Ad-hoc | 30 July 2002 07:33

Fresenius Medical Care english

Fresenius Medical Care AG reports Six Months Results 2002 Ad-hoc-announcement transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– Fresenius Medical Care AG reports Six Months Results 2002 FMC today announced that in the first half of 2002, net income before ex- traordinary items was $ 149 million, up 27% from the first half year of 2001. Net revenue was $ 2.44 billion, up 3.4% from the first half of 2001. Currency adjusted, net revenue rose 6%. Earnings before interest and taxes (EBIT) increased 6% to $ 344 million. In the first half of 2002, earnings per ordinary share before extraordinary items rose 27% to $ 1.55. Free Cash Flow for the first half of 2002 was $ 154 million compared to $ 28 million in the first half of 2001. FMC finalized a settlement resolving the pending litigation with Aetna Life Insurance Company and its affiliates (Aetna), one of the leading US commercial insurance companies. All other 1996 merger-related legal issues are developing within the company’s expectation and the company considers the charge taken in the fourth quarter 2001 to be adequate. Despite the strong fundamentals, the Company feels that it is prudent to revise its guidance. For the full year 2002 the company now expects a revenue growth of 6% at constant currency exchange rates. The target for the earnings after tax is revised to around $ 300 million after previously $ 350 million. The three main reasons for this adjustment are a delay in the targeted single-use cost reduction, a tempo- rary reduction in our projected revenue growth in North America while the single-use program is implemented and the currency devaluation and economic downturn in Latin America. For the Year 2003, the Company expects revenue growth before acquisitions in the mid single digits (constant currency) and earnings after tax growth in the high single digit to low double digits range. The Company identified all necessary steps that have to be taken to finalize the successful implementation of the North American single-use dialyzer strategy. 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., July 30, 2002 end of ad-hoc-announcement (c)DGAP 30.07.2002 ——————————————————————————– WKN: 578 580; ISIN: DE0005785802; Index: DAX Listed: Amtlicher Markt in Frankfurt ; Freiverkehr in Düsseldorf, Berlin, München, Bremen, Hamburg, Hannover, Stuttgart 300733 Jul 02