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«Fresenius Medical Care AG & Co. KGaA Hof an der Saale Germany FRESENIUS MEDICAL CARE AG & Co. KGaA Page FINANCIAL INFORMATION Management’s ...»

-- [ Page 1 ] --

Interim financial report

(US-GAAP)

1st quarter 2015

Fresenius Medical Care AG & Co. KGaA

Hof an der Saale

Germany

FRESENIUS MEDICAL CARE AG & Co. KGaA

Page

FINANCIAL INFORMATION

Management’s Discussion and Analysis

Forward-looking Statements

Financial Condition and Results of Operations

Results of Operations

Liquidity and Capital Resources

Balance Sheet Structure

Risk and Opportunities Report

Report on Expected Developments

Financial Statements Consolidated Statements of Income

Consolidated Statements of Comprehensive Income

Consolidated Balance Sheets

Consolidated Statements of Cash Flows

Consolidated Statement of Shareholders' Equity

Notes to Consolidated Financial Statements

Corporate Governance

Calendar and Contact

–  –  –

Forward-looking Statements This report contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). When used in this report, the words “outlook,” "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates" and similar expressions are generally intended to identify forward looking statements. Although we believe that the expectations reflected in such forward-looking statements are reasonable, forward-looking statements are inherently subject to risks and uncertainties, many of which cannot be predicted with accuracy and some of which might not even be anticipated, and future events and actual results, financial and otherwise, could differ materially from those set forth in or contemplated by the forward-looking statements contained elsewhere in this report. We have based these forward-looking statements on current estimates and assumptions made to the best of our knowledge. By their nature, such forward-looking statements involve risks, uncertainties, assumptions and other factors which could cause actual results, including our financial condition and profitability, to differ materially positively or negatively relative to the results expressly or implicitly described in or suggested by these statements. Moreover, forward-looking estimates or predictions derived from third parties’ studies or information may prove to be inaccurate.

Consequently, we cannot give any assurance regarding the future accuracy of the opinions set forth in this report or the actual occurrence of the projected developments described herein. In addition, even if our future results meet the expectations expressed here, those results may not be indicative of our performance in future periods.

These risks, uncertainties, assumptions, and other factors that could cause actual results to differ

from our projected results include, among others, the following:

 changes in governmental and commercial insurer reimbursement for our complete products and services portfolio, including the United States (“U.S.”) Medicare reimbursement system for dialysis services;

 the outcome of government and internal investigations as well as litigation;

 risks relating to compliance with the myriad government regulations applicable to our business including, in the U.S., the Anti-Kickback Statute, the False Claims Act, the Stark Law and the Foreign Corrupt Practices Act, the Food, Drug and Cosmetic Act and comparable regulatory regimes in many of the 120 countries in which we supply health care services and/or products;

 the influence of commercial insurers and managed care organizations;

 the impact of health care reforms;

 product liability risks;

 risks relating our ability to continue to make acquisitions;

 the impact of currency fluctuations;

 changes in utilization patterns for pharmaceuticals and in our costs of purchasing pharmaceuticals;

 introduction of generic or new pharmaceuticals that compete with our pharmaceutical products;

 changes in raw material and energy costs or the ability to procure raw materials;

 collectability of our receivables primarily due to the financial stability and liquidity of our governmental and commercial payors;

 our ability to achieve cost savings in various health care risk management programs in which we participate or intend to participate; as well as  the bidding process for our Medicare Advantage plans may adversely affect our profitability.

FRESENIUS MEDICAL CARE AG & Co. KGaA

Important factors that could contribute to such differences are noted in the “Overview” section below, in Note 11 of this report, in Note 20 of the Annual Report 2014 (Chapter 4) and in the section “Risk and Opportunities Report” in Chapter 2 of our Annual Report 2014.

Our business is also subject to other risks and uncertainties that we describe from time to time in our public filings. Developments in any of these areas could cause our results to differ materially from the results that we or others have projected or may project.

Our reported financial condition and results of operations are sensitive to accounting methods, assumptions and estimates that are the basis of our financial statements. The actual accounting policies, the judgments made in the selection and application of these policies and the sensitivities of reported results to changes in accounting policies, assumptions and estimates, are factors to be considered along with our financial statements and the discussion under “Results of Operations” below. There have been no significant changes during the three months ended March 31, 2015 to the items disclosed within the critical accounting policies and estimates in the section “Operating and Financial Review and Prospects – Critical Accounting Policies” in Chapter 3 of our Annual Report 2014.





Financial Condition and Results of Operations

You should read the following discussion and analysis of the results of operations of Fresenius Medical Care AG & Co. KGaA (“FMC-AG & Co. KGaA,” or the “Company”) and its subsidiaries in conjunction with our unaudited consolidated financial statements and related notes contained elsewhere in this report and our disclosures and discussions in our Annual Report 2014 for the year ended December 31, 2014. The results within this discussion and analysis are unaudited. In this report, “FMC-AG & Co. KGaA,” or the “Company,” “we,” “us” or “our” refers to the Company or the Company and its subsidiaries on a consolidated basis, as the context requires. The term “North America Segment” refers to our North America operating segment; the term “EMEA Segment” refers to the Europe, Middle East and Africa operating segment, the term “Asia-Pacific Segment” refers to our Asia-Pacific operating segment, and the term “Latin America Segment” refers to our Latin America operating segment. The term "Corporate" includes certain headquarters’ overhead charges, including accounting and finance, centrally managed production, asset management, quality management, procurement and research and development. The term “Constant Currency” or at “Constant Exchange Rates” means that we have translated local currency revenues for the current reporting period into U.S. dollars using the same average foreign currency exchange rates for the conversion of revenues into U.S. dollars that we used to translate local currency revenues for the comparable reporting period of the prior year.

Overview

We are the world’s largest kidney dialysis company. We provide dialysis care services related to the dialysis treatment a patient with end stage renal disease (“ESRD”) receives as well as other health care services. We describe our other health care services as “Care Coordination.” Care Coordination services include coordinated delivery of pharmacy services, vascular, cardiovascular and endovascular specialty services, non-dialysis laboratory testing services, physician services, hospitalist and intensivist services, health plan services and urgent care services, which, together with dialysis care services represent our health care services. We also develop and manufacture a full range of dialysis machines, systems and disposable products, which we sell to customers in more than 120 countries. Our dialysis business is vertically integrated, providing dialysis treatment at our own dialysis clinics and supplying these clinics with a broad range of products. In addition, we sell dialysis products to other dialysis service providers. Based on publicly reported sales and number of patients treated, our health care operations in dialysis services and dialysis products make us the world's largest kidney dialysis company. In 2014, we estimated the volume of the global dialysis market was approximately $77 billion. Dialysis patient growth results from factors such as the aging population and increased life expectancies; shortage of donor organs for kidney transplants;

increasing incidence of kidney disease and better treatment of and survival of patients with diabetes, hypertension and other illnesses, which frequently lead to the onset of chronic kidney disease;

improvements in treatment quality, which prolong patient life; and improving standards of living in developing countries, which make life-saving dialysis treatment available. Key to continued growth in revenue in our dialysis business is our ability to attract new patients in order to increase the number of

FRESENIUS MEDICAL CARE AG & Co. KGaA

treatments performed each year. For that reason, we believe the number of treatments performed each year is a strong indicator of continued revenue growth. For information regarding key indicators in our Care Coordination business, see “Care Coordination Indicators,” below.

In addition, the reimbursement and ancillary services utilization environment significantly influences our business. The majority of treatments we provide are paid for by governmental institutions such as the Centers for Medicare & Medicaid Services ("CMS") in the United States. As a consequence of the pressure to decrease health care costs, government reimbursement rate increases have been historically and are expected in the future to be limited. While we have generally experienced stable reimbursement globally, including the balancing of unfavorable reimbursement changes in certain countries with favorable changes in other countries, the stability of reimbursement in the U.S. has been affected by (i) the implementation of the ESRD prospective payment system (“ESRD PPS”) in the U.S. in January 2011, (ii) the U.S. federal government across the board spending cuts in payments to Medicare providers commonly referred to as “U.S. Sequestration” (as described below), (iii) commencing on January 1, 2014, the reduction to the ESRD PPS rate to account for the decline in utilization of certain drugs and biologicals associated with dialysis (see discussion of the American Taxpayer Relief Act of 2012 ("ATRA") below) and (iv) the enactment of Protecting Access to Medicare Act of 2014 (“PAMA”) (see discussion below). In the future we expect to experience generally stable reimbursements for dialysis services globally.



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