Fresenius Medical Care AG & Co. KGaA

Earnings Release • Oct 29, 2002

News Details

Ad-hoc | 29 October 2002 07:31

Fresenius Medical Care english

Fresenius Medical Care AG reports Nine Months Results 2002 Ad-hoc-announcement transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– Fresenius Medical Care AG reports Nine Months Results 2002; Already exceeded full year Free Cash Flow target Fresenius Medical Care today announced that in the first nine months of 2002, income before extraordinary item was $ 219 million, up 19% from the same period in 2001. Net revenue was $ 3.73 billion, up 4% from the nine months of 2001. Adjusted for currency, net revenue rose 6%. Earnings before interest and taxes (EBIT) increased 4% to $ 511 million resulting in an operating margin of 13.7%. In the nine months of 2002, earnings per ordinary share before extraordinary item rose 19% to $ 2.27. The Company generated $ 395 million in cash from operations during the first nine months of 2002, an increase of 53% from the first nine months of 2001. Free Cash Flow for the first nine months of 2002 was $ 238 million compared to $ 90 million in the first nine months of 2001. Free Cash Flow for the first nine months already exceeded the full year target set by the Company. This exceptional performance is primarily driven by strong im- provements in working capital management, in particular accounts receivable collection, and by moderate capital expenditure. As of September 30, 2002, the Company operated a total of 1,450 clinics worldwide. Fresenius Medical Care performed approximately 12.1 million treatments, which represents an increase of 8% year-over-year. At the end of the third quarter 2002, the Company served about 110,100 patients worldwide which represents an increase of 6%. The Company expects to operate within the targeted operating margin range of 13-14% for the remainder of 2002 and expects the income before extraordinary item to be close to its 2002 target of $ 300 million. For the year 2003, the Company expects constant currency revenue growth before acquisitions in the mid single digits and net income growth in the high single digit to low double digits range. Fresenius AG (WKN 578 560, 578 563) holds a majority interest in Fresenius Medical Care’s ordinary capital. Fresenius Medical Care AG Board of Management Bad Homburg v.d.H., October 29, 2002 end of ad-hoc-announcement (c)DGAP 29.10.2002 ——————————————————————————– WKN: 578 580; ISIN: DE0005785802; Index: DAX Listed: Amtlicher Markt in Frankfurt ; Freiverkehr in Düsseldorf, Berlin, München, Bremen, Hamburg, Hannover, Stuttgart 290731 Okt 02