Fresenius Medical Care AG & Co. KGaA

Earnings Release • Apr 30, 2002

News Details

Ad-hoc | 30 April 2002 08:35

Fresenius Medical Care english

Fresenius Medical Care First Quarter Earnings Grew 38% to US$ 75 Million Ad-hoc-announcement processed and transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– Fresenius Medical Care First Quarter Earnings Grew 38% to US$ 75 Million; Cash Flow from Operations reached $ 70 million FMC today announced a 38% increase in earnings after tax (EAT) after minorities to $75 million (before extraordinary items of $ 12 million for the early redemption of the 9% Trust Pref. Securities) for the first quarter 2002. Total revenue for the first quarter 2002 increased 2% (5% constant currency) to $ 1,187 million. Adjusted for the number of dialysis treatment days revenue growth at constant currency was 6%. Earnings before interest and taxes (EBIT) increased 11% to $ 174 million resulting in an operating margin of 14.7%. Earnings per share (EPS) in the first quarter rose 38% to $ 0.78 ($ 0.26 per ADS), compared to $ 0.56 ($ 0.19 per ADS) in the first quarter of 2001. The results for the first quarter 2002 are based on the new accounting standards on Goodwill and Other Intangible Assets (FAS 142) which came into effect January 1, 2002. The Company anticipates no impairment of goodwill as of January 1, 2002 in any of its operating segments as a result of this accounting change. As of March 31, 2002, the Company operated a total of 1,405 clinics worldwide of which 375 clinics were outside of North America. Fresenius Medical Care AG performed approximately 3.9 million treatments (North America 2.8 million treatments – International 1.1 million treatments). The Company generated $ 70 million in cash from operations in the first quarter of 2002. A total of $ 50 million (net of disposals) was spent for capital expenditures, resulting in a Free Cash Flow of $ 20 million, compared to $ 16 million in the first quarter of 2001. A total of $ 9 million in cash was spent for acquisitions. In spite of a challenging currency environment and temporarily less funds available for dialysis machines purchases, the company continues to be on track to achieve its full-year financial targets. 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., April 30, 2002 end of ad-hoc-announcement (c)DGAP 30.04.2002 ——————————————————————————– WKN: 578 580; ISIN: DE0005785802; Index: DAX Listed: Amtlicher Handel in Frankfurt ; Freiverkehr in Düsseldorf, Berlin, München, Bremen, Hamburg, Hannover, Stuttgart 300835 Apr 02