Fresenius Medical Care AG & Co. KGaA

Earnings Release • Jan 15, 2013

Commerzbank

German Investment Seminar 2013

New York January 15, 2013

AGENDA

• BUSINESS UPDATE
• FINANCIALS & OUTLOOK
• GROWTH STRATEGY
• ATTACHMENTS

BUSINESS UPDATE

Q3 and Nine months 2012

Q3 | Financial Results

• Revenue growth of 11% in constant currency (North America +13%; International +7%cc)
• International results reflect the weaker services same market growth in Asia Pacific and Europe
• Strong development of operating results in North America keep margin at 18.7%
• Net income* in Euro up 9%

In US-\$ million	Q3 2011	Q3 2012	Growth in %
Net revenue	3,184	3,418	7
EBIT	534	568	6
Net income attributable to FMC AG & Co. KGaA	279	270	(3)
cc = constant currency * attributable to FMC AG & Co. KGaA and excl. the investment gain

9M | Financial Results

• Excellent revenue growth of 11% in constant currency (North America +12%; International +10%cc)
• Net income* in Euro up 14%

In US-\$ million	9M 2011	9M 2012	Growth in %
Net revenue	9,306	10,095	8
EBIT	1,488	1,659	11
Net income attributable to FMC AG & Co. KGaA	761	930	22
Excluding investment gain:
Net income attributable to FMC AG & Co. KGaA	761	790	4
cc = constant currency * attributable to FMC AG & Co. KGaA	and excl. the investment gain

Q3 | Revenue split by region

North America

Revenue \$ 2,249 m + 13% Organic growth + 3%

International 34% of total revenue

Revenue	\$ 1,163 m	+	7%cc
Organic growth		+	7%
EMEA	\$ 702 m		+ 4%cc
Asia-Pacific	\$ 259 m		+ 7%cc
Latin America	\$ 202 m	+	23%cc

Q3/9M | Dialysis Services | Revenue growth

Strong growth in constant currency

In US-\$ million	Q3 2011	Q3 2012	Growth in %	Growth in %cc	Organic growth in %	Same market treatment growth in %
North America	1,788	2,047	15	15	3	4
International	579	558	(4)	6	5	2
Total	2,367	2,605	10	12	3	3
In US-\$ million			Growth		Organic	Same market treatment
	9M 2011	9M 2012	in %	Growth in %cc	growth in %	growth in %
North America	5,289	6,007	14	14	2	4
International	1,616	1,680	4	12	5	4
Total	6,905	7,688	11	13	3	4

Q3 | U.S. Dialysis Services

Q3 | Dialysis Services | Quality outcomes

Excellent quality improvement programs	U. S. EMEA		Asia-Pacific**
% of patients	Q3 2011	Q3 2012	Q3 2011	Q3 2012	Q3 2011	Q3 2012
Kt/V ≥ 1.2	97	97	96	96	97	97
No catheter (>90 days)	81	82	84	85	96	93
Hemoglobin = 10 – 12 g/dl	77	74	57	59	57	58
Hemoglobin = 10 – 13 g/dl (Int. Reg.)	89	83	78	78	66	66
Albumin ≥ 3.5 g/dl*	84	85	86	87	90	89
Phosphate ≤ 5.5 mg/dl	64	66	75	78	73	73
Calcium 8.4 – 10.2 mg/dl	80	84	78	77	75	74
Hospitalization days, per patient	9.8	9.7	9.4	9.3	5.0	4.5

* In the U.S. the albumin results are calculated with the BCG-method (bromcresol green)

** Phillipines and Taiwan Jiate included as of Q2 2012

Q3/9M | Dialysis Products | Revenue growth

Growth in constant currency at or above estimated market growth

Q3 2011	Q3 2012	Growth in %	Growth in %cc
1,129	1,121	(1)	6
204	202	(1)	(1)
608	605	(1)	9
817	813	(1)	7

US-\$ in millions	9M 2011	9M 2012	Growth in %	Growth in %cc
Total Product Revenue	3,281	3,302	1	6
North America	599	595	(1)	(1)
International	1,789	1,790	-	8
Total External Revenue	2,401	2,407	-	6
cc = constant currency

Q3 | Strong revenue growth in North America

	Growth (Q3 2012 / Q3 2011)
North America 	+13%
Services 	+15%
Products - External Revenue (North America) 
Total Dialysis Products 	-1.1%
Products - External Revenue (North America adj.*) 
Total Dialysis Products 	+2.2%
Hemodisposable Products 	+7.3%
*Adjusted to exclude Liberty/RAI from External Revenue

Q3 | Summary

• Divestiture of clinics was slower than expected due to increased regulatory scrutiny and affected same store growth in Europe and revenue rate in North America
• Outstanding cash collection despite difficult global economic environment with Days Sales Outstanding (DSO)
• Continued focus on a global basis with payers to achieve increased reimbursement while providing additional patient care services
• Updating our global quality systems to new standards with additional investment to provide the highest quality of patient care and products
• CEO transition on track
• Confirm our guidance for FY 2012 at the lower end of the indicated range
• excluding the investment gain as well as potential special charges -

FINANCIALS & OUTLOOK

Q3 and Nine months 2012

Q3 | Profit & Loss

US-\$ in millions	Q3 2011	Q3 2012	Growth in %
Net revenue	3,184	3,418	7	11% cc
Operating income (EBIT)	534	568	6
Operating margin in %	16.8	16.6
Net interest expense	68	108
Income before taxes	466	460	(1)
Income tax expense	163	153
Tax rate in %	35.0	33.3
Non-controlling interest	24	37
Net income attributable to FMC AG & Co. KGaA	279	270	(3)
cc = constant currency

9M | Profit & Loss

US-\$ in millions	9M 2011	9M 2012	Growth in %
Net revenue	9,306	10,095	8	11% cc
Operating income (EBIT)	1,488	1,659	11
Operating margin in %	16.0	16.4
Net interest expense	214	311
Income before taxes	1,274	1,488	17	Excluding investment gain \$1,348m +6%
Income tax expense	436	462
Tax rate in %	34.2	31.1		Excluding investment gain 34.3%
Non-controlling interest	77	96
Net income attributable to FMC AG & Co. KGaA	761	930	22	Excluding investment gain \$790m +4%
cc = constant currency

Q3 | Day Sales Outstanding (DSO)

Excellent development with decrease of 1 day sequentially

• International DSO flat sequentially and year over year up by 2 days
• North America DSO down sequentially by 1 day and year over year by 2 days

Q3 | Cash Flow

US-\$ in millions	Q3 2011	Q3 2012	Growth in %
Operating cash flow	463	535	16	Favorable working capital development
% of revenue	15	16
Capital expenditures, net*	(150)	(164)
Free cash flow	313	371	18
Acquisitions and investments, net of divestitures*	(49)	(37)
Free cash flow after acquisitions and investments	264	334

* A reconciliation to the most directly comparable U.S. GAAP financial measures is provided in the attachments

Q3 | Total Debt/EBITDA

• FY 2012 target of < 3.0
• Total debt of \$8,441 m and annualized EBITDA of \$3,004 m

2012 | Outlook confirmed 1)

Revenue	2) • ~ \$ 14.0 bn	14,280 13,720
Operating margin	• ~ 16.9%
Net income, attributable to shareholders of FMC AG & Co. KGaA	2) • ~ \$ 1.14 bn	1,163 1,117
Acquisitions	• ~ \$ 1.8 bn
Capex	• ~ \$ 0.7 bn
Total debt / EBITDA	• < 3.0
1) This does neither include the investment gain in the amount of \$140 million in the first nine month of 2012 nor does it consider		charges of up

to \$70 million after tax mainly related to the intended renegotiation of the distribution, manufacturing and supply agreement for iron products in North America to reflect changes in the market and a donation to the American Society of Nephrology Foundation to establish the Ben J. Lipps Research Fellowship Program

2) As indicated in Q2 2012 we are defining the ~ sign as a +/- 0-2% deviation from the respective numbers.

GROWTH STRATEGY

Market position by major product groups 2011

	Rank 1	Rank 2
Dialyzers	FME	Gambro
Dialysis machines	FME	Nikkiso
Hemodialysis concentrates	FME	Fuso
Bloodlines	FME	Gambro
Peritoneal dialysis products	Baxter	FME

Dialyzers

Dialysis machines

Sold around 93,000,000 dialyzers in 2011

Product Launches

Clinic Centric – Renal Services Center

CREATING A FUTURE WORTH LIVING. FOR PEOPLE. WORLDWIDE. EVERY DAY.

Thank you very much for your attention!

ATTACHMENTS

Reconciliation of non-US-GAAP financial measures to most comparable US-GAAP measure

External revenue Q3 (excl. Corporate)	Q3 2011	Q3 2012	Growth in %	Growth in % cc
International product revenue	723	717	(1)	9
- Internal revenue	(115)	(112)
= International external revenue	608	605	(1)	9
North America product revenue	401	398	(1)	(1)
- Internal revenue	(197)	(196)
= North America external revenue	204	202	(1)	(1)
Total product revenue	1,129	1,121	(1)	6
- Internal revenue	(312)	(308)
Total external revenue	817	813	(1)	7

Capital expenditure, net	Q3 2011	Q3 2012
Purchase of property, plant and equipment	(158)	(173)
- Proceeds from sale of property, plant and equipment	8	9
= Capital expenditure, net	(150)	(164)

Reconciliation of non-US-GAAP financial measures to most comparable US-GAAP measure

External revenue 9M (excl. Corporate)	9M 2011	9M 2012	Growth in %	Growth in % cc
International product revenue	2,095	2,111	1	9
- Internal revenue	(306)	(321)
= International external revenue	1,789	1,790	0	8
North America product revenue	1,173	1,169	0	0
- Internal revenue	(574)	(574)
= North America external revenue	599	595	(1)	(1)
Total product revenue	3,281	3,302	1	6
- Internal revenue	(880)	(895)
Total external revenue	2,401	2,407	0	6

Capital expenditure, net	9M 2011	9M 2012
Purchase of property, plant and equipment	(397)	(450)
- Proceeds from sale of property, plant and equipment	17	12
= Capital expenditure, net	(380)	(438)

Reconciliation of non-US-GAAP financial measures to most comparable US-GAAP measure

Cash Flow	9M 2011	9M 2012	Q3 2011	Q3 2012
Acquisitions, investments and net purchases of intangible assets	(1,171)	(1,789)	(49)	(41)
+ Proceeds from divestitures	-	232	-	4
= Acquisitions and investments, net of divestitures	(1,171)	(1,557)	(49)	(37)

Patients, treatments, clinics – Q3 2012	Clinics	Patients	Treatments in million
North America	2,056	163,454	18.07
Growth in %	12	16	12
International	1,079	93,067	10.54
Growth in %	4	6	13
Europe	609	48,981	5.57
Latin America	225	26,694	3.04
Asia-Pacific	245	17,392	1.93
TOTAL	3,135	256,521	28.60
Growth in %	9	12	12

Reconciliation of non-US-GAAP financial measures to most comparable US-GAAP measure

Debt	Q3 2012	FY2011	FY 2010	FY 2009	FY 2008
Short term borrowings (incl. A/R program1)	114	99	671	316	684
+ Short term borrowing from related parties	95	28	10	10	1
+ Current portion of long-term debt and capital lease obligations	499	1,589	264	158	455
+ Current portion of trust preferred securities	-	-	625	-	-
+ Long-term debt and capital lease obligations less current portion	7,733	5,495	4,310	4,428	3,957
+ Trust preferred securities less current portion	-	-	-	656	641
TOTAL debt	8,441	7,211	5,880	5,568	5,738
EBITDA	Q3 2012	FY2011	FY 2010	FY 2009	FY 2008
Last twelve months operating income (EBIT)	2,329	2,075	1,924	1,756	1,672
+ Last twelve months depreciation and amortization	614	557	503	457	416
+ Non-cash charges	61	54	45	50	44
EBITDA (annualized)	3,004	2,686	2,472	2,263	2,132
Total Debt / EBITDA	2.81	2.69	2.38	2.46	2.69
1 2006 - 2010

Contacts

Investor Relations Else-Kröner-Str. 1

61352 Bad Homburg v.d.H.

Ticker:	FME or FMS (NYSE)
WKN:	578 580
ISIN:	DE00057858002

• Oliver Maier Head of Investor Relations and Corporate Communications Tel: +49 (0) 6172 – 609 – 2601 Email: Oliver.Maier@fmc-ag.com
• Gerrit Jost Tel: +49 (0) 6172 – 609 – 5216 Email: Gerrit.Jost@fmc-ag.com
• Terry Morris Tel: +1 800 – 948 – 2538 Email: Terry.Morris@fmc-na.com

Financial Calendar*

• Feb 26, 2013 Report on Fiscal Year 2012
• April 30, 2013 Report on 1st quarter 2013
• May 16, 2013 Annual General Meeting

* Please note that these dates might be subject to change

Constant Currency: Changes in revenue include the impact of changes in foreign currency exchange rates. We use the non-GAAP financial measure "at constant exchange rates" in our filings to show changes in our revenue without giving effect to period-to-period currency fluctuations. Under U.S. GAAP, revenues received in local (non-U.S. dollar) currency are translated into U.S. dollars at the average exchange rate for the period presented. When we use the term "constant currency," it means that we have translated local currency revenues for the current reporting period into U.S. dollars using the same average foreign currency exchange rates for the conversion of revenues into U.S. dollars that we used to translate local currency revenues for the comparable reporting period of the prior year. We then calculate the change, as a percentage, of the current period revenues using the prior period exchange rates versus the prior period revenues. This resulting percentage is a non-GAAP measure referring to a change as a percentage "at constant exchange rates."

We believe that revenue growth is a key indication of how a company is progressing from period to period and that the non-GAAP financial measure constant currency is useful to investors, lenders, and other creditors because such information enables them to gauge the impact of currency fluctuations on its revenue from period to period. However, we also believe that data on constant currency period-over-period changes have limitations, particularly as the currency effects that are eliminated could constitute a significant element of our revenue and could significantly impact our performance. We therefore limit our use of constant currency period-over-period changes to a measure for the impact of currency fluctuations on the translation of local currency revenue into U.S. dollars. We do not evaluate our results and performance without considering both constant currency period-over-period changes in non-U.S. GAAP revenue on the one hand and changes in revenue prepared in accordance with U.S. GAAP on the other. We caution the readers of this report to follow a similar approach by considering data on constant currency period-over-period changes only in addition to, and not as a substitute for or superior to, changes in revenue prepared in accordance with U.S. GAAP. We present the fluctuation derived from U.S. GAAP revenue next to the fluctuation derived from non-GAAP revenue. Because the reconciliation is inherent in the disclosure, we believe that a separate reconciliation would not provide any additional benefit.

Safe Harbor Statement: This presentation includes certain forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Act of 1934, as amended. Actual results could differ materially from those included in the forward-looking statements due to various risk factors and uncertainties, including changes in business, economic competitive conditions, regulatory reforms, foreign exchange rate fluctuations, uncertainties in litigation or investigative proceedings and the availability of financing. These and other risks and uncertainties are discussed in detail in Fresenius Medical Care AG & Co. KGaA's (FMC AG & Co. KGaA) reports filed with the Securities and Exchange Commission (SEC) and the German Exchange Commission (Deutsche Börse).