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Fresenius Medical Care's CEO Discusses Q1 2011 Results - Earnings Call Transcript

With that now it’s my sincere pleasure to turn it over to Ben. Ben, the floor is yours.

Ben Lipps

Thank you, Oliver. Ladies and gentlemen let me exchange you a warm welcome to you, our board, all of our employees, associates and people who have joined us on the internet. In terms of the agenda I’ll cover the business update, Mike will talk about the financials then Mike and I are ready to answer questions at the end of the presentation.

Turning now to chart 4, we are very pleased with our successful first quarter, we’ve seen strong operating performance despite implementation challenges posed to us with the Medicare perspective payment listed in the US. Our operating performance in North America has continued to develop favorably and we have continued to see a good treatment growth in our steps (ph) for growth. In international we continue to expand our credit network and we’ve seen significant expansion in certain countries, we also have seen excellent revenue growth in the international sector. Again, I would like to thank the dedicated staff worldwide with the management board for their continued dedication to provide the highest quality products and patient care in our center, our revenue was 3.36 billion, a 5% increase in both constant currency and actual currency. Net income also grew by 5%. With this we will be raising our guidance for 2011 and Mike will talk about that later on in the presentation.

Turning now to chart 5, we’ll look the – little closer look at the regions in terms of revenue growth, we saw a very solid revenue growth in Asia-Pacific at 30%, Latin America plus 12% constant currency and Europe at 9% growth in constant currency, North America had revenues of about $2 billion again growing at about 1% reflecting the changes in reimbursement. International had revenues of 1.55 billion, growing at 13% constant currency and today Europe, the Middle East and Africa represent about 22% of our business. Asia has continued to grow, it represents about 8% of our total revenue Latin America continues at about 5% of our total revenue.

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