Ad-hoc | 25 February 2003 07:29

Fresenius Medical Care english

Fresenius Medical Care reports Fourth Quarter and Full-Year 2002 results Ad-hoc-announcement transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– Fresenius Medical Care reports Fourth Quarter and Full-Year 2002 results Net revenue grew in the full year 2002 by 5% to $ 5,084 million (6% at constant currency). Earnings before interest and taxes (EBIT) increased 8% to $ 695 million. In the full-year of 2002, net income after minorities and before extraordinary item was $ 302 million, up 23% from the same period in 2001. The extraordinary item covers the cost of $12 million for the redemption of the entire $ 360 million aggregate amount outstanding of its 9% Trust Preferred Securities due 2006. In the full-year 2002, earnings per ordinary share before extraordinary item rose 23% to $ 3.12. Free Cash Flow for the full-year of 2002 was a record $ 349 million compared to $ 173 million in the previous year. Total Revenue for the fourth quarter 2002 increased 7% (8% at constant currency) to $ 1,358 million. The average revenue per treatment increased to $286 in North America in the fourth quarter (Q3: $282). Earnings before interest and taxes (EBIT) increased to $ 184 million in the fourth quarter. The net income after minorities increased 36% to $ 82 million for the fourth quarter 2002. The Company completed the refinancing of its senior credit agreement, which was scheduled to mature on September 30, 2003. The new Credit Agreement provides the Company with a solid and reliable source of financing for the next years, with no significant debt maturing before 2007. The terms and conditions of the new Credit Agreement are fully reflected in the Company’s reconfirmed outlook for 2003. For the sixth year in a row, Shareholders can expect an increasing dividend for the fiscal year 2002. The Managing Board will propose to the Supervisory Board for the Fiscal Year 2002 a dividend of EUR 0.94 per ordinary share (2001: EUR 0.85) and EUR 1.00 per preference share (2001: EUR 0.91) for shareholder approval at the next Annual General Meeting. For the year 2003, the Company reconfirms its outlook and expects mid single digit revenue growth before acquisitions (in constant currency) and net income growth in the high single digit to low double-digit range. Fresenius AG (WKN 578560, 578563) holds a majority interest in Fresenius Medical Care’s ordinary capital. All 2001 figures exclude the special charge and related prior quarter expenses. Fresenius Medical Care AG, Board of Management, Bad Homburg v.d.H., February 25, 2003. end of ad-hoc-announcement (c)DGAP 25.02.2003 ——————————————————————————– WKN: 578580; ISIN: DE0005785802; Index: DAX Listed: Amtlicher Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin, Bremen, Düsseldorf, Hamburg, Hannover, München und Stuttgart 250729 Feb 03