Chapter 6.4

Five-Year Summary

Five-Year Summary
in $ THOUS, except share data
  
           
 
2010
2009
2008
2007
2006
1Due to the adoption of the new accounting rule ASC 810 (U.S. GAAP) in 2009, tax expenses related to minority interests of partnerships were reclassified to noncontrolling interest in the years 2008, 2007 and 2006. The effect is neutral to net income attributable to FMC AG & CO. KGAA. In the balance sheet noncontrolling interests are presented in equity. The previous year's periods of 2008, 2007 and 2006 have been adjusted accordingly.
2In 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.
3The Company has reclassified noncontrolling interests, which are subject to put provisions from equity into a mezzanine positon in the Consolidated Balance Sheets. The Consolidated Statement of Shareholders' Equity has been adjusted till year 2006 retrospectively.
4Current assets less current liabilities (excluding current debt and accruals for special charge included in accrued expenses and other current liabilities).
5Standard & 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.
62007, 2006: 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.
72010: Proposal to be approved by the Annual General Meeting on May 12, 2011.
82006: 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.
92006: 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.
10Return of Equity has been calculated based on the net income attributable to FMC AG & CO. KGAA and the total FMC AG & CO. KGAA shareholders' equity
11Correction of non-cash charges of $44.6 M in 2010, $50.8 M in 2009, $44.4 M in 2008, $40.7 M in 2007, $35.0 M pro forma incl. RCG, after FTC mandated divestitures, excluding restructuring costs and in-process R&D and excluding gain from divested clinics in 2006.
Statements of Income          
Net revenue 12,053,490 11,247,477 10,612,323 9,720,314 8,499,038
Cost of revenue 7,908,769 7,415,965 6,983,475 6,364,519 5,621,482
Gross profit 4,144,721 3,831,512 3,628,848 3,355,795 2,877,556
Selling, general and administrative expenses 2,124,384 1,982,106 1,876,177 1,709,150 1,548,369
Gain on sale of legacy clinics — — — — (40,233)
Research and development expenses 96,532 93,810 80,239 66,523 51,293
Operating income (EBIT) 1,923,805 1,755,596 1,672,432 1,580,122 1,318,127
Interest expenses, net 280,064 299,963 336,742 371,047 351,246
Income before income taxes and noncontrolling interests 1,643,741 1,455,633 1,335,690 1,209,075 966,881
Income tax expense1 578,345 490,413 475,702 453,765 404,467
Less: Net income attributable to noncontrolling interests1 86,879 74,082 42,381 38,180 25,668

Net income attributableto FMC AG & Co. KGAA

 978,517 891,138 817,607 717,130 536,746
           
Income per ordinary share 3.25 2.99 2.75 2.43 1.82
Income per preference share 3.28 3.02 2.78 2.45 1.85
           
Earnings before interest and taxes, depreciation and amortization (EBITDA) 2,427,029 2,212,681 2,088,103 1,943,451 1,626,825
Personnel expenses 3,967,732 3,708,951 3,506,423 3,189,348 2,766,599
Depreciation 432,909 396,838 368,304 329,327 265,488
Amortization 70,315 60,247 47,367 34,002 43,210
           
Before one-time costs2          
EBITDA 2,427,029 2,212,681 2,088,103 1,943,451 1,623,503
EBIT 1,923,805 1,755,596 1,672,432 1,580,122 1,314,805
Net income attributable to FMC AG & CO. KGAA 978,517 891,138 817,607 717,130 574,386
Earnings per share 3.25 2.99 2.75 2.43 1.95
           
Balance Sheet          
Current assets 5,152,594 4,727,800 4,211,997 3,859,472 3,411,916
Non-current assets 11,942,067 11,093,515 10,707,679 10,310,793 9,632,765

TOTAL ASSETS

 17,094,661 15,821,315 14,919,676 14,170,265 13,044,681
Short-term debt 1,569,885 484,418 1,139,599 974,387 495,941
Other current liabilities 2,219,838 2,125,297 2,004,813 2,052,106 1,879,764
Current liabilities 3,789,723 2,609,715 3,144,412 3,026,493 2,375,705
Long-term debt 4,309,676 5,084,017 4,598,075 4,668,008 5,083,169
Other non-current liabilities1 1,191,642 1,097,890 1,054,403 792,321 629,771
Non-current liabilities1 5,501,318 6,181,907 5,652,478 5,460,329 5,712,940
Total liabilities1,3 9,291,041 8,791,622 8,796,890 8,486,822 8,088,645
Noncontrolling interests subject to put provisions3 279,709 231,303 162,166 116,539 92,309
Shareholders' equity1,3 7,523,911 6,798,390 5,960,620 5,566,904 4,863,727

Total liabilities and shareholders' equity

 17,094,661 15,821,315 14,919,676 14,170,265 13,044,681
Total debt 5,879,561 5,568,435 5,737,674 5,642,395 5,579,110
Working capital4 3,047,756 2,717,503 2,322,184 1,922,366 1,647,152
           
Credit Rating          
Standard & Poor's5          
Corporate credit rating BB BB BB BB BB
Subordinated debt BB BB BB B+ B+
Moody's          
Corporate credit rating Ba 1 Ba 1 Ba 1 Ba2 Ba2
Subordinated debt Ba3 Ba3 Ba3 B1 B1
Fitch          
Corporate credit rating BB BB BB    
Subordinated debt B+ B+ B+    
           
Cash Flow          
Net cash provided by operating activities 1,358,125 1,338,617 1,016,398 1,199,574 907,830
Capital expenditures, net6 (507,521) (561,876) (673,510) (543,053) (445,627)
Free cash flow6 860,604 776,741 342,888 656,521 462,203
Acquisitions and investments, net of cash acquired and net purchases of intangible assets6 (764,338) (188,113) (276,473) (263,395) (4,311,190)
Proceeds from divestitures 146,835 51,965 58,582 29,495 515,705
           
Share data          
Year-end share price Frankfurt, Xetra          
Ordinary shares 43.23 36.94 33.31 36.69 33.66
Preference shares 35.21 33.31 33.50 35.39 31.67
Year-end ADS share price New York          
Ordinary shares 57.66 53.01 47.18 52.75 44.43
Preference shares 48.00 45.60 43.00 46.84 40.00
Weighted average number of ordinary shares 296,808,978 294,418,795 293,233,477 291,929,141 290,621,904
Weighted average number of preference shares 3,912,348 3,842,586 3,795,248 3,739,470 3,575,376
Total dividend amount 196,533 182,853 172,767 160,220 138,800
Dividend per ordinary share7 0,65 0,61 0,58 0,54 0,47
Dividend per preference share7 0,67 0,63 0,60 0,56 0,49
           
Employees          
Full-time equivalents 73,452 67,988 64,666 61,406 56,803
           
Operational ratios          
EBITDA margin8 20.1 19.7 19.7 20.0 19.1
EBIT margin8 16.0 15.6 15.8 16.3 15.5
EPS growth 8.9 8.5 13.5 32.9 17.0
Organic revenue growth (currency-adjusted) 5.6 8.1 7.3 6.4 10.2
Return on invested capital (ROIC)9 8.8 8.5 8.6 8.4 7.4
Return on operating assets (ROOA)9 12,5 12,2 12,3 12,5 11,3
Return on equity before taxes1,3,9,10 22.3 21.8 22.8 22.0 20.3
Return on equity after taxes1,3,9,10 13.3 13.3 14.0 13.1 11.9
Cash flow return on invested capital (CFROIC)9 14.3 14.4 14.5 14.4 16.0
Leverage ratio (total debt/EBITDA)11 2.4 2.5 2.7 2.8 3.2
Gearing ((total debt-cash)/equity)1,3 0.7 0.8 0.9 1.0 1.1
EBITDA/Interest expenses, net 8.7 7.4 6.2 5.2 4.6
Cash from operating activities in percent of revenue 11.4 11.9 9.6 12.3 10.7
Equity ratio (equity/total assets)1,3 44.0 43.0 40.0 39.3 37.3
           
Dialysis Care Data          
Treatments 31.7 29.4 27.9 26.4 23.7
Patients 214,648 195,651 184,086 173,863 163,517
Clinics 2,757 2,553 2,388 2,238 2,108
1Due to the adoption of the new accounting rule ASC 810 (U.S. GAAP) in 2009, tax expenses related to minority interests of partnerships were reclassified to noncontrolling interest in the years 2008, 2007 and 2006. The effect is neutral to net income attributable to FMC AG & CO. KGAA. In the balance sheet noncontrolling interests are presented in equity. The previous year's periods of 2008, 2007 and 2006 have been adjusted accordingly. 2In 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. 3The Company has reclassified noncontrolling interests, which are subject to put provisions from equity into a mezzanine positon in the Consolidated Balance Sheets. The Consolidated Statement of Shareholders' Equity has been adjusted till year 2006 retrospectively. 4Current assets less current liabilities (excluding current debt and accruals for special charge included in accrued expenses and other current liabilities). 5Standard & 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. 62007, 2006: 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. 72010: Proposal to be approved by the Annual General Meeting on May 12, 2011. 82006: 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. 92006: 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. 10Return of Equity has been calculated based on the net income attributable to FMC AG & CO. KGAA and the total FMC AG & CO. KGAA shareholders' equity 11Correction of non-cash charges of $44.6 M in 2010, $50.8 M in 2009, $44.4 M in 2008, $40.7 M in 2007, $35.0 M pro forma incl. RCG, after FTC mandated divestitures, excluding restructuring costs and in-process R&D and excluding gain from divested clinics in 2006.
© Fresenius Medical Care AG & Co. KGaA 2011

My Annual Report

This page has been added to your
personal Annual Report successfully

Close

Link für Popup