Fresenius Medical Care Reports Strong Third Quarter and Nine Months Results; Improved Guidance for 2009
http://www.businesswire.com/news/home/20091103005776/en
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 AG & Co. KGaA $ 225 million + 9 %
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 AG & Co. KGaA $ 645 million + 7 %
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® 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®
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. KGaAfor 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® 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 acquisitionsnet 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. KGaAis 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
atbelow 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 Medical Care Three Months Ended Nine Months Ended
Statement of Earnings September 30, September 30,
(in US-$ thousands, except share and per share data) 2009 2008 % Change 2009 2008 % Change
(unaudited)
Net revenue
Dialysis Care 2,146,349 1,984,938 8.1% 6,123,774 5,753,484 6.4%
Dialysis Products 742,320 728,327 1.9% 2,088,274 2,136,801 -2.3%
Total net revenue 2,888,669 2,713,265 6.5% 8,212,048 7,890,285 4.1%
Cost of revenue 1,910,168 1,803,886 5.9% 5,439,530 5,201,721 4.6%
Gross profit 978,501 909,379 7.6% 2,772,518 2,688,564 3.1%
Selling, general and administrative 504,520 466,983 8.0% 1,443,206 1,388,680 3.9%
Research and development 22,656 20,206 12.1% 64,508 59,978 7.6%
Operating income (EBIT) 451,325 422,190 6.9% 1,264,804 1,239,906 2.0%
Interest income (4,624) (6,467) -28.5% (16,797) (19,266) -12.8%
Interest expense 79,769 93,516 -14.7% 241,466 271,275 -11.0%
Interest expense, net 75,145 87,049 -13.7% 224,669 252,009 -10.8%
Income before taxes 376,180 335,141 12.2% 1,040,135 987,897 5.3%
Income tax expense1) 131,687 119,492 10.2% 345,436 356,513 -3.1%
Net income 244,493 215,649 13.4% 694,699 631,384 10.0%
Less: Net income attributable to Noncontrolling interest1) 19,193 9,314 106.1% 50,180 28,088 78.7%
Net income attributable to FMC AG & Co. KGaA 225,300 206,335 9.2% 644,519 603,296 6.8%
Operating income (EBIT) 451,325 422,190 6.9% 1,264,804 1,239,906 2.0%
Depreciation and amortization 118,291 107,897 9.6% 334,133 306,761 8.9%
EBITDA 569,616 530,087 7.5% 1,598,937 1,546,667 3.4%
Total bad debt expenses 50,189 56,274 159,078 157,922
Earnings per ordinary share $0.76 $0.69 8.8% $2.16 $2.03 6.4%
Earnings per ordinary ADS $0.76 $0.69 8.8% $2.16 $2.03 6.4%
Weighted average number of shares
Ordinary shares 294,443,038 293,417,973 294,181,563 293,030,503
Preference shares 3,857,335 3,802,913 3,832,367 3,790,298
Percentages of revenue
Cost of revenue 66.1% 66.5% 66.2% 65.9%
Gross profit 33.9% 33.5% 33.8% 34.1%
Selling, general and administrative 17.5% 17.2% 17.6% 17.6%
Research and development 0.8% 0.7% 0.8% 0.8%
Operating income (EBIT) 15.6% 15.6% 15.4% 15.7%
Interest expense, net 2.6% 3.2% 2.7% 3.2%
Income before taxes 13.0% 12.4% 12.7% 12.5%
Income tax expense 4.6% 4.4% 4.2% 4.5%
Net income attributable to Noncontrolling interest 0.7% 0.3% 0.6% 0.4%
Net income attributable to FMC AG & Co. KGaA 7.8% 7.6% 7.8% 7.6%
EBITDA 19.7% 19.5% 19.5% 19.6%
1) Due to the adoption of the new accounting rule ASC 810 (US GAAP), tax expenses related to minority interests of partnerships were reclassified to noncontrolling interest. The effect is neutral to net income attributable to FMC AG & Co. KGaA. The previous year`s periods have been adjusted accordingly.
Fresenius Medical Care Three Months Ended Nine Months Ended
Segment and Other Information September 30, September 30,
(in US-$ 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 (EBIT) 451 422 6.9% 1,265 1,240 2.0%
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 development 1,309 1,187
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. internal sales 376 321
less internal sales (167) (137)
Dialysis Products external sales 209 184
International
Dialysis Products revenue incl. internal sales 613 622
less internal sales (80) (78)
Dialysis Products external sales 533 544
Reconciliation of cash flow from operating activities to EBITDA 1)
Total EBITDA 1,599 1,547
Interest expense, net (225) (252)
Income tax expense (345) (357)
Change in working capital and other non cash items (149) (222)
Net cash provided by operating activities 880 716
Annualized EBITDA
Operating income (EBIT) last twelve months 1,697 1,668
Depreciation and amortization last twelve months 443 410
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 lease obligations 160 455
Long-term debt and capital lease obligations, less current portion 4,561 3,957
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
Fresenius Medical Care AG & Co. KGaA
Investor Relations
Oliver Maier, + 49 6172 609 2601
Fax: + 49 6172 609 2301
ir@fmc-ag.com
or
North America:
Terry L. Morris, + 1 800 948 2538
Fax: + 1 615 345 5605
ir@fmc-ag.com
www.fmc-ag.com
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