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Fresenius Q2 EBIT Before Special Items Flat With Prior Year; Organic Sales Growth At 2%

Fresenius Group (FSNUF.PK,FSNPF.PK) reported that second quarter net income attributable to Fresenius SE & Co. KGaA declined 13 percent year-on-year to 411 million euros. Group net income before special items decreased by 13% to 410 million euros. Excluding estimated COVID-19 effects, net income growth before special items would have been 0% to 4%. Before special items, earnings per share was 0.74 euros compared to 0.85 euros. Before special items, EBIT was 1.12 billion euros, flat with prior year.

Second quarter sales were 8.92 billion euros, an increase of 2% from previous year. Organic sales growth was 2%. Excluding estimated COVID-19 effects, Group sales growth would have been 6% to 7%.

For fiscal 2020, Fresenius now expects, including estimated COVID-19 effects, constant currency sales growth of 3% to 6% and constant currency net income to be in between a decline of 4% to an increase of 1%. This replaces the original guidance, excluding COVID-19 effects, projecting constant currency sales growth of 4% to 7% and constant currency net income growth of 1% to 5%.

Fresenius has postponed its Annual General Meeting to August 28, 2020. The Group's dividend proposal remains unchanged at 0.84 euros per share.

Fresenius Medical Care reported that its second quarter adjusted net income increased by 40% year-on-year to 351 million euros (up 38% at constant currency). Revenue increased by 5% to 4.56 billion euros (up 5% at constant currency), with organic growth of 4%.

Fresenius Medical Care has confirmed its financial targets for fiscal 2020 inclusive of anticipated COVID-19 effects. It continues to project both revenue and net income to grow at a mid to high single digit rate in 2020.

Fresenius Medical Care has postponed its Annual General Meeting to August 27, 2020. The proposed dividend remains unchanged at 1.20 euros per entitled share.

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