Fresenius SE & Co. KGaA

Earnings Release • Feb 25, 2004

News Details

Ad-hoc | 25 February 2004 07:30

Fresenius Group – Fiscal Year 2003

Ad-hoc-announcement transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– Fresenius Group – Fiscal Year 2003 Strong sales and earnings performance of Fresenius Medical Care and Fresenius Kabi. Earnings impacted by one-time expenses at Fresenius ProServe and currency translation effects. Fresenius Group business performance in 2003 was very positive. Currency translation effects had a significant impact. Sales were up 5 % in constant currency. At actual exchange rates sales were EUR 7,064 million, down 6 % on last year’s figure of EUR 7,507 million. Group EBIT increased 5 % in constant currency, but decreased 7 % at actual exchange rates to EUR 781 million (2002: EUR 837 million). Group net income was EUR 115 million, down 2 % in constant currency and 14 % at actual exchange rates (2002: EUR 134 million). Fresenius Group’s results were impacted by EUR 34 million (before tax) of one-time expenses at Fresenius ProServe and by currency translation effects. Excluding one-time expenses at Fresenius ProServe, Group net income would have been EUR 147 million, an increase of 22 % in constant currency and 10 % at actual exchange rates. The Managing Board will propose to the Supervisory Board a dividend of EUR 1.23 for each ordinary share (2002: EUR 1.14) and EUR 1.26 for each preference share (2002: EUR 1.17), an increase of 8 %. The proposal reflects the excellent cash flow performance and the Company’s confidence in its future earnings development. Fresenius anticipates a positive performance for the full year 2004. The Company expects a mid single-digit percent increase in 2004 sales, at constant currency. Net income is expected to grow in the range of 25 to 30 % at constant currency. Good sales performance, further cost structure improvements and positive effects of Fresenius ProServe’s profit improvement programs will contribute to the growth in net income. Sales and earnings are expected to increase in all segments. The Managing Board Bad Homburg v.d.H., February 25, 2004 end of ad-hoc-announcement (c)DGAP 25.02.2004 ——————————————————————————– WKN: 578560; ISIN: DE0005785604; Index: MDAX Listed: Amtlicher Markt in Düsseldorf, Frankfurt (Prime Standard) und München; Freiverkehr in Berlin-Bremen, Hamburg und Stuttgart 250730 Feb 04