Fresenius Medical Care AG & Co. KGaA

Earnings Release • Mar 5, 2002

News Details

Ad-hoc | 5 March 2002 07:48

Fresenius Medical Care english

FRESENIUS MEDICAL CARE AG FULL YEAR 2001 RESULTS Ad-hoc-announcement transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– 4TH QUARTER FREE-CASH FLOW AND FULL YEAR OPERATING CASH FLOW AT RECORD LEVELS FMC today announced earnings after taxes of $245 mio (+15%) for the year ended Dec. 31,2001 (before the special charge/expenses). Including the previously announced special charge for 1996 merger-related legal matters of $258 mio ($177 mio after tax) and related prior quarter ex-penses of $7 mio ($4 mio after tax) net income for 2001 was $63 mio. The Company confirms its believe that this financially resolves the remaining merger-related legal matters pending at this time. Net revenues for 2001 increased to $4,859 mio from $4,201 mio, an increase of 16% (17% constant currency). Earnings before interest and taxes (EBIT) for 2001 increased 4% to $644 mio (before the special charge/expenses) from $621 mio last year. EBIT including the special charge/expenses was $379 mio. Earnings per share (EPS) were up 7% to $2.53 for 2001( before the special charge/expenses), compared to an EPS of $2.37 for 2000. Including the special charge/expenses EPS were $0.65 per share. The Company generated a record $424 mio of cash from operations in 2001 up 8% from the year 2000. Free Cash Flow (cash from operations less capital expenditures) for 2001 reached $173 mio supported by a record Free Cash Flow in the 4th quarter 2001 of $ 83 million (+13%). The Managing Board will propose to the Supervisory Board a dividend of EUR0.85 per ordinary share (2000:EUR0.78) and EUR0.91 per preference share (2000:EUR0.84) for shareholder approval at the AGM on May 22,2002. Judging from today’s economic situation the Company does not expect impairment issues in the group financial statements relating to its investment in Argentina. FMC AG expects an organic revenue growth for 2002 of around 6%. This includes the recent adverse currency impact in Argentina economy. Excluding the devaluation in Argentina revenues are expected to grow by about 8%. The Company expects to report earnings after tax (EAT) of more than $350 mio for 2002 based on the new US-GAAP goodwill accounting rules. 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., March 5, 2002 end of ad-hoc-announcement (c)DGAP 05.03.2002 ——————————————————————————– WKN: 578 580; ISIN: DE0005785802; Index: DAX Listed: Amtlicher Handel in Frankfurt ; Freiverkehr in Düsseldorf, Berlin, München, Bremen, Hamburg, Hannover, Stuttgart 050748 Mär 02