Bulletin: Fresenius Group's 2021 Results And Strategic Review Align With Expectations And Ratings

DUBLIN (S&P Global Ratings) Feb. 23, 2022--S&P Global Ratings today said that the 2021 results and management strategic review of Fresenius SE&Co. KGaA (FSE; BBB/Stable/A-2), including Fresenius Medical Care&Co. KGaA (FME; BBB/Stable/A-2), are in line with our overall expectations. Some factors weighed on the group's profitability, including the pandemic-induced, excess mortality of dialysis patients at FME, overall cost pressures, and accelerating investments into the restructuring program. That said, FSE generated solid discretionary cash flow of about €2 billion, supported by lower capital expenditure and prudent working capital, containing our estimated adjusted net debt to EBITDA at around 3.9x. Encouragingly, the high dialysis-patient mortality trend has showed a sequential improvement over the past quarters, and FME has

...February 23, 2022 DUBLIN (S&P Global Ratings) Feb. 23, 2022--S&P Global Ratings today said that the 2021 results and management strategic review of Fresenius SE & Co. KGaA (FSE; ###/Stable/A-2), including Fresenius Medical Care & Co. KGaA (FME; ###/Stable/A-2), are in line with our overall expectations. Some factors weighed on the group's profitability, including the pandemic-induced, excess mortality of dialysis patients at FME, overall cost pressures, and accelerating investments into the restructuring program. That said, FSE generated solid discretionary cash flow of about 2 billion, supported by lower capital expenditure and prudent working capital, containing our estimated adjusted net debt to EBITDA at around 3.9x. Encouragingly, the high dialysis-patient mortality trend has showed a sequential improvement over the past quarters, and FME has made strong vaccination progress in 2021. We view FSE's update on its strategic review as in line with our initial thoughts since it was announced...

Bulletin