Form 6-K Fresenius Medical Care For: Feb 20

February 20, 2020 6:35 AM

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

Pursuant to Rule 13a-16 or 15d-16 of the

Securities Exchange Act of 1934

For the month of February 2020

FRESENIUS MEDICAL CARE AG & Co. KGaA

(Translation of registrant’s name into English)

Else-Kröner Strasse 1

61346 Bad Homburg

Germany

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F x Form 40-F o

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): o

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): o

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes o No x

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82

On February 19, 2019 Fresenius Medical Care AG & Co. KGaA (the “Company”) issued a Press Release announcing its fourth quarter and fiscal year 2019 results. A copy of the Press Release is furnished as Exhibit 99.1 and the corresponding financial figures as Exhibit 99.2.

The attached Press Release contains non-GAAP financial measures. For purposes of Regulation G, a non-GAAP financial measure is a numerical measure of a company’s performance, financial position, or cash flows that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with generally accepted accounting principles. To supplement our fourth quarter and fiscal year 2019 results consolidated financial results presented in accordance with International Financial Reporting Standards, or IFRS, we have used non-GAAP financial measure of (a) EBITDA, or operating income excluding interest, taxes, depreciation and amortization, (b) delivered operating income (earnings before interest and taxes), (c) free cash flow, and (d) results presented in constant currency. These non-GAAP measures are provided to enhance the user’s overall understanding of our current financial performance and our prospects for the future. In addition, because we have historically reported certain non-GAAP financial measures in our financial results, we believe the inclusion of these non-IFRS financial measures provides consistency and comparability in our financial reporting to prior periods for which these non-GAAP financial measures were previously reported. These non-GAAP financial measures should not be used as a substitute for or be considered superior to GAAP financial measures. Reconciliation of the non-GAAP financial measures to the most comparable IFRS financial measures are included in the attached Press Release in a separate statement setting forth the reconciliation and in the Cash Flow Statement.

The Exhibits attached hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities and Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall they be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, regardless of any general incorporation language in such filing.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

DATE: February 20, 2020

FRESENIUS MEDICAL CARE AG & Co. KGaA,
a partnership limited by shares, represented by:

FRESENIUS MEDICAL CARE MANAGEMENT AG, its General Partner

By:	/s/ RICE POWELL
	Name:	Rice Powell
	Title:	Chief Executive Officer and Chairman of the Management Board of the General Partner

By:	/s/ HELEN GIZA
	Name:	Helen Giza
	Title:	Chief Financial Officer and Member of the Management Board of the General Partner

Exhibit 99.1

Press Release	Media Contact
	Matthias Link
	T +49 6172 609-2872
	[email protected]

	Contact for analysts and investors
	Dr. Dominik Heger
	T +49 6172 609-2601
	[email protected]

	www.freseniusmedicalcare.com

February 19, 2020

Fresenius Medical Care achieves 2019 guidance and confirms 2020 outlook of sustainable, profitable growth

· Solid Q4 performance

· Full year guidance achieved

· Investments in home dialysis and growth markets as planned

· Cost optimization initiatives as planned

· 23rd dividend increase proposed

· Outlook 2020 confirmed

Rice Powell, Chief Executive Officer of Fresenius Medical Care, said: “2019 was a successful year for Fresenius Medical Care. We achieved our revenue and net income targets and are therefore proposing our 23rd consecutive dividend increase. Last year we also invested more strongly in our future growth, particularly in the area of home dialysis and in developing economies. In addition, our measures to increase efficiency and optimize our cost base are progressing according to plan. As a consequence, we expect growth to accelerate, and confirm the 2020 outlook that we issued early last year.”

Key figures (IFRS)

	Q4	Q4	Growth		Growth		FY	FY	Growth		Growth
EUR million	2019	2018	yoy		yoy, cc		2019	2018	yoy		yoy, cc
Revenue	4,580	4,300	7	%	4	%	17,477	16,547	6	%	2	%
Revenue adjusted(1)	4,546	4,294	6	%	4	%	17,329	16,026	8	%	5	%
Operating income	616	613	1	%	-2	%	2,270	3,038	-25	%	-28	%
Operating income adjusted(1)	655	636	3	%	0	%	2,296	2,292	0	%	-4	%
Net income(2)	343	425	-19	%	-21	%	1,200	1,982	-39	%	-42	%
Net income adjusted(1),(2)	408	395	3	%	0	%	1,369	1,341	2	%	-2	%
Basic EPS (EUR)	1.14	1.38	-17	%	-20	%	3.96	6.47	-39	%	-41	%
Basic EPS adjusted(1)	1.36	1.29	6	%	3	%	4.52	4.37	3	%	-1	%

cc = at constant currency, EPS = earnings per share

2020 guidance confirmed: mid to high single digit growth rates

Fresenius Medical Care expects both revenue and net income to grow at a mid to high single digit rate in 2020. These targets are in constant currency and exclude special items(3) and are based on the adjusted results 2019 including the effects of the operations of the NxStage acquisition and the IFRS 16 implementation.

Investment year 2019

The continued expansion of home dialysis in the U.S. is a key growth area for Fresenius Medical Care. As announced at the beginning of 2019, our investments focused on home training facilities, educational staff and materials along with scaling the distribution infrastructure to support both products and services. The closing of the acquisition of NxStage Medical, Inc. in February 2019 marked a milestone in our home dialysis strategy. In 2019, Fresenius Medical Care reported record growth with more than 25,000 patients being treated at home in North America.

The second major focus of investment were developing economies. In China, the world’s fastest-growing dialysis market, Fresenius Medical Care invested in expanding production capacities, research and development activities as well as in strengthening its services business, that has almost doubled with now 11 clinics. In September 2019, we launched the 4008A dialysis machine in China, laying an important foundation for the further development of the market.

(1) For a detailed reconciliation, please refer to the table at the end of the press release

(2) Net income attributable to shareholders of Fresenius Medical Care AG & Co. KGaA

(3) Special items are effects that are unusual in nature and have not been foreseeable or not foreseeable in size or impact at the time of giving guidance.

In addition, Fresenius Medical Care invested EUR 91 million (EUR 83 million in North America) to sustainably improve the cost base of our clinical infrastructure. This 2019 cost optimization program is expected to be accretive to net income from the current financial year onwards. In 2019, we achieved further sustained cost improvements as part of our Global Efficiency Program (GEP II), in line with the originally anticipated contribution.

Creating shareholder value

Based on the solid results for 2019, the General Partner and the Supervisory Board will propose a new record dividend of EUR 1.20 per share, corresponding to a total payout of EUR 358 million, to the Annual General Meeting in May 2020. This proposal would result in the 23rd consecutive dividend increase.

In order to create additional shareholder value, Fresenius Medical Care launched a share buy-back program in 2019. Between March and December 2019, 8.9 million own shares were bought back at a total purchase price of EUR 600 million. The Company intends to use its residual authorization of EUR 400 million over the course of 2020.

Patients, Clinics and Employees

As of December 31, 2019, Fresenius Medical Care treated 345,096 patients in 3,994 dialysis clinics worldwide. At the end of 2019, Fresenius Medical Care had 120,659 employees (full-time equivalents) worldwide, compared to 112,658 employees as of December 31, 2018.

Strong organic revenue growth continued

Revenue for the fourth quarter of 2019 increased by 7% (+4% at constant currency) to EUR 4,580 million. Organic growth remained strong at 5%(4). Adjusted revenue increased by 6% (+4% at constant currency) to EUR 4,546 million. For a detailed reconciliation, please refer to the table at the end of the press release.

Health Care Services revenue rose by 6% to EUR 3,607 million (+3% at constant currency), while Health Care Products revenue grew by 10% to EUR 973 million (+8% at constant currency). This includes the negative effect from a revenue recognition adjustment of EUR 86 million (FY 2019: EUR 170 million) for accounts receivable in legal dispute in North America.

(4) Organic growth excludes a revenue recognition adjustment for accounts receivable in legal dispute and effects from IFRS 16 implementation.

Revenue for the full year 2019 rose by 6% to EUR 17,477 million (+2% at constant currency). Organic growth amounted to 5%. Adjusted revenue increased by 8% (+5% at constant currency) to EUR 17,329 million. Health Care Services revenue grew by 5% (+1% at constant currency) to EUR 13,872 million. Growth in same market treatments, contributions from acquisitions and increases in organic revenue per treatment were partly offset by decreases attributable to prior year revenue from divested activities of Sound Physicians and closed or sold clinics. Health Care Products revenue for the full year 2019 rose by 10% to EUR 3,605 million (+8% at constant currency). This increase was mainly driven by higher sales of home dialysis products as a result of the NxStage acquisition and by higher sales of dialyzers. This was partially offset by lower sales of machines as a result of changes in the accounting treatment for sale-leaseback transactions due to the IFRS 16 implementation.

In the fourth quarter operating income increased by 1% to EUR 616 million (-2% at constant currency), resulting in a margin of 13.5% (Q4 2018: 14.3%). Adjusted operating income grew by 3% to EUR 655 million (stable at constant currency), resulting in a margin of 14.4% (Q4 2018:14.8%). The included negative effect from a revenue recognition adjustment for accounts receivable in legal dispute in North America is EUR 86 million (FY 2019: EUR 170 million). For a detailed reconciliation, please refer to the table at the end of the press release.

Operating income for the full year decreased by 25% to EUR 2,270 million (-28% at constant currency), resulting in a margin of 13.0% (FY 2018: 18.4%). The 2018 basis includes the gain from the divestiture of Care Coordination activities including Sound Physicians. On an adjusted basis, operating income remained stable at EUR 2,296 million (-4% at constant currency), resulting in a margin of 13.2% (FY 2018: 14.3%).

Net income(2) for the fourth quarter decreased by 19% to EUR 343 million (-21% at constant currency). Adjusted net income(2) increased by 3% to EUR 408 million (+0% at constant currency). For a detailed reconciliation, please refer to the table at the end of the press release. Basic earnings per share (EPS) decreased by 17% to EUR 1.14 (-20% at constant currency). On an adjusted basis, EPS increased by 6% to EUR 1.36 (+3% at constant currency).

For the full year, net income decreased by 39% to EUR 1,200 million (-42% at constant currency). EPS decreased by 39% to EUR 3.96 (-41% at constant currency). Here, too, the 2018 basis includes the gain from the divestiture of Care Coordination activities including Sound Physicians. On an adjusted basis, net income grew by 2% to EUR 1,369 million (-2% at constant currency). This resulted in a 3% increase in adjusted EPS to EUR 4.52 (-1% at constant currency).

Strong Cash-flow development

In the fourth quarter, Fresenius Medical Care generated EUR 771 million of operating cash flow (Q4 2018: EUR 698 million) resulting in a margin of 16.8% (Q4 2018: 16.2%). The increase was largely driven by the IFRS 16 implementation. Free cash flow (net cash used in operating activities, after capital expenditures, before acquisitions and investments) amounted to EUR 434 million (Q4 2018: EUR 397 million) resulting in a margin of 9.5% (Q4 2018: 9.2%).

In the full year, we generated operating cash flow of EUR 2,567 million resulting in a margin of 14.7% (FY 2018: EUR 2,062 million, 12.5%). The increase was mainly due to the IFRS 16 implementation. Free cash flow for the full year 2019 amounted to EUR 1,454 million resulting in a margin of 8.3% (FY 2018: EUR 1,059 million, 6.4%).

Regional developments

In North America, revenue in the fourth quarter of 2019 increased by 6% to EUR 3,174 million (+3% at constant currency, +5% organic growth). For the full year 2019, North America revenue rose by 5% to EUR 12,195 million (stable at constant currency, +4% organic).

Operating income for the fourth quarter grew by 5% to EUR 515 million (+2% at constant currency). For the full year, operating income decreased by 33% to EUR 1,794 million (-36% at constant currency). The 2018 basis includes the gain from the divestiture of Care Coordination activities including Sound Physicians.

In EMEA, revenue in the fourth quarter increased by 4% to EUR 709 million (+4% at constant currency, +3% organic). For the full year, EMEA revenue rose by 4% to EUR 2,693 million (+4% at constant currency, +4% organic).

Operating income for the fourth quarter rose by 17% to EUR 114 million (+17% at constant currency). For the full year, operating income grew by 12% to EUR 448 million (+13% at constant currency) resulting in a margin of 16.6% (FY 2018: 15.4%). This improvement was mainly driven by a reduction of a contingent consideration liability related to Xenios and a positive impact from the IFRS 16 implementation.

In Asia-Pacific, revenue in the fourth quarter 2019 grew by 10% to EUR 499 million (+7% at constant currency, +6% organic). For the full year, revenue increased by 10% to EUR 1,859 million (+7% at constant currency, +7% organic).

Operating income for the fourth quarter decreased by 13% to EUR 75 million (-14% at constant currency). The decline in margin in the fourth quarter was mainly due to investments in business growth and expenses for the cost optimization program. For the full year, operating income grew by 8% to EUR 329 million (+6% at constant currency).

Regarding the coronavirus (nCoV) outbreak the first priority is to ensure continuation of treatments for our patients and the safety of our employees. It is too early to quantify the potential impact to our Asia-Pacific operations.

In Latin America, revenue for the fourth quarter increased by 6% to EUR 193 million (+24% at constant currency, +19% organic). For the full year, Latin America revenue increased by 3% (+21% at constant currency, +17% organic) to EUR 709 million.

Operating income for the fourth quarter increased by 189% to EUR 15 million (+201% at constant currency). For the full year, operating income increased by 47% to EUR 43 million (+35% at constant currency). The improved margin was mainly due to favorable foreign currency transaction effects.

Press conference

Fresenius Medical Care will hold a press conference at its headquarters in Bad Homburg, Germany to discuss the results of the fourth quarter and full year tomorrow on Thursday, February 20, 2020, at 10:00 a.m. CET / 4:00 a.m. EST. The press conference will be webcasted on the company’s website www.freseniusmedicalcare.com in the “Media” section. A replay will be available shortly after the conference.

Conference call

We will also host a conference call to discuss the results of the fourth quarter tomorrow on Thursday, February 20, 2020, at 3:30 p.m. CET / 09:30 a.m. EST. Details will be available on the company’s website www.freseniusmedicalcare.com in the “Investors” section. A replay will be available shortly after the call.

Please refer to our statement of earnings included at the end of this news and to the attachments as separate PDF-files for a complete overview of the results for the fourth quarter and full year 2019. Our 20-F disclosure provides more details.

Fresenius Medical Care is the world’s leading provider of products and services for individuals with renal diseases of which around 3.5 million patients worldwide regularly undergo dialysis treatment. Through its network of 3,994 dialysis clinics, Fresenius Medical Care provides dialysis treatments for 345,096 patients around the globe. Fresenius Medical Care is also the leading provider of dialysis products such as dialysis machines or dialyzers. Along with the core business, the company focuses on expanding the range of related medical services in the field of Care Coordination. Fresenius Medical Care is listed on the Frankfurt Stock Exchange (FME) and on the New York Stock Exchange (FMS).

For more information visit the Company’s website at www.freseniusmedicalcare.com.

Disclaimer

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 various factors, including, but not limited to, changes in business, economic and competitive conditions, legal changes, regulatory approvals, results of clinical studies, 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.

Statement of earnings

	Three months ended December 31
									Change
in € million, except share data	2019			2018			Change		at cc
Health Care Services	3,607			3,413			5.7	%	3.5	%
Health Care Products	973			887			9.6	%	8.1	%
Revenue	4,580			4,300			6.5	%	4.4	%
Revenue adjusted	4,546			4,294			5.9	%	3.8	%

Costs of revenue	3,126			2,920			7.1	%	5.1	%
Gross profit	1,454			1,380			5.3	%	3.0	%
Selling, general and administrative	815			733			10.9	%	8.1	%
(Gain) loss related to divestitures of Care Coordination activities	(15		)	21			n.a.		n.a.
Research and development	49			34			44.9	%	42.7	%
Income from equity method investees	(11		)	(21		)	(49.3	)%	(49.6	)%
Operating income	616			613			0.5	%	(2.1	)%
Operating income adjusted	655			636			2.9	%	0.1	%

Interest expense, net	102			58			78.3	%	74.4	%
Income before taxes	514			555			(7.5	)%	(10.0	)%
Income tax expense	109			63			72.5	%	68.3	%
Net income	405			492			(17.8	)%	(20.0	)%
Net income attributable to noncontrolling interests	62			67			(8.0	)%	(10.9	)%
Net income(1)	343			425			(19.4	)%	(21.5	)%
Net income(1) adjusted	408			395			3.5	%	0.5	%
Weighted average number of shares	299,304,206			306,858,573

Basic earnings per share	€	1.14		€	1.38		(17.3	)%	(19.5	)%
Basic earnings per share adjusted	€	1.36		€	1.29		6.1	%	3.0	%

In percent of revenue
Operating income	13.5		%	14.3		%
Operating income adjusted	14.4		%	14.8		%

(1) Attributable to shareholders of FMC-AG & Co. KGaA

For a reconciliation of adjusted figures, please refer to the table at the end of the press release.

Statement of earnings

	Twelve months ended December 31
									Change
in € million, except share data	2019			2018			Change		at cc
Health Care Services	13,872			13,264			4.6	%	0.8	%
Health Care Products	3,605			3,283			9.8	%	8.0	%
Revenue	17,477			16,547			5.6	%	2.2	%
Revenue adjusted	17,329			16,026			8.1	%	4.7	%

Costs of revenue	12,081			11,392			6.0	%	2.7	%
Gross profit	5,396			5,155			4.7	%	1.1	%
Selling, general and administrative	3,061			2,885			6.1	%	2.9	%
(Gain) loss related to divestitures of Care Coordination activities	(29		)	(809		)	(96.4	)%	(96.6	)%
Research and development	168			114			47.3	%	44.0	%
Income from equity method investees	(74		)	(73		)	0.5	%	0.1	%
Operating income	2,270			3,038			(25.3	)%	(28.2	)%
Operating income adjusted	2,296			2,292			0.2	%	(3.8	)%

Interest expense, net	429			301			42.6	%	37.4	%
Income before taxes	1,841			2,737			(32.8	)%	(35.5	)%
Income tax expense	402			511			(21.4	)%	(24.4	)%
Net income	1,439			2,226			(35.4	)%	(38.0	)%
Net income attributable to noncontrolling interests	239			244			(2.0	)%	(6.9	)%
Net income(1)	1,200			1,982			(39.5	)%	(41.8	)%
Net income(1) adjusted	1,369			1,341			2.1	%	(2.0	)%
Weighted average number of shares	302,691,397			306,541,706

Basic earnings per share	€	3.96		€	6.47		(38.7	)%	(41.1	)%
Basic earnings per share adjusted	€	4.52		€	4.37		3.4	%	(0.7	)%

In percent of revenue
Operating income	13.0		%	18.4		%
Operating income adjusted	13.2		%	14.3		%

(1) Attributable to shareholders of FMC-AG & Co. KGaA

For a reconciliation of adjusted figures, please refer to the table at the end of the press release.

Reconciliation of non-IFRS financial measures to the most directly comparable IFRS financial measures

	Three months ended				Twelve months ended
	December 31				December 31
in € million	2019		2018		2019		2018
Operating performance on an adjusted basis

Revenue	4,580		4,300		17,477		16,547
IFRS 16 Implementation	40				115
NxStage operations	(74	)			(263	)
Sound H1(1)			(6	)			(521	)
Revenue adjusted	4,546		4,294		17,329		16,026

Operating income	616		613		2,270		3,038
IFRS 16 Implementation	(8	)			(75	)
NxStage operations	0				15
NxStage costs	2				24
Cost optimization costs	60				91
Sound H1(1)			0				(14	)
(Gain) loss related to divestitures of Care Coordination activities	(15	)	21		(29	)	(809	)
FCPA related charge			2				77
Operating income adjusted	655		636		2,296		2,292

Net income(2)	343		425		1,200		1,982
IFRS 16 Implementation	25				70
NxStage operations	15				63
NxStage costs	1				18
Cost optimization costs	44				67
Sound H1(1)			0				4
(Gain) loss related to divestitures of Care Coordination activities	(20	)	17		(49	)	(673	)
FCPA related charge			(47	)			28
Net income(2) adjusted	408		395		1,369		1,341

(1) Contribution of Sound Physicians

(2) Attributable to shareholders of FMC-AG & Co. KGaA

Exhibit 99.2

Fresenius Medical Care AG & Co. KGaA

COMPLETE OVERVIEW OF THE RESULTS FOR THE FOURTH QUARTER

AND FULL YEAR 2019

February 20, 2020

Investor Relations

phone: +49 6172 609 2525

email: [email protected]

Content:

Statement of earnings	page 2
Segment information	page 3
Balance sheet	page 4
Cash flow	page 5
Revenue development	page 6
Key metrics	page 7
Quality data	page 8
Reconciliation	page 9
Reconciliation adjusted results	page 10
Outlook 2020	page 11

Disclaimer

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.

February 20, 2020

Statement of earnings

	Three months ended December 31										Twelve months ended December 31
in € million, except share data	2019			2018			Change		Change at cc		2019			2018			Change		Change at cc
Health Care Services	3,607			3,413			5.7	%	3.5	%	13,872			13,264			4.6	%	0.8	%
Health Care Products	973			887			9.6	%	8.1	%	3,605			3,283			9.8	%	8.0	%
Total revenue	4,580			4,300			6.5	%	4.4	%	17,477			16,547			5.6	%	2.2	%

Costs of revenue	3,126			2,920			7.1	%	5.1	%	12,081			11,392			6.0	%	2.7	%
Gross profit	1,454			1,380			5.3	%	3.0	%	5,396			5,155			4.7	%	1.1	%
Selling, general and administrative	815			733			10.9	%	8.1	%	3,061			2,885			6.1	%	2.9	%
(Gain) loss related to divestitures of Care Coordination activities	(15		)	21			n.a.		n.a.		(29		)	(809		)	(96.4	)%	(96.6	)%
Research and development	49			34			44.9	%	42.7	%	168			114			47.3	%	44.0	%
Income from equity method investees	(11		)	(21		)	(49.3	)%	(49.6	)%	(74		)	(73		)	0.5	%	0.1	%
Operating income	616			613			0.5	%	(2.1	)%	2,270			3,038			(25.3	)%	(28.2	)%
Operating income margin in %	13.5		%	14.3		%					13.0		%	18.4		%

Interest income	(15		)	(116		)	(87.2	)%	(86.9	)%	(62		)	(147		)	(58.2	)%	(58.5	)%
Interest expense	117			174			(32.5	)%	(33.6	)%	491			448			9.5	%	5.8	%
Interest expense, net	102			58			78.3	%	74.4	%	429			301			42.6	%	37.4	%
Income before taxes	514			555			(7.5	)%	(10.0	)%	1,841			2,737			(32.8	)%	(35.5	)%
Income tax expense	109			63			72.5	%	68.3	%	402			511			(21.4	)%	(24.4	)%
Net income	405			492			(17.8	)%	(20.0	)%	1,439			2,226			(35.4	)%	(38.0	)%
Net income attributable to noncontrolling interests	62			67			(8.0	)%	(10.9	)%	239			244			(2.0	)%	(6.9	)%
Net income attributable to shareholders of FMC-AG & Co. KGaA	343			425			(19.4	)%	(21.5	)%	1,200			1,982			(39.5	)%	(41.8	)%

Operating income	616			613			0.5	%	(2.1	)%	2,270			3,038			(25.3	)%	(28.2	)%
Depreciation, amortization and impairment loss	435			256			70.0	%	65.8	%	1,593			789			101.8	%	94.4	%
EBITDA	1,051			869			21.0	%	17.9	%	3,863			3,827			0.9	%	-2.9	%
EBITDA margin in %	22.9		%	20.2		%					22.1		%	23.1		%

Weighted average number of shares	299,304,206			306,858,573							302,691,397			306,541,706

Basic earnings per share	$	1.14		$	1.38		(17.3	)%	(19.5	)%	$	3.96		$	6.47		(38.7	)%	(41.1	)%
Basic earnings per ADS	$	0.57		$	0.69		(17.3	)%	(19.5	)%	$	1.98		$	3.23		(38.7	)%	(41.1	)%

Segment information

	Three months ended December 31								Twelve months ended December 31
	2019		2018		Change		Change at cc		2019		2018		Change		Change at cc
Total
Revenue in € million	4,580		4,300		6.5	%	4.4	%	17,477		16,547		5.6	%	2.2	%
Operating income in € million	616		613		0.5	%	(2.1	)%	2,270		3,038		(25.3	)%	(28.2	)%
Operating income margin in %	13.5	%	14.3	%					13.0	%	18.4	%
Delivered Operating Income in € million	554		546		1.6	%	(1.0	)%	2,031		2,794		(27.3	)%	(30.1	)%
Days sales outstanding (DSO)									73		75
Employees (full-time equivalents)									120,659		112,658

North America
Revenue in € million	3,174		2,981		6.5	%	3.1	%	12,195		11,570		5.4	%	(0.1	)%
Operating income in € million	515		492		4.8	%	1.6	%	1,794		2,665		(32.7	)%	(35.8	)%
Operating income margin in %	16.2	%	16.5	%					14.7	%	23.0	%
Delivered Operating Income in € million	456		428		6.5	%	3.3	%	1,569		2,434		(35.6	)%	(38.5	)%
Days sales outstanding (DSO)									58		60

U.S.
Revenue per dialysis treatment in US$	349		358		(2.7	)%	n.a.		352		354		(0.5	)%	n.a.
Cost per dialysis treatment in US$ (1)	292		288		1.6	%	n.a.		296		289		2.3	%	n.a.

EMEA
Revenue in € million	709		679		4.5	%	3.7	%	2,693		2,587		4.1	%	4.2	%
Operating income in € million	114		97		16.9	%	17.3	%	448		399		12.4	%	12.7	%
Operating income margin in %	16.1	%	14.4	%					16.6	%	15.4	%
Delivered Operating Income in € million	113		97		17.6	%	18.0	%	443		395		12.3	%	12.6	%
Days sales outstanding (DSO)									96		98

Asia-Pacific
Revenue in € million	499		454		9.8	%	6.6	%	1,859		1,689		10.0	%	7.1	%
Operating income in € million	75		86		(12.9	)%	(14.4	)%	329		304		8.2	%	5.8	%
Operating income margin in %	15.0	%	18.8	%					17.7	%	18.0	%
Delivered Operating Income in € million	73		83		(12.4	)%	(13.9	)%	321		295		8.7	%	6.4	%
Days sales outstanding (DSO)									113		116

Latin America
Revenue in € million	193		182		6.3	%	23.6	%	709		686		3.3	%	20.9	%
Operating income in € million	15		5		189.1	%	200.6	%	43		29		47.4	%	35.2	%
Operating income margin in %	7.6	%	2.8	%					6.0	%	4.2	%
Delivered Operating Income in € million	15		5		194.1	%	205.8	%	42		29		47.3	%	35.0	%
Days sales outstanding (DSO)									127		119

Corporate
Revenue in € million	5		4		31.5	%	31.4	%	21		15		36.7	%	36.5	%
Operating income in € million	(103	)	(67	)	52.8	%	52.3	%	(344	)	(359	)	(4.1	)%	(5.0	)%
Delivered Operating Income in € million	(103	)	(67	)	52.9	%	52.4	%	(344	)	(359	)	(4.1	)%	(4.9	)%

(1) 2019 excluding the effects from the implementation of IFRS 16.

Balance sheet

	December 31		December 31	December 31
in € million, except net leverage ratio	2019		2019	2018
Assets
Current assets	7,165			7,847
Goodwill and intangible assets	15,444			12,891
Right of use assets	4,325			—
Other non-current assets	6,001			5,504
Total assets	32,935			26,242

Liabilities and equity
Current liabilities	7,007			6,268
Non-current liabilities	12,701			7,072
Total equity	13,227			12,902
Total liabilities and equity	32,935			26,242

Equity/assets ratio	40	%		49	%

			excluding IFRS 16
			implementation
Debt and lease liabilities
Short-term debt	1,150		1,150		1,205
Short-term debt from related parties	22		22		189
Current portion of long-term debt	1,447		1,435		1,107
Current portion of long-term lease liabilities	622		—		—
Current portion of long-term lease liabilities from related parties	17		—		—
Long-term debt, less current portion	6,458		6,378		5,045
Long-term lease liabilities, less current portion	3,960		—		—
Long-term lease liabilities from related parties, less current portion	106		—		—
Total debt and lease liabilities	13,782		8,985		7,546
Minus: Cash and cash equivalents	(1,008	)	(1,008	)	(2,146	)
Total net debt and lease liabilities	12,774		7,977		5,400

Reconciliation of adjusted EBITDA and net leverage ratio to the most directly comparable IFRS financial measures
Net income	1,439		1,509		2,226
Income tax expense	402		429		511
Interest income	(62	)	(62	)	(147	)
Interest expense	491		319		448
Depreciation and amortization	1,553		854		725
Adjustments (1)	110		110		(722	)
Adjusted EBITDA	3,933		3,159		3,041

Net leverage ratio	3.2		2.5		1.8

(1) Acquisitions and divestitures made within the reporting period with a purchase price above a €50 M threshold as defined in the Amended 2012 Credit Agreement (2019: -€71 M; 2018: -€23 M), non-cash charges, primarily related to pension expense (2019: €46 M; 2018: €45 M), impairment loss (2019: €40 M; 2018: €65 M), (gain) loss related to divestitures of Care Coordination activities with a sales price above €50 M (2018: -€809 M) and NxStage related transaction costs (2019: €95 M).

Cash flow statement

	Three months ended December 31				Twelve months ended December 31
in € million	2019		2018		2019		2018
Operating activities
Net income	405		492		1,439		2,226
Depreciation / amortization / impairment loss	435		256		1,593		789
Change in working capital and other non-cash items	(69	)	(50	)	(465	)	(953	)
Net cash provided by (used in) operating activities	771		698		2,567		2,062
In percent of revenue	16.8	%	16.2	%	14.7	%	12.5	%

Investing activities
Purchases of property, plant and equipment	(337	)	(325	)	(1,125	)	(1,057	)
Proceeds from sale of property, plant and equipment	0		24		12		54
Capital expenditures, net	(337	)	(301	)	(1,113	)	(1,003	)

Free cash flow	434		397		1,454		1,059
In percent of revenue	9.5	%	9.2	%	8.3	%	6.4	%

Acquisitions and investments, net of cash acquired, and purchases of intangible assets	(208	)	(117	)	(2,233	)	(925	)
Proceeds from divestitures	4		16		60		1,683
Acquisitions and investments, net of divestitures	(204	)	(101	)	(2,173	)	758
Free cash flow after investing activities	230		296		(719	)	1,817

Revenue development

									Same
									market
					Change		Organic		treatment
in € million	2019	2018	Change		at cc		growth		growth(1)

Three months ended December 31
Total revenue	4,580	4,300	6.5	%	4.4	%	5.2	%
Health Care Services	3,607	3,413	5.7	%	3.5	%	5.4	%	3.4	%
Thereof Dialysis Care revenue	3,214	3,062	5.0	%	2.9	%	5.1	%	3.4	%
Thereof Care Coordination revenue	393	351	11.9	%	8.3	%	8.2	%
Health Care Products	973	887	9.6	%	8.1	%	4.5	%

North America	3,174	2,981	6.5	%	3.1	%	4.5	%
Health Care Services	2,893	2,746	5.3	%	2.0	%	4.6	%	3.4	%(2)
Thereof Dialysis Care revenue	2,568	2,455	4.6	%	1.3	%	4.2	%	3.4	%(2)
Thereof Care Coordination revenue	325	291	11.5	%	7.8	%	8.5	%
Health Care Products	281	235	19.7	%	15.8	%	3.7	%

EMEA	709	679	4.5	%	3.7	%	3.5	%
Health Care Services	352	331	6.4	%	5.4	%	5.2	%	2.7	%
Health Care Products	357	348	2.7	%	2.1	%	2.0	%
Thereof Dialysis Products	337	330	2.3	%	1.7	%	1.5	%
Thereof Non-Dialysis Products	20	18	9.3	%	9.3	%	9.3	%

Asia-Pacific	499	454	9.8	%	6.6	%	6.3	%
Health Care Services	230	207	11.2	%	6.8	%	6.4	%	7.3	%
Thereof Dialysis Care revenue	162	147	10.3	%	5.3	%	6.2	%	7.3	%
Thereof Care Coordination revenue	68	60	13.4	%	10.5	%	6.7	%
Health Care Products	269	247	8.6	%	6.4	%	6.3	%

Latin America	193	182	6.3	%	23.6	%	19.0	%
Health Care Services	132	129	3.1	%	25.1	%	20.7	%	3.6	%
Health Care Products	61	53	14.0	%	19.9	%	15.0	%

Corporate	5	4	31.5	%	31.4	%

Twelve months ended December 31
Total revenue	17,477	16,547	5.6	%	2.2	%	5.2	%
Health Care Services	13,872	13,264	4.6	%	0.8	%	5.2	%	3.5	%
Thereof Dialysis Care revenue	12,447	11,420	9.0	%	5.2	%	5.7	%	3.5	%
Thereof Care Coordination revenue	1,425	1,844	(22.7	)%	(26.3	)%	0.4	%
Health Care Products	3,605	3,283	9.8	%	8.0	%	5.1	%

North America	12,195	11,570	5.4	%	(0.1	)%	4.4	%	3.7	%(2)
Health Care Services	11,157	10,725	4.0	%	(1.4	)%	4.3	%
Thereof Dialysis Care revenue	9,973	9,089	9.7	%	4.0	%	5.0	%	3.7	%(2)
Thereof Care Coordination revenue	1,184	1,636	(27.6	)%	(31.4	)%	(1.0	)%
Health Care Products	1,038	845	22.9	%	16.5	%	5.8	%

EMEA	2,693	2,587	4.1	%	4.2	%	3.8	%
Health Care Services	1,354	1,274	6.3	%	6.5	%	5.6	%	3.4	%
Health Care Products	1,339	1,313	2.0	%	2.0	%	2.2	%
Thereof Dialysis Products	1,263	1,239	2.0	%	2.0	%	2.2	%
Thereof Non-Dialysis Products	76	74	2.8	%	2.8	%	2.8	%

Asia-Pacific	1,859	1,689	10.0	%	7.1	%	7.0	%
Health Care Services	862	776	11.1	%	6.7	%	6.3	%	7.1	%
Thereof Dialysis Care revenue	621	568	9.3	%	4.3	%	6.0	%	7.1	%
Thereof Care Coordination revenue	241	208	15.9	%	13.3	%	7.2	%
Health Care Products	997	913	9.1	%	7.5	%	7.5	%

Latin America	709	686	3.3	%	20.9	%	17.3	%
Health Care Services	499	489	2.0	%	24.6	%	20.5	%	2.4	%
Health Care Products	210	197	6.5	%	11.6	%	9.6	%

Corporate	21	15	36.7	%	36.5	%

(1) same market treatment growth = organic growth less price effects

(2) U.S. (excl. Mexico), same market treatment growth North America: 3.0% for the three months and 3.3% for the twelve months ended December 31, 2019

Key metrics North America segment

	Three months ended December 31								Twelve months ended December 31
	2019		2018		Change		Change at cc		2019		2018		Change		Change at cc
Dialysis
Revenue in € million	2,849		2,690		5.9	%	2.5	%	11,011		9,934		10.8	%	5.1	%
Operating income in € million	476		498		(4.3	)%	(7.2	)%	1,737		1,752		(0.9	)%	(5.5	)%
Operating income margin in %	16.7	%	18.5	%					15.8	%	17.6	%
Delivered Operating Income in € million	424		437		(2.9	)%	(5.8	)%	1,532		1,540		(0.6	)%	(5.1	)%

Care Coordination
Revenue in € million	325		291		11.5	%	7.8	%	1,184		1,636		(27.6	)%	(31.4	)%
Operating income in € million	39		(6	)	n.a.		n.a.		57		913		(93.7	)%	(94.0	)%
Operating income margin in %	12.1	%	(2.0	)%					4.8	%	55.8	%
Delivered Operating Income in € million	32		(9	)	n.a.		n.a.		37		894		(95.9	)%	(96.1	)%

Key metrics Dialysis Care Services

	Twelve months ended December 31, 2019
	Clinics	Growth in %		De novos	Patients	Growth in %		Treatments	Growth in %
Total	3,994	2	%	123	345,096	4	%	52,148,107	4	%

North America	2,579	2	%	74	211,064	3	%	32,138,448	4	%
EMEA	781	1	%	23	66,217	2	%	10,042,109	3	%
Asia-Pacific	400	2	%	23	33,005	5	%	4,579,220	5	%
Latin America	234	2	%	3	34,810	6	%	5,388,330	6	%

Key metrics Care Coordination

	Twelve months ended December 31
	2019	2018	Change		Change at cc
North America
Member months under medical cost management(1)	645,273	639,329	0.9	%
Medical cost under management (in € million)(1)	4,226	4,196	0.7	%	(4.5	)%
Care Coordination patient encounters(1)	1,004,250	4,407,598	(77.2	)%

(1) Data presented for the ESCO metrics are subject to finalization by CMS, which may result in changes from previously reported metrics.

Quality data(1)

	North America		EMEA		Latin America		Asia-Pacific
in % of patients	Q4 2019	Q4 2018	Q4 2019	Q4 2018	Q4 2019	Q4 2018	Q4 2019	Q4 2018
Kt/v > 1.2	97	97	94	95	91	91	95	96
Hemoglobin = 10-12 g/dl	71	72	82	82	50	53	56	58
Calcium = 8.4-10.2 mg/dl	81	86	79	81	76	75	74	74
Albumin > 3.5 g/dl(1)	81	81	89	90	91	90	87	89
Phosphate < 5.5 mg/dl	60	62	80	81	76	75	63	67
Patients without catheter (after 90 days)	81	83	78	79	79	80	83	86
in days
Days in hospital per patient year	10.3	10.8	7.5	7.8	4.3	4.2	2.6	3.3

(1) Definitions cf. Annual Report 2018, Section “Non-Financial Group Report”

Reconciliation of non-IFRS financial measures to the most directly comparable IFRS financial measures

	Three months ended				Twelve months ended
	December 31				December 31
in € million	2019		2018		2019		2018
Delivered Operating Income reconciliation
Total
Operating income	616		613		2,270		3,038
less noncontrolling interests	(62	)	(67	)	(239	)	(244	)
Delivered Operating Income	554		546		2,031		2,794

North America
Operating income	515		492		1,794		2,665
less noncontrolling interests	(59	)	(64	)	(225	)	(231	)
Delivered Operating Income	456		428		1,569		2,434

Dialysis
Operating income	476		498		1,737		1,752
less noncontrolling interests	(52	)	(61	)	(205	)	(212	)
Delivered Operating Income	424		437		1,532		1,540

Care Coordination
Operating income	39		(6	)	57		913
less noncontrolling interests	(7	)	(3	)	(20	)	(19	)
Delivered Operating Income	32		(9	)	37		894

EMEA
Operating income	114		97		448		399
less noncontrolling interests	(1	)	0		(5	)	(4	)
Delivered Operating Income	113		97		443		395

Asia-Pacific
Operating income	75		86		329		304
less noncontrolling interests	(2	)	(3	)	(8	)	(9	)
Delivered Operating Income	73		83		321		295

Dialysis
Operating income	65		73		300		270
less noncontrolling interests	(2	)	(3	)	(7	)	(7	)
Delivered Operating Income	63		70		293		263

Care Coordination
Operating income	10		13		29		34
less noncontrolling interests	0		0		(1	)	(2	)
Delivered Operating Income	10		13		28		32

Latin America
Operating income	15		5		43		29
less noncontrolling interests	0		0		(1	)	0
Delivered Operating Income	15		5		42		29

Corporate
Operating income	(103	)	(67	)	(344	)	(359	)
less noncontrolling interests	0		0		0		0
Delivered Operating Income	(103	)	(67	)	(344	)	(359	)

Reconciliation of non-IFRS financial measures to the most directly comparable IFRS financial measures in

€ million, except share data

														(Gain) loss related												(Gain) loss related											Change
												Cost		to divestitures of			Results									to divestitures of			FCPA			Results			Change		(adjusted
	Results			IFRS 16			NxStage			NxStage		optimization		Care Coordination			2019			Results						Care Coordination			related			2018			(adjusted		results)
	2019			Implementation			operations			costs		costs		activities			adjusted			2018			Sound H1(1)			activities			charge			adjusted			results)		at cc
Three months ended December 31
Total revenue	4,580			40			(74		)								4,546			4,300			(6		)							4,294			5.9	%	3.8	%
Health Care Services	3,607						(1		)								3,606			3,413			(6		)							3,407			5.9	%	3.6	%
Health Care Products	973			40			(73		)								940			887												887			5.9	%	4.5	%
North America	3,174			40			(74		)								3,140			2,981			(6		)							2,975			5.5	%	2.1	%
Health Care Services	2,893						(1		)								2,892			2,746			(6		)							2,740			5.5	%	2.1	%
Thereof Dialysis Care	2,568						(1		)								2,567			2,455												2,455			4.5	%	1.2	%
Thereof Care Coordination	325																325			291			(6		)							285			13.8	%	10.0	%
Health Care Products	281			40			(73		)								248			235												235			5.7	%	2.1	%

EBITDA	1,051			(191		)	(25		)	2		41		(15		)	863			869			0			21			2			892			(3.2	)%	(5.7	)%

Total operating income	616			(8		)	0			2		60		(15		)	655			613			0			21			2			636			2.9	%	0.1	%
North America	515			(5		)	1			2		54		(15		)	552			492			0			21						513			7.7	%	4.2	%
Dialysis	476			(2		)	1			2		54					531			498												498			6.6	%	3.2	%
Care Coordination	39			(3		)								(15		)	21			(6		)	0			21						15			44.8	%	37.2	%
EMEA	114			(2		)						2					114			97												97			17.3	%	17.7	%
Asia-Pacific	75			0								4					79			86												86			(7.9	)%	(9.6	)%
Dialysis	65			0								4					69			73												73			(4.6	)%	(6.2	)%
Care Coordination	10			0													10			13												13			(26.2	)%	(28.6	)%
Latin America	15			(1		)											14			5												5			178.3	%	188.9	%
Corporate	(103		)	0			(1		)			0					(104		)	(67		)							2			(65		)	62.0	%	61.4	%

Interest expense, net	102			(44		)	(20		)								38			58												58			(34.9	)%	(35.9	)%

Income tax expense	109			11			5			1		16		5			147			63			0			4			49			116			26.1	%	22.7	%

Net income attributable to noncontrolling interests	62																62			67			0									67			(8.0	)%	(10.9	)%

Net income(2)	343			25			15			1		44		(20		)	408			425			0			17			(47		)	395			3.5	%	0.5	%

Basic earnings per share	€	1.14		€	0.08		€	0.05		€	0.01	€	0.15	€	(0.07	)	€	1.36		€	1.38		€	0.00		€	0.06		€	(0.15	)	€	1.29		6.1	%	3.0	%

Twelve months ended December 31
Total revenue	17,477			115			(263		)								17,329			16,547												16,026			8.1	%	4.7	%
Health Care Services	13,872						(12		)								13,860			13,264			(521		)							12,743			8.8	%	4.8	%
Health Care Products	3,605			115			(251		)								3,469			3,283												3,283			5.7	%	4.1	%
North America	12,195			115			(263		)								12,047			11,570			(521		)							11,049			9.0	%	3.4	%
Health Care Services	11,157						(12		)								11,145			10,725			(521		)							10,204			9.2	%	3.5	%
Thereof Dialysis Care	9,973						(12		)								9,961			9,089												9,089			9.6	%	3.9	%
Thereof Care Coordination	1,184																1,184			1,636			(521		)							1,115			6.2	%	0.7	%
Health Care Products	1,038			115			(251		)								902			845												845			6.9	%	1.3	%

EBITDA	3,863			(774		)	(57		)	24		55		(29		)	3,082			3,827			(23		)	(809		)	77			3,072			0.3	%	(3.4	)%

Total operating income	2,270			(75		)	15			24		91		(29		)	2,296			3,038			(14		)	(809		)	77			2,292			0.2	%	(3.8	)%
North America	1,794			(59		)	19			24		83		(29		)	1,832			2,665			(14		)	(809		)				1,842			(0.5	)%	(5.2	)%
Dialysis	1,737			(51		)	19			24		83					1,812			1,752												1,752			3.4	%	(1.4	)%
Care Coordination	57			(8		)								(29		)	20			913			(14		)	(809		)				90			(77.6	)%	(78.8	)%
EMEA	448			(5		)						4					447			399												399			12.2	%	12.5	%
Asia-Pacific	329			(4		)						4					329			304												304			8.2	%	5.7	%
Dialysis	300			(3		)						4					301			270												270			11.5	%	8.8	%
Care Coordination	29			(1		)											28			34												34			(18.4	)%	(19.1	)%
Latin America	43			(3		)											40			29												29			37.4	%	24.2	%
Corporate	(344		)	(4		)	(4		)			0					(352		)	(359		)							77			(282		)	25.0	%	23.8	%

Interest expense, net	429			(172		)	(71		)								186			301			(21		)							280			(33.4	)%	(35.5	)%

Income tax expense	402			27			23			6		24		20			502			511			3			(136		)	49			427			17.6	%	13.0	%

Net income attributable to noncontrolling interests	239																239			244			0									244			(2.2	)%	(7.1	)%

Net income(2)	1,200			70			63			18		67		(49		)	1,369			1,982			4			(673		)	28			1,341			2.1	%	(2.0	)%
Basic earnings per share	€	3.96		€	0.23		€	0.21		€	0.06	€	0.22	€	(0.16	)	€	4.52		€	6.47		€	0.01		€	(2.20	)	€	0.09		€	4.37		3.4	%	(0.7	)%

(1) Contribution of Sound Physicians

(2) Attributable to shareholders of FMC-AG & Co. KGaA

Outlook 2020

	Results 2019	Outlook 2020 (at constant currency)
Revenue(1)	€17,477 M	mid to high single digit growth rate
Operating income(1)	€2,356 M	mid to high single digit growth rate
Delivered Operating Income(1)	€2,117 M	mid to high single digit growth rate
Net income(1),(2)	€1,236 M	mid to high single digit growth rate
Basic earnings per share growth(1),(2) at constant currency	—	assessed based on expected development of net income and sharesoutstanding
Capital expenditures	€1.1 BN	€1.1 - €1.3 BN
Acquisitions and investments(3)	€2.2 BN	€0.5 - €0.7 BN
Net cash provided by (used in) operating activities in % of revenue	14.7%	> 12.5%
Free cash flow in % of revenue	8.3%	> 5%
Net leverage ratio	3.2	< 3.5
ROIC	6.1%	> 6.0%
Dividend per share(4)	€1.20	assessed based on expected development of net income and shares outstanding
Employees(5)	120,659	> 124,000
Research and development expenses	€168 M	€210 - €230 M

(1) Outlook 2020 excl. special items. Special items are effects that are unusual in nature and have not been foreseeable or not foreseeable in size or impact at the time of giving guidance. Growth rates are based on the adjusted results 2019 including the effects of the operations of the NxStage acquisition and the IFRS 16 implementation.

(2) Net income attributable to shareholders of FMC-AG & Co. KGaA.

(3) Excluding investments in debt securities.

(4) Results 2019: proposal to be approved by the Annual General Meeting on May 19, 2020.

(5) Full-time equivalents.

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Form 6-K Fresenius Medical Care For: Feb 20

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