Share
Services
If no timeframe is specified, information refers to H1/2016
Q2/2016:
H1/2016:
12015 before special items2Net income attributable to shareholders of Fresenius SE & Co. KGaA
For a detailed overview of special items please see the reconciliation tables on pages 13-14 of the pdf file.
Stephan Sturm, CEO of Fresenius, said: “Once again, all four business segments contributed to strong organic growth. This confirms Fresenius’ sound strategic position as a healthcare Group. We have continued to grow even in regions where economies have slowed. This confirms the stability of our markets and businesses. Even compared with an excellent prior-year quarter, Fresenius has again achieved double-digit earnings growth. This confirms that we are providing the right products and services to patients worldwide. Fresenius has now delivered the 50th consecutive quarter of earnings growth. We continue to look forward with great confidence, and are raising our 2016 earnings guidance.”
2016 Group earnings guidance raised
Based on the Group’s excellent financial results in the first half of 2016 and strong prospects for the remainder of the year, Fresenius raises its 2016 Group earnings guidance. Net income1,2 is now expected to grow by 11% to 14% in constant currency. Previously, Fresenius expected net income1,2 growth of 8% to 12% 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. KGaA22015 before special items3Calculated 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 page 13-14 of the pdf file.
6% sales growth in constant currency
Group sales increased by 4% (6% in constant currency) to €14,006 million (H1/2015: €13,429 million). Organic sales growth was 6%. Acquisitions contributed 1% and divestitures reduced sales by 1%. Negative currency translation effects (-2%) were mainly driven by the devaluation of Latin American currencies against the Euro. In Q2/2016, Group sales increased by 2% (5% in constant currency) to €7,092 million (Q2/2015: €6,946 million). Organic sales growth was 5%. Acquisitions contributed 1%, while divestitures reduced sales by 1%.
18% net income1,2 growth in constant currency
Group EBITDA2 increased by 9% (10% in constant currency) to €2,576 million (H1/2015: €2,364 million). Group EBIT2 increased by 10% (11% in constant currency) to €2,010 million (H1/2015: €1,822 million). The EBIT margin2 increased to 14.4% (H1/2015: 13.6%). In Q2/2016, Group EBIT2 increased by 8% (11% in constant currency) to €1,051 million (Q2/2015: €971 million), the EBIT margin was 14.8% (Q2/2015: 14.0%).
Group net interest decreased to -€291 million (H1/2015: -€330 million), mainly due to more favorable financing terms and lower net debt.
With 28.6%, the Group tax rate (before special items) was on Q1/2016 level (28.4%) and hence in line with expectations. In Q2/2016, the Group tax rate was 28.7% (Q2/2015: 29.0%).
Noncontrolling interest increased to €473 million (H1/2015: €409 million), of which 96% was attributable to the noncontrolling interest in Fresenius Medical Care.
Group net income , increased by 18% (18% in constant currency) to €755 million (H1/2015: €642 million). Earnings per share1,2 increased by 17% (18% in constant currency) to €1.38 (H1/2015: €1.18). In Q2/2016, Group net income1,2 increased by 12% (15% in constant currency) to €393 million (Q2/2015: €350 million). Earnings per share1,2 increased by 12% (14% in constant currency) to €0.72 (Q2/2015: €0.64).
Continued investment in growth
Spending on property, plant and equipment was €670 million (H1/2015: €611 million), primarily for the modernization and expansion of dialysis clinics, production facilities and hospitals. Total acquisition spending was €505 million (H1/2015: €194 million).
Cash flow development
Operating cash flow increased by 6% to €1,330 million (H1/2015: €1,251 million) with a margin of 9.5% (H1/2015: 9.3%). Operating cash flow in Q2/2016 increased to €996 million (Q2/2015: €720 million). The cash flow margin increased to 14.0% (Q2/2015: 10.4%). As expected, the operating cashflow of Fresenius Medical Care improved considerably in Q2/2016.
Free cash flow before acquisitions and dividends increased slightly to €650 million (H1/2015: €646 million). Free cash flow after acquisitions and dividends was -€206 million (H1/2015: €107 million).
Solid balance sheet structure
The Group’s total assets increased by 2% (3% in constant currency) to €43,821 million (Dec. 31, 2015: €42,959 million). The increase is mainly driven by business expansion. Current assets grew by 5% (6% in constant currency) to €11,000 million (Dec. 31, 2015: €10,479 million). Non-current assets increased by 1% (2% in constant currency) to €32,821 million (Dec. 31, 2015: € 32,480 million).
Total shareholders’ equity grew by 3% (also 3% in constant currency) to €18,458 million (Dec. 31, 2015: €18,003 million). The equity ratio increased to 42.1% (Dec. 31, 2015: 41.9%).
Group debt increased by 1% (2% in constant currency) to €14,960 million (Dec. 31, 2015: € 14,769 million). As of June 30, 2016, the net debt/EBITDA ratio was 2.62 , (Dec. 31, 2015: 2.681).
12015 before special items; at LTM average exchange rates for both net debt and EBITDA2Pro forma acquisitionsFor a detailed overview of special items please see the reconciliation tables on page 13-14 of the pdf file.
Business Segments
Fresenius Medical Care
Fresenius Medical Care is the world's largest provider of products and services for individuals with renal diseases. As of June 30, 2016, Fresenius Medical Care was treating 301,548 patients in 3,504 dialysis clinics. Along with its core business, the company seeks to expand the range of medical services in the field of care coordination.
Sales increased by 6% (8% in constant currency) to US$8,626 million (H1/2015: US$8,159 million). Organic sales growth was 7%. Acquisitions contributed 1%. Currency translation effects reduced sales by 2%. In Q2/2016, sales increased by 5% (7% in constant currency) to US$4,420 million (Q2/2015: US$4,199 million). Organic sales growth was 6%.
Health Care services sales (dialysis services and care coordination) increased by 7% (9% in constant currency) to US$6,985 million (H1/2015: US$6,527 million). Dialysis product sales increased by 1% (4% in constant currency) to US$1,640 million (H1/2015: US$1,631 million).
In North America, sales increased by 9% to US$6,212 million (H1/2015: US$5,717 million). Health Care services sales grew by 9% to US$5,770 million (H1/2015: US$5,293 million). Dialysis product sales increased by 4% to US$441 million (H1/2015: US$424 million).
Sales outside North America decreased by 1% (increased by 6% in constant currency) to US$2,406 million (H1/2015: US$2,427 million). Health Care services sales decreased by 2% (increased by 7% in constant currency) to US$1,215 million (H1/2015: US$1,234 million). Dialysis product sales remained nearly unchanged at (increased by 5% in constant currency to) US$1,191 million (H1/2015: US$1,193 million).
1Net income attributable to shareholders of Fresenius Medical Care AG & Co. KGaA
EBIT increased by 12% (13% in constant currency) to US$1,181 million (H1/2015: US$1,051 million). The EBIT margin was 13.7% (H1/2015: 12.9%). In Q2/2016, EBIT increased by 17% (17% in constant currency) to US$641 million (Q2/2015: US$547 million). The EBIT margin was 14.5% (Q2/2015: 13.0%).
Net income increased by 16% (16% in constant currency) to US$522 million (H1/2015: US$450 million). In Q2/2016, net income grew by 22% (22% in constant currency) to US$294 million (Q2/2015: US$241 million).
Operating cash flow increased by 3% to US$857 million (H1/2015: US$832 million). The cash flow margin was 9.9% (H1/2015: 10.2%). In Q2/2016, operating cash flow increased to US$678 million (Q2/2015: US$385 million) with a cash flow margin of 15.3% (Q2/2015: 9.2%). The sequential improvement is mainly driven by the anticipated catch-up effect after the adjustment in invoicing in Q1/2016.
Fresenius Medical Care confirms its outlook for 2016. The company expects sales to grow by 7% to 10% in constant currency and net income1 is expected to increase by 15% to 20% in 2016.
1Net income attributable to shareholders of Fresenius Medical Care AG & Co. KGaA
22015 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.
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.
Sales increased slightly (by 4% in constant currency) to €2,946 million (H1/2015: €2,932 million). Organic sales growth was 6%. Divestitures reduced sales by 2%. In Q2/2016, sales decreased by 4% (increased by 1% in constant currency) to €1,476 million (Q2/2015: €1,538 million). Negative currency translation effects (-5%) were mainly driven by the devaluation of the Chinese yuan, the U.S. dollar and the Argentine peso against the Euro. Organic sales growth was 3%.
Sales in Europe remained nearly unchanged at €1,048 million (H1/2015: €1,052 million). Organic sales growth was 2%. Divestitures reduced sales by 1%. Also in Q2/2016, sales were almost unchanged at €536 million (Q2/2015: €534 million). Organic sales growth was 2%.
Sales in North America increased by 6% (organic growth: 6%) to €1,086 million (H1/2015: €1,026 million), driven by persisting drug shortages as well as new product launches in Q1/2016. In Q2/2016, sales decreased by 8% (organic: 6%) to €510 million (Q2/2015: €553 million), mainly due to the high prior-year basis driven by significant new product launches.
12015 before special items2Net 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 page 13-14.
Sales in Asia-Pacific decreased by 6% (organic growth: 7%) to €531 million (H1/2015: €564 million). Adverse currency translation effects reduced sales by 5%, divestitures by another 8%. In Q2/2016, sales decreased by 6% (organic growth: 8%) to €277 million (Q2/2015: €296 million).
Given adverse currency translation effects, sales in Latin America/Africa decreased by 3% (organic growth: 21%, in particular due to inflation driven price increases) to €281 million (H1/2015: €290 million). In Q2/2016, sales decreased by 1% (organic growth 22%) to €153 million (Q2/2015: €155 million).
EBIT2 increased by 8% (10% in constant currency) to €616 million (H1/2015: €571 million). The EBIT margin2 improved to 20.9% (H1/2015: 19.5%). In Q2/2016, EBIT2 decreased by 2% (increased by 1% in constant currency) to €307 million (Q2/2015: €314 million). The EBIT margin2 increased to 20.8% (Q2/2015: 20.4%).
Net income1 increased by 16% (37% in constant currency) to €359 million (H1/2015: €309 million). In Q2/2016, net income1 increased by 7% (30% in constant currency) to €180 million (Q2/2015: €169 million).
Given adverse currency translation effects, operating cash flow decreased by 5% to €335 million (H1/2015: €354 million) with a margin of 11.4% (H1/2015: 12.1%). While operating cash flow reached a very strong €211 million in Q2/2016, it could not match the exceptional prior-year quarter (Q2/2015: €271 million). The same applies to the margin of 14.3% (Q2/2015: 17.6%).
Fresenius Kabi raises its outlook for 2016 and now expects organic sales growth of 3% to 5% and EBIT2 growth in constant currency of 3% to 5%. Previously, Fresenius Kabi projected low single-digit organic sales growth and EBIT2 in constant currency to be roughly flat compared with 2015.
1Net income attributable to shareholders of Fresenius Kabi AG; 2015 before special items22015 before special items
For a detailed overview of special items please see the reconciliation tables on page 13-14 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 more than 34,000 beds.
Sales increased by 5% to €2,912 million (H1/2015: €2,774 million). Organic sales growth was 4% (H1/2015: 3%). Acquisitions and divestitures had no material effect. In Q2/2016, sales increased by 7% to €1,477 million (Q2/2015: €1,383 million). Organic sales growth was 6% (Q2/2015: 2%).
EBIT1 grew by 8% to €332 million (H1/2015: €307 million). The EBIT margin1 increased to 11.4% (H1/2015: 11.1%). In Q2/2016, EBIT1 increased by 8% to €173 million (Q2/2015: €160 million). Sequentially, the EBIT margin increased by 60 bps to 11.7%.
Net income2 increased by 16% to €262 million (H1/2015: €226 million). In Q2/2016, net income2 increased by 16% to €138 million (Q2/2015: €119 million).
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.
12015 before special items2Net 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 page 13-14 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.
Sales increased by 2% (2% in constant currency) to €472 million (H1/2015: €463 million). Organic sales growth was 3%. Sales in the project business decreased by 3% to €195 million (H1/2015: €202 million). Sales in the service business grew by 6% to €277 million (H1/2015: €261 million). In Q2/2016, sales remained nearly unchanged at €254 million (Q2/2015: €255 million). Organic sales growth was 1%.
EBIT remained unchanged at €16 million (H1/2015: €16 million). The EBIT margin was 3.4% (H1/2015: 3.5%). In Q2/2016, EBIT remained unchanged at €9 million (Q2/2015: €9 million). The EBIT margin of 3.5% was at prior-year level.
Net income1 grew by 10% to €11 million (H1/2015: €10 million). In Q2/2016, net income1 of €6 million was at prior-year level.
Order intake increased by 64% to €465 million (H1/2015: €284 million). As of June 30, 2016, order backlog grew to €1,917 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%.
1Net income attributable to shareholders of VAMED AG
Conference Call
As part of the publication of the results for the first half of 2016, a conference call will be held on August 2, 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/investors. Following the call, a replay will be available on our website.
For additional information on the performance indicators used please refer to pages 25, 40, 56f., 100f. and 194 of the Annual Report 2015 of Fresenius SE & Co. KGaA. Constant currencies for income and expenses are calculated using prior year average rates; constant currencies for assets and liabilities are calculated using the mid-closing rate on the date of the respective statement of financial position (cf. Annual Report 2015, page 111). (https://www.fresenius.com/financial_reporting/Fresenius_GB_US_GAAP_2015_englisch.pdf).
This release contains forward-looking statements that are subject to various risks and uncertainties. Future results could differ materially from those described in these forward-looking statements due to certain factors, e.g. changes in business, economic and competitive conditions, regulatory reforms, results of clinical trials, foreign exchange rate fluctuations, uncertainties in litigation or investigative proceedings, and the availability of financing. Fresenius does not undertake any responsibility to update the forward-looking statements in this release.
Fitch has upgraded the corporate credit rating of Fresenius from BB+ to BBB- with a stable outlook. The upgrade reflects Fitch's view that Fresenius' business profile has improved over the last years driven by increasing scale and diversification as well as strong profitability and cash generation. In addition, Fitch considers the underlying operations to be mature and defensive with low cyclicality and low volatility of earnings. Standard & Poor’s and Moody’s have upgraded the corporate credit rating of Fresenius to investment grade in 2015.
The Supervisory Board of Fresenius Management SE has unanimously appointed Stephan Sturm (52) as Chief Executive Officer of Fresenius as of July 1, 2016. Stephan Sturm succeeds Ulf Mark Schneider (50), who has decided to leave the company effective June 30, 2016 to pursue another opportunity.
Ulf Mark Schneider assumed his current position as CEO of Fresenius on May 28, 2003. Under his leadership, the company has seen significant growth. Group sales have increased fourfold and net income rose more than twelvefold.
Gerd Krick, Chairman of Fresenius Management SE’s Supervisory Board, commented: “On behalf of the Supervisory Board I would like to thank Ulf Mark Schneider for his extraordinary leadership and tremendous accomplishments over the past 13 years. He has led Fresenius through a period of exciting and sustainable growth and has truly transformed the company. While we regret his departure we wish him the very best for his future endeavors.”
Stephan Sturm has served as Fresenius Group’s Chief Financial Officer since January 1, 2005. In this capacity he has made significant contributions to develop Fresenius into a leading global healthcare group. He has played a key role in major acquisitions. His innovative and highly successful financing activities facilitated the company’s strong and sustainable growth. Stephan Sturm has also assured the company’s overall efficiency and profitability during this major expansion.
Gerd Krick said: “We are delighted to appoint Stephan Sturm as our new CEO. The Supervisory Board could not have wished for a better qualified and experienced leader to succeed Ulf Mark Schneider in this role. Stephan Sturm has been a member of the Fresenius Management Board for more than 11 years. He has a highly successful track-record as the Group’s CFO and has made major contributions towards executing our successful growth strategy. The appointment of Stephan Sturm as the Fresenius Group’s new CEO demonstrates continuity at the helm of the company. He has the full support of the Supervisory Board and we look forward to working with him as we continue to grow our business.”
Stephan Sturm said: “I am approaching my new role with both excitement and respect. The future of Fresenius continues to look bright. I am fully committed to meeting our targets, executing on our growth strategy and contributing to affordable high-quality healthcare around the globe.”
Fresenius confirms its guidance for 2016. Sales are expected to increase by 6% to 8% in constant currency. Net income* is expected to grow by 8% to 12% in constant currency. The company also confirms its mid-term outlook: For 2019, Group sales are expected to reach €36 billion to €40 billion**. Group net income*** is expected to increase to €2.0 billion to €2.25 billion**.
* Net income attributable to shareholders of Fresenius SE & Co. KGaA; 2015 before special items
** At comparable exchange rates; including small and mid-size acquisitions
*** Net income attributable to shareholders of Fresenius SE & Co. KGaA
This release contains forward-looking statements that are subject to various risks and uncertainties. Future results could differ materially from those described in these forward-looking statements due to certain factors, e.g. changes in business, economic and competitive conditions, regulatory reforms, results of clinical trials, foreign exchange rate fluctuations, uncertainties in litigation or investigative proceedings, and the availability of financing. Fresenius does not undertake any responsibility to update the forward-looking statements in this release.
The Supervisory Board of Fresenius Management SE has unanimously appointed Stephan Sturm (52) as Chief Executive Officer of Fresenius as of July 1, 2016. Stephan Sturm succeeds Ulf Mark Schneider (50), who has decided to leave the company effective June 30, 2016 to pursue another opportunity.
Ulf Mark Schneider assumed his current position as CEO of Fresenius on May 28, 2003. Under his leadership, the company has seen significant growth. Group sales have increased fourfold and net income rose more than twelvefold.
Gerd Krick, Chairman of Fresenius Management SE’s Supervisory Board, commented: “On behalf of the Supervisory Board I would like to thank Ulf Mark Schneider for his extraordinary leadership and tremendous accomplishments over the past 13 years. He has led Fresenius through a period of exciting and sustainable growth and has truly transformed the company. While we regret his departure we wish him the very best for his future endeavors.”
Stephan Sturm has served as Fresenius Group’s Chief Financial Officer since January 1, 2005. In this capacity he has made significant contributions to develop Fresenius into a leading global healthcare group. He has played a key role in major acquisitions. His innovative and highly successful financing activities facilitated the company’s strong and sustainable growth. Stephan Sturm has also assured the company’s overall efficiency and profitability during this major expansion.
Gerd Krick said: “We are delighted to appoint Stephan Sturm as our new CEO. The Supervisory Board could not have wished for a better qualified and experienced leader to succeed Ulf Mark Schneider in this role. Stephan Sturm has been a member of the Fresenius Management Board for more than 11 years. He has a highly successful track-record as the Group’s CFO and has made major contributions towards executing our successful growth strategy. The appointment of Stephan Sturm as the Fresenius Group’s new CEO demonstrates continuity at the helm of the company. He has the full support of the Supervisory Board and we look forward to working with him as we continue to grow our business.”
Stephan Sturm said: “I am approaching my new role with both excitement and respect. The future of Fresenius continues to look bright. I am fully committed to meeting our targets, executing on our growth strategy and contributing to affordable high-quality healthcare around the globe.”
Fresenius confirms its guidance for 2016. Sales are expected to increase by 6% to 8% in constant currency. Net income* is expected to grow by 8% to 12% in constant currency. The company also confirms its mid-term outlook: For 2019, Group sales are expected to reach €36 billion to €40 billion**. Group net income*** is expected to increase to €2.0 billion to €2.25 billion**.
* Net income attributable to shareholders of Fresenius SE & Co. KGaA; 2015 before special items
** At comparable exchange rates; including small and mid-size acquisitions
*** Net income attributable to shareholders of Fresenius SE & Co. KGaA
This release contains forward-looking statements that are subject to various risks and uncertainties. Future results could differ materially from those described in these forward-looking statements due to certain factors, e.g. changes in business, economic and competitive conditions, regulatory reforms, results of clinical trials, foreign exchange rate fluctuations, uncertainties in litigation or investigative proceedings, and the availability of financing. Fresenius does not undertake any responsibility to update the forward-looking statements in this release.
Report on Full Year 2022 and the new strategy of Fresenius – press conference in Bad Homburg on February 22, 2023 (English overdubs)
Fresenius expects new records for sales and earnings in the current business year. At the Annual General Meeting in Frankfurt today, Ulf Mark Schneider, CEO of Fresenius, confirmed the 2016 targets. The company is forecasting sales growth of 6 to 8 percent and an increase of 8 to 12 percent in net income, both in constant currency.
In his speech, Schneider also confirmed the company’s mid-term financial goals: “For fiscal 2019 we are targeting sales of €36 to €40 billion, and net income between €2 and €2.25 billion. This means a doubling of our net income within a period of just five years, and a fourfold increase in one decade.”
Schneider said that by combining a disciplined growth focus with operational and structural stability, the company has built a solid basis for excellent long-term performance. “2015 marked our 12th consecutive record year and delivered our 23rd straight dividend increase,” the Fresenius CEO added. “These results demonstrate that we are continuing to generate strong, stable growth over time.”
Shareholders approved with a majority of 90.68% the 23rd consecutive dividend increase proposed by the general partner and the Supervisory Board. The dividend was raised by 25% to €0.55 per share.
With clear majorities, the shareholders elected all candidates for a new Supervisory Board. Prof. Dr. med. Iris Löw-Friedrich, Chief Medical Officer and Executive Vice President of UCB S.A., and Hauke Stars, a Member of the Management Board of Deutsche Börse AG, were elected to the 12-member body for the first time, as shareholder representatives.
Shareholder majorities of 99.64% and 99.52%, respectively, approved the actions of the Management and Supervisory Boards in 2015.
At the Annual General Meeting, 72.73% of the subscribed capital was represented.
This release contains forward-looking statements that are subject to various risks and uncertainties. Future results could differ materially from those described in these forward-looking statements due to certain factors, e.g. changes in business, economic and competitive conditions, regulatory reforms, results of clinical trials, foreign exchange rate fluctuations, uncertainties in litigation or investigative proceedings, and the availability of financing. Fresenius does not undertake any responsibility to update the forward-looking statements in this release.
For a detailed overview of special items please see the reconciliation table on page 13 of the pfd file.
Q1/2016:
Ulf Mark Schneider, CEO of Fresenius, said: “We have seen a strong start into 2016, reflected in our double-digit earnings growth. All business segments and regions have contributed to this success, demonstrating yet again enormous consistency in our sales and earnings development. We remain fully on track to achieve our 2016 and mid-term targets.“
12015 before special items
2Net income attributable to shareholders of Fresenius SE & Co. KGaA
Group guidance for 2016 confirmed
Fresenius confirms its guidance for 2016. Sales are expected to increase by 6% to 8% in constant currency. Net income1,2, is expected to grow by 8% to 12% 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
7% sales growth in constant currency
Group sales increased by 7% (7% in constant currency) to €6,914 million (Q1/2015: €6,483 million). Organic sales growth was 7%. Acquisitions contributed 1% and divestitures reduced sales by 1%.
Group sales by region:
23% net income1 growth in constant currency
Group EBITDA2 increased by 11% (10% in constant currency) to €1,237 million (Q1/2015: €1,115 million). Group EBIT2 increased by 13% (11% in constant currency) to €959 million (Q1/2015: €851 million). The EBIT margin2 increased to 13.9% (Q1/2015: 13.1%).
Group net interest decreased to -€152 million (Q1/2015: -€165 million), mainly due to more favorable financing terms and lower net debt.
The Group tax rate (before special items) decreased to 28.4% (Q1/2015: 30.2%), mainly due to a lower tax rate at Fresenius Medical Care.
Noncontrolling interest increased to €216 million (Q1/2015: €187 million), of which 95% was attributable to the noncontrolling interest in Fresenius Medical Care.
Group net income1,2, increased by 24% (23% in constant currency) to €362 million (Q1/2015: €292 million). Earnings per share1,2 increased by 22% (22% in constant currency) to €0.66 (Q1/2015: €0.54).
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
Continued investment in growth
Spending on property, plant and equipment was €313 million (Q1/2015: €273 million), primarily for the modernization and expansion of dialysis clinics, production facilities and hospitals. Total acquisition spending was €204 million (Q1/2015: €104 million).
Cash flow development
Operating cash flow decreased by 37% to €334 million (Q1/2015: €531 million) with a margin of 4.8% (Q1/2015: 8.2%). The decrease was mainly due to an adjustment in invoicing within the quarter and the timing of cash payroll payments at Fresenius Medical Care North America. Fresenius Medical Care expects that these effects will have no meaningful impact on the full year 2016 cash flow.
Free cash flow before acquisitions and dividends decreased to €2 million (Q1/2015: €258 million). Free cash flow after acquisitions and dividends was -€241 million (Q1/2015: €256 million).
Solid balance sheet structure
The Group’s total assets decreased by 1% (increased 1% in constant currency) to €42,445 million (Dec. 31, 2015: €42,959 million). Current assets grew by 1% (3% in constant currency) to €10,584 million (Dec. 31, 2015: €10,479 million). Non-current assets decreased by 2% (increased 1% in constant currency) to €31,861 million (Dec. 31, 2015: € 32,480 million).
Total shareholders’ equity was virtually unchanged at €18,009 million (Dec. 31, 2015: €18,003 million). In constant currency, it increased by 3%. The equity ratio increased to 42.4% (Dec. 31, 2015: 41.9%).
Group debt decreased by 1% (increased 1% in constant currency) to €14,549 million (Dec. 31, 2015: € 14,769 million). As of March 31, 2016, the net debt/EBITDA ratio was 2.671 (Dec. 31, 2015: 2.681).
12015 before special items; at LTM average exchange rates for both net debt and EBITDA
Increased number of employees
As of March 31, 2016, the number of employees increased by 1% to 223,704 (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 renal diseases. As of March 31, 2016, Fresenius Medical Care was treating 294,043 patients in 3,432 dialysis clinics. Along with its core business, the company seeks to expand the range of medical services in the field of care coordination.
Sales increased by 6% (9% in constant currency) to US$4,205 million (Q1/2015: US$3,960 million). Organic sales growth was 7%. Acquisitions contributed 2%. Currency translation effects reduced sales by 3%.
Health Care services sales (dialysis services and care coordination) increased by 7% (9% in constant currency) to US$3,414 million (Q1/2015: US$3,182 million). Dialysis product sales increased by 2% (6% in constant currency) to US$791 million (Q1/2015: US$778 million).
In North America, sales increased by 10% to US$3,044 million (Q1/2015: US$2,771 million). Health Care services sales grew by 10% to US$2,832 million (Q1/2015: US$2,571 million). Dialysis product sales increased by 6% to US$212 million (Q1/2015: US$200 million).
Sales outside North America decreased by 2% (increased by 7% in constant currency) to US$1,158 million (Q1/2015: US$1,180 million). Health Care services sales decreased by 5% (increased by 6% in constant currency) to US$582 million (Q1/2015: US$611 million). Dialysis product sales increased by 1% (8% in constant currency) to US$576 million (Q1/2015: US$569 million).
EBIT increased by 7% (8% in constant currency) to US$540 million (Q1/2015: US$504 million). The EBIT margin was 12.8% (Q1/2015: 12.7%).
Net income1 increased by 9% (8% in constant currency) to US$228 million (Q1/2015: US$210 million).
Operating cash flow decreased by 60% to US$180 million (Q1/2015: US$447 million). The cash flow margin was 4.3% (Q1/2015: 11.3%). The decrease was mainly due to an adjustment in invoicing within the quarter and the timing of cash payroll payments at Fresenius Medical Care North America. Fresenius Medical Care expects that these effects will have no meaningful impact on the full year 2016 cash flow.
Fresenius Medical Care confirms its outlook for 2016. The company expects sales to grow by 7% to 10% in constant currency and net income1 is expected to increase by 15% to 20%2 in 2016.
For further information, please see Fresenius Medical Care’s Press Release at www.freseniusmedicalcare.com.
1Net income attributable to shareholders of Fresenius Medical Care AG & Co. KGaA
22015 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.
Sales increased by 5% (8% in constant currency) to €1,470 million (Q1/2015: €1,394 million). Organic sales growth was 10%. Divestitures and currency translation effects reduced sales by 2% and 3% respectively.
Sales in Europe decreased by 1% (increased organically by 1%) to €512 million (Q1/2015: €518 million), mainly due to the divestment of the German oncology compounding business in February 2015. Sales in North America increased by 22% (organic growth: 20%) to €567 million (Q1/2015: €473 million). North American sales growth was mainly driven by persisting IV drug shortages as well as new product launches. Adverse currency translation effects decreased sales in Asia-Pacific by 5% (increased organically by 7%) to €254 million (Q1/2015: €268 million) and in Latin America/Africa by 5% (increased organically by 21%) to €128 million (Q1/2015: €135 million).
EBIT1 increased by 20% (19% in constant currency) to €309 million (Q1/2015: €257 million). The EBIT margin1 improved to 21.0% (Q1/2015: 18.5%).
Net income2 increased by 28% (26% in constant currency) to €179 million (Q1/2015: €140 million).
Based on the excellent net income development operating cash flow increased by 49% to €124 million (Q1/2015: €83 million) with a margin of 8.4% (Q1/2015: 6.0%).
Fresenius Kabi confirms its outlook for 2016 and projects low single-digit organic sales growth. EBIT1 in constant currency is expected to be roughly flat compared with 2015.
12015 before special items
2Net income attributable to shareholders of Fresenius Kabi AG; 2015 before special items
Fresenius Helios
Fresenius Helios is Germany’s largest hospital operator. HELIOS operates 111 hospitals, thereof 87 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 more than 34,000 beds.
Sales increased by 3% to €1,435 million (Q1/2015: €1,391 million). Organic sales growth was 3%. Acquisitions and divestitures had no material effect.
EBIT1 grew by 8% to €159 million (Q1/2015: €147 million). The EBIT margin1 increased to 11.1% (Q1/2015: 10.6%).
Net income2 increased by 16% to €124 million (Q1/2015: €107 million).
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.
12015 before special items
2Net income attributable to shareholders of HELIOS Kliniken GmbH; 2015 before special items
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.
Sales increased by 5% (5% in constant currency) to €218 million (Q1/2015: €208 million). Organic sales growth was 6%. Sales in the project business increased by 6% to €85 million (Q1/2015: €80 million). Sales in the service business grew by 4% to €133 million (Q1/2015: €128 million).
EBIT remained unchanged with €7 million (Q1/2015: €7 million). The EBIT margin was 3.2% (Q1/2015: 3.4%).
Net income1 grew by 25% to €5 million (Q1/2015: €4 million).
Order intake increased to €237 million (Q1/2015: €192 million). As of March 31, 2016, order backlog grew to €1,803 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%.
1Net income attributable to shareholders of VAMED AG
Conference Call
As part of the publication of the results for Q1/2016, a conference call will be held on May 3, 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.
This release contains forward-looking statements that are subject to various risks and uncertainties. Future results could differ materially from those described in these forward-looking statements due to certain factors, e.g. changes in business, economic and competitive conditions, regulatory reforms, results of clinical trials, foreign exchange rate fluctuations, uncertainties in litigation or investigative proceedings, and the availability of financing. Fresenius does not undertake any responsibility to update the forward-looking statements in this release.
For a detailed overview of special items please see the reconciliation table on page 13 of the pfd file.
Q1/2016:
Ulf Mark Schneider, CEO of Fresenius, said: “We have seen a strong start into 2016, reflected in our double-digit earnings growth. All business segments and regions have contributed to this success, demonstrating yet again enormous consistency in our sales and earnings development. We remain fully on track to achieve our 2016 and mid-term targets.“
12015 before special items2Net income attributable to shareholders of Fresenius SE & Co. KGaA
Group guidance for 2016 confirmed
Fresenius confirms its guidance for 2016. Sales are expected to increase by 6% to 8% in constant currency. Net income1,2, is expected to grow by 8% to 12% 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. KGaA22015 before special items3Calculated at FY average exchange rates for both net debt and EBITDA; excluding potential acquisitions
7% sales growth in constant currency
Group sales increased by 7% (7% in constant currency) to €6,914 million (Q1/2015: €6,483 million). Organic sales growth was 7%. Acquisitions contributed 1% and divestitures reduced sales by 1%.
Group sales by region:
23% net income1 growth in constant currency
Group EBITDA2 increased by 11% (10% in constant currency) to €1,237 million (Q1/2015: €1,115 million). Group EBIT2 increased by 13% (11% in constant currency) to €959 million (Q1/2015: €851 million). The EBIT margin2 increased to 13.9% (Q1/2015: 13.1%).
Group net interest decreased to -€152 million (Q1/2015: -€165 million), mainly due to more favorable financing terms and lower net debt.
The Group tax rate (before special items) decreased to 28.4% (Q1/2015: 30.2%), mainly due to a lower tax rate at Fresenius Medical Care.
Noncontrolling interest increased to €216 million (Q1/2015: €187 million), of which 95% was attributable to the noncontrolling interest in Fresenius Medical Care.
Group net income1,2, increased by 24% (23% in constant currency) to €362 million (Q1/2015: €292 million). Earnings per share1,2 increased by 22% (22% in constant currency) to €0.66 (Q1/2015: €0.54).
1Net income attributable to shareholders of Fresenius SE & Co. KGaA22015 before special items3Calculated at FY average exchange rates for both net debt and EBITDA; excluding potential acquisitions
Continued investment in growth
Spending on property, plant and equipment was €313 million (Q1/2015: €273 million), primarily for the modernization and expansion of dialysis clinics, production facilities and hospitals. Total acquisition spending was €204 million (Q1/2015: €104 million).
Cash flow development
Operating cash flow decreased by 37% to €334 million (Q1/2015: €531 million) with a margin of 4.8% (Q1/2015: 8.2%). The decrease was mainly due to an adjustment in invoicing within the quarter and the timing of cash payroll payments at Fresenius Medical Care North America. Fresenius Medical Care expects that these effects will have no meaningful impact on the full year 2016 cash flow.
Free cash flow before acquisitions and dividends decreased to €2 million (Q1/2015: €258 million). Free cash flow after acquisitions and dividends was -€241 million (Q1/2015: €256 million).
Solid balance sheet structure
The Group’s total assets decreased by 1% (increased 1% in constant currency) to €42,445 million (Dec. 31, 2015: €42,959 million). Current assets grew by 1% (3% in constant currency) to €10,584 million (Dec. 31, 2015: €10,479 million). Non-current assets decreased by 2% (increased 1% in constant currency) to €31,861 million (Dec. 31, 2015: € 32,480 million).
Total shareholders’ equity was virtually unchanged at €18,009 million (Dec. 31, 2015: €18,003 million). In constant currency, it increased by 3%. The equity ratio increased to 42.4% (Dec. 31, 2015: 41.9%).
Group debt decreased by 1% (increased 1% in constant currency) to €14,549 million (Dec. 31, 2015: € 14,769 million). As of March 31, 2016, the net debt/EBITDA ratio was 2.671 (Dec. 31, 2015: 2.681).
12015 before special items; at LTM average exchange rates for both net debt and EBITDA
Business Segments
Fresenius Medical Care
Fresenius Medical Care is the world's largest provider of products and services for individuals with renal diseases. As of March 31, 2016, Fresenius Medical Care was treating 294,043 patients in 3,432 dialysis clinics. Along with its core business, the company seeks to expand the range of medical services in the field of care coordination.
Sales increased by 6% (9% in constant currency) to US$4,205 million (Q1/2015: US$3,960 million). Organic sales growth was 7%. Acquisitions contributed 2%. Currency translation effects reduced sales by 3%.
Health Care services sales (dialysis services and care coordination) increased by 7% (9% in constant currency) to US$3,414 million (Q1/2015: US$3,182 million). Dialysis product sales increased by 2% (6% in constant currency) to US$791 million (Q1/2015: US$778 million).
In North America, sales increased by 10% to US$3,044 million (Q1/2015: US$2,771 million). Health Care services sales grew by 10% to US$2,832 million (Q1/2015: US$2,571 million). Dialysis product sales increased by 6% to US$212 million (Q1/2015: US$200 million).
Sales outside North America decreased by 2% (increased by 7% in constant currency) to US$1,158 million (Q1/2015: US$1,180 million). Health Care services sales decreased by 5% (increased by 6% in constant currency) to US$582 million (Q1/2015: US$611 million). Dialysis product sales increased by 1% (8% in constant currency) to US$576 million (Q1/2015: US$569 million).
EBIT increased by 7% (8% in constant currency) to US$540 million (Q1/2015: US$504 million). The EBIT margin was 12.8% (Q1/2015: 12.7%).
Net income1 increased by 9% (8% in constant currency) to US$228 million (Q1/2015: US$210 million).
Operating cash flow decreased by 60% to US$180 million (Q1/2015: US$447 million). The cash flow margin was 4.3% (Q1/2015: 11.3%). The decrease was mainly due to an adjustment in invoicing within the quarter and the timing of cash payroll payments at Fresenius Medical Care North America. Fresenius Medical Care expects that these effects will have no meaningful impact on the full year 2016 cash flow.
Fresenius Medical Care confirms its outlook for 2016. The company expects sales to grow by 7% to 10% in constant currency and net income1 is expected to increase by 15% to 20%2 in 2016.
For further information, please see Fresenius Medical Care’s Investor News at www.freseniusmedicalcare.com.
1Net income attributable to shareholders of Fresenius Medical Care AG & Co. KGaA
22015 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.
Sales increased by 5% (8% in constant currency) to €1,470 million (Q1/2015: €1,394 million). Organic sales growth was 10%. Divestitures and currency translation effects reduced sales by 2% and 3% respectively.
Sales in Europe decreased by 1% (increased organically by 1%) to €512 million (Q1/2015: €518 million), mainly due to the divestment of the German oncology compounding business in February 2015. Sales in North America increased by 22% (organic growth: 20%) to €567 million (Q1/2015: €473 million). North American sales growth was mainly driven by persisting IV drug shortages as well as new product launches. Adverse currency translation effects decreased sales in Asia-Pacific by 5% (increased organically by 7%) to €254 million (Q1/2015: €268 million) and in Latin America/Africa by 5% (increased organically by 21%) to €128 million (Q1/2015: €135 million).
EBIT1 increased by 20% (19% in constant currency) to €309 million (Q1/2015: €257 million). The EBIT margin1 improved to 21.0% (Q1/2015: 18.5%).
Net income2 increased by 28% (26% in constant currency) to €179 million (Q1/2015: €140 million).
Based on the excellent net income development operating cash flow increased by 49% to €124 million (Q1/2015: €83 million) with a margin of 8.4% (Q1/2015: 6.0%).
Fresenius Kabi confirms its outlook for 2016 and projects low single-digit organic sales growth. EBIT1 in constant currency is expected to be roughly flat compared with 2015.
12015 before special items2Net income attributable to shareholders of Fresenius Kabi AG; 2015 before special items
Fresenius Helios
Fresenius Helios is Germany’s largest hospital operator. HELIOS operates 111 hospitals, thereof 87 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 more than 34,000 beds.
Sales increased by 3% to €1,435 million (Q1/2015: €1,391 million). Organic sales growth was 3%. Acquisitions and divestitures had no material effect.
EBIT1 grew by 8% to €159 million (Q1/2015: €147 million). The EBIT margin1 increased to 11.1% (Q1/2015: 10.6%).
Net income2 increased by 16% to €124 million (Q1/2015: €107 million).
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.
12015 before special items2Net income attributable to shareholders of HELIOS Kliniken GmbH; 2015 before special items
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.
Sales increased by 5% (5% in constant currency) to €218 million (Q1/2015: €208 million). Organic sales growth was 6%. Sales in the project business increased by 6% to €85 million (Q1/2015: €80 million). Sales in the service business grew by 4% to €133 million (Q1/2015: €128 million).
EBIT remained unchanged with €7 million (Q1/2015: €7 million). The EBIT margin was 3.2% (Q1/2015: 3.4%).
Net income1 grew by 25% to €5 million (Q1/2015: €4 million).
Order intake increased to €237 million (Q1/2015: €192 million). As of March 31, 2016, order backlog grew to €1,803 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%.
1Net income attributable to shareholders of VAMED AG
Conference Call
As part of the publication of the results for Q1/2016, a conference call will be held on May 3, 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.
This release contains forward-looking statements that are subject to various risks and uncertainties. Future results could differ materially from those described in these forward-looking statements due to certain factors, e.g. changes in business, economic and competitive conditions, regulatory reforms, results of clinical trials, foreign exchange rate fluctuations, uncertainties in litigation or investigative proceedings, and the availability of financing. Fresenius does not undertake any responsibility to update the forward-looking statements in this release.
At its meeting today, the Supervisory Board of Fresenius SE & Co. KGaA nominated the following candidates for election to the Supervisory Board by the Annual General Meeting on May 13, 2016:
If elected by the Annual General Meeting, Prof. Dr. med. Iris Löw-Friedrich und Ms. Hauke Stars will join the Supervisory Board as new shareholder representatives. Prof. Dr. Roland Berger, a member since 2008, and Gerhard Roggemann, a member from 1998 to 2004 and again since 2011, will leave the Supervisory Board at the close of the Annual General Meeting.
All candidates are nominated for a five-year term, ending with the close of the 2021 Annual General Meeting. If re-elected to the Supervisory Board, Dr. Gerd Krick will be proposed for election as Chairman.
The Supervisory Board of Fresenius SE & Co. KGaA consists of 12 members. The six employee representatives are elected by the European works council.
Dr. Gerd Krick, Michael Diekmann and Klaus-Peter Müller, as well as Dr. Dieter Schenk, a lawyer and tax consultant, and Dr. Karl Schneider, former Spokesman of the Management Board of Südzucker AG, are nominated for re-election to the Supervisory Board of Fresenius Management SE. Effective on May 13, 2016, Prof. Dr. Roland Berger will leave the Supervisory Board of Fresenius Management SE. Dr. Kurt Bock, Chief Executive Officer of BASF SE, is nominated to join the Supervisory Board of Fresenius Management SE.
As the general partner, Fresenius Management SE manages Fresenius SE & Co. KGaA. The Supervisory Board of Fresenius Management SE, which consists of six members and is not subject to employee co-determination, appoints the Management Board of Fresenius Management SE.
The invitation and complete agenda for the Annual General Meeting of Fresenius SE & Co. KGaA, to be held on May 13, 2016, will be published on March 31, 2016.
This release contains forward-looking statements that are subject to various risks and uncertainties. Future results could differ materially from those described in these forward-looking statements due to certain factors, e.g. changes in business, economic and competitive conditions, regulatory reforms, results of clinical trials, foreign exchange rate fluctuations, uncertainties in litigation or investigative proceedings, and the availability of financing. Fresenius does not undertake any responsibility to update the forward-looking statements in this release.
At its meeting today, the Supervisory Board of Fresenius SE & Co. KGaA nominated the following candidates for election to the Supervisory Board by the Annual General Meeting on May 13, 2016:
If elected by the Annual General Meeting, Prof. Dr. med. Iris Löw-Friedrich und Ms. Hauke Stars will join the Supervisory Board as new shareholder representatives. Prof. Dr. Roland Berger, a member since 2008, and Gerhard Roggemann, a member from 1998 to 2004 and again since 2011, will leave the Supervisory Board at the close of the Annual General Meeting.
All candidates are nominated for a five-year term, ending with the close of the 2021 Annual General Meeting. If re-elected to the Supervisory Board, Dr. Gerd Krick will be proposed for election as Chairman.
The Supervisory Board of Fresenius SE & Co. KGaA consists of 12 members. The six employee representatives are elected by the European works council.
Dr. Gerd Krick, Michael Diekmann and Klaus-Peter Müller, as well as Dr. Dieter Schenk, a lawyer and tax consultant, and Dr. Karl Schneider, former Spokesman of the Management Board of Südzucker AG, are nominated for re-election to the Supervisory Board of Fresenius Management SE. Effective on May 13, 2016, Prof. Dr. Roland Berger will leave the Supervisory Board of Fresenius Management SE. Dr. Kurt Bock, Chief Executive Officer of BASF SE, is nominated to join the Supervisory Board of Fresenius Management SE.
As the general partner, Fresenius Management SE manages Fresenius SE & Co. KGaA. The Supervisory Board of Fresenius Management SE, which consists of six members and is not subject to employee co-determination, appoints the Management Board of Fresenius Management SE.
The invitation and complete agenda for the Annual General Meeting of Fresenius SE & Co. KGaA, to be held on May 13, 2016, will be published on March 31, 2016.
This release contains forward-looking statements that are subject to various risks and uncertainties. Future results could differ materially from those described in these forward-looking statements due to certain factors, e.g. changes in business, economic and competitive conditions, regulatory reforms, results of clinical trials, foreign exchange rate fluctuations, uncertainties in litigation or investigative proceedings, and the availability of financing. Fresenius does not undertake any responsibility to update the forward-looking statements in this release.
