Ad-hoc | 7 May 2003 07:15

Fresenius Medical Care english

Fresenius Medical Care reports First Quarter 2003 results Ad-hoc-announcement transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– Fresenius Medical Care reports First Quarter 2003 results Total revenue for the first quarter 2003 increased 10% (7% at constant currency) to US-Dollar 1,299 million. Operating income (EBIT) for the first quarter 2003 was US-Dollar 169 million resulting in an operating margin of 13.0%. In North America the operating margin increased sequentially to 13.2%, despite a lower number of dialysis days than in the fourth quarter 2002. Net income in the first quarter 2003 was US-Dollar 70 million, an increase of 10%. In accordance with the new US-GAAP Accounting Standard SFAS 145, the loss from the early redemption of the Trust Preferred Securities in the first quarter of 2002 of US-Dollar 12 million after taxes (US-Dollar 20 million before taxes) had to be reclassified from extraordinary to operating earnings. Excluding the redemption loss net income in the first quarter 2002 would have been US-Dollar 75 million. Earnings per share (EPS) in the first quarter 2003 rose 10% to US-Dollar 0.72 per ordinary share (US-Dollar 0.24 per ADS), compared to US-Dollar 0.66 (US-Dollar 0.22 per ADS) in the first quarter of 2002. The Company generated record first quarter operating and free cash flow levels. Cash from operations increased 79% to US-Dollar 125 million. Free Cash Flow after acquisitions was US-Dollar 56 million. 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 digits range. Due to the increased risks and unpredict-ability the Company expects to achieve net income growth for the full year 2003 near the lower end within the predicted range. Fresenius AG (WKN 578560, 578563) holds a majority interest in Fresenius Medical Care’s ordinary capital. Fresenius Medical Care AG, Board of Management, Bad Homburg v.d.H., May 7, 2003. end of ad-hoc-announcement (c)DGAP 07.05.2003 ——————————————————————————– WKN: 578580; ISIN: DE0005785802; Index: DAX Listed: Amtlicher Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin- Bremen, Düsseldorf, Hamburg, Hannover, München und Stuttgart 070715 Mai 03