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Fresenius subsidiary Fresenius Medical Care provides for 1996 merger legal matters by taking a special charge for 2001

13-Feb-2002

13.02.2002 Bad Homburg v.d.H. Fresenius Medical Care today announced that it will accrue a special charge of $ 258 million in the fourth quarter of 2001 ($ 177 after tax) to address potential liabilities and expenses in connection with US legal matters, particularly with the W.R. Grace Chapter 11 proceedings and possible pre-merger tax claims associated with these proceedings, as well as the disputes with Aetna as well as further commercial insurers. Fresenius Medical Care has entered into an agreement in principle with Aetna Life Insurance Company and its affiliates to resolve the pending litigation. (For details please see the press release of Fresenius Medical Care) The special charge of Fresenius Medical Care influenced the net income of the Fresenius Group by €190 million. The charge will be shown as extraordinary expenses. Allowances on deferred tax assets in the amount of € 59 million could be reversed, which positively influenced the results of the Group. Taking into account the extraordinary expenses and the reversal of allowances on deferred tax assets, the consolidated net income 2001 for the Group will amount to € 179 million. Group sales in the 2001 financial year amounted to € 7.3 billion, 20% higher than in the previous year. The business segments Fresenius Kabi, Fresenius ProServe and Fresenius HemoCare achieved their targets in the 2001 financial year. The results of the Fresenius Group will be published as planned on March 5, 2002.

https://www.chemeurope.com/en/news/8325/fresenius-subsidiary-fresenius-medical-care-provides-for-1996-merger-legal-matters-by-taking-a-special-charge-for-2001.html

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Fresenius subsidiary Fresenius Medical Care provides for 1996 merger legal matters by taking a special charge for 2001

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