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Fresenius Medical Care FY18 Net Income Up 55% - Quick Facts

Fresenius Medical Care AG (FMS) reported Wednesday that its fiscal 2018 net income increased by 55%, or 60% at constant currency, to 1.98 billion euros from the prior year. Basic earnings per share increased to 6.47 euros from 4.17 euros last year.

Excluding effects, net income increased 11 percent to 1.38 billion euros, and was up 14% at constant currency. Excluding the effects, earnings per share increased 11% to 4.49 euros, or was up 14% at constant currency.

On an adjusted basis, net income and earnings per share increased by 4% at constant currency.

Revenue for the year decreased by 2% at constant currency to 16.55 billion euros, but rose 4% at constant currency on a comparable basis.

Health Care Services revenue decreased by 9%, or 4% at constant currency, to 13.26 billion euros, mainly due to the divestitures in the second quarter, with organic growth at 4%. Health Care Products revenue increased by 1%, or 5% at constant currency, to 3.28 billion

Looking ahead to fiscal 2019, Fresenius Medical Care expects adjusted revenue to grow between 3% and 7%, and adjusted net income to develop in the range of (2%) to 2%.

Based on the ramp-up of the new 2019 cost optimization program, the phasing of contributions from the Global Efficiency Program II and other measures initiated, Fresenius Medical Care anticipates a back-end loaded acceleration of adjusted net income growth.

For 2020, Fresenius Medical Care expects adjusted revenue as well as adjusted net income to grow at a mid-to-high single digit rate.

The company will propose a new record dividend of 1.17 euros per share, representing an increase of 10 percent, to the Annual General Meeting in May 2019. If approved, and based on dividend-entitled shares, the company would return a total of 359 million euros to its shareholders.

Fresenius Medical Care has decided to create additional shareholder return by buying back shares in a total aggregate amount of up to 1 billion euros over the course of 2019 and 2020 in compliance with EU safe harbor provisions.

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