Fresenius Medical Care Reports Strong Third Quarter and Nine Months Results; Improved Guidance for 2009

November 3, 2009 6:11 AM EST

BAD HOMBURG, Germany--(BUSINESS WIRE)--

Fresenius Medical Care AG & Co. KGaA (NYSE: FMS)(FWB: FME):

Summary Third Quarter 2009:

Net revenue                                           $ 2,889 million     + 6 %

Operating income (EBIT)                               $ 451 million       + 7 %

Net income attributable to Fresenius Medical Care     $ 225 million       + 9 %
AG & Co. KGaA

Earnings per share                                    $ 0.76              + 9 %

Summary First Nine Months 2009:

Net revenue                                           $ 8,212 million     + 4 %

Operating income (EBIT)                               $ 1,265 million     + 2 %

Net income attributable to Fresenius Medical Care     $ 645 million       + 7 %
AG & Co. KGaA

Earnings per share                                    $ 2.16              + 6 %

Fresenius Medical Care AG & Co. KGaA ("the Company" or "FMC AG & Co. KGaA"), the world's largest provider of dialysis products and services, today announced its results for the third quarter and first nine months of 2009.

Third Quarter 2009:

Revenue

Net revenue for the third quarter of 2009 increased by 6% to $2,889 million (10% at constant currency) compared to the third quarter of 2008. Organic revenue growth worldwide was 8%. Dialysis Services revenue grew by 8% to $2,147 million (10% at constant currency) in the third quarter of 2009. Dialysis Product revenue increased by 2% to $742 million (an increase of 8% at constant currency) in the same period.

North America revenue increased by 10% to $1,950 million. Organic revenue growth was 8%. Dialysis Services revenue grew by 10% to $1,741 million. Average revenue per treatment for the U.S. clinics increased to $348 in the third quarter of 2009 compared to $333 for the same quarter in 2008 and $344 for the second quarter of 2009. This development was mainly based on reimbursement increases and increased utilization of pharmaceuticals. Dialysis Product revenue increased by 14% to $209 million and was led by pharmaceutical sales, especially of the newly licensed intravenous iron products.

International revenue remained nearly unchanged at $939 million, compared to the third quarter of 2008. Based on constant currency, revenue grew by 9%. Organic revenue growth was 7%. Dialysis Services revenue was $406 million, an increase of 2% (+12% at constant currency). Dialysis Product revenue decreased by 2% to $533 million. Product sales grew by 6% based on constant currencies, led by increased pharmaceutical sales and sales of dialyzers.

Earnings

Operating income (EBIT) increased by 7% to $451 million compared to $422 million in the third quarter of 2008, resulting in an operating margin of 15.6%, equal to the operating margin for the third quarter of 2008. Compared to the second quarter of 2009 this represents a 50 basis points improvement. The third quarter operating margin was favorably impacted by an increase in revenue per treatment, an excellent cost management in the U.S. and a decrease in bad debt expenses. The operating margin development was negatively influenced by increased prices for pharmaceuticals, the impact of the launch of a generic version of PhosLo(R) in the U.S. market and unfavorable exchange rate effects in the International segment.

In North America, the operating margin was unchanged at 16.7%, as in the third quarter of 2008. The margin was favorably impacted by an increase in revenue per treatment, including commercial payor revenue, higher utilization of EPO and Medicare reimbursement increases, an excellent cost management in the U.S. and a decrease in bad debt expenses thanks to higher cash collections on receivables. This was offset by cost increases for pharmaceuticals related to both price and utilization, as well as the impact of the launch of a generic version of PhosLo(R) in the U.S. market and increased depreciation expense.

In the International segment, the operating margin increased by 60 basis points to 16.7% due to lower production costs resulting from lower prices for raw material and energy as well as economies of scale and lower bad debt expenses, which was partially offset by unfavorable foreign exchange rate effects.

Net interest expense for the third quarter of 2009 was $75 million compared to $87 million in the same quarter of 2008, mainly due to lower short-term interest rates.

Income tax expense was $131 million for the third quarter of 2009 compared to $120 million in the third quarter of 2008, reflecting effective tax rates of 35.0% and 35.7%, respectively.

Net income attributable to FMC AG & Co. KGaA for the third quarter of 2009 was $225 million, an increase of 9%.

Earnings per share (EPS) for the third quarter of 2009 rose by 9% to $0.76 per ordinary share compared to $0.69 for the third quarter of 2008. The weighted average number of shares outstanding for the third quarter of 2009 was approximately 298.3 million shares compared to 297.2 million shares for the third quarter of 2008. The increase in shares outstanding resulted from stock option exercises in the past twelve months.

Cash Flow

In the third quarter of 2009, the Company generated $443 million in cash from operations, an increase of 41% compared to the third quarter of 2008 and representing approximately 15% of revenue. The cash flow performance was positively influenced by increased earnings and a favorable development of the Days Sales Outstanding.

A total of $139 million was spent for capital expenditures, net of disposals. Free Cash Flow before acquisitions was $304 million compared to $155 million in the third quarter of 2008. A total of $26 million in cash was used for acquisitions net of divestitures. Free Cash Flow after acquisitions and divestitures was $278 million compared to $116 million in the third quarter of last year.

Nine Months Ended September 30, 2009:

Revenue and Earnings

Net revenue was $8,212 million, up 4% from the first nine months of 2008. At constant currency, net revenue rose 9%. Organic growth was 8% in the first nine months of 2009.

Operating income (EBIT) increased by 2% to $1,265 million compared to $1,240 million in the first nine months of 2008, resulting in an operating margin of 15.4% compared to 15.7% for the first nine months of 2008. This development was mainly due to higher personnel expenses, price increases for pharmaceuticals including Heparin as well as the impact of the launch of a generic version of PhosLo(R) in the U.S. market. These effects were partially offset by a strong performance of the dialysis product business, increased commercial payor revenue as well as the effect of cost control measures.

Net interest expense for the first nine months of 2009 was $225 million compared to $252 million in the same period of 2008, mainly due to lower short-term interest rates.

Income tax expense was $345 million in the first nine months of 2009 compared to $357 million in the same period in 2008, reflecting effective tax rates of 33.2% and 36.1%, respectively. Tax expense was positively impacted by a non-recurring revaluation of a tax claim recorded in the second quarter of 2009.

For the first nine months of 2009, net income attributable to FMC AG & Co. KGaA was $645 million, up 7% from the first nine months of 2008.

Earnings per ordinary share rose by 6% to $2.16. The weighted average number of shares outstanding during the first nine months of 2009 was approximately 298.0 million.

Cash Flow

Cash from operations during the first nine months of 2009 was $880 million compared to $716 million for the same period in 2008, representing approximately 11% of revenue. The cash flow generation benefited from increased earnings and the favorable development of the Days Sales Outstanding.

A total of $388 million was spent for capital expenditures, net of disposals. Free Cash Flow before acquisitions for the first nine months of 2009 was $492 million compared to $223 million in the same period in 2008. A total of $57 million in cash was used for acquisitions net of divestitures. Free Cash Flow after acquisitions and divestitures was $435 million compared to $93 million in the first nine months of last year.

Please refer to the attachments for a complete overview on the third quarter and first nine months of 2009 and the reconciliation of non-GAAP financial measures included in this release to the most comparable GAAP financial measures.

Patients - Clinics - Treatments

As of September 30, 2009, Fresenius Medical Care treated 192,804 patients worldwide, which represents a 6% increase compared to the same period last year. North America provided dialysis treatments for 130,522 patients, an increase of 4%. Including 31 clinics managed by Fresenius Medical Care North America, the number of patients in North America was 132,158. The International segment served 62,282 patients, an increase of 10% over last year.

As of September 30, 2009, the Company operated a total of 2,509 clinics worldwide. This is comprised of 1,749 clinics in North America (1,780 including managed clinics), an increase of 5%, and 760 clinics in the International segment, an increase of 11%.

Fresenius Medical Care delivered approximately 21.84 million dialysis treatments worldwide during the first nine months of 2009. This represents an increase of 6% year over year. North America accounted for 14.75 million treatments, an increase of 4%, and the International segment delivered 7.09 million treatments, an increase of 10% over last year.

Employees

As of September 30, 2009, Fresenius Medical Care had 67,245 employees (full-time equivalents) worldwide compared to 63,990 employees as of September 30, 2008. This increase of over 3,200 employees is due to the overall growth in the Company's business.

Debt/EBITDA Ratio

The ratio of debt to Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) decreased from 2.71 at the end of the third quarter of 2008 to 2.62 at the end of the third quarter of 2009. At the end of 2008, the debt/EBITDA ratio was 2.69.

Rating

In the third quarter of 2009, Standard & Poor's Rating Services continued to rate the Company's corporate credit as 'BB' with a 'stable' outlook. Moody's also affirmed its rating of the Company's corporate credit as 'Ba1' with a 'stable' outlook. As in the previous quarter, Fitch rates the Company's corporate credit as 'BB' while revising its outlook from 'negative' to 'stable'. For further information on Fresenius Medical Care's credit ratings, maturity profiles and credit instruments, please visit our website at www.fmc-ag.com / Investor Relations / Credit Relations.

Outlook for 2009

For the full year of 2009, the Company now expects to achieve revenue of around $11.2 billion (previously $11.1 billion), an increase of around 8% in constant currency.

Net income attributable to FMC AG & Co. KGaA is now expected to be between $865 million and $890 million in 2009. Previously the Company expected the net income to be in the range of $850 million and $890 million for the full year 2009.

In addition, the Company expects to spend $550 to $650 million on capital expenditures and $200 to $250 million (previously $200 to $300 million) on acquisitions. The projected debt/EBITDA ratio has been retained unchanged at below 2.7.

Ben Lipps, Chief Executive Officer of Fresenius Medical Care, said: "We are very pleased with our results in the third quarter of 2009, which reflects an excellent performance by all regions. While we maintained our increased commitment to research and development, our sustained high organic growth globally and good cost containment accounted for this overall successful operating performance. The free cash flow for the third quarter exceeded our expectations and resulted from excellent cash collections in North America. Our strong performance in the quarter provides the basis for us to improve our guidance for the full year 2009."

Conference Call

Fresenius Medical Care will hold a conference call to discuss the results of the third quarter and the first nine months of 2009 on Tuesday, November 03, 2009, at 3:30 pm CET / 9:30 am EST. The Company invites investors to listen to the live webcast of the call at the Company's website www.fmc-ag.com in the "Investor Relations" section. A replay will be available shortly after the call.

Fresenius Medical Care is the world's largest integrated provider of products and services for individuals undergoing dialysis because of chronic kidney failure, a condition that affects more than 1,770,000 individuals worldwide. Through its network of 2,509 dialysis clinics in North America, Europe, Latin America, Asia-Pacific and Africa, Fresenius Medical Care provides dialysis treatment to 192,804 patients around the globe. Fresenius Medical Care is also the world's leading provider of dialysis products such as hemodialysis machines, dialyzers and related disposable products. Fresenius Medical Care is listed on the Frankfurt Stock Exchange (FME, FME3) and the New York Stock Exchange (FMS, FMS/P).

For more information about Fresenius Medical Care, visit the Company's website at www.fmc-ag.com.

This release contains forward-looking statements that are subject to various risks and uncertainties. Actual results could differ materially from those described in these forward-looking statements due to certain factors, including changes in business, economic and competitive conditions, regulatory reforms, foreign exchange rate fluctuations, uncertainties in litigation or investigative proceedings, and the availability of financing. These and other risks and uncertainties are detailed in Fresenius Medical Care AG & Co. KGaA's reports filed with the U.S. Securities and Exchange Commission. Fresenius Medical Care AG & Co. KGaA does not undertake any responsibility to update the forward-looking statements in this release.

Fresenius        Three Months Ended                   Nine Months Ended
Medical Care

Statement of     September 30,                        September 30,
Earnings

(in US-$
thousands,                                   %                                    %
except share     2009          2008          Change   2009          2008          Change
and per share
data)

(unaudited)

Net revenue

Dialysis Care    2,146,349     1,984,938     8.1%     6,123,774     5,753,484     6.4%

Dialysis         742,320       728,327       1.9%     2,088,274     2,136,801     -2.3%
Products

Total net        2,888,669     2,713,265     6.5%     8,212,048     7,890,285     4.1%
revenue

Cost of          1,910,168     1,803,886     5.9%     5,439,530     5,201,721     4.6%
revenue

Gross profit     978,501       909,379       7.6%     2,772,518     2,688,564     3.1%

Selling,
general and      504,520       466,983       8.0%     1,443,206     1,388,680     3.9%
administrative

Research and     22,656        20,206        12.1%    64,508        59,978        7.6%
development

Operating        451,325       422,190       6.9%     1,264,804     1,239,906     2.0%
income (EBIT)

Interest         (4,624)       (6,467)       -28.5%   (16,797)      (19,266)      -12.8%
income

Interest         79,769        93,516        -14.7%   241,466       271,275       -11.0%
expense

Interest         75,145        87,049        -13.7%   224,669       252,009       -10.8%
expense, net

Income before    376,180       335,141       12.2%    1,040,135     987,897       5.3%
taxes

Income tax       131,687       119,492       10.2%    345,436       356,513       -3.1%
expense1)

Net income       244,493       215,649       13.4%    694,699       631,384       10.0%

Less: Net
income
attributable     19,193        9,314         106.1%   50,180        28,088        78.7%
to
Noncontrolling
interest1)

Net income
attributable     225,300       206,335       9.2%     644,519       603,296       6.8%
to FMC AG &
Co. KGaA

Operating        451,325       422,190       6.9%     1,264,804     1,239,906     2.0%
income (EBIT)

Depreciation
and              118,291       107,897       9.6%     334,133       306,761       8.9%
amortization

EBITDA           569,616       530,087       7.5%     1,598,937     1,546,667     3.4%

Total bad debt   50,189        56,274                 159,078       157,922
expenses

Earnings per     $0.76         $0.69         8.8%     $2.16         $2.03         6.4%
ordinary share

Earnings per     $0.76         $0.69         8.8%     $2.16         $2.03         6.4%
ordinary ADS

Weighted
average number
of shares

Ordinary         294,443,038   293,417,973            294,181,563   293,030,503
shares

Preference       3,857,335     3,802,913              3,832,367     3,790,298
shares

Percentages of
revenue

Cost of          66.1%         66.5%                  66.2%         65.9%
revenue

Gross profit     33.9%         33.5%                  33.8%         34.1%

Selling,
general and      17.5%         17.2%                  17.6%         17.6%
administrative

Research and     0.8%          0.7%                   0.8%          0.8%
development

Operating        15.6%         15.6%                  15.4%         15.7%
income (EBIT)

Interest         2.6%          3.2%                   2.7%          3.2%
expense, net

Income before    13.0%         12.4%                  12.7%         12.5%
taxes

Income tax       4.6%          4.4%                   4.2%          4.5%
expense

Net income
attributable
to               0.7%          0.3%                   0.6%          0.4%
Noncontrolling
interest

Net income
attributable     7.8%          7.6%                   7.8%          7.6%
to FMC AG &
Co. KGaA

EBITDA           19.7%         19.5%                  19.5%         19.6%

1) Due to the adoption of the new accounting rule ASC 810 (US GAAP), tax expenses
related to minority interests of partnerships were reclassified to noncontrolling
interest. The effect is neutral to net income attributable to FMC AG & Co. KGaA. The
previous year's periods have been adjusted accordingly.

Fresenius Medical Care    Three Months Ended         Nine Months Ended

Segment and Other         September 30,              September 30,
Information

(in US-$ million)         2009    2008    % Change   2009     2008     % Change

(unaudited)

Net revenue

North America             1,950   1,771   10.1%      5,600    5,153    8.7%

International             939     942     -0.3%      2,612    2,737    -4.6%

Total net revenue         2,889   2,713   6.5%       8,212    7,890    4.1%

Operating income (EBIT)

North America             325     296     9.8%       894      858      4.2%

International             156     152     3.0%       457      462      -1.1%

Corporate                 (30)    (26)    16.7%      (86)     (80)     7.3%

Total operating income    451     422     6.9%       1,265    1,240    2.0%
(EBIT)

Operating income in
percentage of revenue

North America             16.7%   16.7%              16.0%    16.7%

International             16.7%   16.1%              17.5%    16.9%

Total                     15.6%   15.6%              15.4%    15.7%

Employees

Full-time equivalents                                67,245   63,990

Fresenius Medical Care

Reconciliation of non US-GAAP

financial measures to the most directly   Three Months Ended   Nine Months Ended

comparable US-GAAP financial measures     September 30,        September 30,

(in US-$ million)                         2009    2008         2009    2008

(unaudited)

Segment information North America

Net revenue                               1,950   1,771

Costs of revenue and research and         1,309   1,187
development

Selling, general and administrative       316     288

Costs of revenue and operating expenses   1,625   1,475

Operating income (EBIT)                   325     296

Percent of revenue                        16.7%   16.7%

Dialysis Products revenue incl. and
excl. internal sales

North America

Dialysis Products revenue incl.           376     321
internal sales

less internal sales                       (167)   (137)

Dialysis Products external sales          209     184

International

Dialysis Products revenue incl.           613     622
internal sales

less internal sales                       (80)    (78)

Dialysis Products external sales          533     544

Reconciliation of cash flow from
operating activities to EBITDA1)

Total EBITDA                                                   1,599   1,547

Interest expense, net                                          (225)   (252)

Income tax expense                                             (345)   (357)

Change in working capital and other non                        (149)   (222)
cash items

Net cash provided by operating                                 880     716
activities

Annualized EBITDA

Operating income (EBIT) last twelve                            1,697   1,668
months

Depreciation and amortization last                             443     410
twelve months

Non cash charges                                               48      44

Annualized EBITDA                                              2,188   2,122

1) EBITDA is the basis for determining compliance with certain covenants in
Fresenius Medical Care's long-term debt instruments.

Fresenius Medical Care                          September 30,   December 31,

Balance Sheet                                   (unaudited)     (audited)

(in US-$ million)                               2009            2008

Assets

Current assets                                  4,726           4,212

Intangible assets                               8,281           8,156

Other non-current assets                        2,690           2,552

Total assets                                    15,697          14,920

Liabilities and equity

Current liabilities                             2,642           3,145

Long-term liabilities                           6,341           5,652

Total equity                                    6,714           6,123

Total liabilities and equity                    15,697          14,920

Equity/assets ratio:                            43%             41%

Debt

Short-term borrowings                           312             684

Short-term borrowings from related parties      43              1

Current portion of long-term debt and capital   160             455
lease obligations

Long-term debt and capital lease obligations,   4,561           3,957
less current portion

Trust Preferred Securities                      663             641

Total debt                                      5,739           5,738

Fresenius Medical Care

Cash Flow Statement

Nine Months Ended September 30,                        2009    2008

(in US-$ million)

(unaudited)

Operating activities

Net income                                             695     631

Depreciation / amortization                            334     307

Change in working capital and other non cash items     (149)   (222)

Cash Flow from operating activities                    880     716

Investing activities

Purchases of property, plant and equipment             (398)   (502)

Proceeds from sale of property, plant and equipment    10      9

Capital expenditures, net                              (388)   (493)

Free Cash Flow                                         492     223

Acquisitions and investments, net of cash acquired

and net purchases of intangible assets                 (109)   (176)

Proceeds from divestitures                             52      46

Acquisitions, net of divestitures                      (57)    (130)

Free Cash Flow after investing activities              435     93

Financing activities

Change in accounts receivable securitization program   (335)   452

Change in intercompany debt                            (68)    (1)

Change in other debt                                   212     310

Redemption of Trust Preferred Securities               -       (678)

Proceeds from exercise of stock options                26      38

Distributions to noncontrolling interest               (48)    (27)

Contributions from noncontrolling interest             8       -

Dividends paid                                         (232)   (252)

Cash Flow from financing activities                    (437)   (158)

Effects of exchange rates on cash                      4       -

Net increase (decrease) in cash                        2       (65)

Cash at beginning of period                            222     245

Cash at end of period                                  224     180

Fresenius Medical Care

Quarterly Performance Scorecard - Revenue

Three months ended September 30,           2009        cc      2008        cc

(in US-$ thousands, except per-treatment
revenue)

North America

Net revenue                                1,949,384           1,770,820

Growth year-over-year                      10.1%               6.6%

Dialysis Care                              1,740,040           1,586,594

Growth year-over-year                      9.7%                6.2%

U.S. per treatment                         348                 333

Per treatment                              342                 328

Sequential growth                          1.2%                1.7%

Growth year-over-year                      4.1%                1.8%

Dialysis Products

incl. internal sales                       375,788             320,908

Growth year-over-year                      17.1%               8.1%

External sales                             209,343             184,226

Growth year-over-year                      13.6%               10.5%

International

Net revenue                                939,115             942,278

Growth year-over-year                      -0.3%       8.6%    23.1%       14.4%

Dialysis Care                              406,309             398,345

Growth year-over-year                      2.0%        12.2%   29.8%       20.1%

Per treatment                              167         184     179         166

Sequential growth                          5.2%                -2.1%

Growth year-over-year                      -6.4%       2.9%    16.8%       8.1%

Dialysis Products

incl. internal sales                       612,631             622,010

Growth year-over-year                      -1.5%       7.2%    18.7%       10.3%

External sales                             532,806             543,933

Growth year-over-year                      -2.0%       5.9%    18.6%       10.5%

cc = at constant exchange rates

Fresenius Medical Care

Quarterly Performance Scorecard - Dialysis Care Volume

Three months ended September 30,                       2009        2008

North America

Number of treatments                                   5,060,911   4,829,339

Treatments per day                                     64,062      61,131

Per day sequential growth                              1.0%        0.5%

Per day year-over-year growth                          4.8%        3.2%

Same market growth year-over-year                      3.6%        3.0%

International

Number of treatments                                   2,427,410   2,226,681

Same market growth year-over-year                      4.5%        9.5%

Fresenius Medical Care

Quarterly Performance Scorecard - Expenses

Three months ended September 30,                       2009        2008

North America

Costs of revenue and operating expenses

Percent of revenue                                     83.3%       83.3%

Selling, general and administrative

Percent of revenue                                     16.2%       16.3%

Bad debt expenses

Percent of revenue                                     2.5%        2.9%

Dialysis Care operating expenses/Treatment (in US-$)   283         274

Sequential growth                                      -0.6%       1.6%

Growth year-over-year                                  3.3%        2.1%

Total Group

Costs of revenue and operating expenses

Percent of revenue                                     84.4%       84.4%

Selling, general and administrative

Percent of revenue                                     17.5%       17.2%

Effective tax rate                                     35.0%       35.7%

Fresenius Medical Care

Quarterly Performance Scorecard - Cash Flow/Investing Activities

Three months ended September 30,                    2009      2008

(in US-$ thousands, except number of de novos)

Total Group

Operating Cash Flow                                 443,168   314,512

Percent of revenue                                  15.3%     11.6%

Free Cash Flow before acquisitions                  304,345   154,670

Percent of revenue                                  10.5%     5.7%

Acquisitions and investments, net of divestitures   26,742    39,034

Capital expenditures, net                           138,823   159,842

Percent of revenue                                  4.8%      5.9%

Maintenance                                         52,136    63,818

Percent of revenue                                  1.8%      2.4%

Growth                                              86,687    96,024

Percent of revenue                                  3.0%      3.5%

Number of de novos                                  23        29

North America                                       18        19

International                                       5         10

Fresenius Medical Care

Quarterly Performance Scorecard - Balance Sheet

Three months ended September 30,                    2009      2008

Total Group

Debt (in US-$ million)                              5,739     5,748

Debt/EBITDA                                         2.6       2.7

North America

Days sales outstanding                              55        60

International

Days sales outstanding                              112       108

Fresenius Medical Care

Quarterly Performance Scorecard

Three months ended September 30,      2009   2008

Clinical Performance

North America (U.S.)

Single Pool Kt/v > 1.2                96%    95%

Hemoglobin = 10-12g/dl                64%    58%

Hemoglobin = 10-13g/dl                87%    86%

Albumin >= 3.5 g/dl 1)                82%    81%

Phosphate 3.5-5.5mg/dl                54%    53%

Hospitalization Days per patient 2)
                                      10.0   10.5
(12 months ending September 30)

Demographics

North America (U.S.)

Average age (in years)                62     62

Average time on dialysis (in years)   3.6    3.6

Average body weight (in kg)           80     79

Prevalence of diabetes                54%    53%

1) International standard BCR CRM470

2) Hospitalization data for 2009 includes legacy RCG facilities

Fresenius Medical Care

Quarterly Performance Scorecard

Three months ended September 30,      2009   2008

Clinical Performance

Europe, Middle East and Africa

Single Pool Kt/v > 1.2                95%    95%

Hemoglobin = 10-12g/dl                53%    51%

Hemoglobin = 10-13g/dl                74%    76%

Albumin >= 3.5 g/dl 1)                85%    85%

Phosphate 3.5-5.5mg/dl                58%    60%

Hospitalization Days per patient
                                      7.8    7.6
(12 months ending September 30)

Demographics

Europe, Middle East and Africa

Average age (in years)                64     63

Average time on dialysis (in years)   4.8    4.6

Average body weight (in kg)           70     69

Prevalence of diabetes                28%    28%

1)International standard BCR CRM470

    Source: Fresenius Medical Care AG & Co. KGaA

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