06.4
5-Year Summary
| Table 06.4.1 | 5-YEAR SUMMARY |
| $ in thousands, except share data | 2008 | 2007 | 2006 | 2005 | 2004 | |
|---|---|---|---|---|---|---|
| Statements of Earnings | ||||||
| Net revenue | 10,612,323 |
9,720,314 |
8,499,038 |
6,771,819 |
6,228,002 |
|
| Cost of revenue 1 | 6,983,475 |
6,364,519 |
5,621,482 |
4,563,681 |
4,266,203 |
|
| Gross profits 1 | 3,628,848 |
3,355,795 |
2,877,556 |
2,208,138 |
1,961,799 |
|
| Selling, general and administrative expenses 1 | 1,876,177 |
1,709,150 |
1,548,369 |
1,218,265 |
1,058,090 |
|
| Gain on sale of legacy clinics | – |
– |
(40,233) |
– |
– |
|
| Research and development expenses | 80,239 |
66,523 |
51,293 |
50,955 |
51,364 |
|
| Operating income (EBIT) | 1,672,432 |
1,580,122 | 1,318,127 |
938,918 |
852,345 |
|
| Interest expenses, net | 336,742 |
371,047 |
351,246 |
173,192 |
183,746 |
|
| Income before income taxes and minority interests | 1,335,690 |
1,209,075 |
966,881 |
765,726 |
668,599 |
|
| Income tax expense, net | 489,142 |
465,652 |
413,489 |
308,748 |
265,415 |
|
| Minority Interest | 28,941 |
26,293 |
16,646 |
2,026 |
1,186 |
|
| NET INCOME | 817,607 |
717,130 |
536,746 |
454,952 |
401,998 |
|
| Income per ordinary share | 2.75 |
2.43 |
1.82 |
1.56 |
1.39 |
|
| Income per preference share | 2.78 |
2.45 |
1.85 |
1.58 |
1.41 |
|
| Earnings before interest and taxes, depreciation and amortization (EBITDA) |
2,088,103 |
1,943,451 |
1,626,825 |
1,190,370 |
1,084,931 |
|
| Personnel expenses | 3,506,423 |
3,189,348 |
2,766,599 |
2,174,719 |
2,011,890 |
|
| Depreciation | 368,304 |
329,327 |
265,488 |
211,103 |
199,732 |
|
| Amortization | 47,367 |
34,003 |
43,210 |
40,349 |
32,853 |
|
| Before one-time costs 2 | ||||||
| EBITDA | 2,088,103 |
1,943,451 |
1,623,503 |
1,212,764 |
1,084,931 |
|
| EBIT | 1,672,432 |
1,580,122 |
1,314,805 |
961,312 |
852,345 |
|
| Net income | 817,607 |
717,130 |
574,386 |
471,556 |
401,998 |
|
| Earnings per share | 2.75 |
2.43 |
1.95 |
1.62 |
1.39 |
|
| Balance Sheet | ||||||
| Current assets | 4,211,997 |
3,859,472 |
3,411,916 |
2,460,938 |
2,445,970 |
|
| Non-current assets | 10,707,679 |
10,310,793 |
9,632,765 |
5,522,162 |
5,515,571 |
|
| TOTAL ASSETS | 14,919,676 |
14,170,265 |
13,044,681 |
7,983,100 |
7,961,541 |
|
| Short-term debt | 1,139,599 |
974,387 |
495,941 |
296,139 |
655,093 |
|
| Other current liabilities | 2,004,813 |
2,052,106 |
1,879,764 |
1,282,101 |
1,282,760 |
|
| Current liabilities | 3,144,412 |
3,026,493 |
2,375,705 |
1,578,240 |
1,937,853 |
|
| Long-term debt | 4,598,075 |
4,668,008 |
5,083,169 |
1,894,964 |
1,824,330 |
|
| Other non-current liabilities | 1,214,907 |
900,547 |
715,645 |
536,190 |
564,542 |
|
| Non-current liabilities | 5,812,982 |
5,568,555 |
5,798,814 |
2,431,154 |
2,388,872 |
|
| Total liabilities | 8,957,394 |
8,595,048 |
8,174,519 |
4,009,394 |
4,326,725 |
|
| Shareholders’ equity | 5,962,282 |
5,575,217 |
4,870,162 |
3,973,706 |
3,634,816 |
|
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 14,919,676 |
14,170,265 |
13,044,681 |
7,983,100 |
7,961,541 |
|
| Total debt incl. accounts receivable securitization program | 5,737,674 |
5,642,395 |
5,579,110 |
2,191,103 |
2,479,423 |
|
| Working capital 3 | 2,322,184 |
1,922,366 |
1,647,152 |
1,296,378 |
1,285,295 |
|
| Credit Rating | ||||||
| Standard & Poor's 4 | ||||||
| Corporate credit rating | BB |
BB |
BB |
BB+ |
BB+ |
|
| Subordinated debt | BB |
B+ |
B+ |
BB– |
BB– |
|
| Moody's | ||||||
| Corporate credit rating | Ba1 |
Ba2 |
Ba2 |
Ba2 |
Ba1 |
|
| Subordinated debt | Ba3 |
B1 |
B1 |
B1 |
Ba2 |
|
| Fitch | ||||||
| Corporate credit rating | BB |
|||||
| Subordinated debt | B+ |
|||||
| 1) Certain items in prior years have been reclassified to conform with the current periods presentation. The reclassifications include $124.5 million for 2005 and $124.1 million for 2004 relating to rents for clinics which were removed from selling, general and administrative expenses for the International segment and included in cost of revenue for dialysis care. 2) In 2006 excluding restructuring costs and in-process R&D, one-time costs associated with the transformation of legal form, the gain from the sale of dialysis clinics and the write-off of deferred financing costs related to the 2003 senior credit facility but including costs related to the change of accounting principles for stock options (FAS 123 R) of $ 14.3 million pre-tax and $ 9.7 million after tax; in 2005 before one-time costs for the transformation of legal form and the settlement and related legal fees of the shareholders suit. Effective January 1, 2006 the Company adopted the provisions of FAS 123 R using the modified prospective transition method(see note 1t and 15). |
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| Table 06.4.1 | 5-YEAR SUMMARY |
| $ in thousands, except share data | 2008 | 2007 | 2006 | 2005 | 2004 | |
|---|---|---|---|---|---|---|
| Cash Flow | ||||||
| Net cash provided by operating activities | 1,016,398 |
1,199,574 |
907,830 |
670,304 |
827,843 |
|
| Capital expenditure, net 5 | (673,510) |
(543,053) |
(445,627) |
(288,296) |
(250,147) |
|
| Free cash flow 5 | 342,888 |
656,521 |
462,203 |
382,008 |
577,696 |
|
| Acquisitions and investments, net of cash acquired and net purchases of intangible assets 5 | (276,473) |
(263,395) |
(4,311,190) |
(134,199) |
(114,720) |
|
| Proceeds from divestitures | 58,582 |
29,495 |
515,705 |
– |
– |
|
| Share data | ||||||
| Year-end share price Frankfurt, XETRA € | ||||||
| Ordinary shares | 33.31 |
36.69 |
33.66 |
29.67 |
19.74 |
|
| Preference shares | 33.50 |
35.39 |
31.67 |
26.28 |
14.22 |
|
| Year-end ADS share price New York $ | ||||||
| Ordinary shares | 47.18 |
52.75 |
44.43 |
35.03 |
26.80 |
|
| Preference shares | 43.00 |
46.84 |
40.00 |
31.20 |
19.15 |
|
| Weighted average number of ordinary shares | 293,233,477 |
291,929,141 |
290,621,904 |
210,000,000 |
210,000,000 |
|
| Weighted average number of preference shares | 3,795,248 |
3,739,470 |
3,575,376 |
80,369,448 |
78,729,177 |
|
| Total dividend amount € in thousands | 172,767 |
160,220 |
138,800 |
120,497 |
109,429 |
|
| Dividend per ordinary share € 6 | 0.58 |
0.54 |
0.47 |
0.41 |
0.37 |
|
| Dividend per preference share € 6 | 0.60 |
0.56 |
0.49 |
0.43 |
0.39 |
|
| Employees | ||||||
| Full-time equivalents | 64,666 |
61,406 |
56,803 |
47,521 |
44,526 |
|
| Operational ratios in % | ||||||
| EBITDA margin 7 | 19.7 |
20.0 |
19.1 |
17.6 |
17.4 |
|
| EBIT margin 7 | 15.8 |
16.3 |
15.5 |
13.9 |
13.7 |
|
| EPS growth | 13.5 |
32.9 |
17.0 |
12.6 |
21,4 |
|
| Organic revenue growth (currency-adjusted) | 7.3 |
6.4 |
10.2 |
7.4 |
6.3 |
|
| Return on invested capital (ROIC) 8 | 8.6 |
8.4 |
7.4 |
8.0 |
7.5 |
|
| Return on operating assets (ROOA) 8 | 12.3 |
12.5 |
11.3 |
12.6 |
11.8 |
|
| Return on equity before taxes 8 | 22.4 |
21.7 |
20.0 |
19.3 |
18.4 |
|
| Return on equity after taxes 8 | 13.7 |
12.9 |
11.8 |
11.4 |
11.1 |
|
| Cash flow return on invested capital (CFROIC) 8 | 14.5 |
14.4 |
16.0 |
14.5 |
13.5 |
|
| Leverage ratio (total debt / EBITDA) 9 | 2.7 |
2.8 |
3.2 |
1.8 |
2.3 |
|
| Gearing ((total debt – cash) / equity) | 0.9 |
1.0 |
1.1 |
0.5 |
0.7 |
|
| EBITDA / Interest expenses | 6.2 |
5.2 |
4.6 |
6.9 |
5.9 |
|
| Cash from operating activities in percent of revenue | 9.6 |
12.3 |
10.7 |
9.9 |
13.3 |
|
| Equity ratio (equity / total assets) | 40.0 |
39.3 |
37.3 |
49.8 |
45.7 |
|
| Dialysis Care Data | ||||||
| Treatments in millions | 27.9 |
26.4 |
23.7 |
19.7 |
18.8 |
|
| Patients | 184,086 |
173,863 |
163,517 |
131,450 |
124,400 |
|
| Clinics | 2,388 |
2,238 |
2,108 |
1,680 |
1,610 |
|
| 3) Current assets less current liabilities (excluding current debt and accruals for special charge included in accrued expenses and other current liabilities). 4) Standard & Poor's lowered the corporate credit rating to 'BB' and the subordinated debt rating to 'B ' relates to completion of the Renal Care Group acquisition in 2006. 5) 2007, 2006, 2005, 2004: Capital expenditures, net, have been restated to exclude spendings for purchases of intangible assets.Acquisitions and investments, net of cash acquired, and net purchases of intangible assets have been restated, accordingly. 6) 2008: Proposal for approval at the Annual General Meeting on May 7, 2009. 7) 2006: EBITDA margin of 19.1 % and EBIT margin of 15.5 % before restructuring costs and in-process R&D, before one-time costs associated with the transformation of legal form and the gain from the sale of dialysis clinics but including one-time costs related to the change of accounting principles for stock options (FAS 123 R) of $ 14.3 million; in 2005 EBITDA margin of 17.9 % and EBIT margin of 14.2 % before one-time costs for the transformation of legal form and the settlement and related legal fees of the shareholders suit. 8) 2006: Pro forma including RCG, after FTC mandated divestitures, excluding restructuring costs and in process R&D, excluding gain from divested clinics and excluding the write-off of deferred financing costs related to the 2003 senior credit facility. 9) Correction of non-cash charges of $ 44.4 million in 2008, $ 40.7 million in 2007, $ 35.0 million pro forma including RCG, after FTC mandated divestitures, excluding restructuring costs and in-process R&D and excluding gain from divested clinics in 2006; correction of non-cash charges of $14.0 million in 2005 and $12.7 million in 2004. |
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