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Fresenius SE & Co. KGaA

Earnings Release Mar 5, 2018

166_ip_2018-03-05_58479fb3-2168-41bf-bf11-5c23a8277f87.pdf

Earnings Release

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Roadshow Boston

5 March 2018

This presentation 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 contained in this presentation.

Fresenius Group: FY/17 Highlights

Fresenius Kabi: Update on US Generic IV Drug Market

2018 pricing environment expected to be in line with recent years

  • Nothing 'out of the ordinary' in generic injectables market
  • Key molecules to see more competition, however unchanged pricing environment in large base business
  • Continued low single-digit price decline for base business anticipated in 2018
  • Healthy volume growth projected to more than offset price decline

Strong customer relationships

  • New FDA focus on accelerating generics approvals - excellent relationships with GPOs mitigate risk
  • Broad portfolio, supply reliability and strong pipeline of new products are key assets in relationships with GPOs

1 Association for Accessible Medicines, 2018

Generics help to keep health care expenses down

• Generic drugs represent 89% of US prescriptions but just 27% of costs1

Fresenius Kabi: Prepared for the Next Decade

North America growth initiatives

  • Substantial investments in U.S. plants to increase capacity and foster automation
  • Growth and expansion of product portfolio
  • − Ramp-up of pre-filled syringe business
  • − Good progress with Parenteral Nutrition
  • − IV solutions production planned on U.S. ground in the medium-term
  • − New compounding center with high levels of automation
  • − Introduction of Agilia and INfusia pump

Worldwide growth initiatives

  • New building with two additional antibiotics production lines in Portugal
  • Intensified retail strategy for Enteral Nutrition
  • Launch of Propofol in pre-filled syringe in China

Biosimilars

  • Three late stage molecules making good progress
  • − Adalimumab launch expected early 2019
  • − Pegfilgrastim pivotal studies initiated for EU and U.S. on time
  • − Tocilizumab phase I studies for EU and U.S. initiated

Fresenius Kabi: Current Topics

  • Fresenius is conducting an independent investigation, using external experts, into alleged breaches of FDA data integrity requirements relating to product development at Akorn, Inc.
  • Management and Supervisory Boards of Fresenius will assess the findings of that investigation.
  • Consummation of transaction may be affected if the closing conditions under the merger agreement are not met.
  • Fresenius continues to seek FTC clearance.

HES

  • EMA's committees recommended suspending market authorization for HES in Europe
  • Fresenius is convinced that HES should remain on the market
  • Kabi's outlook for 2018 considers meaningful risk adjustment

Fresenius Helios: Prepared for the Next Decade

Helios Health

  • Organizational structure to manage crossborder synergies and knowledge transfer
  • Building a platform for future growth

German Hospital Market

  • Regulatory focus on minimum nursing staff levels
  • Quality of care to be factored into remuneration
  • Digitalization and clustering to raise efficiencies of Helios Germany

Spanish Hospital Market

  • Adding capacities through expansion of existing facilities
  • Setting up greenfield hospitals
  • Pursuing market consolidation opportunities

Fresenius Group: 2020 Mid-Term Growth Targets Confirmed

At February 2017 exchange rates and IFRS rules Net income attributable to shareholders of Fresenius SE & Co. KGaA

Financial Review Q4 & FY/17

Fresenius Group: FY/17 Key Financials

All figures consistent with scope of original guidance: before acquisition-related expenses, expenditures for further development of biosimilars business,

book gain from U.S. tax reform and FCPA provision All growth rates in constant currency (cc)

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

For a detailed overview of adjustments and special items please see the reconciliation tables on slides 44-45.

Fresenius Group: Q4 & FY/17 Profit and Loss Statement

€m Q4/17 Δ
YoY cc
FY/17 Δ
YoY cc
Sales 8,695 17% 33,886 16%
EBIT (adjusted)1 1,354 14% 4,890 15%
items)2
EBIT (before
special
1,308 11% 4,830 14%
Net interest3 -152 -8% -636 -11%
Income taxes3,4 -329 -14% -1,184 -15%
(adjusted)5,6
Net income
520 22% 1,859 21%
Net income
items)2,4,6
(before
special
487 15% 1,816 18%
Net income6 511 21% 1,814 18%

1 Consistent with scope of original guidance: before acquisition-related expenses, expenditures for further development of biosimilars business and FCPA provision

2 Before acquisition-related expenses and FCPA provision

3 Before acquisition-related expenses 4 Before book gain from U.S. tax reform

5 Consistent with scope of original guidance: before acquisition-related expenses, expenditures for further development of biosimilars business, book gain from U.S. tax reform and FCPA provision

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

Fresenius Group: FY/17 Business Segment Growth

1 EBIT adjusted: Before effects of agreement with the United States Departments of Veterans Affairs and Justice (VA agreement),

natural disaster costs and FCPA provision 2 Growth rate consistent with scope of original guidance: before acquisition-related expenses,

expenditures for further development of biosimilars business and FCPA provision

3 Growth rate consistent with scope of original guidance: before acquisition-related expenses and expenditures for further development of biosimilars business

For a detailed overview of adjustments and special items please see the reconciliation tables on slides 44-45.

Fresenius Kabi: Organic Sales Growth by Regions

€m Q4/17 Δ
YoY
organic
FY/17 Δ
YoY
organic
North America 554 11% 2,290 8%
Europe 579 3% 2,214 5%
Asia-Pacific/Latin
America/Africa
461 11% 1,854 11%
Asia-Pacific 302 11% 1,196 11%
Latin America/Africa 159 10% 658 10%
Total sales 1,594 8% 6,358 7%

Fresenius Kabi: Q4 & FY/17 EBIT Growth

€m Q4/17 Δ
YoY
cc
FY/17 Δ
YoY
cc
North America
Margin
194
35.0%
25%
350 bps
853
37.2%
8%
10 bps
Europe
Margin
107
18.5%
10%
120 bps
351
15.9%
5%
20 bps
Asia-Pacific/Latin
America/Africa
Margin
101
21.9%
2%
-190 bps
373
20.1%
10%
-50 bps
Corporate and
Corporate R&D
-130 -108% -400 -26%
EBIT2
Total adjusted
Margin2
318
19.9%
9%
0 bps
1,237
19.5%
8%
0 bps
Total EBIT1
Margin1
272
17.1%
-6%
-280 bps
1,177
18.5%
3%
-100 bps

Margin growth at actual rates

1 Before acquisition-related expenses

2 Consistent with scope of original guidance: before acquisition-related expenses and expenditures for further development of biosimilars business

For a detailed overview of adjustments and special items please see the reconciliation tables on slides 44-45.

Fresenius Kabi: Expected Organic Sales Growth 2018

North America

Mid-single-digit growth

  • Growth in 2018 driven by increased number of new drug launches, ramp-up of pre-filled syringe business, standard IV solutions and parenteral nutrition
  • More competition for key molecules; unchanged pricing environment in base business
  • Vigorous launch activity in 2018: 15+ product launches expected Europe

Low to mid-single-digit growth

• Enteral nutrition continues to drive growth

Fresenius Kabi: Expected Organic Sales Growth 2018

Emerging Markets

Likely double-digit growth

China

  • New tender policy implementation now expected to be mostly completed mid 2018
  • Low to mid single-digit price decline and continued double-digit volume growth projected
  • Significant organic growth expected

Asia-Pacific ex China:

• Excellent growth momentum expected

Latin America/Africa:

• Continued strong growth expected despite difficult situation for local economies

Fresenius Helios

Helios Germany

  • Lack of privatization opportunities limits growth potential
  • No new acquisitions for almost two years
  • 2018 DRG inflator set at 2.97% final price increase will be lower
  • Additional "DRG catalogue effects" in FY/18

Helios Spain

  • Strong growth in Q4/17:
  • 12% sales growth
  • EBIT growth exceeds sales growth
  • Seizing growth opportunities

Fresenius Helios: Q4 & FY/17 Key Financials

€m Q4/17 Δ
YoY
FY/17 Δ
YoY
Total sales 2,246 54% 8,668 48%
Thereof
Helios Germany
1,512 3% 6,074 4%
Helios Spain1
Thereof
734 -- 2,594 --
Total EBIT
Margin
283
12.6%
61%
60 bps
1,052
12.1%
54%
40 bps
Thereof Helios
Germany
Margin
176
11.6%
0%
-40 bps
725
11.9%
6%
20 bps
Helios Spain1
Thereof
Margin
107
14.6%
--
--
327
12.6%
--
--

1 Consolidated since 1 February 2017

Fresenius Vamed

  • Strong FY/17: Organic sales growth of 6% in line with and EBIT growth at upper-end of guidance range
  • Revenue share of more stable and high margin service business outstrips project business
  • €1,096m order intake at all-time high; excellent basis for future growth
€m Q4/17 Δ
YoY
FY/17 Δ
YoY
Project
business
305 13% 606 2%
Service
business
175 16% 622 10%
Total sales 480 14% 1,228 6%
Total
EBIT
44 16% 76 10%
Order intake1 399 16% 1,096 8%
Order
backlog1
2,147 9%

1 Project business only

Fresenius Group: Cash Flow

Operating CF Capex (net) Free Cash Flow1
€m Q4/17 LTM Margin Q4/17 LTM Margin Q4/17 LTM Margin
370 15.9%2 -158 -6.6% 212 9.3%
173 8.5% -185 -4.8% -12 3.7%3
35 3.4% -5 -0.5% 30 2.9%
Corporate/Other 10 n.a. -14 n.a. -4 n.a.
Excl. FMC 588 11.4%4 -362 -5.4% 226 6.0%4
1,116 11.6% -589 -5.0% 527 6.6%
FY/17 3,937 11.6% -1,705 -5.0% 2,232 6.6%

1 Before acquisitions and dividends

2 Including the cash prepayment of €45 million for biosimilars business (LTM: 16.6% operating cashflow margin excl. cash prepayment biosimilars)

3 Understated: 4.2% excluding €40 million of capex commitments from acquisitions 4 Margin incl. FMC dividend

Fresenius Group: 2018 Financial Outlook by Business Segment

€m (except otherwise
stated)
FY/17 Base FY/18e1
Sales growth (org) 6,358 4% -
7%
EBIT growth
(cc)
1,1772 -6 %2
-3%
to
EBIT growth
(cc) excl. biosimilars
1,2373 5%3
~2%
-
Sales growth (org) 8,6684 6%5
3% -
EBIT growth 1,0524 7% -
10%
Sales growth
(org)
1,228 5%
-
10%
EBIT growth 76 5%
-
10%

1 Excluding pending acquisitions of Akorn and NxStage

2 Before special items (before acquisition-related expenses); including expenditures for further development of biosimilars business

(€60 m in FY/17 and expected expenditures of ~€160 m in FY/18)

3 Before special items (acquisition-related expenses); excluding expenditures for further development of biosimilars business

(€60 m in FY/17 and expected expenditures of ~€160 m in FY/18) 4 Helios Spain consolidated for 11 months

5 Organic growth reflects 11 months contribution of Helios Spain in 2018

For a detailed overview of adjustments and special items please see the reconciliation tables on slides 44-45.

Fresenius Group: 2018 Financial Guidance

€m (except otherwise stated) FY/17
Base
FY/181
Sales growth
(cc)
33,4002 5% -
8%
Net income3
growth
(cc)
1,8164 9%5
6% -
Net income3
growth
(cc)
excl. biosimilars
1,8596 13%7
~10% -

1 Excluding pending acquisitions of Akorn and NxStage

2 Adjusted for IFRS15 (€486 m at Fresenius Medical Care)

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

4 Before special items (before acquisition-related expenses, book gain from the U.S. tax reform and FCPA provision)

5 Before special items (before acquisition-related expenses); including expenditures for further development of biosimilars business (€43 m after tax in FY/17 and expected expenditures of ~€120 m after tax in FY/18)

6 Adjusted net income: before acquisition-related expenses, expenditures for further development of biosimilars business, book gain from the U.S. tax reform and FCPA provision

7 Before special items (before acquisition-related expenses); excluding expenditures for further development of biosimilars business (€43 m after tax in FY/17 and expected expenditures of ~€120 m after tax in FY/18)

For a detailed overview of adjustments and special items please see the reconciliation tables on slides 44-45.

Attachments

Fresenius Group: 25th Consecutive Dividend Increase

Dividend growth aligned to EPS growth Pay-out ratio: 23%

1 Proposal

Fresenius Group: Profit and Loss Statement

Growth Q4 YoY Growth
FY YoY
€m Q4/2017 actual
rates
constant
rates
FY/2017 actual
rates
constant
rates
Sales 8,695 11% 17% 33,886 15% 16%
EBIT1 1,308 5% 11% 4,830 12% 14%
Net interest2 -152 -2% -8% -636 -9% -11%
Income taxes2,3 -329 -8% -14% -1,184 -13% -15%
Net income4 487 10% 15% 1,816 16% 18%

1 Before special items (before acquisition-related expenses, before FCPA provision)

2 Before special items (before acquisition-related expenses)

3 Before book gain from U.S. tax reform

4 Net income attributable to shareholders of Fresenius SE & Co. KGaA; before special items (before acquisition-related expenses, book gain from U.S. tax reform and FCPA provision)

For a detailed overview of adjustments and special items please see the reconciliation tables on slides 44-45.

Fresenius Group: Calculation of Noncontrolling Interest

€m FY/17 FY/16
Earnings before tax and noncontrolling
interest
4,194 3,720
Taxes -1,184 -1,044
Noncontrolling
interest, thereof
-1,194 -1,116
Fresenius Medical Care net income not attributable to
Fresenius (FY/17: ~69%)
-864 -791
Noncontrolling
interest holders in Fresenius Medical Care
-274 -276
Noncontrolling interest
holders
in Fresenius Kabi (-€39 m),
Fresenius Helios (-€5 m), and
due to Fresenius Vamed's
23%
external
ownership
(-€12m)
-56 -49
Net income
attributable
to
Fresenius SE & Co. KGaA
1,816 1,560

Before special items

For a detailed overview of adjustments and special items please see the reconciliation tables on slides 44-45.

€m Q4/17 LTM Margin Q4/16 LTM Margin Δ
YoY
Operating Cash Flow 1,116 11.6 % 1,312 12.2% -15%
Capex
(net)
-589 -5.0% -549 -5.5% -7%
Free Cash Flow
(before acquisitions and dividends)
527 6.6% 763 6.7% -31%
Acquisitions (net) 210 -181
Dividends -61 -88
Free Cash Flow
(after acquisitions and dividends)
676 -13.4% 494 2.5% 37%
Operating CF Capex
(net)
Free Cash Flow1
€m FY/2017 LTM Margin FY/2017 LTM Margin FY/2017 LTM Margin
1,010 15.9%4 -420 -6.6% 590 9.3%
733 8.5% -411 -4.8% 322 3.7%3
42 3.4% -7 -0.5% 35 2.9%
Corporate/Other -40 n.a. -26 n.a. -66 n.a.
Excl. FMC 1,745 11.4%2 -864 -5.4% 881 6.0%2
3,937 11.6% -1,705 -5.0% 2,232 6.6%

1 Before acquisitions and dividends

2 Margin incl. FMC dividend

3 Understated: 4.2% excluding €40 million of capex commitments from acquisitions

4 Including the cash prepayment of €45 million for biosimilars business (LTM: 16.6% operating cashflow margin excl. cash prepayment biosimilars)

Fresenius Group: Leverage Ratio

Before special items; pro forma acquisitions At annual average FX rates for both EBITDA and net debt

1 Pro forma excluding advances made for the acquisition of hospitals from Rhön-Klinikum AG

2 Excluding pending acquisitions of Akorn and NxStage; excluding further potential acquisitions; at current IFRS rules

Fresenius Group Consistent Cash Generation

Capex gross, in % of sales

CFFO margin FCF margin (before acquisitions & dividends)

Net Debt / EBITDA1

1 Net debt at year-end exchange rate; EBITDA at LTM average exchange rates; before special items; pro forma acquisitions

Fresenius Group: Solid Balance Sheet Structure

Fresenius Group: Well Balanced Financing Mix and Maturity Profile

Maturity profile

Fresenius Medical Care

Fresenius excluding Fresenius Medical Care

Average maturity 3.6 years.

rate/cost of debt 2.8% p.a.

Financing mix

Fresenius Kabi: Organic Sales Growth by Product Segment

Total sales 1,594 8% 6,358 7%
Medical Devices/
Transfusion Technology
281 12% 1,085 5%
Clinical Nutrition 417 8% 1,671 8%
Infusion Therapy 227 5% 903 6%
IV Drugs 669 8% 2,699 8%
€m Q4/17 Δ
YoY
organic
FY/17 Δ
YoY
organic

Fresenius Kabi: Profit and Loss Statement

€m 2017 2016
Sales 6,358 6,007
EBITDA
margin %
1,483
23.3
1,468
24.4
EBIT
margin %
1,177
18.5
1,171
19.5
Net interest -119 -149
Earnings before taxes
and noncontrolling
interest
1,058 1,022
Income taxes
Tax rate %
-317
30.0
-311
30.4
Noncontrolling
interest
-39 -36
Net income1 702 675

Before special items 1 Attributable to shareholders of Fresenius SE & Co. KGaA

Fresenius Kabi: Cash Flow Statement

€m 2017 2016
Net income1
(incl. noncontrolling
interest)
739 711
Depreciation / amortization 306 297
Change in working capital -35 -4
Cash flow from operations
Margin %
1,010
15.9
1,004
16.7
CAPEX, net -420 -336
Cash flow
before acquisitions and dividends
590 668
Acquisitions, net -152 -114
Free cash flow
(before dividends)
438 554

1 After special items

Fresenius Kabi: Balance Sheet

€m 2017 2016
Accounts receivable 841 779
Inventories 1,361 1,354
Fixed assets 8,092 7,974
Other assets 1,498 1,323
Total assets 11,792 11,430
Debt 4,806 5,155
Other liabilities 2,997 2,308
Equity (incl. noncontrolling
int.)
3,989 3,967
Total liabilities and shareholders' equity 11,792 11,430

Fresenius Helios Germany: Performance Indicators

FY/17 FY/16 Δ
YoY
No. of hospitals
-
Acute care clinics
-
Post-acute care clinics
111
88
23
112
88
24
-1%
0%
-4%
No. of beds
-
Acute care clinics
-
Post-acute care clinics
34,610
29,438
5,172
34,706
29,618
5,088
0%
-1%
2%
Admissions
-
Acute care (inpatient)
1,237,068 1,229,125 1%
Occupancy
-
Post-acute care
82% 82%
Average length of stay (days)
Acute care1
-
-
Post-acute care
6.2
26.0
6.4
26.1
Bad debt
of
sales
0.2% 0.3%

1 German average (2016): 7.3

Fresenius Helios: Profit & Loss Statement

€m 20171 2016
Sales 8,668 5,843
EBITDA
Margin %
Depreciation / amortization
1,426
16.5
-374
879
15.0
-196
EBIT
Margin %
1,052
12.1
683
11.7
Net interest -155 -37
Earnings before taxes and
noncontrolling
interest
897 646
Income taxes
Tax rate %
-164
18.3
-100
15.5
Noncontrolling
interest
-5 -2
Net income2 728 544

1 Including Helios Spain

2 Attributable to shareholders of Fresenius SE & Co. KGaA

Fresenius Helios: Cash Flow

€m 20171 2016
Net income
(incl. noncontrolling
interest)
733 546
Depreciation / amortization 374 196
Change in working capital -374 -120
Cash flow from operations
Margin %
733
8.5
622
10.6
CAPEX, net -411 -349
Cash flow
before acquisitions and dividends
322 273
Acquisitions, net -5,945 -48
Free cash flow (before dividends) -5,623 225

1 Including Helios Spain

Fresenius Helios: Balance Sheet

€m 20171 2016
Accounts receivable 1,834 749
Property, plant and equipment (net) 4,113 2,630
Goodwill 7,902 4,538
Other assets 2,734 779
Total assets 16,583 8,696
Debt 6,665 1,406
Other liabilities 2,529 1,440
Equity
(incl. noncontrolling
interest)
7,389 5,850
Total liabilities and
shareholders' equity
16,583 8,696

1 Including Helios Spain

Fresenius Vamed: Profit & Loss Statement

€m 2017 2016
Sales 1,228 1,160
EBITDA
Margin %
87
7.1
80
6.9
EBIT
Margin %
76
6.1
69
5.9
Net interest -2 -2
Earnings before taxes
and noncontrolling
interest
74 67
Income taxes
Tax rate %
-23
31.1
-21
31.0
Noncontrolling
interest
-1 -1
Net income1 50 45
ROE (before taxes) % 19.0 19.6

1 Attributable to shareholders of Vamed AG

Fresenius Vamed: Cash Flow

€m 2017 2016
Net income
(incl. noncontrolling
interest)
51 46
Depreciation / amortization 11 11
Change in working capital -20 -30
Cash flow from operations
Margin %
42
3.4
27
2.3
CAPEX, net -7 -11
Cash flow (before acquisitions and dividends) 35 16
Acquisitions, net -19 0
Free cash flow
(before dividends)
16 16

Fresenius Vamed: Balance Sheet

€m 2017 2016
Accounts receivable 238 209
Property, plant and equipment 80 72
Intangible assets 127 103
Other assets 837 724
Total assets 1,282 1,108
Debt 245 176
Other liabilities 648 591
Equity (incl. noncontrolling
interest)
389 341
Total liabilities and shareholders' equity 1,282 1,108

Reconciliation Q4/17

Consolidated results for 2017 include special items related to the acquisition of the biosimilars business of Merck KGaA, the announced acquisition of the shares in Akorn, Inc. (acquisition related expenses). These are mainly transaction costs in the form of legal and consulting fees as well as costs of the financing commitment for the Akorn transaction. Moreover special items arose from a book gain from the revaluation of deferred tax liabilities due to U.S. tax reform as well as from the FCPA provision. In order to compare the results with the scope of original guidance, key figures are additionally adjusted for expenditures for further development of the biosimilars business. The following presentation shows the corresponding reconciliation to the IFRS values. There were neither adjustments nor special items in 2016.

€m Basis for guidance
comparison:
Before special items
and before
biosimilars
business
Expenditures
for further
development of
biosimilars
business
Before
special items
Special
items
(acquisition
related
expenses)
Special
items
(book
gain
U.S. tax
reform)
Special
items
(FCPA
provision)
After
special
items
(IFRS
reported)
Sales 8,695 8,695 8,695
EBIT
Net interest
1,354
-150
-46
-2
1,308
-152
-16
-7
-200 1,092
-159
Net income
before
taxes
Income taxes
1,204
-344
-48
15
1,156
-329
-23
6
266 -200 933
-57
Net income
Noncontrolling interest
860
-340
-33 827
-340
-17 266
-163
-200
138
876
-365
Net income attributable
to shareholders of
Fresenius SE & Co.
KGaA
520 -33 487 -17 103 -62 511

The acquisition-related expenses are reported in the Group Corporate/Other segment.

Reconciliation FY/17

Consolidated results for 2017 include special items related to the acquisition of the biosimilars business of Merck KGaA, the announced acquisition of the shares in Akorn, Inc. (acquisition related expenses). These are mainly transaction costs in the form of legal and consulting fees as well as costs of the financing commitment for the Akorn transaction. Moreover special items arose from a book gain from the revaluation of deferred tax liabilities due to U.S. tax reform as well as from the FCPA provision. In order to compare the results with the scope of original guidance, key figures are additionally adjusted for expenditures for further development of the biosimilars business. The following presentation shows the corresponding reconciliation to the IFRS values. There were neither adjustments nor special items in 2016.

€m Basis for guidance
comparison:
Before special items
and before
biosimilars
business
Expenditures
for further
development of
biosimilars
business
Before
special items
Special
items
(acquisition
related
expenses)
Special
items
(book
gain
U.S. tax
reform)
Special
items
(FCPA
provision)
After
special
items
(IFRS
reported)
Sales 33,886 33,886 33,886
EBIT
Net interest
4,890
-634
-60
-2
4,830
-636
-41
-15
-200 4,589
-651
Net income
before
taxes
Income taxes
4,256
-1,203
-62
19
4,194
-1,184
-56
13
266 -200 3,938
-905
Net income
Noncontrolling interest
3,053
-1,194
-43 3,010
-1,194
-43 266
-163
-200
138
3,033
-1,219
Net income attributable
to shareholders of
Fresenius SE & Co.
KGaA
1,859 -43 1,816 -43 103 -62 1,814

The acquisition-related expenses are reported in the Group Corporate/Other segment.

Financial Calendar / Contact

Financial Calendar

3 May 2018 Results
Q1/2018
18 May 2018 Annual General Meeting
7/8 June 2018 Capital Markets
Day
31 July
2018
Results
Q2/2018
30 October
2018
Results
Q3/2018

Please note that these dates could be subject to change.

Contact

Investor Relations Fresenius SE & Co. KGaA phone: +49 6172 608-2485 e-mail: [email protected] For further information and current news: www.fresenius.com

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