Fresenius SE & Co. KGaA

Quarterly Report • May 10, 2021

Q1 2021

QUARTERLY FINANCIAL REPORT

TABLE OF CONTENTS

3 Fresenius Group figures at a glance 6 Management Report 20 Rating

• 6 Health care industry
• 8 Results of operations, financial position, assets and liabilities 21 Outlook 2021
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• 10 Reconciliation
• 10 Investments

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• 19 Employees
• 19 Changes to the Management Board
• 19 Changes to the Supervisory Board 33 Notes proposal to the AGM
• 19 Research and development
• 20 Opportunities and risk report 55 Financial Calendar
• 20 Subsequent events

- 20 Virtual Annual General Meeting

• 5 Fresenius share 8 Sales 24 Reconciliation table
  • 9 Earnings 24 Estimated COVID-19 effects

10 Cash flow 25 Consolidated financial statements

• 10 Asset and liability structure 25 Consolidated statement of income
• 11 Business segments 26 Consolidated statement of comprehensive income
  • 11 Fresenius Medical Care 27 Consolidated statement of financial position
  • 13 Fresenius Kabi 28 Consolidated statement of cash flows
  • 15 Fresenius Helios 30 Consolidated statement of changes in equity
  • 17 Fresenius Vamed 32 Consolidated segment reporting first quarter of 2021

FRESENIUS GROUP FIGURES AT A GLANCE

Fresenius is a global health care group providing products and services for dialysis, hospitals, and outpatient medical care. In addition, Fresenius focuses on hospital operations. We also manage projects and provide services for hospitals and other health care facilities. In 2020, Group sales were €36.3 billion. As of March 31, 2021, more than 310,000 employees have dedicated themselves to the service of health in about 100 countries worldwide.

SALES, EARNINGS, AND CASH FLOW

€ i illio n m ns	Q1 /20 21	Q1 /20 20	Gro wth	Gro wth in c tant ons cur ren cy
Sa les	8, 984	9, 135	-2%	3%
bef eci al i EB IT tem ore sp s	006 1,	1, 125	-11 %	-6%
1 t in Ne d rte com e r epo	435	45 9	-5%	-1%
1 Ne t in e b efo cia l ite com re spe ms	435	46 5	-6%	-2%
1 Ear nin sh in € ed ort gs per are rep	0.7 8	0.8 2	-5%	-1%
1 Ear nin sh in € bef eci al i tem gs per are ore sp s	0.7 8	0.8 3	-6%	-2%
Op tin ash flo era g c w	652	878	-26 %	--

BALANCE SHEET AND INVESTMENTS

€ i illio n m ns	Ma rch 31 , 202 1	Dec ber 31, em 202 0	Cha nge
To tal ets ass	68, 966	66, 646	3%
No ent set n-c urr as s	52 273 ,	50, 874	3%
Eq uity	27, 514	26, 023	6%
Ne t d ebt	24, 63 1	24, 076	2%
Inv d a isit ion s (Q 1 2 02 1/Q 1 2 020 ) est nts me an cqu	533	959	% -44

RATIOS

	Q1 /20 21	Q1 /20 20
in1 EB ITD A m arg	18 .1%	19. 2%
in1 EB IT ma rg	11 .2%	12. 3%
1 De cia tio nd iza tio n i of les n % ort pre n a am sa	6.9 %	6.9 %
Op tin flo w i of ash n % les era g c sa	7.3 %	9.6 %
uity tio Eq (M h 3 1/ De ber 31 ) ra arc cem	39 .9%	39 .0%
1, 2 Ne t d ebt /E BIT DA (M h 3 1/ De ber 31 ) arc cem	3.5 2	3.4 4

2 At LTM average exchange rates for both net debt and EBITDA; pro forma closed acquisitions /divestitures

FRESENIUS-SHARE

Since the beginning of the year, the Fresenius share has moved sideways and closed the first quarter of 2021 at a price of €37.98.

RELATIVE SHARE PRICE PERFORMANCE VS. DAX

Fresenius share

KEY DATA OF THE FRESENIUS SHARE

DAX

	Q1 /20 21	202 0	Gro wth
Nu mb of s har (M h 3 1/ De ber 31 ) er es arc cem	55 7, 54 1, 659	55 7, 54 0, 909	0%
n1 Sto ck han tio in € ota exc ge qu
Hig h	40 .10	50 .32	-20 %
Low	34 .57	25 .66	35 %
iod ati sin ric e in Per d q clo € uot -en on g p	37 .98	37 .84	0%
Ø din din Tra olu (n ber of sh day ) tra g v me um are s p er g	1, 802 020 ,	2, 085 926 ,	-14 %
2 in Ma rke ital iza tio illio n € (M h 3 1/ De ber 31 ) t ca p n m arc cem	21, 175	21, 097	0%
3 Ear nin sh in € gs per are	0.7 8	3.2 2	--

1 Xetra closing price on the Frankfurt Stock Exchange

2 Total number of ordinary shares multiplied by the respective Xetra period-end quotation on the Frankfurt Stock Exchange

3 Net income attributable to shareholders of Fresenius SE&Co. KGaA; before special items

FIRST QUARTER 2021

31.12.2020 ⁼ 100

The COVID-19 pandemic marked the first three months of 2021 with persistently high infection rates and the spread of virus mutations slowing down the recovery of the global economy. More stringent containment measures imposed by governments led to a setback in economic activity and employment. Despite a gradual vaccination coverage of the population, the further development of the COVID-19 pandemic and the overall global economy remains uncertain. The capital markets and global investment levels remained stable, benefitting from economic stimulus measures taken by governments and favorable financing conditions.

According to the ECB's current forecast, the economy in the euro zone will grow by 4.0% this year. The ECB left its key interest rate unchanged at 0.00% during its March meeting.

The Federal Reserve's latest forecast projects the U.S. economy to grow by 6.5% in 2021. The U.S. Federal Reserve did not change the existing interest rates corridor of 0% to 0.25% at its March meeting.

Within this economic environment, the DAX increased by 9% in the first three months of 2021 to 15,008 points. The Fresenius share closed at €37.98 on March 31, 2021, almost unchanged over the same period.

MANAGEMENT REPORT

Fresenius with good start to 2021 despite ongoing COVID-19 impact

• ► Guidance for 2021 confirmed
• ► Fresenius Medical Care delivers solid first quarter
• ► Fresenius Kabi shows strong performance in Emerging Markets whilst headwinds continue to impact North American business
• ► Helios Germany continues to be compensated by government for foregone elective treatments; Helios Spain delivers significant sales and earnings growth given recovery of treatment activity
• ► Fresenius Vamed continues to suffer from COVID-19 related project delays; technical high-end service business remains robust
• ► Preparation of Group-wide initiatives to improve efficiency and profitability progressing

HEALTH CARE INDUSTRY

The health care sector is one of the world's largest industries and we are convinced that it shows excellent growth opportunities.

The main growth factors are:

• ► rising medical needs deriving from aging populations, the growing number of chronically ill and multimorbid patients,
• ► stronger demand for innovative products and therapies, advances in medical technology,
• ► the growing health consciousness, which increases the demand for health care services and facilities, and
• ► the increasing demand for digital health services for patients.

In the emerging countries, additional drivers are:

• ► expanding availability and correspondingly greater demand for basic health care, and
• ► increasing national incomes and hence higher spending on health care.

Health care structures are being reviewed and cost-cutting potential identified in order to contain the steadily rising health care expenditures. However, such measures cannot compensate for the cost pressure. Market-based elements are increasingly being introduced into the health care system to create incentives for cost- and quality-conscious behavior. Overall treatment costs will be reduced through improved quality standards.

In addition, ever-greater importance is being placed on disease prevention and innovative reimbursement models linked to treatment quality standards.

The industry-specific framework for the operating business of the Fresenius Group remained essentially unchanged in 2021.

External factors

The COVID-19 pandemic has a significant impact on the economic environment of the Fresenius Group. We demonstrated our special responsibility as part of the health care system even under the difficult circumstances of the COVID-19 pandemic. With our products, services, and therapies, we have made an important contribution combating the COVID-19 pandemic worldwide. Despite partial government compensation, COVID-19 had an overall negative effect on the business, mainly due to restrictions imposed by the authorities in many of the Group's important markets.

Nevertheless, Fresenius has come through the COVID-19 pandemic in an economically robust manner. Once again, our company's business development has proven to be comparatively stable and largely independent of economic cycles. Our diversification into four business segments and our global focus give the Group additional stability.

The legal framework for the operating business of the Fresenius Group remained essentially unchanged.

We carefully monitor and evaluate country-specific, political, legal, and financial conditions.

RESULTSOF OPERATIONS, FINANCIAL POSITION, ASSETS AND LIABILITIES

SALES

Group sales decreased by 2% (increased by 3% in constant currency) to €8,984 million (Q1/20: €9,135 million). Organic growth was 2%. Acquisitions /divestitures contributed net 1% to growth. Currency translation reduced sales growth by 5%. Excluding estimated COVID-19 effects1, Group sales growth would have been 4% to 5% in constant currency (Q1/ 20: 7% to 8%).

GROUP KEY FIGURES

€ i illio n m ns	Q1 /20 21	Gro wth	Gro wth in c tant ons cur ren cy
Sa les	8, 984	-2%	3%
2 EB IT	006 1,	-11 %	-6%
2,3 t in Ne com e	435	-6%	-2%

SALES BY REGION

€ i illio n m ns	Q1 /20 21	Q1 /20 20	Cha nge	Cur ren cy slat ion tran effe cts	Gro wth at c tant ons rate s	Org anic sale owt h s gr	Acq uisi tion / s dive stit ure s	% o f to tal sale s
No rth Am eri ca	3, 445	3, 842	-10 %	-8%	-2%	-2%	0%	38 %
Eu rop e	4, 113	3, 990	3%	-1%	4%	2%	2%	46 %
ia- ific As Pac	917	816	12 %	-3%	15 %	16 %	-1%	10 %
in A ric Lat me a	42 1	384	10 %	-20 %	30 %	23 %	7%	5%
Afr ica	88	103	-15 %	-3%	-12 %	-12 %	0%	1%
To tal	8, 984	9, 135	-2%	-5%	3%	2%	1%	100 %

SALES BY BUSINESS SEGMENT

€ i illio n m ns	Q1 /20 21	Q1 /20 20	Cha nge	Cur ren cy slat ion tran effe cts	Gro wth at c tant ons rate s	Org anic sale s wth gro	Acq uisi tion / s Div esti ture s	% o f to tal s 4 sale
Fre ius M ed ica l C sen are	21 0 4,	48 8 4,	-6%	-7%	1%	1%	0%	% 47
ius bi Fre Ka sen	76 1, 1	1, 789	-2%	-6%	4%	3%	1%	20 %
ius lios Fre He sen	649 2,	46 6 2,	7%	-1%	8%	4%	4%	29 %
Fre ius Va d sen me	47 7	49 9	-4%	0%	-4%	-4%	0%	4%
To tal	8, 984	9, 135	-2%	-5%	3%	2%	1%	100 %

1 For estimated COVID-19 effects in Q1/21 and Q1/20 please see table on page 24.

2 Before special items 3 Net income attributable to shareholders of Fresenius SE&Co. KGaA

4 The following description of sales relates to the respective external sales of the business segments. Consolidation effects and corporate entities are not taken into account.

Therefore, aggregation to total Group sales is not possible.

EARNINGS

Group EBITDA before special items and reported Group EBITDA decreased by 7% (-2% in constant currency) to €1,628 million (Q1/ 20: €1,755 million).

Group EBIT before special items and reported Group EBIT decreased by 11% (-6% in constant currency) to €1,006 million (Q1/20: €1,125 million). The constant currency decrease is primarily due to COVID-19 related headwinds. Both the EBIT margin before special items and the reported EBIT margin were 11.2% (Q1/ 20: 12.3%).

Group net interest before special items improved to -€137 million (Q1/201: -€174 million) mainly due to successful refinancing activities, lower interest rates as well as currency translation effects. Reported Group net interest also improved to -€137 million (Q1/ 20: -€182 million).

reported tax rate were 22.8% (Q1/ 20: 22.6%).

reported noncontrolling interests were -€236 million (Q1/ 20: -€271 million) of which 95% were attributable to the noncontrolling interests in Fresenius Medical Care.

Group net income2 before special items decreased by 6% (-2% in constant currency) to €435 million (Q1/ 201: €465 million). The absolute negative COVID-19 effect was more pronounced in Q1/ 21 compared to the prior-year quarter. Excluding estimated COVID-19 effects3, Group net income2 before special items would have grown 0% to 4% in constant currency (Q1/ 20: 6% to 10%). Reported Group net income2 decreased to €435 million (Q1/20: €459 million).

Earnings per share2 before special items decreased by 6% (-2% in constant currency) to €0.78 (Q1/ 201: €0.83). Reported earnings per share2 were also €0.78 (Q1/ 20: €0.82).

Both the Group tax rate before special items and the

Both Noncontrolling interests before special items and

2 Net income attributable to shareholders of Fresenius SE&Co. KGaA

EARNINGS

€ i illio n m ns	Q1 /20 21	Q1 /20 20
IT1 EB	006 1,	1, 125
2 Ne t in com e	435	45 9
2 Ne t in e ( bef eci al i s) tem com ore sp	435	46 5
2 Ear nin sh in € gs per are	0.7 8	0.8 2
2 Ear nin sh (b efo cia l ite ) in € gs per are re spe ms	0.7 8	0.8 3

INVESTMENTS/ACQUISITIONS BY BUSINESS SEGMENT

€ i illio n m ns	Q1 /20 21	Q1 /20 20	The f reo plan ty, t pro per and uip t eq men	The f reo uisi tion acq s	Gro wth	f to % o tal
Fre ius M ed ica l C sen are	315	34 8	184	131	-9%	59 %
Fre ius Ka bi sen	100	162	99	1	-38 %	19 %
Fre ius He lios sen	93	9 41	76	17	-78 %	17 %
ius Fre Va d sen me	22	26	22	--	-15 %	4%
Co e/O the rat rpo r	3	4	3	--	-25 %	1%
To tal	533	959	384	149	-44 %	100 %

CASH FLOW STATEMENT (Summary)

€ i illio n m ns	Q1 /20 21	Q1 /20 20	Gro wth
Ne t in com e	67 1	730	-8%
De cia tio nd iza tio ort pre n a am n	622	630	-1%
Ch ork ing ital ang e w ca p	-64 1	-48 2	-33 %
Op tin Ca flo sh era g w	652	878	-26 %
Ca ital dit et p ex pen ure , n	-41 1	-57 3	28 %
Ca sh flo bef isit ion nd div ide nd w ore ac qu s a s	24 1	305	-21 %
Ca sh d f uis itio t use or acq ns, ne	-63	-28 7	78 %
Div ide nds id pa	-61	-58	-5%
uis itio ivid Fre ash flo fte d d ds e c w a r a cq ns an en	117	-40	--
Ca sh vid ed by /us ed for fin ing tiv itie pro anc ac s	-12 3	72	--
Eff of cha ch e in sh and sh uiv ale ect tes nts ex nge ra on ang ca ca eq	46	-11	--
e i uiv Ne ha ash d c ash ale t c nts ng n c an eq	40	21	90 %

³ For estimated COVID-19 effects in Q1/21 and Q1/20 please see table on page 24.

RECONCILIATION

Consolidated results for Q1/21 do not include special items. Consolidated results for Q1 / 20 include special items. The special items shown in the reconciliations are shown in the Corporate /Other segment. For a detailed overview of special items please see the reconciliation table on page 24.

INVESTMENTS

Spending on property, plant and equipment was €384 million corresponding to 4% of sales (Q1/ 20: €547 million; 6% of sales). These investments served primarily for the modernization and expansion of dialysis clinics, production facilities as well as hospitals and day clinics.

Total acquisition spending was €149 million (Q1/ 20: €412 million), mainly for the acquisition of dialysis clinics at Fresenius Medical Care.

CASH FLOW

Group operating cash flow decreased to €652 million (Q1/ 20: €878 million) with a margin of 7.3% (Q1/ 20: 9.6%), driven by a seasonal fluctuation in Fresenius Medical Care's invoicing and working capital movements in North America. Free cash flow before acquisitions and dividends decreased to €241 million (Q1/20: €305 million). Free cash flow after acquisitions and dividends increased to €117 million (Q1/ 20: -€40 million).

ASSET AND LIABILITY STRUCTURE

Group total assets increased by 3% (1% in constant currency) to €68,966 million (Dec. 31, 2020: €66,646 million) given currency translation effects and the expansion of business activities. Current assets increased by 6% (4% in constant currency) to €16,693 million (Dec. 31, 2020: €15,772 million), mainly driven by the increase of trade accounts receivables. Non-current assets increased by 3% (0% in constant currency) to €52,273 million (Dec. 31, 2020: €50,874 million).

Total shareholders' equity increased by 6% (3% in constant currency) to €27,514 million (Dec. 31, 2020: €26,023 million). The equity ratio was 39.9% (Dec. 31, 2020: 39.0%).

Group debt increased by 2% (1% in constant currency) to €26,508 million (Dec. 31, 2020: €25,913 million). Group net debt increased by 2% (1% in constant currency) to €24,631 million (Dec. 31, 2020: €24,076 million).

As of March 31, 2021, the net debt/EBITDA ratio increased to 3.52x1,2 (Dec. 31, 2020: 3.44x1,2) driven by COVID-19 effects weighing on EBITDA as well as increased net debt.

1 At LTM average exchange rates for both net debt and EBITDA; pro forma closed acquisitions /divestitures 
2 Before special items

BUSINESS SEGMENTS

FRESENIUS MEDICAL CARE

Fresenius Medical Care is the world's largest provider of products and services for individuals with renal diseases. As of March 31, 2021, Fresenius Medical Care was treating 344,476 patients in 4,110 dialysis clinics. Along with its core business, the Renal Care Continuum, the company focuses on expanding in complementary areas and in the field of critical care.

€ i illio n m ns	Q1 /20 21	Q1 /20 20	Gro wth	Gro wth in c tant ons cur ren cy
Sa les	4, 21 0	4, 48 8	-6%	1%
EB ITD A	862	956	-10 %	-3%
EB IT	474	555	-15 %	-8%
1 t in Ne com e	249	283	-12 %	-6%
Em loy (M 31 /D 31 ) p ees ar. ec.	132 854 ,	133 129 ,	0%

• ► Organic treatment growth impacted by COVID-19 pandemic as expected
• ► Reported revenue and earnings continued to be adversely affected by exchange rate effects
• ► Earnings development supported by phasing and expected lower SG&A expense anticipated to reverse throughout the year
• ► Financial targets for FY 2021 confirmed

Sales of Fresenius Medical Care decreased by 6% (increased by 1% in constant currency) to €4,210 million (Q1/ 20: €4,488 million). Thus, currency translation had a negative effect of 7%. Organic growth was 1%.

EBIT decreased by 15% (-8% in constant currency) to €474 million (Q1/ 20: €555 million) resulting in a margin of 11.3% (Q1/ 20: 12.4%). The decrease was mainly driven by effects from COVID-19 across all regions, higher personnel expenses and a significant negative exchange rate effect. Additionally, EBIT was negatively affected by a positive prior-year effect from the divestiture of cardiovascular clinics and a prior-year partial reversal of a revenue recognition adjustment. These negative effects were partially offset by

an improved payor mix mainly driven by Medicare Advantage and expected lower SG&A expenses, which are anticipated to reverse in the remainder of the year.

Net income1 decreased by 12% (-6% in constant currency) to €249 million (Q1/ 20: €283 million). Besides the above-mentioned operating earnings effects, net income was supported by a 27% decrease of net interest expense to €76 million (Q1/ 20: €104 million).

The first quarter 2020 included negative COVID-19 effects that reversed in Q2 2020, including the compensation received under the CARES Act, and therewith increase the base for the second quarter 2021. These base effects impact the phasing of net income growth in 2021.

Operating cash flow was €208 million (Q1/ 20: €584 million) with a margin of 4.9% (Q1/ 20: 13.0%). The decline was driven by the seasonality in invoicing and periodic delays in payment of public health care organizations.

For FY / 21, Fresenius Medical Care confirms its outlook as outlined on February 23, 2021. The Company expects revenue1 to grow at a low- to mid-single digit percentage range and net income2,3 to decline at a high-teens to midtwenties percentage range against the 2020 base4.

For further information, please see Fresenius Medical Care's press release at www.freseniusmedicalcare.com.

2 Net income attributable to shareholders of Fresenius Medical Care AG&Co. KGaA

3 FY/20 base: €1,359 million, before special items; FY/21: before special items

4 These targets are based on the 2020 results excluding the impairment of goodwill and trade names in the Latin America Segment of €195 million. They are inclusive of anticipated COVID-19 effects, in constant currency and exclude special items. Special items include costs related to FME25 and other effects that are unusual in nature and have not been foreseeable or not foreseeable in size or impact at the time of giving guidance.

FRESENIUS KABI

Fresenius Kabi offers intravenously administered generic drugs, clinical nutrition and infusion therapies for seriously and chronically ill patients in the hospital and outpatient environments. The company is also a leading supplier of medical devices and transfusion technology products. In the biosimilars business, Fresenius Kabi is developing products with a focus on oncology and autoimmune diseases.

€ i illio n m ns	Q1 /20 21	Q1 /20 20	Gro wth	Gro wth in c tant ons cur ren cy
Sa les	76 1		-2%	4%
	1,	1, 789
A1 EB ITD	374	38 8	-4%	2%
IT1 EB	276	289	-4%	2%
1,2 Ne t in com e	190	197	-4%	3%
Em loy (M 31 /D 31 ) p ees ar. ec.	40 910 ,	40 519 ,	1%

• ► North America performance impacted by COVID-19 and temporary manufacturing issues
• ► Solid performance in Europe masked by prior-year COVID-19 related demand spike
• ► Emerging Markets showed strong sales and earnings growth; China with excellent performance given dynamic recovery of elective treatment activity

Sales decreased by 2% (increased by 4% in constant currency) to €1,761 million (Q1/ 20: €1,789 million). Organic growth was 3%. Negative currency translation effects of 6% were mainly related to weakness of the U.S. dollar, the Brazilian real and the Argentinian peso.

Sales in North America decreased by 17% (organic growth: -9%) to €558 million (Q1/ 20: €669 million). The decrease was driven by fewer elective treatments, competitive pressure, missing sales from a customer in Chapter 11 as well as temporary manufacturing issues which outweighed extra demand for COVID-19 related products.

Sales in Europe decreased by 1% (organic growth: -1%) to €626 million (Q1/ 20: €631 million) mainly related to the strong demand for COVID-19 related drugs in the prior year quarter.

Sales in Asia-Pacific increased by 23% (organic growth: 26%) to €392 million (Q1/ 20: €319 million). The growth is mainly due to a dynamic recovery of elective procedures and a meaningful COVID-19 impact lowering the prior year basis in China as well as a growing recovery in other Asian markets.

Sales in Latin America / Africa increased by 9% (organic growth: 28%) to €185 million (Q1/ 20: €170 million) due to ongoing COVID-19 related extra demand.

EBIT¹ decreased by 4% (increased by 2% in constant currency) to €276 million (Q1/ 20: €289 million) with an EBIT margin of 15.7% (Q1/ 20:16.2%). The increase in constant currency was tempered by underutilized production capacities in the United States, competitive pressure coupled with selective supply constraints due to temporary

manufacturing issues and the missing contribution from sales to a customer now in Chapter 11. EBIT was supported by positive COVID-19 effects, lower corporate costs due to travel restrictions and phasing of projects.

Net income1,2 decreased by 4% (increased by 3% in constant currency) to €190 million (Q1/ 201: €197 million).

Operating cash flow increased to €278 million (Q1/ 20: €174 million) with a margin of 15.8% (Q1/ 20: 9.7%) mainly due to working capital improvements driven by cash collections.

For FY/ 21, Fresenius Kabi confirms its outlook and expects organic sales1 growth in a low-to-mid single-digit percentage range. Constant currency EBIT2 is expected to show a stable development up to low single-digit percentage growth. Both sales and EBIT outlook include expected COVID-19 effects.

1 FY/20 base: €6,976 million 2 FY/20 base: €1,095 million, before special items; FY/21: before special items

FRESENIUS HELIOS

Fresenius Helios is Europe's leading private hospital operator. The company comprises Helios Germany and Helios Spain. Helios Germany operates 89 hospitals, ~130 outpatient centers and 6 prevention centers. Helios Spain operates 47 hospitals, 74 outpatient centers and around 300 occupational risk prevention centers. In addition, the company is active in Latin America with 6 hospitals and as a provider of medical diagnostics.

€ i illio n m ns	Q1 /20 21	Q1 /20 20	Gro wth	Gro wth in c tant ons cur ren cy
Sa les	2, 649	2, 46 6	7%	8%
EB ITD A	38 0	38 2	-1%	0%
EB IT	26 8	274	-2%	-1%
1 Ne t in com e	173	176	-2%	-1%
Em loy (M 31 /D 31 ) p ees ar. ec.	116 522 ,	116 952 ,	0%

• ► Helios Spain delivers significant organic sales and earnings growth given recovery of treatment activity
• ► Helios Germany continues to be compensated by government for foregone elective treatments
• ► Growth additionally fueled by contributions from acquisitions in Germany and Latin America

Sales increased by 7% (8% in constant currency) to €2,649 million (Q1 / 20: €2,466 million). Organic growth was 4%. Acquisitions contributed 4% to sales growth.

Sales of Helios Germany increased by 4% (organic growth: 0%) to €1,673 million (Q1/ 20: €1,603 million). COVID-19 effects were mitigated by government compensation in regions with high COVID-19 incidences. The hospital acquisitions from the Order of Malta contributed 4% to sales growth.

Sales of Helios Spain increased by 13% (14% in constant currency) to €976 million (Q1/ 20: €863 million). Organic growth of 11% was driven by a strong recovery of elective procedures, a consistently high level of outpatient treatments and strong demand for occupational risk prevention (ORP) services. In addition, the hospitals in Latin America showed a strong performance. The hospital acquisitions in Colombia contributed 3% to sales growth.

EBIT of Fresenius Helios decreased by 2% (-1% in constant currency) to €268 million (Q1/ 20: €274 million) with an EBIT margin of 10.1% (Q1/ 20: 11.1%).

EBIT of Helios Germany decreased by 9% to €150 million (Q1 / 20: €165 million) with an EBIT margin of 9.0% (Q1/ 20: 10.3%). Government compensation broadly mitigated COVID-19 effects. The decrease was primarily caused by the impact of the carve-out of nursing expenses from the overall DRGs and the positive development of January and February last year.

EBIT of Helios Spain increased by 13% (14% in constant currency) to €126 million (Q1/ 20: €112 million) with an EBIT margin of 12.9% (Q1/ 20: 13.0%). Healthy organic sales growth led to a meaningfully improved coverage of the fixed cost base. The hospital acquisitions in Colombia made an additional contribution.

Net income1 decreased by 2% (-1% in constant currency) to €173 million (Q1/ 20: €176 million).

Operating cash flow increased to €215 million (Q1/ 20: €145 million) with a margin of 8.1% (Q1/ 20: 5.9%), mainly due to working capital improvements driven by cash collections.

For FY/ 21, Fresenius Helios confirms its outlook and expects organic sales2 growth in a low-to-mid single-digit percentage range and constant currency EBIT3 growth in a mid-to-high single-digit percentage range. Both sales and EBIT outlook include expected COVID-19 effects.

¹ Net income attributable to shareholders of Fresenius SE&Co. KGaA

² FY/20 base: €9,818 million

FRESENIUS VAMED

Fresenius Vamed manages projects and provides services for hospitals and other health care facilities worldwide and is a post-acute care provider in Central Europe. The portfolio ranges along the entire value chain: from project development, planning, and turnkey construction, via maintenance and technical management, to total operational management.

€ i illio n m ns	Q1 /20 21	Q1 /20 20	Gro wth	Gro wth in c tant ons cur ren cy
Sa les	47 7	49 9	-4%	-4%
EB ITD A	17	34	-50 %	-50 %
EB IT	-4	14	-12 9%	-12 9%
1 Ne t in com e	-7	7	-20 0%	-20 0%
Em loy (M 31 /D 31 ) p ees ar. ec.	19, 31 0	19, 414	-1%

• ► Continued significant negative COVID-19 impact
• ► Project business marked by COVID-19 related delays, cancellations and global supply chain restraints
• ► Rehabilitation business remains impacted by fewer elective surgeries
• ► Technical high-end service business remains robust

Sales decreased by 4% (-4% in constant currency) to €477 million (Q1/ 20: €499 million). Organic growth was -4%.

Sales in the service business increased by 2% (2% in constant currency) to €363 million (Q1/ 20: €357 million). Sales in the project business decreased by 20% (-20% in constant currency) to €114 million (Q1/ 20: €142 million), driven by postponements and cancellations of projects.

EBIT decreased by 129% (-129% in constant currency) to -€4 million (Q1 / 20: €14 million) with an EBIT margin of -0.8% (Q1/ 20: 2.8%). Large parts of the post-acute care clinic capacities were left partially empty given a generally lower intake of elective surgery patients from acute-care hospitals. Health-authority-induced restrictions or even closures of facilities also had a negative effect. In the project business, project delays and global supply chain restraints triggered incremental expenses.

Net income1 decreased to -€7 million (Q1/ 20: €7 million).

Order intake was €138 million (Q1 / 20: €124 million). As of March 31, 2021, order backlog was at €3,082 million (December 31, 2020: €3,055 million). Order intake continued to be marked by COVID-19 related cancellations and project delays.

² FY/20 base: €2,068 million

³ FY/20 base: €29 million; FY/21 before special items

Operating cash flow decreased to -€44 million (Q1/ 20: -€20 million) with a margin of -9.2% (Q1/20: -4.0%), mainly related to the lower net income contribution.

For FY/ 21, Fresenius Vamed confirms its outlook and expects organic sales1 growth in a mid-to-high single-digit percentage range and EBIT2 to grow to a high double-digit euro million amount. Both sales and EBIT outlook include expected negative COVID-19effects.

EMPLOYEES

As of March 31, 2021, the number of employees was 310,842 (Dec. 31, 2020: 311,269).

NUMBER OF EMPLOYEES

Nu mb of loy er em p ees	Ma rch 31 , 202 1	Dec ber 31, em 202 0	Gro wth
Fre ius M ed ica l C sen are	132 854 ,	133 129 ,	0%
Fre ius Ka bi sen	40 910 ,	40 519 ,	1%
Fre ius He lios sen	116 522 ,	116 952 ,	0%
Fre ius Va d sen me	19, 31 0	19, 414	-1%
Co e/O the rat rpo r	246 1,	1, 255	-1%
To tal	31 0, 842	31 1, 269	0%

CHANGES TO THE MANAGEMENT BOARD

Michael Sen (52) is the new Chief Executive Officer of Fresenius Kabi AG. The Supervisory Board of Fresenius Management SE has unanimously appointed him to the Management Board of Fresenius effective on April 12, 2021. He succeeds Mats Henriksson (53), who is leaving the company due to different views on Fresenius Kabi's future direction.

CHANGES TO THE SUPERVISORY BOARD PROPOSAL TO THE AGM

Dr. Gerd Krick (82) will leave the Supervisory Boards of Fresenius Management SE and the listed Fresenius SE&Co. KGaA when his term ends at the close of the Annual General Meeting in May 2021.

Wolfgang Kirsch (65), a member of the Supervisory Board of Fresenius Management SE since January 1, 2020, is to take over from him as Chairman of both Supervisory Boards.

In recognition and deep appreciation of his long decades of accomplishment and invaluable work on behalf of Fresenius, Dr.Krick shall be named Honorary Chairman of both Supervisory Boards.

Klaus-Peter Müller (76) will be stepping down from the Supervisory Board of Fresenius Management SE at the end of his term in May 2021. At the listed Fresenius SE&Co. KGaA, Klaus-Peter Müller will stand for reelection to the Supervisory Board at the Annual General Meeting in May with the aim of chairing the Audit Committee for a further year.

The Supervisory Board of Fresenius Management SE also unanimously resolved to propose Susanne Zeidler (60), Chief Financial Officer of Deutsche Beteiligungs AG (DBAG) since November 2012, and Dr. Frank Appel (59), Chief Executive Officer of Deutsche Post DHL Group since February 2008,for election to the Supervisory Board of Fresenius Management SE.

RESEARCH AND DEVELOPMENT

Product and process development as well as the improvement of therapies are at the core of our growth strategy. Fresenius focuses its R&D efforts on its core competencies in the following areas:

► Dialysis

• ► Generic IV drugs
• ► Biosimilars
• ► Infusion and nutrition therapies
• ►Medical devices

Apart from new products, we are concentrating on developing optimized or completely new therapies, treatment methods, and services.

RESEARCH AND DEVELOPMENT EXPENSES BY BUSINESS SEGMENT

€ i illio n m ns	Q1 /20 21	Q1 /20 20	Gro wth
Fre ius M ed ica l C sen are	49	46	6%
Fre ius Ka bi sen	137	140	-2%
Fre ius He lios sen	1	--	--
ius Fre Va d sen me	0	0	--
Co e/O the rat rpo r	-1	--	--
To tal	186	186	0%

OPPORTUNITIES AND RISK REPORT

Compared to the presentation in the consolidated financial statements and the management report as of December 31, 2020 applying Section 315e HGB in accordance with IFRS, there has been the following important development in Fresenius' overall opportunities and risk situation until April 30, 2021.

The global COVID-19 pandemic continued to adversely affect our business in the first quarter of 2021. We expect further adverse effects on our business and result of operations for the second quarter of 2021, and also for the second half year of 2021. The further development of the worldwide situation in 2021 remains uncertain and depends on the progress of the vaccination campaigns as well as the spread of further virus variants. This may result in additional adverse effects on our financial results and our ability to achieve our Guidance.

A potential U.S. federal corporate tax increase of up to 7 percentage points as announced by U.S. President Joe Biden may have a negative impact on our net income in the current and in the coming fiscal years due to Fresenius' high proportion of business in the United States.

In the ordinary course of Fresenius Group's operations, the Fresenius Group is subject to litigation, arbitration as well as external and internal investigations relating to various aspects of its business.

The Fresenius Group regularly analyzes current information about such matters for probable losses and provides accruals for such matters, including estimated expenses for legal services, as appropriate.

We report on legal proceedings on pages 47 to 48 in the Notes of this report.

SUBSEQUENT EVENTS

April was characterized worldwide by a regionally varying development of the COVID-19 pandemic with continued high infection numbers as well as an increasing number of virus mutations. Currently, large-scale constraints of public and private life are therefore again enacted in various countries, for example in both Spain and Germany, in order to curtail the spread of COVID-19. The vaccination programs have started worldwide and the development in each country differs. The further development of the global situation and the impact on Fresenius remain uncertain.

Beyond that, there have been no significant changes in the industry environment. Furthermore, there have been no other events with a significant impact on the net assets, financial position and results of operations since the end of the first quarter of 2021.

RATING

Fresenius is covered by the rating agencies Moody's, Standard&Poor's and Fitch.

The following table shows the company rating of Fresenius SE&Co. KGaA:

	Sta nda rd& r's Poo	's Mo ody	Fitc h
Co tin mp any ra g	BB B	Baa 3	BB B -
Ou tlo ok	ble sta	ble sta	ble sta

VIRTUAL ANNUAL GENERAL MEETING

The virtual Annual General Meeting 2021 of Fresenius SE&Co. KGaA will take place on May 21, 2021.

OUTLOOK 2021

COVID-19 ASSUMPTIONS FOR GUIDANCE FY/ 21

Q1/ 21 was characterized by a regionally varying development of the COVID-19 pandemic. Given continued high infection numbers as well as an increasing number of virus mutations, large-scale constraints of public and private life have been re-enacted in various countries. Vaccination programs are progressing worldwide at, however, varying pace.

COVID-19 will continue to impact Fresenius' operations in 2021. Current burdens and constraints caused by COVID-19 are expected to recede only in H2/ 21. The expected improvement in the Group's relevant business environment from H2/21 is heavily dependent on continuously increasing levels of vaccination coverage in Fresenius' relevant markets. These assumptions are subject to considerable uncertainty.

A deterioration of the situation requiring further containment measures in one or more of Fresenius' major markets, although becoming somewhat less likely does remain a risk. Any resulting significant and direct impact on the health care sector without any appropriate compensation is not reflected in the Group's FY/ 21 guidance.

FRESENIUS GROUP

For FY/ 21, Fresenius continues to project sales growth1 in a low-to-mid single-digit percentage range and at least broadly stable net income2,3 year-over-year, both in constant currency. Implicitly, net income2 for the Group excluding Fresenius Medical Care is expected to grow in a mid-tohigh single-digit percentage range in constant currency.

SALES AND EARNINGS BY BUSINESS SEGMENT

In 2021, we expect sales and earnings development in our business segments as shown in the table on page 23.

EFFICIENCY AND COST SAVING MEASURES

To sustainably enhance profitability, Fresenius is preparing group-wide strategic efficiency initiatives. These initiatives are expected to consist of operational excellence and costsaving measures, targeted strengthening of future growth areas and portfolio optimizations. They are targeted to result in cost savings of at least €100 million p.a. after tax and minority interest in 2023 with some further potential to increase thereafter. Achieving these sustainable efficiencies will require significant up-front expenses. On average for the years 2021 to 2023, those expenses are expected to be in the order of magnitude of €100 million p.a. after tax and minority interest. They will be classified as special items.

EXPENSES

For 2021, we do not expect selling, general, and administrative expenses as a percentage of consolidated net sales to change significantly compared to 2020 (2020: 13.7%).

¹ FY/20 base: €36,277 million

² Net income attributable to shareholders of Fresenius SE&Co. KGaA

³ FY/20 base: €1,796 million, before special items; FY/21: before special items

LIQUIDITY AND CAPITAL MANAGEMENT

For 2021, we expect an operating cash flow margin in the range of 10% to 12%, lower than in FY/20 due to expected repayments of prepayments received in FY/20 under the CARES-Act in the United States at Fresenius Medical Care.

In addition, unused credit lines under syndicated or bilateral credit facilities from banks provide us with a sufficient financial cushion.

Financing activities in 2021 are largely geared to refinancing existing financial liabilities maturing in 2021 and 2022. A large part of the 2021 maturities, however, was already pre-financed with the issuance of bonds in 2020.

Fresenius projects net debt/EBITDA1 to be around the top-end of the self-imposed target corridor of 3.0x to 3.5x by the end of FY/ 21.

INVESTMENTS

In 2021, we expect to invest about 6% of sales in property, plant and equipment. About 45% of the capital expenditure planned will be invested at Fresenius Medical Care, about 23% at Fresenius Kabi, and around 26% at Fresenius Helios.

At Fresenius Medical Care, investments will primarily be used for the expansion of production capacity, optimizing production costs, and the establishment of new dialysis clinics.

Fresenius Kabi will primarily invest in expanding and maintaining production facilities, as well as in introducing new manufacturing technologies.

At Fresenius Helios, we will primarily invest in the new buildings, in the modernizing and equipping of existing hospitals, and newly acquired hospitals. With a share of around 65%, Europe is the regional focus of investment in the planning period. Around 26% of the investments are planned for North America and around 9% for Asia, Latin America and Africa. About 35% of total funds will be invested in Germany.

We assume that the return on operating assets (ROOA) will decrease by 50 to 100 basis points compared to the level of 2020 (2020: 7.3%) and the return on invested capital (ROIC) will decrease by 40 to 70 basis points compared to the level of 2020 (2020: 6.5%).

CAPITAL STRUCTURE

For 2021, we do not expect the equity ratio to change significantly compared to 2020 (2020: 39%). Furthermore, we expect debt in relation to total assets to remain around prior year's level (2020: 39%).

22

DIVIDEND

The dividend increases provided by Fresenius in the last 27 years show impressive continuity. Our dividend policy aims to align dividends with earnings per share growth (before special items) and thus broadly maintains a payout ratio of 20% to 25%. Fresenius intends to increase the dividend for 2021.

GROUP FINANCIAL OUTLOOK 2021

	Fisc al y 202 0¹ ear	Tar s 20 21² get	Gui dan ce²
		Low id -to -m
		sin ig it le-d g
Sa les th (in ) sta nt gr ow con cur ren cy	€3 6, 277 m	th tag per cen e g row	firm ed con
		At lea st
3 g Ne t in th (in ) sta nt com e row con cur ren cy	€1 796 m ,	bro ad ly s tab le	firm ed con

1 Before special items, including COVID-19 effects

2 Before special items, including estimated COVID-19 effects

3 Net income attributable to shareholders of Fresenius SE&Co. KGaA

OUTLOOK 2021 BY BUSINESS SEGMENT

	Fisc al y 202 0¹ ear	Tar s 20 21² get	Gui dan ce²
3 Fre ius M ed ica l C sen are
Sa les th (in ) sta nt gr ow con cur ren cy	€1 7, 859 m	Low id -to -m sin le-d ig it g th tag per cen e g row	firm ed con
		Hig h-t s to een mid ies -tw ent
4 g t in (in Ne th ) sta nt com e row con cur ren cy	€1 35 9 m ,	ine e d ecl tag per cen	firm ed con
ius bi Fre Ka sen
		id Low -to -m sin le-d ig it g
Sa les th (or ic) gr ow gan	€6 976 m ,	th tag per cen e g row	firm ed con
		Sta ble low to sin le-d ig it g
EB IT h ( in c ) wt tan t c gro ons urr enc y	€1 095 m ,	th tag per cen e g row	firm ed con
Fre ius He lios sen
Sa les th (or ic) gr ow gan	€9 818 m ,	Low id -to -m sin ig it le-d g th tag per cen e g row	firm ed con
		Mi d-t o-h ig h sin le-d ig it g
EB IT h ( in c ) wt tan t c gro ons urr enc y	€1 025 m ,	th tag per cen e g row	firm ed con
Fre ius Va d sen me
		Mi d-t o-h ig h sin le-d ig it g
Sa les th (or ic) gr ow gan	€2 068 m ,	th tag per cen e g row	firm ed con
EB IT	€2 9 m	Hig h d ble -di it ou g € m illio unt n a mo	firm ed con

1 Before special items, including COVID-19 effects

2 Before special items, including estimated COVID-19 effects

3 These targets are based on the 2020 results excluding the impairment of goodwill and trade names in the Latin America Segment of EUR 195 million. They are inclusive of anticipated COVID-19 effects, in constant currency and exclude special items. Special items include costs related to FME25 and other effects that are unusual in nature and have not been foreseeable or not foreseeable in size or impact at the time of giving guidance

4 Net income attributable to shareholders of Fresenius Medical Care AG&Co. KGaA

RECONCILIATION FRESENIUS GROUP Q1

€ i illio n m ns	Q1 /20 21	Q1 /20 20	Gro wth rat e	Gro wth rat e in c tant ons cur ren
Sa les d rte re	8, 894	9, 135	-2%	cy 3%
po
eci ite EB IT ed (af al ) ort ter rep sp ms	1, 006	1, 125	-11 %	-6%
t in cia l it Ne d ( aft s) ter est rte re po er spe em	-13 7	-18 2	25 %	21 %
Rev alu ati of bi osi mi lars nti rch ice lia bil itie nt ons co nge pu ase pr s	--	8
t in cia l it Ne (b efo s) ter est re spe em	-13 7	-17 4	21 %	17 %
eci ite Inc ed (af al ) e t ort ter om axe s r ep sp ms	-19 8	-21 3	7%	2%
Rev alu ati of bi osi mi lars nti rch ice lia bil itie nt ons co nge pu ase pr s	--	-2
s ( bef eci ite ) Inc al e t om axe ore sp ms	-19 8	-21 5	8%	3%
ing in cia l it No oll d ( aft s) ntr ter est rte nco re po er spe em	-23 6	-27 1	13 %	6%
1 t in eci ite Ne ed (af al ) ort ter com e r ep sp ms	435	45 9	-5%	-1%
Rev alu ati of bi osi mi lars nti rch ice lia bil itie nt ons co nge pu ase pr s	--	6
1 t in e ( eci ite ) Ne bef al com ore sp ms	435	46 5	-6%	-2%

The special items shown within the reconciliation tables are reported in the Group Corporate /Other segment.

ESTIMATED COVID-19 EFFECTS Q1

	Re d G th rte rat po row e in sta nt con cu rre ncy inc lus ive CO VID -19 -ef fec ts		Est im d ate CO im VID -19 t pac in sta nt con cu rre ncy		Est im d g th ate rat row e in sta nt con cu rre ncy lud ing CO VID -19 -ef fec ts exc
€ i illio n m ns	Q1 /20 21	Q1 /20 20	Q1 /20 21	Q1 /20 20	Q1 /20 21	Q1 /20 20
Sa les	3%	7%	-1 -2% to	0 t 1% o -	4 t o 5 %	7 t o 8 %
1 Ne t in e ( bef eci al ite ) com ore sp ms	-2%	1%	-2 -6% to	-9% -5 to	0 t o 4 %	6 t 0% o 1

FRESENIUS SE&CO.KGAA CONSOLIDATED STATEMENT OF INCOME (UNAUDITED)

€ i illio n m ns	Q1 /20 21	Q1 /20 20
Sa les	8, 984	9, 135
Co f sa les st o	-6, 52 6	-6, 47 2
ofi Gr t oss pr	2, 45 8	2, 663
Se llin al a nd ad mi nis tive tra g, ge ner ex pen ses	-1, 266	-1, 352
Res ch and de vel nt ear op me exp ens es	-18 6	-18 6
Op tin inc e ( IT) EB era g om	006 1,	1, 125
Ne t in ter est	-13 7	-18 2
Inc e b efo inc e t om re om axe s	869	943
Inc e ta om xes	-19 8	-21 3
t in Ne com e	67 1	730
No olli int ntr sts nco ng ere	236	27 1
t in ibu niu Ne tab le t ha reh old of Fr s S E& Co .K Ga A ttr com e a o s ers ese	435	45 9
rni in € Ea sha ng s p er re	0.7 8	0.8 2
Fu lly dil d e ing sha in € ute arn s p er re	0.7 8	0.8 2

FRESENIUS SE&CO.KGAA CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED)

€ i illio n m ns	Q1 /20 21	Q1 /20 20
Ne t in com e	67 1	730
Ot nsi inc e ( s) he he los r c om pre ve om
sit ion hic ill sif ied in in e i Po h w be las ub to net nt s w rec com n s seq ue yea rs
For eig nsl ati tra n c urr enc y on	797	50
Ca sh flow he dg es	1	10
FV OC I de bt ins tru nts me	-10	0
Inc siti hic h w ill b ecl ifie d e ta om xes on po ons e r ass w	2	-2
sit ion hic ill ssi fie d i t in e i Po h w be cla ub not nto nt s w re ne com n s seq ue yea rs
Ac ria l ga ins de fin ed ben efit nsi lan tua on pe on p s	91	0
Eq uity eth od inv sha of OC I est m ees re --	-9	0
FV OC I eq uity in tm ent ves s	6	0
Inc siti hic h w ill n be las sifi ed e ta ot om xes on po ons rec w	-28	0
nsi inc Ot he he net r c om pre ve om e,	850	58
To tal reh siv e i co mp en nco me	52 1, 1	788
Co siv e i tri llin int reh bu tab le t at tro sts mp en nco me o n on con g ere	662	287
Co reh siv e i tri bu tab le t at mp en nco me o
of niu s S E& Co Ga sha reh old Fr .K A ers ese	859	50 1

FRESENIUS SE&CO.KGAA CONSOLIDATED STATEMENT OF FINANCIAL POSITION (UNAUDITED)

ASSETS

€ i illio n m ns	Ma rch 31 , 20 21	Dec ber 31, 202 0 em
Cas h a nd h e iva len ts cas qu	877 1,	837 1,
cei Tra de d o the vab les les llow nts acc ou an r re s a anc es , for ted ed it lo ex pec cr sse s	7, 59 6	6, 937
Ac cei vab le f d lo late d p ies nts to art cou re rom an ans re	180	110
Inv ori ent es	4, 092	3, 945
Oth t as set er cur ren s	2, 948	2, 943
I. To tal nt ets cu rre ass	16, 693	15, 772
Pro lan nd uip ty, t a nt per p eq me	12, 065	912 11,
Rig of- ht- set use as s	5, 849	69 5, 1
Go odw ill	27, 523	26, 599
Oth int ible set er ang as s	3, 752	3, 736
Oth ent set er no n-c urr as s	2, 161	2, 124
De fer red ta xes	923	812
II. To tal ent set no n-c urr as s	52 273 ,	50, 874
To tal set as s	68, 966	66, 646

LIABILITIES

€ i illio n m ns	Ma rch 31 , 20 21	Dec ber 31, 202 0 em
Tra de ble nts acc ou pa ya	1, 635	1, 816
Sh ble late d p ies ort -te nts to art rm ac cou pa ya re	84	67
Sh ovi sio lia bil itie and her sh ort -te ot ort -te rm pr ns rm s	7, 803	7, 43 3
Sh de bt ort -te rm	2, 037	245
Sh de bt f late d p ies ort -te art rm rom re	6	5
Cu rtio f lo m d ebt nt ter rre po n o ng-	1, 98 1	1, 132
Cu rtio f lo lea liab ilit ies nt ter rre po n o ng- m se	796	766
Cu rtio f b ond nt rre po n o s	1, 296	1, 522
Sh als fo r in ort -te e ta rm ac cru com xes	30 9	230
lia bil itie A. To tal sh ort -te rm s	15, 947	13, 216
Lon m d ebt les rtio ter ent g- s c urr po n ,	3, 195	022 4,
liab ilit ies rtio Lon lea les ter ent g- m se s c urr po n ,	5, 58 0	5, 42 2
rtio Bo nds les ent s c urr po n ,	11, 141	12, 325
Co rtib le b ond les rtio ent nve s, s c urr po n	6 47	474
Lon vis ion nd oth lon liab ilit ies ter ter g- m pro s a er g- m	1, 789	1, 918
Pen sio n l iab ilit ies	1, 515	1, 582
Lon ual s fo r in ter e ta g- m a ccr com xes	283	274
De fer red ta xes	1, 52 6	1, 39 0
lia bil itie B. To tal lo -te ng rm s	25, 505	27, 40 7
I. To tal lia bil itie s	2 41 45 ,	40 623 ,
ing in A. No oll ntr ter est nco s	9, 707	9, 074
Su rib ita bsc ed l cap	55 7	55 7
Ca ital p re ser ve	3, 992	3, 992
Oth er res erv es	13, 969	13, 535
Ac ula ted her reh ive lo ot cum co mp ens ss	-71 1	-1, 135
' eq B. To tal Fr niu s S E& Co .K Ga A s ha reh old uit ese ers y	807 17,	16, 949
rs' II. To tal sh ho lde uit are eq y	27, 514	26, 023
lia bil itie ' eq uit To tal nd sha reh old s a ers y	68, 966	66, 646

FRESENIUS SE&CO.KGAA CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED)

€ i illio n m ns	Q1 /20 21	Q1 /20 20
Op tin cti vit ies era g a
t in Ne com e	67 1	730
Ad jus nci le n inc ash d tm ent s t et e t o r eco om o c an iva vid tin cti vit ies h e len ed by ts cas qu pro op era g a
De cia tio nd iza tio ort pre n a am n	622	630
Ch e in de fer red ta ang xes	-24	-44
Ga in/ los ale of fix ed d o f in nd div itu ets tm ent est s o n s ass an ves s a res	-8	18
Ch s in nd liab ilit ies of set et nts an ge as s a , n am ou sin uir dis fro bu ed ed of m ess es acq or pos
Tra de d o the cei vab les nts acc ou an r re	-52 7	-50 7
Inv ori ent es	-49	-14 5
Oth nd t a ent set er cur ren no n-c urr as s	-62	-17
Ac cei vab le f /pa ble late d p ies nts to art cou re rom ya re	-40	53
isio liab ilit ies Tra de ble and her sh d lo nts ot ort -te ter acc ou pa ya , p rov ns rm an ng- m	-6	83
fo r in Ac als e ta cru com xes	75	77
Ne ash ide d b ing tiv itie t c rat pr ov y o pe ac s	652	878
ing tiv itie Inv est ac s
Pu rch of lan nd ipm ert t a ent ase pr op y, p equ
and ital ize d d lop nt ts ca p eve me cos	-41 7	-57 6
Pro ds fro ale f p lan nd ipm ert t a ent cee m s s o rop y, p equ	6	3
isit ion inv Ac nd est nts qu s a me
and rch f in ible tan set pu ase s o g as s	-13 5	-29 3
Pro ds fro ale of in nd div itu tm ent est cee m s ves s a res	72	6
in inv ing tiv itie Ne ash ed t c est us ac s	-47 4	-86 0

FRESENIUS SE&CO.KGAA CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED)

€ i illio n m ns	Q1 /20 21	Q1 /20 20
Fin cin cti vit ies an g a
Pro ds fro ho de bt rt-t cee m s erm	865 1,	553
Re of sh de bt nts ort -te pay me rm	-64	-38 7
Pro ds fro lon m d ebt ter cee m g-	46 8	20
Re of lo m d ebt nts ter pay me ng-	-64 5	-30 2
Re of lea liab ilit ies nts pay me se	-22 4	-21 8
Pro ds fro he iss of bon ds m t cee uan ce	0	750
Re of lia bil itie s fr bo nds nts pay me om	535 -1,	0
of rtib Re le b ds nts pay me co nve on	0	-40 0
Pay fo r th har e b bac k p of Fr niu s M ed ica l C nts me e s uy- rog ram ese are	0	-21 6
Pro ds fro he cei vab le f aci lity of Fr niu s M ed ica l C m t nts cee acc ou re ese are	12	27 1
Pro ds fro he rcis f st ock tio m t cee exe e o op ns	1	1
Div ide nds id pa	-61	-58
Ch e in olli int ntr sts et ang no nco ng ere , n	-1	--
in/ vid fin cin cti vit ies Ne ash ed ed by t c us pro an g a	-18 4	14
Eff of cha ch ash d c ash uiv ale ect ate nts ex ng e r an ge s o n c an eq	46	-11
t in in uiv Ne sh d c ash ale nts cre ase ca an eq	40	21
Ca sh d c ash uiv ale th e b inn ing of th ing rio d nts at ort an eq eg e r ep pe	837 1,	654 1,
uiv rtin eri Ca sh d c ash ale th nd of the od nts at an eq e e re po g p	1, 877	1, 675

ADDITIONAL INFORMATION ON PAYMENTS

THAT ARE INCLUDED IN NET CASH PROVIDED BY OPERATING ACTIVITIES

€ i illio n m ns	Q1 /20 21	Q1 /20 20
Rec eiv ed int st ere	20	15
Pai d i nte t res	-14 3	-17 5
Inc id e ta om xes pa	-83	-93

FRESENIUS SE&CO.KGAA CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (UNAUDITED)

		Su bsc rib ed Ca ital p			Res erv es
	Num ber of ord inar y sh are s in t hou d san	Am t oun € in tho nds usa	Am t oun € in mi llion s	Cap ital rese rve € in mi llion s	Oth er rese rves € in mi llion s
As of De be r 3 20 19 1, cem	38 0 55 7,	38 0 55 7,	55 7	3, 989	12, 42 2
fro rcis f st tio Pro ds he ock m t cee exe e o op ns	30	30	--	1
Co ati ela ted ck tio to sto mp ens on exp ens e r op ns				4
Div ide nds id pa					0
Sa le o f n llin int tro sts on con g ere
Sh bu bac k p of Fr niu s M ed ica l C AG &C o.K Ga A are rog ram ese are y-					-10 3
Put tio n l iab ilit ies op					-2
Co reh ive in e ( los s) mp ens com
Ne t in com e					9 45
Oth hen siv e in e ( los s) er com pre com
Ca flow sh he dg es
For eig nsl ati tra n c urr enc y on
Co reh ive in e ( los s) mp ens com					45 9
As of M h 3 202 0 1, arc	0 55 7, 41	0 55 7, 41	55 7	3, 994	12, 776
of As De be r 3 1, 202 0 cem	55 7, 54 1	55 7, 54 1	55 7	3, 992	13, 535
rcis tio Pro ds fro he f st ock m t cee exe e o op ns	1	1	--	--
Co ati ela ted ck tio to sto mp ens on exp ens e r op ns				--
Div ide nds id pa					0
Pu rch of olli int ntr sts ase no nco ng ere
Put tio n l iab ilit ies op					-1
Co reh ive in e ( los s) mp ens com
Ne t in com e					43 5
Oth Co ive reh In e ( Los s) er mp ens com
Ca flow sh he dg es
Ch VO CI uity in f F tm ent ang e o eq ves s
For eig nsl ati tra n c urr enc y on
Ac ria l ga ins de fin ed ben efit nsi lan tua on pe on p s
Fai lue ch r va ang es
Co reh ive in e ( los s) mp ens com					43 5
As of M h 3 1, 202 1 arc	55 7, 542	55 7, 542	55 7	3, 992	13, 969

FRESENIUS SE&CO.KGAA CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (UNAUDITED)

		Ac ula ted her reh ive in e ( los s) ot cum co mp ens com
	For eig n cur ren cy slat ion tran € in mi llion s	Cas h flo w hed ges € in mi llion s	Pen sion s € in mi llion s	Equ ity inve stm ents € in mi llion s	Fair val ue cha nge s € in mi llion s	Tot al Fre ius sen SE& Co. KGa A rs' sha reh olde ity equ € in mi llion s	Non ling trol con inte rest s € in mi llion s	Tot al rs' sha reh olde ity equ € in mi llion s
As of De be r 3 1, 20 19 cem	294	-65	-42 9	10	0	16, 778	9, 802	26, 58 0
Pro ds fro he rcis f st ock tio m t cee exe e o op ns						1	--	1
Co ati ela ted ck tio to sto mp ens on exp ens e r op ns						4	--	4
Div ide nds id pa						0	-58	-58
Sa le o f n llin int tro sts on con g ere						0	-32	-32
Sh bu bac k p of Fr niu s M ed ica l C AG &C o.K Ga A are rog ram ese are y-						-10 3	-21 9	-32 2
Put tio n l iab ilit ies op						-2	-3	-5
Co ive in reh e ( los s) mp ens com
t in Ne com e						45 9	27 1	730
Oth hen siv e in e ( los s) er com pre com
Ca sh flow he dg es		5				5	3	8
For eig nsl ati tra n c urr enc y on	38	-1	-1	1		37	13	50
Co reh ive in e ( los s) mp ens com	38	4	-1	1	0	50 1	287	788
of As M h 3 1, 202 0 arc	332	-61	-43 0	11	0	17, 179	9, 777	26, 956
As of De be r 3 1, 202 0 cem	-70 4	-62	-40 5	9	27	16, 949	9, 074	26, 023
Pro ds fro he rcis f st ock tio m t cee exe e o op ns						--	--	--
Co ati ela ted ck tio to sto mp ens on exp ens e r op ns						--	--	--
Div ide nds id pa						0	-61	-61
Pu rch of oll ing in ntr ter est ase no nco s						0	35	35
Put tio n l iab ilit ies op						-1	-3	-4
Co ive in reh e ( los s) mp ens com
t in Ne com e						43 5	236	67 1
Oth Co reh ive In e ( Los s) er mp ens com
Ca sh flow he dg es		1				1	-2	-1
Ch f F VO CI uity in tm ent ang e o eq ves s				1		1	3	4
For eig nsl ati tra n c urr enc on y	39 1	--	-2	--		38 9	41 0	799
Ac ria l ga ins de fin ed ben efit nsi lan tua on pe on p s			38			38	27	65
Fai lue ch r va ang es					-5	-5	-12	-17
Co reh ive in e ( los s) mp ens com	39 1	1	36	1	-5	859	662	52 1, 1
As of M h 3 1, 202 1 arc	-31 3	-61	-36 9	10	22	17, 807	9, 707	27, 514

FRESENIUS SE&CO.KGAA CONSOLIDATED SEGMENT REPORTING FIRST QUARTER (UNAUDITED)

	ius ica l C Fre M ed sen are			ius bi Fre Ka sen			ius lios Fre He sen		ius Fre Va d sen me		Co rat rpo e		ius Gr Fre sen ou p
ine € i illio by bus nt, ss seg me n m ns	202 1	202 0	Gro wth	202 1	02 202	Gro wth	202 1	202 0	Gro wth	202 1	202 0	Gro wth	202 1	03 202	Gro wth	202 1	202 0	Gro wth
Sa les	21 0 4,	48 8 4,	-6%	76 1, 1	789 1,	-2%	2, 649	2, 46 6	7%	47 7	49 9	-4%	3 -11	-10 7	-6%	8, 984	9, 135	-2%
f co ibu tio the ntr n t reo o
sol ida ted les con sa	4, 199	4, 47 7	-6%	1, 745	1, 775	-2%	2, 643	2, 46 1	7%	39 7	42 1	-6%	0	1	-10 0%	8, 984	9, 135	-2%
the f in ale ter reo com pan y s s	11	11	0%	16	14	14 %	6	5	20 %	80	78	3%	-11 3	-10 8	-5%	0	0
trib uti sol ida ted les to con on con sa	47 %	49 %		20 %	19 %		29 %	27 %		4%	5%		0%	0%		100 %	100 %
EB ITD A	862	956	-10 %	374	38 8	-4%	38 0	38 2	-1%	17	34	-50 %	-5	-5	0%	1, 628	1, 755	-7%
De cia tio nd iza tio ort pre n a am n	38 8	40 1	-3%	98	99	-1%	112	108	4%	21	20	5%	3	2	50 %	622	630	-1%
EB IT	474	555	-15 %	276	289	-4%	26 8	274	-2%	-4	14	-12 9%	-8	-7	-14 %	006 1,	1, 125	-11 %
t in Ne ter est	-76	-10 4	27 %	-17	-23	26 %	-44	-45	2%	-3	-5	40 %	3	-5	160 %	-13 7	-18 2	25 %
Inc e ta om xes	-94	-10 0	7%	-59	-63	6%	-48	-51	6%	1	-2	150 %	2	3	-33 %	-19 8	-21 3	7%
Ne t in ttri but ab le t har eho lde com e a o s rs of Fre ius SE &C o.K Ga A sen	249	283	-12 %	190	197	-4%	173	176	-2%	-7	7	-20 0%	-17 0	-20 4	17 %	435	45 9	-5%
Op tin flo ash era g c w	20 8	584	-64 %	27 8	174	60 %	215	145	48 %	-44	-20	-12 0%	-5	-5	0%	652	878	-26 %
Ca isit ion sh flow be for e a cqu s
and di vid end s	29	304	-91 %	146	-4	--	138	56	146 %	-66	-42	-57 %	-6	-9	33 %	24 1	305	-21 %
1 To tal ets ass	33 159 ,	31, 689	5%	14, 033	13, 59 1	3%	19, 54 8	19, 24 1	2%	2, 746	2, 716	1%	-52 0	-59 1	12 %	68, 966	66, 646	3%
1 De bt	12, 900	12, 38 0	4%	132 4,	181 4,	-1%	48 7, 1	2 7, 47	0%	724	686	6%	27 1, 1	194 1,	6%	26, 50 8	25, 913	2%
1 Oth tin liab ilit ies er op era g	6, 249	6, 192	1%	3, 256	3, 225	1%	2, 745	2, 585	6%	930	933	0%	23 8	385	-38 %	13, 8 41	13, 32 0	1%
Ca ital dit p ex pen ure , g ros s	184	282	-35 %	99	150	-34 %	76	90	-16 %	22	22	0%	3	3	0%	384	54 7	-30 %
Ac isit ion /in tm ent qu s, g ros s ves s	131	66	98 %	1	12	-92 %	17	32 9	-95 %	0	4	-10 0%	0	1	-10 0%	149	41 2	-64 %
Res ch and de vel nt ear op me exp ens es	49	46	6%	137	140	-2%	1	--	--	0	0		-1	--	--	186	186	0%
Em loy p ees
1 ita (pe bal hee t d ) ate r c ap on anc e s	132 854 ,	33, 129 1	0%	40 910 ,	40 519 ,	1%	16, 522 1	16, 952 1	0%	19, 31 0	19, 414	-1%	246 1,	255 1,	-1%	3 10, 842	3 269 11,	0%
fig Key ure s
EB ITD A m in arg	20 .5%	21 .3%		21 .2%	21 .7%		14 .3%	15. 5%		3.6 %	6.8 %					18 .1%	19. 2%
EB IT in ma rg	11 .3%	12. 4%		15 .7%	16. 2%		10 .1%	11. 1%		-0. 8%	2.8 %					11 .2%	12. 3%
De cia tio nd iza tio ort pre n a am n
in of sal % es	9.2 %	8.9 %		5.6 %	5.5 %		4.2 %	4.4 %		4.4 %	4.0 %					6.9 %	6.9 %
Op tin flo w i of ash n % les era g c sa	4.9 %	13. 0%		15 .8%	9.7 %		8.1 %	5.9 %		-9. 2%	-4. 0%					7.3 %	9.6 %
1 RO OA	7.6 %	8.2 %		8.8 %	9.2 %		5.6 %	5.7 %		0.5 %	1.3 %					4 6.9 %	4 7.3 %

1 2020: December 31

2 Before revaluations of biosimilars contingent purchase price liabilities

3 After revaluations of biosimilars contingent purchase price liabilities

4 The underlying pro forma EBIT does not include revaluations of biosimilars contingent purchase price liabilities and impairment of goodwill at FMC Latin America.

The consolidated segment reporting is an integral part of the notes.

TABLES OF CONTENTS NOTES

• -
  -
  -
  • 35 IV. Recent pronouncements, applied 40 12. Debt 53 21. Share-based compensation plans
  • 35 V. Recent pronouncements, not yet applied 44 13. Bonds 54 22. Subsequent events
• 36 2. Acquisitions, divestitures and investments

37 Notes on the consolidated statement of income

• 37 3. Special items
• 37 4. Sales
• 38 5. Research and development expenses
• 38 6. Taxes
• 38 7. Earnings per share

34 General Notes 39 Notes on the consolidated statement of financial position 47 Other notes

• 34 1. Principles 39 8. Trade accounts and other receivables 47 17. Legal and regulatory matters
  -
  • 34 II. Basis of presentation 39 10. Other current and non-current assets 52 19. Information on capital management
    -
    -
    -
    -
    • 45 15. Noncontrolling interests
    • 46 16. Fresenius SE&Co. KGaA shareholders' equity

• 34 I. Group structure 39 9. Inventories 49 18. Financial instruments
  -
• 34 III. Summary of significant accounting policies 40 11. Goodwill 52 20. Notes on the consolidated segment reporting
  -
  -
  • 45 14. Convertible bonds 54 23. Corporate Governance

GENERAL NOTES

1. PRINCIPLES

I. GROUP STRUCTURE

Fresenius is a global health care group with products and services for dialysis, hospitals and outpatient medical care. In addition, the Fresenius Group focuses on hospital operations and also manages projects and provides services for hospitals and other health care facilities worldwide. Besides the activities of the parent company Fresenius SE&Co. KGaA, Bad Homburg v. d. H., Germany, the operating activities are organized amongst the following legally independent business segments as of March 31, 2021:

• ► Fresenius Medical Care
• ► Fresenius Kabi
• ► Fresenius Helios
• ► Fresenius Vamed

The reporting and functional currency of the Fresenius Group is the euro. In order to improve the clarity of presentation, amounts are generally presented in million euros. Amounts less than €1 million, after rounding, are marked with ''--''.

II. BASIS OF PRESENTATION

Fresenius SE&Co.KGaA, as a stock exchange listed company with a domicile in a member state of the European Union (EU), fulfills its obligation to prepare and publish the consolidated financial statements in accordance with the International Financial Reporting Standards (IFRS) as adopted by the EU and applying Section 315e of the German Commercial Code (HGB).

The consolidated interim financial statements and accompanying condensed notes are prepared in accordance with the International Accounting Standard (IAS) 34. The primary financial statements are presented in the format consistent with the consolidated financial statements as of December 31, 2020. The consolidated interim financial statements have been prepared in accordance with the Standards and interpretations in effect on the reporting date, and endorsed in the EU, as issued by the International Accounting Standards Board (IASB) and the IFRS Interpretations Committee (IFRS IC).

The interim financial statements have been prepared in accordance with the same general accounting policies applied in the preparation of the consolidated financial statements as of December 31, 2020.

III. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Principles of consolidation

The condensed consolidated financial statements and management report for the first quarter ended March 31, 2021 have not been audited nor reviewed and should be read in conjunction with the notes included and published in the consolidated financial statements as of December 31, 2020 applying Section 315e HGB in accordance with IFRS as adopted by the EU.

Except for the reported acquisitions (see note 2, Acquisitions, divestitures and investments), there have been no other material changes in the Fresenius Group's consolidation structure.

The consolidated financial statements for the first quarter ended March 31, 2021 include all adjustments that, in the opinion of the Management Board, are of a normal and recurring nature and are necessary to provide a fair presentation of the assets and liabilities, financial position and results of operations of the Fresenius Group.

The results of operations for the first quarter ended March 31, 2021 are not necessarily indicative of the results of operations for the fiscal year 2021.

Classifications

Comparative information for certain items have been reclassified to conform with current year's presentation.

In the business segment Fresenius Medical Care, in the consolidated statement of income, selling, general and administrative expenses related to the amortization of acquired technology and other costs in the amount of €20 million for the first quarter ended March 31, 2020 have been reclassified to cost of sales.

Furthermore, in the business segment Fresenius Medical Care, in the consolidated statement of income, gain related to divestitures of Care Coordination activities in the amount of €24 million for the first quarter ended March 31, 2020, which was previously presented separately, has been included within selling, general and administrative expenses.

Moreover, in the business segment Fresenius Medical Care, in the first quarter of 2020, as a result of further analysis of the contracts related to a multi-currency notional pooling cash management system, cash and cash equivalents and short-term debt associated with this system which were previously presented on a gross basis are presented on a net basis in the consolidated financial statements. In the consolidated statement of cash flows, proceeds from short-term debt and cash and cash equivalents at the end of the reporting period for the three months ended March 31, 2020 decreased by €352 million.

Government grants and impacts of COVID-19 pandemic

In the first quarter of 2021, the Fresenius Group received reimbursement payments and funding from various governments due to the COVID-19 pandemic. They have been accounted for in accordance with terms and regulations set forth in by the local laws and regulations.

The developments of the most significant programs in the first quarter of 2021 which have impacted the Fresenius Group's business are in Germany and the United States as follows:

The hospitals of the Fresenius Group in Germany have also in the first quarter of 2021 received reimbursements and grants under the revised COVID-19 Hospital Relief Act (''Gesetz zum Ausgleich COVID-19 bedingter finanzieller Belastungen der Krankenhäuser und weiterer Gesundheitseinrichtungen''). Since January 1, 2021, the compensation received for reserved beds is based on incidence values and is also linked to the sales in 2019.

In the first quarter of 2021, the German hospitals of the Fresenius Group received total reimbursements and grants of €205 million, of which €196 million were recorded in sales and €9 million as grants in other operating income.

The remaining amount of U.S. government relief funding which Fresenius Medical Care North America received in the United States under the CARES Act (Coronavirus Aid, Relief, and Economic Security Act) recorded in deferred income was US\$17 million (€14 million) and US\$22 million (€18 million) at March 31, 2021 and December 31, 2020, respectively. In 2020, the Fresenius Group also recorded a contract liability for advance payments received under the CMS Accelerated and Advance Payment program within short-term provisions and other short-term liabilities and long-term provisions and other long-term liabilities. Contract liabilities related to the CMS Accelerated and Advance Payment program were US\$1,046 million (€892 million) and US\$1,046 million (€852 million) as of March 31, 2021 and December 31, 2020, respectively. Beginning on April 1, 2021, the Centers for Medicare and Medicaid Services (CMS) began recouping these accelerated and advance payments from Fresenius Medical Care.

In addition to the programs above, the Fresenius Group also received grants and other reimbursements in the first quarter of 2021 under various other programs from multiple governments around the world in the amount of €24 million. In Spain, the agreements made in 2020 with public and private payers were further clarified in the first quarter of 2021.

Use of estimates

The preparation of consolidated financial statements in conformity with IFRS requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

IV. RECENT PRONOUNCEMENTS, APPLIED

The Fresenius Group has prepared its consolidated financial statements at and for the three months ended March 31, 2021 in conformity with IFRS, as adopted by the EU, that must be applied for the interim periods starting on or after January 1, 2021.

For the first quarter of 2021, there were no recently implemented accounting pronouncements that had a material effect on the Fresenius Group's consolidated financial statements.

V. RECENT PRONOUNCEMENTS, NOT YET APPLIED The IASB issued the following new standards relevant for the Fresenius Group's business:

In January 2020, the IASB issued Amendments to IAS 1, Classification of Liabilities as Current and Noncurrent. The amendments clarify under which circumstances debt and other liabilities with an uncertain settlement date should be classified as current or non-current. Among others, the amendments state that liabilities shall be classified depending on rights that exist at the end of the reporting period and define under which conditions liabilities might be settled by cash, other economic resources or equity. On July 15, 2020, the IASB deferred the effective date by one year to provide companies with more time to implement any classification changes resulting from the amendments. The amendments to IAS 1 are now effective for fiscal years beginning on or after January 1, 2023. Earlier adoption is permitted. The Fresenius Group is currently evaluating the impact of the amendments to IAS 1 on the consolidated financial statements.

In May 2017, the IASB issued IFRS 17, Insurance Contracts. IFRS 17 establishes principles for the recognition, measurement, presentation and disclosure related to the issuance of insurance contracts. IFRS 17 replaces IFRS 4, Insurance Contracts, which was brought in as an interim standard in 2004. IFRS 4 permitted the use of national accounting standards for the accounting of insurance contracts under IFRS. As a result of the varied application for insurance contracts, there was a lack of comparability among peer groups. IFRS 17 eliminates this diversity in practice by requiring all insurance contracts to be accounted for using current values. The frequent updates to the insurance values are expected to provide more useful information to users of financial statements. On June 25, 2020, the IASB issued amendments to IFRS 17, which

among others, defer the effective date to fiscal years beginning on or after January 1, 2023. Earlier adoption is permitted for entities that have also adopted IFRS 9, Financial Instruments, and IFRS 15, Revenue from Contracts with Customers. The Fresenius Group is currently evaluating the impact of IFRS 17 on the consolidated financial statements.

The EU Commission's endorsement of the amendments to IAS 1 is still outstanding.

In the Fresenius Group's view, there are no other IFRS standards or interpretations not yet effective that would be expected to have a material impact on the consolidated financial statements.

2. ACQUISITIONS, DIVESTITURES AND INVESTMENTS

The Fresenius Group made acquisitions, investments and purchases of intangible assets of €149 million and €412 million in the first quarter of 2021 and 2020, respectively. Of this amount, €135 million was paid in cash and €14 million was assumed obligations in the first quarter of 2021. There were no individually material transactions which have occurred during the first quarter of 2021.

FRESENIUS MEDICAL CARE

In the first quarter of 2021, Fresenius Medical Care spent €131 million (Q1/ 2020: €66 million) on acquisitions, mainly on the purchase of dialysis clinics.

FRESENIUS KABI

In the first quarter of 2021, Fresenius Kabi spent €1 million (Q1/ 2020: €12 million) on acquisitions, mainly for already planned acquisition related milestone payments relating to the acquisition of the biosimilars business.

FRESENIUS HELIOS

In the first quarter of 2021, Fresenius Helios spent €17 million (Q1/ 2020: €329 million) on acquisitions, mainly for subsequent purchase price payments for the Malteser hospital in Duisburg, Germany.

On April 14, 2021, Fresenius Helios has finalized the acquisition of Luarmia S.L. and NMC Eugin US Corporation (together Eugin Group), one of the leading international fertility groups, from NMC Health. The Eugin Group has been consolidated as of April 1, 2021.

NOTES ON THE CONSOLIDATED STATEMENT OF INCOME

3. SPECIAL ITEMS

Net income attributable to shareholders of Fresenius SE& Co. KGaA for the first quarter of 2021 in the amount of €435 million does not include special items.

Net income attributable to shareholders of Fresenius SE& Co.KGaA for the first quarter of 2020 in the amount of €459 million included special items relating to the revaluation of biosimilars contingent purchase price liabilities.

The special items had the following impact on the consolidated statement of income of the first quarter of 2020:

€ i illio n m ns	EBI T	Inte rest exp ens es	Net inc om e ibut able attr to sha reh olde rs of F nius rese SE& Co. KG aA
rni Ea s Q 1/2 020 ng , bef eci al ite ore sp ms	1, 125	-17 4	46 5
Rev alu ati of bi osi mi lars ons tin ice rch nt con ge pu ase pr liab ilit ies	0	-8	-6
rni s Q Ea 1/2 020 ng ing ord IF RS to acc	1, 125	-18 2	45 9

4. SALES

Sales by activity were as follows:

	Q 1/2 02 1
€ i illio n m ns	Fre ius sen Med ical Ca re	Fre ius sen Kab i	Fre ius sen Hel ios	Fre ius sen Vam ed	Cor ate por	Fre ius sen Gro up
Sa les fro ith ont ts w tom m c rac cus ers	4, 072	1, 744	2, 640	39 6	--	8, 852
the f sa les of rvi reo se ces	3, 233	20	2, 639	294	--	6, 186
the f sa les of od nd rel d s ice uct ate reo pr s a erv s	839	72 1, 1	0	0	0	2, 56 0
f sa fro ctio the les lon du ter ont ts reo m g­ m pro n c rac	0	0	0	102	0	102
ith the f fu rth sal fro ont ts w tom reo er es m c rac cus ers	0	3	1	0	0	4
Oth sal er es	127	1	3	1	0	132
Sa les	4, 199	1, 745	2, 643	39 7	--	8, 984

	Q 1/2 020
€ i illio n m ns	ius Fre sen Med ical Ca re	ius Fre sen Kab i	ius Fre sen Hel ios	ius Fre sen Vam ed	Cor ate por	ius Fre sen Gro up
Sa les fro ith ont ts w tom m c rac cus ers	4, 37 6	1, 774	2, 45 8	42 1	--	9, 029
the f sa les of rvi reo se ces	3, 51 6	24	2, 45 8	29 1	--	6, 289
the f sa les of od nd rel d s ice uct ate reo pr s a erv s	860	1, 743	0	0	0	2, 603
the f sa les fro lon du ctio ter ont ts reo m g­ m pro n c rac	0	0	0	130	0	130
the f fu rth sal fro ith ont ts w tom reo er es m c rac cus ers	0	7	0	0	0	7
Oth sal er es	102	1	3	0	0	106
Sa les	4, 47 8	1, 775	2, 46 1	42 1	--	9, 135

Other sales include sales from insurance and lease contracts.

Fresenius

1st Quarter 2021 Quarterly Financial Report

5. RESEARCH AND DEVELOPMENT EXPENSES

Research and development expenses of €186 million (Q1/2020: €186 million) included expenditures for research and non-capitalizable development costs as well as regular depreciation and amortization expenses relating to capitalized development costs of €5 million (Q1/ 2020: €5 million). The expenses for the further development of the biosimilars business included in the research and development expenses amounted to €34 million in the first quarter of 2021 (Q1 / 2020: €43 million).

6. TAXES

During the first quarter of 2021, there were no material changes relating to accruals for income taxes as well as recognized and accrued payments for interest and penalties. Further information can be found in the consolidated financial statements as of December 31, 2020 applying Section 315e HGB in accordance with IFRS.

7. EARNINGS PER SHARE

The following table shows the earnings per share including and excluding the dilutive effect from stock options issued:

	Q1 /20 21	Q1 /20 20
€ i illi Nu rat me ors n m on s ,
Ne t in ttri but ab le t com e a o
sha reh old of ers
Fre ius SE &C o.K Ga A sen	435	45 9
les ffe ct f di lut ion du e to s e rom
Fre ius M ed ica l C sh sen are are s	--	--
Inc vai lab le t om e a o
all ord ina sha ry res	435	45 9
mi in De mb of sha nat no ors nu er res
We ig hte d­a mb of ver age nu er
ord ina sha nd ing tsta ry res ou	159 55 7, 54 1,	39 6, 954 55 7,
Pot iall dil utiv ent y e
ord ina sha ry res	107 835 ,	45 0, 299
We ig hte d­a mb of ord ina ver age nu er ry
sha nd ing ing di lut ion tsta res ou as sum	648 994 55 7, ,	847 253 55 7, ,
sic rni in € Ba sha ea ng s p er re	0.7 8	0.8 2
Fu lly dil d e ing sha in € ute arn s p er re	0.7 8	0.8 2

NOTES ON THE CONSOLIDATED STATEMENT OF FINANCIAL POSITION

8. TRADE ACCOUNTS AND OTHER RECEIVABLES

As of March 31, 2021 and December 31, 2020, trade accounts and other receivables were as follows:

	Ma rch	31 202 1 ,	De ber 31, 20 20 cem
€ i illio n m ns		dit the reof cre imp aire d		dit the reof cre imp aire d
Tra de d o the cei vab les nts acc ou an r re	8, 009	668	7, 33 8	674
les llow for ted ed it lo s a anc es ex pec cr sse s	413	30 7	40 1	314
cei Tra de d o the ble nts et acc ou an r re va s, n	7, 59 6	36 1	6, 937	36 0

Within trade accounts and other receivables (before allowances) as of March 31, 2021, €7,903 million (December 31, 2020: €7,248 million) relate to revenue from contracts with customers as defined by IFRS 15. This amount includes €412 million (December 31, 2020: €400 million) of allowances for expected credit losses. Further trade accounts and other receivables, net, relate to other sales.

9. INVENTORIES

As of March 31, 2021 and December 31, 2020, inventories consisted of the following:

€ i illio n m ns	Ma r. 3 1, 2 021	Dec . 31 , 20 20
ria Raw ls a nd rch d c ate ts m pu ase om po nen	968	913
in Wo rk pro ces s	403	363
Fin ish ed ds goo	2, 859	2, 796
les s r ese rve s	138	127
Inv ori ent t es, ne	092 4,	3, 945

10. OTHER CURRENT AND NON-CURRENT ASSETS

At equity investments as of March 31, 2021 in the amount of €730 million (December 31, 2020: €764 million) mainly related to the equity method investee of Fresenius Medical Care named Vifor Fresenius Medical Care Renal Pharma Ltd. In the first quarter of 2021, income of €28 million (Q1 / 2020: €20 million) resulting from this equity investment was included in selling, general and administrative expenses in the consolidated statement of income.

11. GOODWILL

The carrying amount of goodwill has developed as follows:

€ i illio n m ns	Fre ius sen Med ical Ca re	Fre ius sen Kab i	Fre ius sen Hel ios	Fre ius sen Vam ed	Cor ate por	Fre ius sen Gro up
ing Ca of Jan 1, 202 0 nt rry am ou as ua ry	14, 017	5, 43 1	7, 98 8	295	6	27, 737
Ad dit ion s	254	0	290	4	0	54 8
Dis als pos	0	--	0	--	0	--
Im irm lo ent pa ss	-19 5	0	0	0	0	-19 5
For eig nsl ati tra n c urr enc on y	-1, 117	-37 3	0	-1	0	-1, 49 1
ing Ca of De be r 3 1, 202 0 nt rry am ou as cem	12, 959	5, 058	8, 27 8	298	6	26, 59 9
Ad dit ion s	152	0	73	0	0	225
For eig nsl ati tra n c urr enc y on	528	171	0	--	0	699
Ca ing of Ma rch 31 202 1 nt rry am ou as ,	639 13,	5, 229	8, 35 1	29 8	6	27, 523

12. DEBT

SHORT-TERM DEBT

As of March 31, 2021 and December 31, 2020, short-term debt consisted of the following:

	Bo ok val ue
€ i illio n m ns	Ma rch 31 , 20 21	Dec ber 31, 202 0 em
Fre ius SE &C KG aA Co ial Pap sen o. mm erc er	30 0	30
Fre ius M ed ica l C AG &C o.K Ga A C rci al Pap sen are om me er	684	20
Oth sho de bt rt­t er erm	053 1,	195
Sh de bt ort -te rm	2, 037	245

LONG-TERM DEBT

As of March 31, 2021 and December 31, 2020, long-term debt net of debt issuance costs consisted of the following:

€ i illio n m ns		Bo ok val ue
	Ma rch 31 , 20 21	Dec ber 31, 202 0 em
Fre ius M ed ica l C Cr ed it A ent sen are gre em	1, 172	1, 162
Fre ius Cr ed it A ent sen gre em	1, 39 9	1, 793
Sch uld sch ein Lo ans	1, 768	1, 793
Ac Re cei vab le F aci lity of Fr niu s M ed ica l C nts cou ese are	13	0
Oth er	824	40 6
Su bto tal	5, 176	5, 154
les rtio ent s c urr po n	1, 98 1	1, 132
rtio Lo de bt, le -te nt ng rm ss cu rre po n	3, 195	4, 022

The accounts receivable facility of Fresenius Medical Care in the amount of €13 million is shown as current portion of long-term debt in the consolidated statement of financial position as of March 31, 2021.

Fresenius Medical Care Credit Agreement

The following tables show the available and outstanding amounts under the Fresenius Medical Care Credit Agreement at March 31, 2021 and at December 31, 2020:

As of March 31, 2021, FMC-AG &Co.KGaA and its subsidiaries were in compliance with all covenants under the Fresenius Medical Care Credit Agreement.

	Ma rch 31 202 1 ,
	Ma xim ilab le nt um am ou ava		din Ba lan tst ce ou an g
		€ in mi llion s		€ in mi llio ns
\$ ing Cr it F aci lity (in US Rev olv ed ) 2 017 /20 22	\$ US illio 900 m n	768	\$ US illi 0 m on	0
Rev olv ing Cr ed it F aci lity (in €) 20 17 /20 22	€6 00 mi llio n	600	illi €0 m on	0
\$ Te Lo (in US ) 2 017 /20 22 rm an	\$ US 1, 080 illio m n	92 1	\$ illi US 1, 080 m on	92 1
Te Lo (in €) 20 17 /20 22 rm an	€2 52 mi llio n	252	mi llio €2 52 n	252
To tal		2, 54 1		1, 173
les s fi cin ost nan g c				1
To tal				1, 172

	De ber 31, 202 0 cem
	Ma xim ilab le nt um am ou ava		Ba lan din tst ce ou an g
		€ in mi llion s		€ in mi llio ns
\$ Rev olv ing Cr ed it F aci lity (in US ) 2 017 /20 22	\$ US 900 illio m n	734	\$ illi US 0 m on	0
Rev olv ing Cr ed it F aci lity (in €) 20 17 /20 22	€6 00 mi llio n	600	€0 illi m on	0
\$ Te Lo (in US ) 2 017 /20 22 rm an	\$ US 1, 110 illio m n	904	\$ US 1, 110 illi m on	904
Te Lo (in €) 20 /20 22 17 rm an	€2 59 mi llio n	259	€2 59 mi llio n	25 9
To tal		2, 49 7		1, 163
les s fi cin ost nan g c				1
To tal				162 1,

Fresenius Credit Agreement

The following tables show the available and outstanding amounts under the Fresenius Credit Agreement at March 31, 2021 and at December 31, 2020:

	Ma rch 31 202 1 ,
	Ma xim ilab le nt um am ou ava		Ba lan tst ce ou	din an g
		€ in mi llion s		€ in mi llio ns
Rev olv ing Cr ed it F aci lity (in €) 20 17 /20 22	€1 100 illio m n ,	1, 100	illi €0 m on	0
\$ Rev olv ing Cr ed it F aci lity (in US ) 2 017 /20 22	\$ US 500 illio m n	42 6	\$ illi US 0 m on	0
Te Lo (in €) 20 17 /20 21 rm an	€7 50 mi llio n	750	mi llio €7 50 n	750
Te Lo (in €) 20 17 /20 22 rm an	€6 50 mi llio n	650	€6 50 mi llio n	650
To tal		2, 926		1, 40 0
les s fi cin ost nan g c				1
To tal				39 9 1,

The U.S. dollar denominated loan was prematurely redeemed at March 29, 2021 and refinanced through bilateral loans with a maturity of up to three years.

The euro denominated loans were prematurely redeemed at April 1, 2021 through the issuance proceeds of bonds (see note 13, Bonds).

The euro denominated loan in the amount of €750 million originally due on September 28, 2021, is shown as current portion of long-term debt in the consolidated statement of financial position as of March 31, 2021.

As of March 31, 2021, the Fresenius Group was in compliance with all covenants under the Fresenius Credit Agreement.

	De ber 31, 202 0 cem
	Ma xim ilab le nt um am ou ava		Ba lan din tst ce ou an g
		€ in mi llion s		€ in mi llio ns
Rev olv ing Cr ed it F aci lity (in €) 20 17 /20 22	€1 100 illio m n ,	1, 100	illi €0 m on	0
\$ Rev olv ing Cr ed it F aci lity (in US ) 2 017 /20 22	\$ US 500 illio m n	40 7	\$ illi US 0 m on	0
Te Lo (in €) 20 17 /20 21 rm an	€7 50 mi llio n	750	€7 50 mi llio n	750
Te Lo (in €) 20 17 /20 22 rm an	€6 75 mi llio n	675	€6 75 mi llio n	675
\$ Te Lo (in US ) 2 017 /20 22 rm an	\$ US illio 45 5 m n	37 1	\$ US illi 45 5 m on	37 1
To tal		3, 303		1, 796
les s fi cin ost nan g c				3
To tal				1, 793

Schuldschein Loans

As of March 31, 2021 and December 31, 2020, Schuldschein Loans of the Fresenius Group net of debt issuance costs consisted of the following:

				Bo ok val ue € i illio n m ns
	Not iona l am t oun	Mat urit y	Inte rest rat e fixe d/ iabl var e	Ma rch 31 , 20 21	Dec . 31 , 20 20
ius SE &C Ga Fre o.K A 2 017 /20 22 sen	mi llio €3 72 n	Jan . 31 202 2 ,	iab 0.9 3% / le var	372	372
ius SE &C Ga Fre o.K A 2 015 /20 22 sen	illio €2 1 m n	ril Ap 7, 202 2	1.6 1%	21	21
Fre ius SE &C o.K Ga A 2 019 /20 23 sen	€3 78 mi llio n	Se t. 2 5, 202 3 p	0.5 5% / iab le var	37 8	37 7
Fre ius SE &C o.K Ga A 2 017 /20 24 sen	€4 21 mi llio n	Jan . 31 202 4 ,	1.4 0% / iab le var	42 0	42 0
Fre ius SE &C o.K Ga A 2 019 /20 26 sen	€2 38 mi llio n	Se t. 2 3, 202 6 p	0.8 5% / iab le var	23 8	238
Fre ius SE &C o.K Ga A 2 017 /20 27 sen	€2 07 mi llio n	Jan . 29 202 7 ,	1.9 6% / iab le var	206	207
Fre ius SE &C o.K Ga A 2 019 /20 29 sen	€8 4 m illio n	Se t. 2 4, 202 9 p	1.1 0%	84	84
Fre ius US Fi II, Inc . 20 16 /20 21 sen nan ce	\$ US 33 mi llio n	Ma rch 10 202 1 ,	2.6 6%	0	27
ius US Fi 16 Fre II, Inc . 20 /20 23 sen nan ce	\$ US mi llio 58 n	Ma rch 10 202 3 ,	iab 3.1 2% / le var	49	47
in Sc hu lds che Loa ns				1, 768	1, 793

CREDIT LINES

In addition to the financial liabilities described before, the Fresenius Group maintains additional credit facilities which have not been utilized, or have only been utilized in part, as of the reporting date. At March 31, 2021, the additional financial cushion resulting from unutilized credit facilities was approximately €4.8 billion. Syndicated credit facilities accounted for €2.9 billion.

As of March 31, 2021, the Schuldschein Loans of Fresenius SE&Co.KGaA in the amount of €372 million due on January 31, 2022, are shown as current portion of long-term debt in the consolidated statement of financial position.

As of March 31, 2021, the Fresenius Group was in compliance with all of its covenants under the Schuldschein Loans.

13. BONDS

As of March 31, 2021 and December 31, 2020, bonds of the Fresenius Group net of debt issuance costs consisted of the following:

				Bo ok val ue € i illio n m ns
	iona Not l am t oun	urit Mat y	Inte rest rat e	Ma rch 31 , 20 21	Dec ber 31, 202 0 em
Fre ius Fi Ire lan d P LC 20 /20 22 17 sen nan ce	€7 00 mi llio n	Jan . 31 202 2 ,	0.8 75 %	699	699
ius Fi LC Fre Ire lan d P 20 17 /20 24 sen nan ce	mi llio €7 00 n	Jan . 30 202 4 ,	1.5 0%	698	698
ius Fi LC Fre Ire lan d P 20 17 /20 27 sen nan ce	mi llio €7 00 n	Feb . 1, 20 27	2.1 25 %	695	694
Fre ius Fi Ire lan d P LC 20 17 /20 32 sen nan ce	€5 00 mi llio n	Jan . 30 203 2 ,	3.0 0%	495	49 5
Fre ius SE &C o.K Ga A 2 014 /20 21 sen	€4 50 mi llio n	Feb . 1, 20 21	3.0 0%	0	45 0
Fre ius SE &C o.K Ga A 2 014 /20 24 sen	€4 50 mi llio n	Feb . 1, 20 24	4.0 0%	44 9	45 0
Fre ius SE &C o.K Ga A 2 019 /20 25 sen	€5 00 mi llio n	Feb . 15 202 5 ,	1.8 75 %	49 6	49 6
Fre ius SE &C o.K Ga A 2 020 /20 26 sen	€5 00 mi llio n	Se 28, 20 26 p.	0.3 75 %	495	49 5
Fre ius SE &C o.K Ga A 2 020 /20 27 sen	€7 50 mi llio n	Oc t. 8 202 7 ,	1.6 25 %	74 1	740
ius SE &C Ga Fre o.K A 2 020 /20 28 sen	mi llio €7 50 n	Jan . 15 202 8 ,	0.7 50 %	744	744
ius SE &C Ga Fre o.K A 2 019 /20 29 sen	mi llio €5 00 n	Feb . 15 202 9 ,	2.8 75 %	495	49 5
Fre ius SE &C o.K Ga A 2 020 /20 33 sen	€5 00 mi llio n	Jan . 28 203 3 ,	1.1 25 %	49 7	49 7
Fre ius US Fi II, Inc . 20 14 /20 21 sen nan ce	\$ US 30 0 m illio n	Feb . 1, 20 21	4.2 5%	0	244
Fre ius US Fi II, Inc . 20 15 /20 23 sen nan ce	\$ US 30 0 m illio n	Jan . 15 202 3 ,	4.5 0%	255	243
FM C F ina VI I S .A. 20 11 /20 21 nce	€3 00 mi llio n	Feb . 15 202 1 ,	5.2 5%	0	299
Fre ius M ed ica l C AG &C o.K Ga A 2 019 /20 23 sen are	€6 50 mi llio n	No v. 2 9, 202 3	0.2 5%	648	648
Fre ius M ed ica l C AG &C o.K Ga A 2 018 /20 25 sen are	€5 00 mi llio n	Jul 11, 20 25 y	1.5 0%	49 7	49 7
Fre ius M ed ica l C AG &C o.K Ga A 2 020 /20 26 sen are	€5 00 mi llio n	Ma 29, 20 26 y	1.0 0%	49 6	49 6
ius ica l C AG &C Ga 26 Fre M ed o.K A 2 019 /20 sen are	€6 mi llio 00 n	6 No v. 3 0, 202	0.6 25 %	594	594
ius ica l C AG &C Ga Fre M ed o.K A 2 019 /20 29 sen are	mi llio €5 00 n	No v. 2 9, 202 9	1.2 5%	49 7	49 7
Fre ius M ed ica l C AG &C o.K Ga A 2 020 /20 30 sen are	€7 50 mi llio n	Ma 29, 20 30 y	1.5 0%	745	745
Fre ius M ed ica l C US Fi In c. 2 01 1/2 02 1 sen are nan ce,	\$ US 650 illio m n	Feb . 15 202 1 ,	5.7 5%	0	529
Fre ius M ed ica l C US Fi II, Inc . 20 12 /20 22 sen are nan ce	\$ US 700 illio m n	Jan . 31 202 2 ,	5.8 75 %	59 7	57 0
Fre ius M ed ica l C US Fi II, Inc . 20 14 /20 24 sen are nan ce	\$ US 40 0 m illio n	Oc t. 1 5, 202 4	4.7 5%	34 0	325
Fre ius M ed ica l C US Fi III, In c. 2 019 /20 29 sen are nan ce	\$ US 500 illio m n	Jun e 1 5, 202 9	3.7 5%	41 9	40 0
Fre ius M ed ica l C US Fi III, In c. 2 020 /20 31 sen are nan ce	\$ US 1, 000 illio m n	Feb . 16 203 1 ,	2.3 75 %	845	807
Bo nd s				12, 43 7	13, 847

On April 1, 2021, Fresenius Finance Ireland PLC placed bonds with an aggregate volume of €1,500 million. The bonds consist of three tranches with maturities of four and a half, seven and a half and ten and a half years.

As of March 31, 2021, the Fresenius Group was in compliance with all of its covenants under the bonds.

14. CONVERTIBLE BONDS

As of March 31, 2021 and December 31, 2020, the convertible bonds of the Fresenius Group net of debt issuance costs consisted of the following:

					Bo ok € i n m	val ue illio ns
	Not iona l am t oun	Mat urit y	Cou pon	Cur t ren ion pric con vers e	Ma rch 31 , 20 21	Dec ber 31, 202 0 em
Fre ius SE &C o.K Ga A 2 017 /20 24 sen	€5 00 mi llio n	Jan . 31 202 4 ,	0.0 00 %	€1 05 .87 91	47 6	474
Co rtib le b ds nve on					6 47	474

The fair value of the derivative embedded in the convertible bonds of Fresenius SE&Co.KGaA was €571 thousand at March 31, 2021. Fresenius SE&Co.KGaA purchased stock options (call options) with a corresponding fair value to hedge future fair value fluctuations of this derivative.

Potential conversions are always cash-settled. Any increase of Fresenius' share price above the conversion price would be offset by a corresponding value increase of the call options.

15. NONCONTROLLING INTERESTS

As of March 31, 2021 and December 31, 2020, noncontrolling interests in the Fresenius Group were as follows:

€ i illio n m ns	Ma r. 3 1, 2 021	Dec . 31 , 20 20
olli int in No ntr sts nco ng ere
Fre ius M ed ica l C AG &C o.K Ga A sen are	8, 132	7, 600
No olli int ntr sts nco ng ere
in V tie haf AM ED Ak sel lsc t nge	90	91
No olli int ntr sts nco ng ere
in t he bus ine nts ss seg me
Fre ius M ed ica l C sen are	1, 202	1, 116
Fre ius Ka bi sen	143	129
Fre ius He lios sen	125	122
ius Fre Va d sen me	15	16
To tal oll ing in ntr ter est no nco s	9, 707	9, 074

Noncontrolling interests changed as follows:

€ i illio n m ns	Q1 /20 21
No oll ing in f D mb 31, 20 20 ntr ter est nco s a s o ece er	9, 074
No olli int in ofit ntr sts nco ng ere pr	236
of ing in Pu rch oll ntr ter est ase no nco s	35
Sto ck tio op ns	--
Div ide nd nts pay me	-61
Cu ef fec nd oth cha ts a rre ncy er nge s	42 3
No oll ing in f M h 3 202 1, 1 ntr ter est nco s a s o arc	9, 707

Fresenius

1st Quarter 2021 Quarterly Financial Report

16. FRESENIUS SE&CO.KGAA SHAREHOLDERS' EQUITY

SUBSCRIBED CAPITAL

As of January 1, 2021, the subscribed capital of Fresenius SE&Co.KGaA consisted of 557,540,909 bearer ordinary shares.

During the first quarter of 2021, 750 stock options were exercised. Consequently, as of March 31, 2021, the subscribed capital of Fresenius SE&Co.KGaA consisted of 557,541,659 bearer ordinary shares. The shares are issued as non-par value shares. The proportionate amount of the subscribed capital is €1.00 per share.

CONDITIONAL CAPITAL

In order to fulfill the subscription rights under the current stock option plan 2013 of Fresenius SE&Co.KGaA, Conditional Capital IV exists (see note 21, Share-based compensation plans). Another Conditional Capital III exists for the authorization to issue option bearer bonds and / or convertible bonds.

The following table shows the development of the Conditional Capital:

in €	Ord ina ry sha res
Co nd itio nal Ca ital I F ius AG p res en
Sto ck Op tio n P lan 20 03 (ex ire d) p	4, 735 083 ,
Co nd itio nal Ca ital II Fre ius SE p sen
Sto ck Op tio n P lan 20 08 (ex ire d) p	3, 45 2, 937
Co nd itio nal Ca ital III tio n b bo nds p op ear er
and /or rtib le b ds co nve on	48 97 1, 202 ,
Co nd itio nal Ca ital IV Fr niu s S E& Co .KG aA p ese
Sto ck Op tio n P lan 20 13	23, 786 09 1 ,
To tal Co nd itio l C ita l as of Ja 202 1, 1 na ap nu ary	80, 945 313 ,
ius SE &C Ga Fre o.K A sen
Sto ck Op tio n P lan 20 13 tio rcis ed -- o p ns exe	-75 0
To tal Co nd itio l C ita l as of M h 3 202 1, 1 na ap arc	80, 944 563 ,

As of March 31, 2021, the Conditional Capital was

composed as follows:

in €	Ord ina ry sha res
Co itio Ca ital ius AG nd nal I F p res en Sto ck Op tio n P lan 20 03 (ex ire d) p	4, 735 083 ,
Co nd itio nal Ca ital II Fre ius SE p sen Sto Op tio ire ck n P lan 20 08 (ex d) p	3, 45 2, 937
Co itio Ca ital tio nd nal III n b bo nds p op ear er and /or rtib le b ds co nve on	48 97 1, 202 ,
Co nd itio nal Ca ital IV Fr niu s S E& Co .KG aA p ese Sto Op tio ck n P lan 20 13	23, 785 34 1 ,
To tal Co nd itio l C ita l as of M h 3 1, 202 1 na ap arc	80, 944 563 ,

DIVIDENDS

Under the German Stock Corporation Act (AktG), the amount of dividends available for distribution to shareholders is based upon the unconsolidated retained earnings of Fresenius SE&Co.KGaA as reported in its statement of financial position determined in accordance with the German Commercial Code (HGB).

The general partner and the Supervisory Board of Fresenius SE&Co.KGaA will propose a dividend of €0.88 per bearer ordinary share to the virtual Annual General Meeting taking place on May 21, 2021, i.e. a total dividend payment of €491 million.

OTHER NOTES

17. LEGAL AND REGULATORY MATTERS

The Fresenius Group is routinely involved in claims, lawsuits, regulatory and tax audits, investigations and other legal matters arising, for the most part, in the ordinary course of its business of providing health care services and products. Legal matters that the Fresenius Group currently deems to be material or noteworthy are described below. The Fresenius Group records its litigation reserves for certain legal proceedings and regulatory matters to the extent that the Fresenius Group determines an unfavorable outcome is probable and the amount of loss can be reasonably estimated. For the other matters described below, the Fresenius Group believes that the loss probability is remote and/ or the loss or range of possible losses cannot be reasonably estimated at this time. The outcome of litigation and other legal matters is always difficult to predict accurately and outcomes that are not consistent with Fresenius Group's view of the merits can occur. The Fresenius Group believes that it has valid defenses to the legal matters pending against it and is defending itself vigorously. Nevertheless, it is possible that the resolution of one or more of the legal matters currently pending or threatened could have a material adverse effect on its business, results of operations and financial condition.

Further information regarding legal disputes, court proceedings and investigations can be found in detail in the consolidated financial statements as of December 31, 2020 applying Section 315e HGB in accordance with IFRS. In the following, only changes as far as content or wording are concerned during the first quarter ended March 31, 2021 compared to the information provided in the consolidated financial statements are described. These changes should be read in conjunction with the overall information in the consolidated financial statements as of December 31, 2020 applying Section 315e HGB in accordance with IFRS; defined terms or abbreviations having the same meaning as in the consolidated financial statements as of December 31, 2020 applying Section 315e HGB in accordance with IFRS.

INTERNAL REVIEW/FCPA COMPLIANCE

FMC-AG &Co.KGaA has agreed to respond and defend if the case is not dismissed on FMCH's motion.

PRODUCT LIABILITY LITIGATION

Discovery in the litigation is complete.

SUBPOENAS "COLORADO AND NEW YORK''

The court unsealed the complaint, allowing the relator to proceed on its own. On January 27, 2021, the Magistrate Judge recommended dismissal of the complaint with prejudice and without leave to amend. The relator is appealing the Magistrate Judge's recommendation.

VIFOR PATENT INFRINGEMENT FRESENIUS MEDICAL CARE (DELAWARE)

In relation to the remaining pending cases and the defendant Teva, trial took place for the first complaint (Case No. 1:18-cv-00390-MN) between January 19 and 22, 2021, and trial is scheduled for the second complaint (Case No. 1:20-cv-00697-MN) for June 2022.

SUBPOENA NORTHERN DISTRICT OF TEXAS (DALLAS)

On March 25, 2021, FMCH received a grand jury subpoena issued from the United States District Court for the Northern District of Texas (Dallas). The subpoena seeks documents comprising communications between employees of FMCH and DaVita and partially overlaps in content the 2018 Denver subpoena. The Dallas subpoena is part of a separate investigation by the Anti-Trust Division of the Department of Justice into possible employee ''no poaching'' and similar

agreements to refrain from competition and is related to the indictment in United States v. Surgical Care Affiliates, 3:2021-Cr-0011 (N.D. Tex.). The unnamed co-conspirators described in the Surgical Care Affiliates indictment do not include FMCH, FMC-AG &Co.KGaA, or any of their employees. FMCH is cooperating in the investigation.

SUBPOENA ''NEVADA''

The final agreement has received court sentencing and was implemented accordingly.

PATENT DISPUTE FRESENIUS KABI FRANCE

In March 2021, Fresenius Kabi and Eli Lilly have entered into a pan-European settlement pursuant to which, among other provisions, Fresenius Kabi undertakes to make a payment of US\$68.5 million to Lilly less the amount of €28 million already paid during the proceedings in France. In parallel, all court proceedings pending in Europe in relation to the patent in dispute are discontinued by the parties, including the proceedings in France.

18. FINANCIAL INSTRUMENTS

VALUATION OF FINANCIAL INSTRUMENTS

Carrying amounts of financial instruments

As of March 31, 2021 and December 31, 2020, the carrying amounts of financial instruments by item of the statement of financial position and structured according to categories were as follows:

	Ma rch 31 202 1 ,
					Re lati to cat ng no ego ry
€ i illio n m ns	Car ryin t g am oun	Am orti zed t cos	Fair val hro ugh ue t pro 1 fit a nd loss	Fair val hro ugh ue t oth er hen sive com pre me2 inco	Der ivat ives des igna ted ash flo as c w gin hed g inst ents rum at f air valu e	Put ion opt liab ilitie s ed mea sur at f air valu e	Val ion uat ord ing to acc IFR S 1 6 for ing leas ivab les and rece liab ilitie s
Fin cia l as set an s
Cas h a nd h e iva len ts cas qu	1, 877	1, 43 8	43 9
Tra de d o the cei vab les les llow for ted edi t lo nts acc ou an r re s a anc es ex pec cr sse s ,	7, 59 6	7, 46 5	15	43			73
Ac cei vab le f d lo late d p ies nts to art cou re rom an ans re	180	180
3 Oth fin ial ets er anc ass	2, 055	1, 152	31 6	45 6	9		122
Fin cia l as set an s	11, 708	10, 235	770	49 9	9	0	195
Fin cia l li ilit ies ab an
Tra de ble nts acc ou pa ya	1, 635	1, 635
Sh ble late d p ies ort -te nts to art rm ac cou pa ya re	84	84
Sh de bt ort -te rm	2, 037	2, 037
Sh de bt f late d p ies ort -te art rm rom re	6	6
Lon m d ebt ter g-	176 5,	176 5,
liab ilit ies Lon lea ter g- m se	6, 6 37						6, 6 37
Bo nds	12, 43 7	12, 43 7
Co rtib le b ond nve s	47 6	47 6
4 Oth fin ial liab ilit ies er anc	5, 106	3, 534	603		26	943
Fin cia l li ilit ies ab an	33 333 ,	25, 385	603	0	26	943	6, 6 37

1 All included financial assets and liabilities are mandatorily measured at fair value through profit and loss according to IFRS 9.

2 The option to measure equity instruments at fair value through other comprehensive income has been exercised. The option has been used for €169 million other investments (included in other financial assets).

3 Other financial assets are included in the item other current and non-current assets in the consolidated statement of financial position.

4 Other financial liabilities are included in the items short-term provisions and other short-term liabilities and long-term provisions and other long-term liabilities in the consolidated statement of financial position.

	De ber 31 202 0 cem ,
					Re lati to cat ng no ego ry
€ i illio n m ns	Car ryin t g am oun	Am orti zed t cos	Fair val hro ugh ue t pro 1 fit a nd loss	Fair val hro ugh ue t oth er hen sive com pre me2 inco	ivat ives Der des igna ted ash flo as c w gin hed g inst ents rum at f air valu e	Put ion opt liab ilitie s ed mea sur at f air valu e	ion Val uat ord ing to acc IFR S 1 6 for ing leas ivab les and rece liab ilitie s
Fin cia l as set an s
Cas h a nd h e iva len ts cas qu	1, 837	1, 27 1	56 6
Tra de d o the cei vab les les llow for ted edi t lo nts acc ou an r re s a anc es ex pec cr sse s ,	6, 937	6, 783	45	34			75
Ac cei vab le f d lo late d p ies nts to art cou re rom an ans re	110	110
3 Oth fin ial ets er anc ass	2, 111	190 1,	35 7	44 7	8		109
Fin cia l as set an s	10, 995	9, 354	968	48 1	8	0	184
Fin cia l li ab ilit ies an
Tra de ble nts acc ou pa ya	1, 816	1, 816
Sh ble late d p ies ort -te nts to art rm ac cou pa ya re	67	67
Sh de bt ort -te rm	245	245
Sh de bt f late d p ies ort -te art rm rom re	5	5
Lon m d ebt ter g-	5, 154	5, 154
Lon lea liab ilit ies ter g- m se	6, 188						6, 188
Bo nds	13, 847	13, 847
Co rtib le b ond nve s	474	474
4 Oth fin ial liab ilit ies er anc	5, 079	3, 509	654		15	90 1
Fin cia l li ilit ies ab an	32 875 ,	25, 117	654	0	15	90 1	6, 188

1 All included financial assets and liabilities are mandatorily measured at fair value through profit and loss according to IFRS 9.

2 The option to measure equity instruments at fair value through other comprehensive income has been exercised. The option has been used for €149 million other investments (included in other financial assets).

3 Other financial assets are included in the item other current and non-current assets in the consolidated statement of financial position.

4 Other financial liabilities are included in the items short-term provisions and other short-term liabilities and long-term provisions and other long-term liabilities in the consolidated statement of financial position.

Fair value of financial instruments

The following table shows the carrying amounts and the fair value hierarchy levels as of March 31, 2021 and December 31, 2020:

	Ma rch 31 202 1 ,				De ber 31, 202 0 cem
€ i illio n m ns		Fai alu r v e				Fai lue r va
	Car ryin g am t oun	Lev el 1	Lev el 2	Lev el 3	Car ryin g amo unt	Lev el 1	Lev el 2	Lev el 3
Fin cia l as set an s
1 Cas h a nd h e iva len ts cas qu	43 9	43 9			56 6	56 6
1 Tra de d o the cei vab les les llow for ted edi t lo nts acc ou an r re s a anc es ex pec cr sse s ,	58		58		79		79
1 Oth fin ial ets er anc ass
ins De bt tru nts me	6 35	35 1	5		40 1	6 39	5
uity in Eq tm ent ves s	395	19	175	20 1	393	12	162	219
De riva tive s d esi d a ash flo w h edg ing in ate str ent gn s c um s	9		9		8		8
De riva tive des ign d a s h edg ing in ot ate str ent s n um s	21		21		10		10
Fin cia l li ab ilit ies an
Lon m d ebt ter g-	5, 176		5, 212		5, 154		5, 210
Bo nds	12, 43 7	13, 183			13, 847	847 14,
Co rtib le b ond nve s	6 47	49 6			474	49 0
1 Oth fin ial liab ilit ies er anc
tio iab ilit ies Put n l op	943			943	90 1			90 1
tin din isit ion Ac ed for t p ent uts tan cru con gen aym s o g ac qu s	57 8			57 8	58 1			58 1
De riva tive s d esi d a ash flo w h edg ing in ate str ent gn s c um s	26		26		15		15
De riva tive des ign d a s h edg ing in ot ate str ent s n um s	25		25		73		73

1 Fair value information is not provided for financial instruments, if the carrying amount is a reasonable estimate of the fair value due to the relatively short period of maturity of these instruments.

Explanations regarding the significant methods and assumptions used to estimate the fair values of financial instruments and classification of fair value measurements according

to the three-tier fair value hierarchy as well as explanations with regard to existing and expected risks from financial instruments and hedging can be found in the consolidated

financial statements as of December 31, 2020 applying Section 315e HGB in accordance with IFRS.

The following table shows the changes of the fair values of financial instruments classified as level 3 in the first quarter of 2021:

€ i illio n m ns	ity i Equ stm ents nve	Acc d co ntin t rue gen and ing ts o utst pay men for uisi tion acq s	ion liab iliti Put opt es
As of Ja 202 1, 1 nu ary	219	58 1	90 1
dit ion Ad s	0	5	30
Dis als pos	0	-3	-9
Ga in/ los ize d i rof it o r lo s r eco gn n p ss	-26	-4	--
Ga in/ los ize d i ity s r eco gn n e qu	0	0	-18
Cu ef fec nd oth cha ts a rre ncy er nge s	8	-1	39
of As M h 3 1, 202 1 arc	20 1	57 8	943

19. INFORMATION ON CAPITAL MANAGEMENT

The Fresenius Group has a solid financial profile. As of March 31, 2021, the equity ratio was 39.9% and the debt ratio (debt/total assets) was 38.4%. As of March 31, 2021, the leverage ratio (before special items) on the basis of net debt/EBITDA was 3.5.

The aims of the capital management and further information can be found in the consolidated financial statements as of December 31, 2020 applying Section 315e HGB in accordance with IFRS.

The Fresenius Group is covered by the rating agencies Moody's, Standard&Poor's and Fitch.

The following table shows the company rating of Fresenius SE&Co.KGaA:

	Ma r. 3 1, 2 021	Dec . 31 , 20 20
r's Sta nda rd& Poo
Co e C red it R ati rat rpo ng	BB B	BB B
Ou tlo ok	ble sta	ble sta
's Mo ody
Co e C red it R ati rat rpo ng	Ba a3	Baa 3
Ou tlo ok	ble sta	ble sta
Fit ch
Co e C it R ati red rat rpo ng	BB B-	BB B
Ou tlo ok	ble sta	ble sta

20. NOTES ON THE CONSOLIDATED SEGMENT REPORTING

GENERAL

The consolidated segment reporting table shown on page 32 of this interim report is an integral part of the notes.

The Fresenius Group has identified the business segments Fresenius Medical Care, Fresenius Kabi, Fresenius Helios and Fresenius Vamed, which corresponds to the internal organizational and reporting structures (Management Approach) at March 31, 2021.

The business segments were identified in accordance with IFRS 8, Operating Segments, which defines the segment reporting requirements in the annual financial statements and interim reports with regard to the operating business, product and service businesses and regions. Further explanations with regard to the business segments can be found in the consolidated financial statements as of December 31, 2020 applying Section 315e HGB in accordance with IFRS.

NOTES ON THE BUSINESS SEGMENTS

Explanations regarding the notes on the business segments can be found in the consolidated financial statements as of December 31, 2020 applying Section 315e HGB in accordance with IFRS.

RECONCILIATION OF KEY FIGURES TO

CONSOLIDATED EARNINGS

€ i illio n m ns	Q1 /20 21	Q1 /20 20
To tal EB IT of ing ort ent rep se gm s	1, 014	1, 132
Ge al c te ner orp ora exp ens es
Co e/O the r (E BIT ) rat rpo	-8	-7
Gr EB IT ou p	1, 006	1, 125
Ne t in ter est	-13 7	-18 2
inc Inc e b efo e t om re om axe s	869	943

RECONCILIATION OF NET DEBT WITH THE CONSOLIDATED

STATEMENT OF FINANCIAL POSITION

€ i illio n m ns	Ma r. 3 1, 2 021	Dec . 31 , 20 20
Sh de bt ort -te rm	2, 037	245
Sh de bt f late d p ies ort -te art rm rom re	6	5
Cu rtio f lo m d ebt nt ter rre po n o ng-	98 1, 1	132 1,
Cu rtio f lo lea nt ter rre po n o ng- m se liab ilit ies	796	766
Cu rtio f b ond nt rre po n o s	1, 296	1, 522
Lon m d ebt les rtio ter ent g- s c urr po n ,	3, 195	4, 022
Lon lea liab ilit ies les ter g- m se s , ion t p ort cur ren rtio Bo nds les ent s c urr po n	5, 58 0 11, 141	5, 42 2 12, 325
, Co rtib le b ond les rtio ent nve s, s c urr po n	47 6	474
De bt	26, 50 8	25, 913
les ash d c ash uiv ale nts s c an eq	1, 877	1, 837
Ne t d ebt	63 24, 1	076 24,

21. SHARE-BASED COMPENSATION PLANS

SHARE-BASED COMPENSATION PLANS OF FRESENIUS SE &CO. KGAA

As of March 31, 2021, Fresenius SE&Co.KGaA had two share-based compensation plans in place: the Fresenius SE&Co.KGaA Long Term Incentive Program 2013 (2013 LTIP) which is based on stock options and phantom stocks and the Long Term Incentive Plan 2018 (LTIP 2018) which is solely based on performance shares. Currently, solely LTIP 2018 can be used to grant performance shares.

Transactions during the first quarter of 2021

During the first quarter of 2021, Fresenius SE&Co.KGaA received cash of €24 thousand from the exercise of 750 stock options.

Of the 6,079,524 outstanding stock options issued under the 2013 LTIP 5,596,179 were exercisable at March 31, 2021. The members of the Fresenius Management SE Management Board held 693,281 stock options. 39,653 phantom stocks issued under the 2013 LTIP were outstanding at March 31, 2021. The members of the Fresenius Management SE Management Board held 5,059 phantom stocks. At March 31, 2021, the Management Board members of Fresenius Management SE held 388,434 performance shares and employees of Fresenius SE&Co.KGaA held 1,689,540 performance shares under the LTIP 2018.

On March 31, 2021, total unrecognized compensation cost related to non-vested options granted under the 2013 LTIP was €0.6 million. This cost is expected to be recognized over a weighted-average period of 0.3 years.

SHARE-BASED COMPENSATION PLANS OF FRESENIUS MEDICAL CARE AG&CO.KGAA

On March 1, 2021 the members of the Management Board of Fresenius Medical Care Management AG were granted 192,201 performance shares with a total fair value of €10 million under the Fresenius Medical Care Management Board Long Term Incentive Plan 2020. This amount will be amortized over the three-year vesting period. The weighted-average fair value per performance share at the grant date was €54.36.

During the first quarter of 2021, 7,910 stock options were exercised. Fresenius Medical Care AG &Co.KGaA received cash of €0.4 million upon exercise of these stock options.

22. SUBSEQUENT EVENTS

April was characterized worldwide by a regionally varying development of the COVID-19 pandemic with continued high infection numbers as well as an increasing number of virus mutations. Currently, large-scale constraints of public and private life are therefore again enacted in various countries, for example in both Spain and Germany, in order to curtail the spread of COVID-19. The vaccination programs have started worldwide and the development in each country differs. The further development of the global situation and the impact on Fresenius remain uncertain.

Beyond that, there have been no significant changes in the Fresenius Group's operating environment following the end of the first quarter of 2021. With the exception of the issuance of bonds as described in note 13, Bonds, no other events of material importance on the assets and liabilities, financial position, and results of operations of the Group have occurred following the end of the first quarter of 2021.

23. CORPORATE GOVERNANCE

For each consolidated stock exchange listed entity, the declaration pursuant to Section 161 of the German Stock Corporation Act (Aktiengesetz) has been issued and made available to shareholders on the website of Fresenius SE& Co. KGaA (www.fresenius.com/ corporate-governance), and of Fresenius Medical Care AG &Co.KGaA (www.freseniusmedicalcare.com).

FINANCIAL CALENDAR

	Ma 21, 202 1 y
Re st h alf 202 n 1 1 rt o po
Co nfe cal l, Liv ebc ast ren ce e w	Jul 30, 202 1 y
Re n 1 - 3 rd 202 1 rt o st - art po qu er
Co nfe cal l, Liv ebc ast ren ce e w	No ber 2, 202 1 vem

Subject to change

FRESENIUS SHARE/ADR

Ord ina sha ry	AD R re
Sec uri tie s id ific ati 57 8 5 ent on no.	60 CU SIP 35 804 M1 05
Tic ker mb ol sy	FR E Tic ker mb ol FS NU Y sy
ISI N DE 000 856 57	04 ISI N US 35 804 M1 053
E G Blo ber bo l FR om g s ym	Str Sp R d L l 1 AD R uct ure ons ore eve
Re bo l FR EG ute rs s ym	.de Rat io 4 A DR 1 s har e =
Ma in t rad ing lo ion Fra nkf / X cat urt	Tra din latf OT C etr a g p orm

CONTACT

Corporate Headquarters

Else-Kröner-Straße 1 Bad Homburg v. d. H. Germany

Postal address Fresenius SE & Co. KGaA 61346 Bad Homburg v. d. H. Germany

Contact for shareholders

Investor Relations & Sustainability Telephone: ++ 49 61 72 6 08-24 87 Telefax: ++ 49 61 72 6 08-24 88 E-Mail: ir-fre@fresenius.com

Contact for journalists

Corporate Communications Telephone: ++ 49 61 72 6 08-23 02 Telefax: ++ 49 61 72 6 08-22 94 E-mail: pr-fre@fresenius.com

Commercial Register: Bad Homburg v. d. H.; HRB 11852 Chairman of the Supervisory Board: Dr. Gerd Krick

General Partner: Fresenius Management SE Registered Offi ce and Commercial Register: Bad Homburg v. d. H.; HRB 11673 Management Board: Stephan Sturm (President and CEO), Dr. Sebastian Biedenkopf, Dr. Francesco De Meo, Rachel Empey, Rice Powell, Michael Sen, Dr. Ernst Wastler Chairman of the Supervisory Board: Dr. Gerd Krick

For additional information on the performance indicators used please refer to our website https://www.fresenius.com/alternative-performance-measures.

Forward-looking statements:

This Quarterly Financial Report contains forward-looking statements. These statements represent assessments which we have made on the basis of the information available to us at the time. Should the assumptions on which the statements are based on not occur, or if risks should arise – as mentioned in the consolidated fi nancial statements and the management report as of December 31, 2020 applying Section 315e HBG in accordance with IFRS and the SEC fi lings of Fresenius Medical Care AG & Co. KGaA – the actual results could differ materially from the results currently expected.