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Fresenius Medical Care AG & Co. KGaA

Investor Presentation • Aug 3, 2006

165_ip_2006-08-03_3438d9bf-03b2-4713-a8c6-9b7543c04242.pdf

Investor Presentation

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The World's Leading Renal Therapy Company

Analyst Meeting, August 03, 2006

© Fresenius Medical Care AG & Co. KGaA

Safe harbor statement

This presentation includes certain forward-looking statements. Actual results could differ materially from those included in the forwardlooking 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 detailed in the Company's reports filed with the Securities and Exchange Commission and the German Exchange Commission "Deutsche Börse".

©

Agenda

1.) I. Business Update

II. Financials Q2 / H1 2006

III. Q&A Session

Achievements – Q2 2006

Very strong performance in all key metrics

  • Organic revenue growth of 9%
  • Positive revenue per treatment development worldwide
  • Smooth integration of RCG
  • Increased operating margin (EBIT) by 140 basis points 1)
  • Solid operating cash flow generation
  • Net income increase of 19% – ahead of expectation 1)

Upgrading full year guidance

1) on a comparable basis excl. one-time items and accounting change SFAS 123R

Excellent operating performance – Q2 2006

R
e
e
n
e
v
u		 \$
5
2
1
6
m
,		 2
9
%
+
3
0
%
c
c
N
i
t
e
n
c
o
m
e
(
lu
d
i
i
i
d
S
F
A
S
1
2
3
R
)
t
t
e
x
c
n
g
o
n
e-
m
e
e
m
s
a
n		 \$
1
3
9
m		 1
9
%
+
  • Excellent results from the successful integration of RCG as well as a very strong underlying performance.
  • Net income growth better than expected.

cc = constant currency

Strong revenue growth in all regions in Q2

* 30% growth at constant currency (cc)

Dialysis Services Q2 2006

38% growth at constant currency 2) 13% growth at constant currency

Dialysis Services June 30, 2006

i
C
i
i
l
t
t
(
C
G
)
i
l.
R
e
n
s
n
c
s
n
c
–
Y
e
a
r
o
v
e
r y
e
a
r
P
i
l
d
i
d
t
t
a
e
n
s
w
o
r
w
e		 1
6
1
6
7
5
,		 2
6
%
+
N
h
A
i
t
o
r
m
e
r
c
a		 1
1
7
8
3
0
,		 3
3
%
+
I
i
l
t
t
n
e
r
n
a
o
n
a		 4
3
8
4
5
,		 1
1
%
+
C
l
i
i
l
d
i
d
n
c
s
w
o
r
w
e		 2
0
8
7
,		 2
6
%
+
N
h
A
i
t
o
r
m
e
r
c
a		 1
4
0
5
,		 3
4
%
+
I
i
l
t
t
n
e
r
n
a
o
n
a		 3
8
5		 8
%
+

Dialysis Services Q2 2006

Strong organic revenue growth

T
l
t
o
a		 i
N
h
A
t
o
r
m
e
r
c
a		 i
I
l
t
t
n
e
r
n
a
o
n
a
O
i
h
t
r
g
a
n
c
r
e
e
n
e
g
r
o
v
u
w		 9
%
+
c
c		 9
%
+		 1
0
%
+
c
c
S
k
h
t
t
t
t
t
a
m
e
m
a
r
e
r
e
a
m
e
n
g
r
o
w		 3
6
%
+		 1
6
%
+		 7
9
%
+
R
t
t
t
e
v
e
n
u
e
p
e
r
r
e
a
m
e
n		 \$
2
6
8		 1
)
\$
3
1
4		 \$
1
3
2
G
h
t
r
o
w		 9
%
+
c
c		 8
%
+		 2
%
+
c
c
(
)
T
i
i
l
l
i
t
t
r
e
a
m
e
n
s
n
m
o
n		 6
2		 4
5		 1
7
G
h
t
r
o
w		 2
6
%
+		 3
3
%
+		 1
0
%
+

1) excl. Mexico \$ 317 cc = constant currency

©

Dialysis Services – U.S. operations

FME = Fresenius Medical Care

RCG = Renal Care Group

Highlights North America – Q2 2006

Services – strong financial performance

Integration of RCG proceeding very well

  • New organization in place
  • Execution of detailed plans on or ahead of schedule
  • Strong organic revenue growth of 9%
  • Day sales outstanding – positive trend

Care Group

RCG = Renal

Highlights North America – Q2 2006

Services – excellent clinical performance improving further

D
i
l
i
d
a
y
s
s
a
e
q
u
a
c
y
(
f
i
)
%
t
t
o
p
a
e
n
s		 Q
2
2
0
0
6
A
l
l
P
i
t
t
a
e
n
s		 Q
2
2
0
0
5
A
l
l
P
i
t
t
a
e
n
s
U
d
i
6
5
%
t
r
e
a
r
e
u
c
o
n
>
=		 9
1
%		 9
0
%
/
K
V
1
2
t
>
=		 9
4
%		 9
3
%
/
H
l
b
i
d
l
1
1
e
m
o
g
o
n
g
>
=		 8
1
%		 8
0
%
/
A
l
b
i
d
l
3
5
u
m
n
g
>
=		 8
0
%		 7
9
%

12

Dialysis Products Q2 2006

Highlights North America – Q2 2006

* Growth rate adjusted for the effect of the RCG acquisition and divestitures

Highlights Europe – Q2 2006

Source: Company data / estimates LTM = Last twelve months

Highlights Europe – Q2 2006

O
i
R
G
h
t
r
g
a
n
c
e
e
n
e
r
o
v
u
w		 1
0
%
+
c
c
i
(
)
P
d
l
h
b
k
7
%
t
t
t
t
r
o
c
s
e
c
e
p
o
n
a
g
r
o
a
o
e
m
a
r
e
u
x
w
v
c
c
–		 y
e
a
r
o
v
e
r
y
e
a
r
S
f
(
)
d
d
H
D
h
i
0
0
8
4
0
0
8
i
t
5
ƒ
r
o
n
g
e
m
a
n
o
r
m
a
c
n
e
s
n
e
w
+
s
e
r
e
s		 2
3
%
+
S
d
i
l
d
d
t
ƒ
r
o
n
g
a
y
z
e
r
e
m
a
n		 1
0
%
+
R
l
l
"O
R
"
h
h
b
i
d
t
t
ƒ
e
g
a
o
r
a
p
p
r
o
a
s
a
e
n
p
o
s
p
a
e
n
e
r
u
y
v
v
–
S
i
l
i
i
l
&
f
i
i
l
f
t
e
r
v
c
e
s
s
r
o
n
g
c
n
c
a
n
a
n
c
a
p
e
r
o
r
m
a
n
c
e
–		 y
e
a
r
o
v
e
r
y
e
a
r
S
k
h
t
t
t
t
t
ƒ
a
m
e
m
a
r
e
r
e
a
m
e
n
g
r
o
w		 9
%
+
P
i
d
t
t
t
t
ƒ
a
e
n
s
r
e
a
e		 2
4
0
1
3
,
(
C
)
E
l
l
i
l
i
i
l
l
E
l
i
d
t
ƒ
x
c
e
e
n
c
e
n
c
n
c
a
r
e
s
u
s
u

cc = constant currency

16

The case for "pharma-tech" therapy development

  • Objective: optimize dialysis therapy incorporating the use of "proven renal drugs"
  • Mineral metabolism program: remove phosphate effectively with high flux dialysis or hemodiafiltration and phosphate binders while controlling net calcium flux

After adjustment for case-mix and other labs, the highest relative risk of death is seen in the high phosphorus group

Continued growth momentum

Agenda

1.) I. Business Update

II. Financials Q2 / H1 2006

III. Q&A Session

Q2 – Excellent top and bottom line growth

\$
i
i
i
l
l
n
m
o
n
s		 Q
2
2
0
0
5		 Q
2
2
0
0
6		 %
N
t
e
r
e
e
n
e
v
u		 1
6
4
7
,		 2
1
6
5
,		 *
2
9
+
E
l
d
i
i
i
d
S
F
A
S
R
1
2
3
t
t
c
n
g
o
n
e
m
e
e
m
s
a
n
x
u
-
)
1
O
(
)
i
i
E
B
I
T
t
p
e
r
a
n
g
n
c
o
m
e		 2
3
9		 3
4
0		 4
2
+
E
B
I
T
i
i
%
m
a
r
g
n
n		 1
4
3		 1
5
7
)
1
N
i
t
e
n
c
o
m
e		 1
1
7		 1
3
9		 1
9
+
O
(
)
i
i
E
B
I
T
t
p
e
r
a
n
g
n
c
o
m
e		 2
3
8		 3
7
2		 5
6
+
E
B
I
T
i
i
%
m
a
r
g
n
n		 1
4
2		 1
2
7
N
i
t
e
n
c
o
m
e		 1
1
6		 1
3
0		 1
2
+

* 30% growth at constant currency

A reconciliation to the most directly comparable US-GAAP financial measure is provided in the attachment. 1)

20

H1 – Excellent top and bottom line growth

\$
i
i
l
l
i
n
m
o
n
s		 H
5
1
2
0
0		 H
1
2
0
0
6		 %
N
t
e
r
e
e
n
e
v
u		 3
2
8
3
,		 3
9
1
2
,		 *
1
9
+
S
S
E
l
d
i
i
i
d
F
A
1
2
3
R
t
t
c
n
g
o
n
e
m
e
e
m
s
a
n
x
u
-
1
)
O
i
i
(
E
B
I
T
)
t
p
e
r
a
n
g
n
c
o
m
e		 4
5
9		 5
8
7		 2
8
+
E
B
I
T
i
i
%
m
a
r
g
n
n		 1
4
0		 1
0
5
1
)
N
i
t
e
n
c
o
m
e		 2
2
4		 2
6
6		 1
9
+
O
i
i
(
E
B
I
T
)
t
p
e
r
a
n
g
n
c
o
m
e		 4
5
8		 6
1
6		 3
4
+
E
B
I
T
i
i
%
m
a
r
g
n
n		 1
4
0		 1
5
7
N
i
t
e
n
c
o
m
e		 2
2
3		 2
4
6		 1
0
+

* 20% growth at constant currency

A reconciliation to the most directly comparable US-GAAP financial measure is provided in the attachment. 1)

21

EBIT margin – strong development in both regions

Excluding one-time items and SFAS 123R

Days Sales Outstanding (DSO) – Impressive reduction

©

Cash Flow – Q2 2006

\$
i
i
l
l
i
n
m
o
n
s		 Q
2
2
0
0
5		 Q
2
2
0
0
6		 %
1,
2
)
i
i
i
i
i
N
h
d
d
b
t
t
t
t
e
c
a
s
p
r
o
e
o
p
e
r
a
n
g
a
c
e
s
v
y
v		 1
3
0		 2
4
0
f
1
1.
1
%
o
r
ev
e
nu
e		 8
5
2
)
C
(
)
i
l
d
i
t
t
t
a
p
a
e
x
p
e
n
u
r
e
s
n
e		 (
)
8
5		 (
)
9
5
C
F
h
F
l
r
e
e
a
s
o
w		 2
7		 5
1
4		 1
0
1
)
2
C
A
i
i
i
l
d
i
R
G
i
i
i
t
t
c
q
s
o
n
s
e
c
n
g
a
c
q
s
o
n
u
x
u
u		 (
)
3
0		 (
)
2
4
C
F
h
F
l
f
i
i
i
t
t
r
e
e
a
s
o
w
a
e
r
a
c
q
u
s
o
n
s
C
l.
R
G
i
i
i
t
e
x
c
a
c
q
u
s
o
n		 4
2		 1
2
1

Excluding net tax payments related to divestitures and RCG acquisition of \$ 75 m. 1)

A reconciliation to the most directly comparable US-GAAP financial measure is provided in the attachment. 2)

Cash Flow – H1 2006

\$
i
i
i
l
l
n
m
o
n
s		 H
1
2
0
0
5		 H
1
2
0
0
6		 %
1,
2
)
i
i
i
i
i
N
h
d
d
b
t
t
t
t
e
c
a
s
p
r
o
e
o
p
e
r
a
n
g
a
c
e
s
v
y
v		 2
6
8		 4
0
2
1
0.
3
%
f
o
r
ev
e
nu
e		 5
0
2
)
C
i
i
(
)
l
d
t
t
t
a
p
a
e
p
e
n
r
e
s
n
e
x
u		 (
)
9
7		 (
)
1
6
0
C
F
h
F
l
r
e
e
a
s
o
w		 1
7
1		 2
4
2		 4
2
)
2
C
A
i
i
i
l
d
i
R
G
i
i
i
t
t
c
q
u
s
o
n
s
e
x
c
u
n
g
a
c
q
u
s
o
n		 (
)
2
5		 (
5
)
3
F
C
h
F
l
f
i
i
i
t
t
r
e
e
a
s
o
a
e
r
a
c
q
s
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s
w
u
C
i
i
i
l.
R
G
t
e
c
a
c
q
s
o
n
x
u		 1
1
9		 2
0
7

Excluding net tax payments related to divestitures and RCG acquisition of \$ 75 m. 1)

A reconciliation to the most directly comparable US-GAAP financial measure is provided in the attachment. 2)

25

Debt / EBITDA

\$
i
i
i
l
l
n
m
o
n
s		 D
b
3
1,
2
0
0
5
e
c
e
m
e
r		 J
u
n		 3
0,
2
0
0
6
e
)
1
(
)
E
B
I
T
D
A
l
i
d
a
n
n
a
e
u
z		 1
2
0
4
,		 1
8
1
5
,
)
1
D
3
1
2
0
0
D
b
5
t
e
c
e
,		 2
1
9
1
,
)
1
C
E
+
a
p
x		 1
6
0
\$
/
(
)
A
i
i
i
D
i
i
0
t
t
t
5
5
+
c
q
u
s
o
n
s
v
e
s
u
r
e
s
m
-		 3
6
8
9
,
C
f
d
i
t
t
t
+
o
s
o
c
r
e
a
g
r
e
e
m
e
n		 8
6
C
h
i
C
h
i
i
t
+
a
n
g
e
n
a
s
p
o
s
o
n		 1
6
D
i
i
d
d
d
h
t
e
n
s
a
n
o
e
r
s
+
v		 1
4
8
f
f
F
X
d
b
l
i
t
t
t
t
+
e
r
a
n
s
a
o
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c
s
-		 6
4
N
l
d
d
i
i
d
R
t
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+
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a
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a
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a
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x
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v
u		 C
G
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u		 7
5
f
P
d
i
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F
M
E
k
i
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t
r
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s
r
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c
s
n
g
s
o
c
o
p
o
n
s
x
-		 2
2
C
f
f
h
i
l
i
a
s
n
o
r
o
m
c
o
n
e
r
s
o
n
w
v
-		 3
0
7
)
2
C
f
h
i
i
i
i
t
t
t
a
s
r
o
m
o
p
e
r
a
n
g
a
c
v
e
s
-		 4
0
2
1
)
J
D
b
3
0
2
0
0
6
t
n
e
e
u
,		 2
1
9
1
,		 5
6
9
8
,
T
l
D
b
/
E
B
I
T
D
A
t
t
o
a
e		 1
8
2		 3
6
0

A reconciliation to the most directly comparable US-GAAP financial measure is provided in the attachment. 1)

Excluding net tax payments related to divestitures and RCG acquisition of \$ 75 m. 2)

Debt / EBITDA development 2002-Q2 2006

Impact of one-time items and SFAS 123 R

\$
i
i
l
l
i
n
m
o
n
s		 Q
2
2
0
0
6		 F
Y
2
0
0
6
e		 F
Y
2
0
0
6
e
E
B
I
T
i
t
m
p
a
c		 N
E
W		 L
D
O
T
f
i
&
S
l
t
t
t
t
r
a
n
s
o
r
m
a
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e
m
e
n		 (
)
1		 (
)
2		 (
)
1
R
C
G
i
t
t
t
r
e
s
r
u
c
u
r
n
g
c
o
s
s		 (
)
3		 (
)
2
3		 (
)
0
5
G
i
f
F
T
C
l
d
l
i
i
d
i
t
t
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a
n
r
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m
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e
a
e
c
n
c
v
e
s
m
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n		 3
9		 3
9		 3
8
S
k
i
i
(
S
F
A
S
R
)
t
t
t
1
2
3
o
c
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p
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p
e
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e		 (
)
3		 (
)
1
5		 (
)
1
4
T
l
t
o
a		 3
2		 (
)
1		 (
)
2
7
E
i
A
f
T
i
t
t
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n
n
g
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f
S
T
i
&
l
t
t
t
t
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a
n
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a
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e
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n		 (
)
1		 (
)
1		 (
)
1
C
G
R
i
t
t
t
r
e
s
r
c
r
n
g
c
o
s
s
u
u		 (
)
2		 (
)
1
4		 (
)
3
0
W
i
f
f
F
M
E
i
d
f
i
i
f
t
r
e-
o
p
r
e
p
a
n
a
n
c
n
g
e
e
s		 0 (
)
9		 (
)
9
L
f
F
T
C
l
d
l
i
i
d
i
t
t
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o
s
s
r
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m
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e
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n
c
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e
s
m
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n		 (
)
5		 (
)
5		 (
)
6
S
k
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i
(
S
F
A
S
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)
1
2
3
t
t
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n
c
o
m
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o
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e
x
p
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n
s
e		 (
)
1		 (
)
1
1		 (
)
1
4
T
l
t
o
a		 (
)
9		 (
)
4
0		 (
)
6
0

FTC = Federal Trade Commission

Perspectives on exposure to macroeconomic factors

After Tax (EAT) growth on an annualized basis

Energy Costs

  • Hydrocarbon-based raw materials relatively low portion of total costs with low/varying correlation to energy prices
  • Many increases can be passed on with minor time lag

Guidance FY 2006 – UPGRADE

F
Y
2
0
0
5
\$
I
U
S
n
m		 O
l
d
i
d
g
u
a
n
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e
1)
A
d
t
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p
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r
e		 N
i
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w
g
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a
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e
1)
A
d
t
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p
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e
N
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v
u		 6
2
7
7		 \$
b
8
1
n
~		 \$
b
8
3
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~
(
)
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s
-		 4
7
2		 \$
5
1
5
5
3
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m
-		 \$
5
4
2
m
>
G
h
t
r
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w		 1
%
5
>
N
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t
(
)
f
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s
-		 4
5
5		 \$
4
6
4
8
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m
-		 \$
0
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m
>
2)
L
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t
(
/
)
D
b
E
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D
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e		 3
6
<		 3
5
<
C
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l
d
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i
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t
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a
p
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n
a
c
q
s
o
n
s
x
u
u		 3) 0
5
5
m
~		 0
5
5
m
~

1) excl. one-time items such as Transformation and Settlement costs, RCG integration costs, write-off FME prepaid financing fees, the after-tax impact of the sale of dialysis clinics, and the change in stock option compensation expense (SFAS 123R) (see slide on page 27) pro-forma and as reported

2) pro-forma

3) pro-forma and as reported

30

Agenda

1.) I. Business Update

II. Financials Q1 2006

III. Q&A Session

The World's Leading Renal Therapy Company

Analyst Meeting, August 03, 2006

© Fresenius Medical Care AG & Co. KGaA

Attachment I

f
S
G
f
S
G
f
R
i
l
i
i
U
A
A
P
i
i
l
h
d
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A
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y
u
-
-
\$
A
l
l
b
i
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i
nu
m
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a
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e
n
m
o
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C
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(
)
l
d
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t
a
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x
p
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e		 H
1
2
0
0
6		 H
5
1
2
0
0		 Q
2
2
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0
6		 Q
5
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2
0
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Pu
h
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l
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ty
t
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n
,		 1
3
7		 1
0
5		 1
0
3		 6
1
P
d
f
l
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l
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ty
t
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,		 (
1
3
)		 (
)
8		 (
)
8		 (
3
)
C
i
i
(
)
t
l
d
tu
t
a
p
a
e
p
e
n
r
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n
e
x
=		 1
6
0		 9
7		 9
5		 5
8
D
b
t
e		 H
1
2
0
0
6		 F
Y
2
0
0
5		 F
Y
2
0
0
4		 F
Y
2
0
0
3		 F
Y
2
0
0
2
)
1
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(
/
)
h
b
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A
R
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n
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r
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m		 2
8
2		 1
5
1		 4
1
9		 9
0		 1
2
5
S
h
b
i
f
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n
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9		 6 3
0		 6
C
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+
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a
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s		 1
6
2		 1
2
6		 2
3
0		 9
0		 2
3
L
d
b
d
i
l
l
b
l
i
i
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r
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e
n
p
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r
o		 4,
0
2
7
n		 7
0
7		 5
4
5		 1,
1
1
2		 1,
0
8
9
T
P
f
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i
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t
t
+
ru
s
r
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e
cu
r
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s		 1,
2
2
5		 1,
1
8
8		 1,
2
7
9		 1,
2
4
2		 1,
1
4
5
A
iv
b
l
i
iz
i
t
t
t
c
c
ou
n
s
r
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a
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r
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p
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r
a
m
+		 0 0 0 1
5
8		 4
4
5
T
l
d
b
t
t
o
a
e		 5,
6
9
8		 2,
1
9
1		 2,
4
7
9		 2,
7
2
2		 2,
8
3
3
E
B
I
T
D
A
H
1
2
0		 2
)
0
6
(
f
)
p
r
o
o
r
m
a		 F
Y
2
0
0
5		 F
Y
2
0
0
4		 F
Y
2
0
0
3		 F
Y
2
0
0
2
L
lv
h
i
i
(
E
B
I
T
)
t
tw
t
t
a
s
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e
m
o
n
s
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p
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r
a
n
g
n
c
o
m
e		 1,
2
3
6		 9
3
9		 8
2
5		 7
5
7		 6
9
5
L
lv
h
d
i
i
d
iz
i
t
tw
t
t
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+
a
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m
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p
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e
c
a
o
n
a
n
a
m
o
r
a
o
n		 3
2
4		 2
1
5		 2
3
3		 2
1
6		 2
1
1
N
h
h
o
n-
c
a
s
c
a
r
g
e
s
+		 2
1		 1
4		 1
3		 1
3		 1
0
E
B
I
T
D
A
(
l
iz
d
)
a
n
nu
a
e
=		 5
1,
8
1		 1,
2
0
4		 1,
0
9
8		 9
8
6		 9
1
6

A/R securitization program off-balance sheet in 2003 and included in short term borrowings in 2004 1)

Excluding gain from divestitures and RCG restructuring costs 2)

Attachment II

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

All numbers are in \$ millions

E
l
R
t
x
e
r
n
a
e
v
e
n
u
e		 Q
2
2
0
0
6		 Q
5
2
2
0
0		 h
t
g
r
o
w		 t
t
c
o
n
s
a
n
c
u
r
r
e
n
c
y
I
i
l
du
t
t
t
n
e
r
n
a
o
n
a
p
r
o
c
r
ev
e
nu
e		 4
3
2		 3
9
2		 1
0
%
+		 1
0
%
+
I
l
t
n
e
r
n
a
r
ev
e
nu
e
-		 (
)
5
1		 (
)
4
6		 1
2
%
+		 1
2
%
+
Ex
t
l
e
r
n
a
r
e
e
nu
e
v
=		 3
8
1		 3
4
6		 1
0
%
+		 1
0
%
+
N
h
A
i
du
t
t
o
r
m
e
r
c
a
p
r
o
c
r
ev
e
nu
e		 2
4
8		 2
1
8		 1
4
%
+
I
l
t
n
e
r
n
a
r
ev
e
nu
e
-		 (
1
1
)
5		 (
9
1
)		 2
6
%
+
Ex
l
t
e
r
n
a
r
e
v
e
nu
e
=		 1
3
3		 1
2
7		 5
%
+
O
i
f
b
f
i
i
t
t
t
p
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r
a
n
g
p
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r
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r
m
a
n
c
e
e
o
r
e
o
n
e-
m
e
e
m
s		 Q
2
2
0
0
6		 Q
2
2
0
0
5		 t
h
g
r
o
w
O
i
i
(
E
B
I
T
)
t
p
e
r
a
n
g
n
c
o
m
e		 3
2
7		 2
3
8		 5
6
%
T
f
i
l
d
S
F
A
S
1
2
3
R
d
iv
i
i
R
C
G
i
t
t
t
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t
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t
tu
r
a
n
s
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r
m
a
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n,
s
e
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m
e
n
a
n
+
e
s
r
e
g
a
n
+
r
e
s
ru
c
r
n
g		 (
3
2
)		 1
(
)
O
i
i
E
B
I
T
b
f
i
i
t
t
t
p
e
r
a
n
g
n
c
o
m
e
e
o
r
e
o
n
e-
m
e-
e
m
s		 3
4
0		 2
3
9		 4
2
%
N
i
t
e
n
c
o
m
e		 1
3
0		 1
1
6		 1
2
%
T
f
i
l
d
S
F
A
S
R+
d
iv
i
i
R
C
G
i
t
t
t
t
1
2
3
t
tu
t
tu
r
a
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r
m
a
o
n,
s
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e
m
e
n
a
n
e
s
r
e
g
a
n
+
r
e
s
ru
c
r
n
g		 9 1
W
i
f
f
F
M
E
i
d
f
i
i
f
t
r
e-
o
p
r
e
p
a
n
a
n
c
n
g
e
e
s		 0 0
N
i
b
f
i
i
t
t
t
e
n
c
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m
e
e
o
r
e
o
n
e-
m
e-
e
m
s		 1
3
9		 1
1
7		 1
9
%

Attachment III

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

All numbers are in \$ millions

O
i
f
b
f
i
i
t
t
t
p
e
r
a
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g
p
e
r
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r
m
a
n
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r
e
o
n
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m
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m
s		 H
1
2
0
0
6		 H
1
2
0
0
5		 h
t
g
r
o
w
O
i
i
(
E
B
I
T
)
t
p
e
r
a
n
g
n
c
o
m
e		 6
1
6		 4
5
8		 3
4
%
f
S
S
C
G
T
i
l
d
F
A
1
2
3
R
d
iv
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i
R
i
t
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t
tu
r
a
n
s
o
r
m
a
o
n,
s
e
e
m
e
n
a
n
+
e
s
r
e
g
a
n
+
r
e
s
ru
c
r
n
g		 (
)
2
9		 1
O
i
i
(
E
B
I
T
)
b
f
i
i
t
t
t
p
e
r
a
n
g
n
c
o
m
e
e
o
r
e
o
n
e-
m
e-
e
m
s		 5
8
7		 4
5
9		 2
8
%
N
i
t
e
n
c
o
m
e		 2
4
6		 2
2
3		 1
0
%
T
f
i
l
d
S
F
A
S
R+
d
iv
i
i
R
C
G
i
1
2
3
t
t
t
t
t
tu
t
tu
r
a
n
s
o
r
m
a
o
n,
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e
e
m
e
n
a
n
e
s
r
e
g
a
n
+
r
e
s
ru
c
r
n
g		 1
1		 1
W
i
f
f
F
M
E
i
d
f
i
i
f
t
r
e-
o
p
r
e
p
a
n
a
n
c
n
g
e
e
s		 9 0
N
i
b
f
i
i
t
t
t
e
n
c
o
m
e
e
o
r
e
o
n
e-
m
e-
e
m
s		 2
6
6		 2
2
4		 1
9
%
C
h
F
l
a
s
o
w		 Q
2
2
0
0
6		 T
l
d
t
t
t
a
p
a
m
e
n
r
e
a
e
o
x
y
i
i
i
&
d
iv
i
t
t
tu
a
c
q
u
s
o
n
s
e
s
r
e
s		 C
R
G
i
i
i
t
a
c
q
u
s
o
n		 Q
2
2
0
0
6
N
h
i
d
d
b
i
iv
i
i
t
t
t
t
e
c
a
s
p
r
o
v
e
y
o
p
e
r
a
n
g
a
c
e
s		 1
6
5		 5
7		 2
4
0
C
i
l
d
i
(
)
t
tu
t
a
p
a
ex
p
e
n
r
e
s
n
e		 (
9
5
)		 (
9
5
)
F
C
h
F
l
r
e
e
a
s
o
w		 7
0		 7
5		 1
4
5
D
iv
i
t
tu
e
s
r
e
s		 0
5
5		 (
0
)
5
5
A
i
i
i
t
c
q
s
o
n
s
u		 (
)
2
4
3		 2
1
9		 (
)
2
4
F
C
h
F
l
f
i
i
i
d
d
iv
i
t
t
t
tu
r
e
e
a
s
o
w
a
e
r
a
c
q
u
s
o
n
s
a
n
e
s
r
e
s		 3
3
2		 5
7		 (
)
2
8
6		 1
2
1

Attachment IV

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

All numbers are in \$ millions

C
h
F
l
a
s
o
w		 H
1
2
0
0
6		 T
l
d
t
t
t
a
p
a
m
e
n
r
e
a
e
o
x
y
i
i
i
&
d
iv
i
t
t
tu
a
c
q
u
s
o
n
s
e
s
r
e
s		 C
R
G
i
i
i
t
a
c
q
u
s
o
n		 H
1
2
0
0
6
N
h
i
d
d
b
i
iv
i
i
t
t
t
t
e
c
a
s
p
r
o
v
e
y
o
p
e
r
a
n
g
a
c
e
s		 3
2
7		 7
5		 4
0
2
C
(
)
i
l
d
i
t
tu
t
a
p
a
ex
p
e
n
r
e
s
n
e		 (
)
1
6
0		 (
)
1
6
0
C
F
h
F
l
r
e
e
a
s
o
w		 1
6
7		 7
5		 2
4
2
D
iv
i
t
tu
e
s
r
e
s		 0
5
5		 (
0
)
5
5
A
i
i
i
t
c
q
s
o
n
s
u		 (
)
4,
1
9
4		 4,
1
5
9		 (
)
3
5
F
C
h
F
l
f
i
i
i
d
d
iv
i
t
t
t
tu
r
e
e
a
s
o
w
a
e
r
a
c
q
u
s
o
n
s
a
n
e
s
r
e
s		 (
3,
5
2
2
)		 5
7		 (
3,
6
5
4
)		 2
0
7

Contacts

Fresenius Medical Care AG & Co. KGaA Investor Relations Else Kröner Str. 1 61352 Bad Homburg v.d.H.

Oliver Maier

Tel.: +49-(0)6172-609-2601 Fax.: +49-(0)6172-609-2301 Mob.: +49-(0)173-6522-712 Mail: [email protected]

Ordinary shares 96.8 million WKN 578 580 ISIN DE0005785802 SEDOL1 5129074 DE

Preference shares 1.2 million WKN 578 583 ISIN DE0005785836 SEDOL1 5160073 DE

North America:

Heinz Schmidt Tel.: +1-781-402-4518 Fax.: +1-781-402-9741 Mob.: +1-781-760-0646 Mail: [email protected]

Terry L. Proveaux

Tel.: +1-931-987-0639 Fax.: +1-931-901-1224 Mob.: +1-615-618-2987 bb Mail: [email protected]

The World's Leading Renal Therapy Company

Analyst Meeting, August 03, 2006

© Fresenius Medical Care AG & Co. KGaA

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