Q1/2017:

• Sales: €8.4 billion (+19%, +17% in constant currency)
• EBIT: €1,216 million (+27%, +25% in constant currency)
• Net income1: €457 million (+28%, +26% in constant currency)


1 Net income attributable to shareholders of Fresenius SE & Co. KGaA

Stephan Sturm, CEO of Fresenius, said: “Fresenius made an excellent start in 2017. All four business segments developed very well in the first quarter and continue to have healthy growth prospects. That makes us all the more optimistic as we look ahead. From this position of strength, and bolstered by strategically important acquisitions, we are building an even stronger foundation for our long-term success.”

2017 Group earnings guidance raised1,2,3

Based on the Group’s strong Q1 results and ongoing bright prospects for the remainder of the year, Fresenius raises its 2017 Group earnings guidance published in February 2017. Group net income3 on a like-for-like basis, i.e. before effects of the recently announced acquisitions at Fresenius Kabi, is now expected to grow by 19% to 21% in constant currency (previously: 17% to 20%).

Including expenditures for the further development of Merck KGaA’s biosimilars business, which is expected to be acquired in the second half of 2017, Fresenius projects net income3 growth in constant currency within the previous range of 17% to 20%1.

Fresenius confirms its sales guidance. Group sales are expected to increase by 15% to 17% in constant currency.

Pro forma the acquisitions of Akorn and Merck KGaA’s biosimilars business, the net debt/EBITDA4 ratio is expected to be approximately 3.3 at the end of 2017.

17% sales growth in constant currency

Group sales increased by 19% (17% in constant currency) to €8,362 million (Q1/2016: €7,015 million). Organic sales growth was 7%5 . Positive currency translation effects (2%) were mainly related to the appreciation of the US-Dollar against the Euro. Divestitures had no impact on sales. Acquisitions and the €100 million agreement with the United States Departments of Veterans Affairs and Justice at Fresenius Medical Care North America (“VA agreement”) contributed 10%.

1Before transaction costs of ~€50 million for the acquisitions of Akorn, Inc. and Merck KGaA’s biosimilars business
2Before expected expenditures for the further development of Merck KGaA’s biosimilars business of ~€50 million (expected closing H2/17)
3Net income attributable to shareholders of Fresenius SE & Co. KGaA
4Calculated at expected FY average exchange rates for both net debt and EBITDA; before transaction costs of ~€50 million; excluding further potential acquisitions
5Excluding effects of VA-agreement

Group sales by region:


1 Including effects of VA-agreement


26% net income1 growth in constant currency

Group EBITDA increased by 26% (23% in constant currency) to €1,560 million (Q1/2016: €1,241 million). Group EBIT increased by 27% (25% in constant currency) to €1,216 million (Q1/2016: €959 million). The EBIT margin increased to 14.5% (Q1/2016: 13.7%).

Group net interest increased to -€157 million (Q1/2016: -€152 million), mainly due to the financing of the Quirónsalud acquisition.

The Group tax rate increased to 29.1% (Q1/2016: 28.4%), mainly driven by the higher proportion of U.S. pre-tax income, primarily due to the VA-agreement.

Noncontrolling interest increased to €294 million (Q1/2016: €220 million), of which 96% was attributable to the noncontrolling interest in Fresenius Medical Care.

Group net income1 increased by 28% (26% in constant currency) to €457 million (Q1/2016: €358 million). The VA-agreement increased net income1 by €18 million or 5%-points. Earnings per share1 increased by 28% (25% in constant currency) to €0.83 (Q1/2016: €0.65).

1 Net income attributable to shareholders of Fresenius SE & Co. KGaA

Continued investment in growth

Spending on property, plant and equipment was €328 million (Q1/2016: €315 million), primarily for the modernization and expansion of dialysis clinics, production facilities and hospitals. Total acquisition spending of €6,083 million (Q1/2016: €204 million) was mainly related to the acquisition of Quirónsalud.

Strong operating cash flow

Operating cash flow increased by 42% to €476 million (Q1/2016: €336 million), mainly driven by the excellent development at Fresenius Kabi and Fresenius Helios. The cash flow margin was 5.7% (Q1/2016: 4.8%).

Free cash flow before acquisitions and dividends increased to €148 million (Q1/2016: €2 million). Free cash flow after acquisitions and dividends was -€5,393 million
(Q1/2016: -€241 million).

Solid balance sheet structure

The Group’s total assets increased by 17% (17% in constant currency) to €54,418 million (Dec. 31, 2016: €46,697 million), mainly due to the acquisition of Quirónsalud. Current assets grew by 11% (12% in constant currency) to €13,077 million (Dec. 31, 2016: €11,744 million). Non-current assets increased by 18% (19% in constant currency) to €41,341 million (Dec. 31, 2016: € 34,953 million).

Total shareholders’ equity grew by 5% (6% in constant currency) to €21,921 million (Dec. 31, 2016: €20,849 million). The equity ratio was 40.3% (Dec. 31, 2016: 44.6%).

Group debt increased by 37% (37% in constant currency) to €20,210 million (Dec. 31, 2016: € 14,780 million), mainly driven by the acquisition financing of Quirónsalud. As of March 31, 2017, the net debt/EBITDA ratio was 2.981,3 (Dec. 31, 2016: 2.331,3/3.091,2,3).

1Net debt and EBITDA at LTM average exchange rates
2Pro forma Quirónsalud
3Pro forma acquisitions

Increased number of employees

As of March 31, 2017, the number of employees increased by 13% to 263,957 (Dec. 31, 2016: 232,873).


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 March 31, 2017, Fresenius Medical Care was treating 310,473 patients in 3,654 dialysis clinics. Along with its core business, the company seeks to expand the range of medical services in the field of care coordination.



• 12% sales growth in constant currency (10% excluding the VA-agreement)
• 41% net income growth1 in constant currency (14% excluding the VA-agreement)
• 2017 outlook confirmed

1 Net income attributable to shareholders of Fresenius Medical Care AG & Co. KGaA

Sales increased by 16% (12% in constant currency) to €4,548 million (Q1/2016: €3,916 million). Organic sales growth was 8%. Acquisitions/divestitures and the VA agreement contributed 4% in total.

Health Care services sales (dialysis services and care coordination) increased by 18% (14% in constant currency) to €3,769 million (Q1/2016: €3,199 million). Product sales increased by 8% (6% in constant currency) to €779 million (Q1/2016: €718 million).

In North America, sales increased by 18% (14% excluding the VA-agreement) to €3,375 million (Q1/2016: €2,862 million). Health Care services sales grew by 19% to €3,165 million (Q1/2016: €2,670 million). Product sales increased by 9% to €210 million (Q1/2016: €192 million).

Sales outside North America increased by 11% (8% in constant currency) to €1,169 million (Q1/2016: €1,051 million). Health Care services sales increased by 14% (10% in constant currency) to €604 million (Q1/2016: €528 million). Product sales increased by 8% (6% in constant currency) to €564 million (Q1/2016: €523 million).

EBIT increased by 31% (28% in constant currency) to €651 million (Q1/2016: €497 million). The EBIT margin was 14.3% (Q1/2016: 12.7%). Excluding the VA-agreement (€99 million) EBIT increased by 11% (8% in constant currency).

Net income1 increased by 45% (41% in constant currency) to €308 million (Q1/2016: €213 million). Excluding the VA-agreement (€59 million) net income1 increased by 17% (14% in constant currency).

Operating cash flow increased by 4% to €170 million (Q1/2016: €163 million). The cash flow margin was 3.7% (Q1/2016: 4.2%). The VA-agreement partially offset the impact of seasonality in invoicing at Fresenius Medical Care in North America. Fresenius Medical Care expects that this timing effect will have no meaningful impact on the full year 2017.

Fresenius Medical Care confirms its outlook for 2017. The company expects sales to grow by 8% to 10%2 in constant currency. Net income1,2 is expected to increase by 7% to 9% in constant currency.

1Net income attributable to shareholders of Fresenius Medical Care AG & Co. KGaA
2Excluding effects of VA-agreement

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


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.



• 7% organic sales growth; positive contributions from all regions
• 2% constant currency EBIT growth despite very strong PY quarter
• 2017 outlook raised: 6% to 8%2,3, EBIT growth in constant currency expected


Sales increased by 9% (organic growth: 7%) to €1,604 million (Q1/2016: €1,470 million). Positive currency translation effects (2%) were mainly related to the appreciation of the US-Dollar against the Euro. Acquisitions/divestitures had no impact on sales.

Sales in Europe increased by 6% (organic growth: 7%) to €544 million (Q1/2016: €512 million). Currency translation effects reduced sales by 1%.

Sales in North America increased by 7% (organic growth: 4%) to €619 million (Q1/2016: €576 million).

Sales in Asia-Pacific increased by 10% (organic growth: 10%) to €280 million (Q1/2016: €254 million).

Sales in Latin America/Africa increased by 26% to €161 million (Q1/2016: €128 million). Organic sales growth was 14%, mainly due to inflation-driven price increases.

EBIT increased by 3% (2% in constant currency) to €313 million (Q1/2016: €303 million). The EBIT margin was 19.5% (Q1/2016: 20.6%).

Net income1 increased by 10% (9% in constant currency) to €191 million (Q1/2016: €173 million).

Operating cash flow increased by 51% to €192 million (Q1/2016: €127 million) driven by strong operating results and improved net working capital. The margin increased to 12.0% (Q1/2016: 8.6%).

Fresenius Kabi raises its outlook for 2017 and now expects EBIT growth in constant currency of 6% to 8%2,3, (previously 5% to 7%). The company confirms its guidance of 5% to 7% organic sales growth.

1Net income attributable to shareholders of Fresenius SE & Co. KGaA
2Before transaction costs of ~€50 million for the acquisitions of Akorn, Inc. and Merck KGaA’s biosimilars business
3Before expected expenditures for the further development of Merck KGaA’s biosimilars business of ~€50 million (expected closing H2/17)


Fresenius Helios

Fresenius Helios is Europe's leading private hospital operator. The company comprises HELIOS Kliniken in Germany and Quirónsalud in Spain. HELIOS Kliniken operates 112 hospitals, thereof 88 acute care clinics and 24 post-acute care clinics, and treats more than 5.2 million patients annually. Quirónsalud operates 44 hospitals, 43 outpatient centers and around 300 occupational risk prevention centers, and treats approximately 9.7 million patiens per year.

• 5% organic sales growth
• 60% EBIT increase (14% excluding Quirónsalud)
• 2017 outlook confirmed

Sales increased by 41% (organic growth: 5%) to €2,018 million (Q1/2016: €1,435 million). Acquisitions, mainly Quirónsalud, increased sales by 36%. Quirónsalud is consolidated since February 1, 2017. Sales of Quirónsalud were €490 million in February and March 2017.

Sales of HELIOS Kliniken2 increased by 6% (organic growth: 5%) to €1,528 million.

EBIT grew by 60% to €255 million (Q1/2016: €159 million). The EBIT margin increased to 12.6% (Q1/2016: 11.1%).

EBIT of HELIOS Kliniken2 increased by 14% to €181 million with a margin of 11.8% (Q1/2016: 11.1%). EBIT of Quirónsalud was €74 million with a margin of 15.1%.

Net income1 increased by 46% to €181 million (Q1/2016: €124 million).

1 Net income attributable to shareholders of Fresenius SE & Co. KGaA
2 HELIOS Kliniken Germany, excluding Quirónsalud

Operating cash flow increased by 179% to €184 million (Q1/2016: €66 million) driven by the first time consolidation of Quirónsalud and good operating results. The margin increased to 9.1% (Q1/2016: 4.6%).

Fresenius Helios confirms its outlook for 2017 and projects organic sales growth of 3% to 5%1 and sales of ~€8.6 billion (thereof Quirónsalud: ~€2.5 billion2). EBIT is expected to increase to €1,020 to €1,070 million (thereof Quirónsalud: €300 to 320 million2).

1 HELIOS Kliniken Germany, excluding Quirónsalud
2 Quirónsalud consolidated for 11 months

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.


• 2% organic sales growth driven by service business
• Project business with strong order intake of €220 million
• 2017 outlook confirmed

Sales increased by 2% (organic growth: 2%) to €223 million (Q1/2016: €218 million). Sales in the project business decreased by 9% to €77 million (Q1/2016: €85 million). Sales in the service business grew by 10% to €146 million (Q1/2016: €133 million).

EBIT decreased by 14% to €6 million (Q1/2016: €7 million). The EBIT margin decreased to 2.7% (Q1/2016: 3.2%).

Net income1 decreased by 20% to €4 million (Q1/2016: €5 million).

Order intake reached a strong €220 million, could not quite match the previous year’s excellent level (Q1/2016: €237 million). As of March 31, 2017, order backlog grew to a record €2,104 million (December 31, 2016: €1,961 million).

Fresenius Vamed confirms its outlook for 2017 and expects both organic sales growth and EBIT growth in the range 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 quarter of 2017, a conference call for analysts and investors will be held on May 3, 2017 at 2 p.m. CEDT (8 a.m. EDT). You are cordially invited to follow the conference call in a live broadcast over the Internet at www.fresenius.com/media-calendar. Following the call, a replay will be available on our website.

For additional information on the performance indicators used please refer to our website https://www.fresenius.com/alternative-performance-measures.