDT (8 a.m. EDT). All investors are cordially invited to follow the conference call in a live broadcast over the Internet at www.fresenius.com/media. Following the call, a replay will be available on our website.