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Fresenius Medical Care AG & Co. KGaA

Investor Presentation • May 5, 2007

165_ip_2007-05-05_a245636a-fe0d-42ee-ac77-e786d5d7c986.pdf

Investor Presentation

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The World's Leading Renal Therapy Company

Conference Call, May 2, 2007

© 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 Q1 and Outlook 2007

III. Q&A Session

3

Business Update

© Fresenius Medical Care AG & Co. KGaA

Q1 2007 – Outstanding Start into the Year

R
e
v
e
n
u
e		 \$
2
3
2
1
m
,		 3
3
%
+
N
t
i
e
n
c
o
m
e
(
lu
d
in
im
i
in
2
0
0
6
)
t
te
ex
c
g
on
e-
e
m
s		 \$
1
6
0
m		 %
2
8
+
E
i
h
a
r
n
n
g
s
p
e
r
s
a
r
e		 1
6
3		 %
3
7
+

¾Very strong development across all segments and regions

¾Continued momentum based on strong organic growth

Clearly on track for 2007 guidance

Q1 2007 – Very Strong Revenue Growth in All Regions

* 31% growth at constant currency (cc)

Regional Highlights

Europe

  • Organic revenue growth of 8%
  • 5008 machines sales up 45%
  • Acute Renal business up 27%
  • Reimbursement increases in Italy, Spain and France

Asia-Pacific

  • Organic revenue growth of 16%
  • Dialyzer sales up 36% and machines sales up 38%
  • Successful acquisitions in Taiwan and Korea adding ~7,000 patients

Q1 2007 – Dialysis Services

Very strong revenue growth across the regions

\$
i
i
l
l
i
n
m
o
n
s		 Q
1
2
0
0
6		 Q
1
2
0
0
7		 G
t
h
r
o
w
N
t
h
A
i
o
r
m
e
r
c
a		 1
0
9
5
,		 1
4
8
3
,		 4
0
%
I
i
l
t
t
n
e
r
n
a
o
n
a		 2
1
3		 2
7
7		 3
0
%
(
%
)
2
4
c
c
T
l
t
o
a		 1
2
7
3
,		 1
7
6
0
,		 3
8
%
(
%
)
3
7
c
c

¾Very strong organic growth of 8% in North America

¾Double-digit growth in the International markets

  • Organic growth of 11% in the International business
  • Taiwan acquisition included for the first time

cc = constant currency

Q1 2007 – Dialysis Services

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

1) including Mexico cc=constant currency

United States – Dialysis Services

Q1 2007 – Quality Outcomes

Excellent clinical performance

Dialysis Adequacy (% of all FME patients)

N
h
A
i
t
o
r
m
e
r
c
a		 E
r
o
p
e
u
Q
1
2
0
0
6		 Q
1
2
0
0
7		 Q
1
2
0
0
6		 Q
1
2
0
0
7
/
K
t
V
1
2
≥		 %
9
3		 %
9
3		 K
/
V
1
2
t
≥		 9
4
%		 9
3
%
H
l
b
i
1
1
/
d
l
≥
e
m
o
g
o
n
g		 8
2
%		 8
2
%		 H
l
b
i
1
1
/
d
l
≥
e
m
o
g
o
n
g		 6
9
%		 7
1
%
A
l
b
i
3
5
/
d
l
≥
m
n
g
u		 7
9
%		 7
9
%		 A
l
b
i
3
/
d
l
5
≥
u
m
n
g		 8
9
%		 8
%
5
H
i
l
i
i
d
t
t
o
s
p
a
a
o
n
a
s
z
y		 1
1
6		 1
1
3		 H
i
l
i
i
d
t
t
o
s
p
a
z
a
o
n
a
y
s		 8
3		 8
3

Anemia Management – Fresenius Medical Care U.S.

K/DOQI:

  • ¾ In April 2007 affirms that Hemoglobin target should generally be in the range 11.0 to 12.0 g/dl for ESRD patients
  • ¾ Acknowledges that because of natural fluctuations, actual Hb results will vary widely from Hb targets for ESRD patients

Fresenius Medical Care:

  • ¾ Has supported target range of 11-12 g/dl consistently for years.
  • ¾ Focuses on quality outcomes for patients in line with K/DOQI guidelines

Data Source: Clinical Performance Management (CPM) Data / Legacy FMC U.S. clinics

Q1 2007 – Dialysis Products

Excellent growth

\$
i
i
l
l
i
n
m
o
n
s		 Q
1
2
0
0
6		 Q
1
2
0
0
7		 G
h
t
r
o
w
T
l
t
o
a
r
e
e
n
e
v
u		 6
0
2		 7
4
0		 %
2
3
(
i
l.
I
t
l
)
n
c
n
e
r
n
a
r
e
e
n
e
v
u		 (
1
8
%
)
c
c
E
t
l
x
e
r
n
a
r
e
v
e
n
u
e		 4
4
7		 6
0
5		 1
8
%
(
1
3
%
)
c
c
N
h
A
i
t
o
r
m
e
r
c
a		 1
3
4		 1
5
3		 %
1
4
I
i
l
t
t
n
e
r
n
a
o
n
a		 3
4
0		 4
0
7		 2
0
%
(
1
2
%
)
c
c

cc = constant currency

Q1 2007 – Dialysis Products

Strong unit sales globally

h
f
i
l
t
t
g
r
o
w
o
u
n
s
a
e
s		 G
O
L
B
A
L
Q
3
'0
6		 Q
4
'0
6		 Q
1
'0
7
M
h
i
a
c
n
e
s
(
t
l
k
t
)
e
x
e
r
n
a
m
a
r
e		 %
2
6		 %
3
9		 %
1
4
D
i
l
a
e
r
s
y
z
(
t
l
k
t –
d
j
t
d
f
R
C
G
)
e
x
e
r
n
a
m
a
r
e
a
u
s
e
o
r		 %
4		 %
7		 %
1
6
P
i
l
D
i
l
i
t
e
r
o
n
e
a
a
y
s
s
(
b
l
)
a
g
s
o
n
y		 %
6		 %
9		 %
1
0

Continued Growth Drivers for 2007

  • Favorable global reimbursement environment
  • Organic treatment growth
  • Further expansion of clinic network in Asia and Europe
  • Increase in product market share
  • Implementation of Renal Pharma Strategy (Pharma-Tech)

Financials

Profit & Loss

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

* 31% growth at constant currency, 9% organic growth

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

Excluding one-time items 2)

EBIT margin *

* Excluding one-time items RCG = Renal Care Group

© Fresenius Medical Care AG & Co. KGaA

EBIT margin *

= Yearly average

* Excluding one-time items. A reconciliation to the most directly comparable US-GAAP financial measure is provided in the attachment.

19

Cash Flow

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

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

Days Sales Outstanding (DSO) – Best in Industry

© Fresenius Medical Care AG & Co. KGaA

Debt / EBITDA development

pf = pro forma ltm = last twelve months cl = closing RCG

including non-cash charges and excluding restructuring costs, in-process R&D and gain from the sale of dialysis clinics 1)

Continued Strong Earnings per Share Growth

* Adjusted for special charge and related expenses

Perspective on Interest Rate Exposure

  • Conservative Interest Rate Management due to higher leverage
  • Target of 75% fixed interest exposure – currently at 78%
  • Debt related to RCG acquisition has been hedged up to 12 months prior to closing
  • Favorable compared to current rates
  • 50 bps increase (0.5%) in variable rates result in less than 1% decrease in Earnings After Tax (EAT) growth on an annualized basis

Outlook 2007 – Strong Guidance Confirmed

Q
1
2
0
0
7
\$
i
i
l
l
i
n
m
o
n
s		 G
i
d
u
a
n
c
e		 G
h
t
r
o
w
N
t
e
r
e
v
e
n
u
e		 \$
2
3
b
n		 \$
9
4
b
n
~		 1
1
%
N
i
t
e
n
c
o
m
e
(
f
)
b
t
i
i
t
e
o
r
e
o
n
e-
m
e
e
m
s		 \$
1
6
0
m		 \$
6
7
5
6
9
5
m
-		 1
8
2
1
%
-
N
i
t
e
n
c
o
m
e
(
U
S-
G
A
A
P
d
)
t
r
e
p
o
r
e		 \$
1
6
0
m		 \$
6
6
9
7
5
5
m
-		 2
6
2
9
%
-
L
t
i
(
/
)
D
b
t
E
B
I
T
D
A
e
v
e
r
a
g
e
r
a
o
e		 3
0
9		 3
0
<
C
E
d
i
i
i
t
a
p
x
a
n
a
c
q
u
s
o
n
s		 \$
1
9
9
m		 \$
6
0
5
m
~		 %
7

Thank Youfor your interest in Fresenius Medical Care !

The World's Leading Renal Therapy Company

Conference Call, May 2, 2007

© Fresenius Medical Care AG & Co. KGaA

Attachment I

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

All numbers are in \$ millions

D
b
t
e		 Q
1
2
0
0
7		 F
Y
2
0
0
6		 F
Y
2
0
0
5		 F
Y
2
0
0
4		 F
Y
2
0
0
3
1)
S
ho
bo
ing
(
inc
l.
A
/
R
)
t
te
r
rm
rro
s
p
ro
g
ra
m
w		 3
8
0		 3
3
1		 1
5
1		 4
1
9		 9
0
S
fro
ho
t
te
bo
ing
la
te
d
t
ies
+
r
rm
rro
w
s
m
re
p
ar		 2
2		 5 1
9		 6 3
0
Cu
ion
f
lon
de
b
d c
i
l
lea
b
l
ig
ion
t p
t
te
t a
ta
t
+
rre
n
or
o
g-
rm
n
ap
se
o
a
s		 1
5
4		 1
6
0		 1
2
6		 2
3
0		 9
0
Cu
f
fe
Se
t p
t
ion
Tr
t
Pr
d
i
t
ies
+
rre
n
or
o
us
e
rre
cu
r		 6
4
8
Lo
-te
de
b
t a
d c
i
ta
l
lea
b
l
ig
t
ion
les
t p
t
ion
+
ng
rm
n
ap
se
o
a
s,
s c
ur
re
n
or		 3,
7
4
4		 3,
8
2
9		 7
0
7		 5
4
5		 1,
1
1
2
Tr
Pr
fe
d
Se
i
ies
(
f c
ion
)
t
t
t o
t p
t
+
us
e
rre
cu
r
ne
ur
re
n
or		 6
2
1		 1,
2
5
4		 1,
1
8
8		 1,
2
7
9		 1,
2
4
2
Ac
ts
iva
b
le
i
t
iza
t
ion
+
co
un
re
ce
se
cu
r
p
ro
g
ra
m		 0 0 0 0 1
5
8
To
l
de
b
ta
t
=		 6
9
5,
5		 9
5,
5
7		 2,
1
9
1		 2,
4
9
7		 2,
2
2
7
E
B
I
T
D
A		 2)
Q
1
2
0
0
7		 2)
F
Y
2
0
0
6		 F
Y
2
0
0
5		 F
Y
2
0
0
4		 F
Y
2
0
0
3
(
fo
)
p
ro
rm
a		 (
fo
)
p
ro
rm
a
La
lve
hs
ing
inc
(
E
B
I
T
)
t
tw
t
t
s
e
m
on
o
p
er
a
om
e		 1,
4
3
6		 1,
3
6
7		 9
3
9		 8
2
5		 7
5
7
La
lve
hs
de
ia
ion
d a
iza
ion
t
tw
t
t
t
t
+
s
e
m
on
p
re
c
a
n
mo
r		 3
3
2		 3
2
6		 2
5
1		 2
3
3		 2
1
6
No
h c
ha
+
n-
ca
s
rg
es		 3
6		 3
5		 1
4		 1
3		 1
3
E
B
I
T
D
A
(
l
ize
d
)
an
nu
a
=		 1,
8
0
4		 1,
2
8
7		 1,
2
0
4		 1,
0
9
8		 9
8
6

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

Excluding gain from divestitures, restructuring costs and in-process R&D 2)

© Fresenius Medical Care AG & Co. KGaA

29

Attachment II

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

\$
A
l
l n
be
in
i
l
l
io
um
rs
a
re
m
ns
E
l
R		 1
2
0
0		 1
2
0
0
t
e
r
n
a
e
e
n
e
x
v
u		 Q
7		 Q
6		 h
t
g
ro
w		 cc
In
te
t
io
l
du
t r
rn
a
na
p
ro
c
ev
en
ue		 4
5
9		 3
7
7		 2
2
%
+		 1
4
%
+
In
l re
te
rn
a
ve
nu
e
-		 (
2
)
5		 (
3
)
7
Ex
te
l r
=
rn
a
ev
en
ue		 4
0
7		 3
4
0		 2
0
%
+		 1
2
%
+
No
t
h
Am
ica
du
t r
r
er
p
ro
c
ev
en
ue		 2
8
1		 2
2
5		 2
5
%
+
In
te
l re
rn
a
ve
nu
e
-		 (
1
2
8
)		 (
9
1
)
Ex
te
l r
=
rn
a
ev
en
ue		 1
5
3		 1
3
4		 1
4
%
+
C
i
l
d
i
(
)
t
t
t
a
p
a
e
p
e
n
r
e
n
e
x
u		 Q
1
2
0
0
7		 Q
1
2
0
0
6
Pu
ha
f p
lan
d e
ip
ty,
t a
t
rc
se
o
ro
p
er
p
n
q
me
n
u		 1
1
7		 0
7

cc = constant currency

= Capital expenditure (net)

Proceeds from sale of property, plant and equipment

65( 5)

109 ( 8)

Attachment III

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

A
l
l n		 um be
rs		 a
re		 in \$
i
l
m		 l
io
ns
--------------- ---- ---------- --------- ---- ------------------- ---------------
E
B
I
T
i
m
a
r
g
n
s		 Q
1
2
0
0
5		 Q
2
2
0
0
5		 Q
3
2
0
0
5		 Q
4
2
0
0
5		 F
Y
2
0
0
5
Re
ve
nu
e		 1,
6
0
9		 1,
6
7
4		 1,
7
1
7		 1,
7
7
2		 6,
7
7
2
E
B
I
T		 2
2
0		 2
3
8		 2
3
7		 2
4
4		 9
3
9
E
B
I
T
ins
m
ar
g		 1
3.
%
7		 1
4.
2
%		 1
3.
8
%		 1
3.
8
%		 1
3.
9
%
On
t
im
f
fe
ts
e-
e e
c		 1.
2		 6.
8		 1
4.
4		 2
2.
4
E
B
I
T
ins
l. o
-t
im
f
fec
ts
m
ar
g
ex
c
ne
e e		 %
1
3.
7		 %
1
4.
3		 %
1
4.
2		 %
1
4.
6		 %
1
4.
2
E
B
I
T
i
m
a
r
g
n
s		 Q
1
2
0
0
6		 Q
2
2
0
0
6		 Q
3
2
0
0
6		 Q
4
2
0
0
6		 F
Y
2
0
0
6
Re
ve
nu
e		 1,
7
4
7		 2,
1
6
5		 2,
2
3
4		 2,
3
5
2		 8,
4
9
9
E
B
I
T		 2
4
4		 3
2
7		 3
4
9		 3
4
5		 1,
3
1
8
E
B
I
T
ins
m
ar
g		 1
4.
0
%		 1
7.
2
%		 1
5.
6
%		 1
5.
0
%		 1
5.
5
%
On
t
im
f
fe
ts
e-
e e
c		 0.
4		 (
3
5.
2
)		 6 2
5.
5		 1
0.
9
E
B
I
T
ins
l. o
-t
im
f
fec
ts
m
ar
g
ex
c
ne
e e		 1
4.
0
%		 1
%
5.
5		 1
9
%
5.		 1
6.
1
%		 1
6
%
5.

Attachment IV

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

\$
A
l
l n
be
in
i
l
l
io
um
rs
a
re
m
ns
O
i
f
b
f
i
i
t
t
t
p
e
r
a
n
g
p
e
r
o
r
m
a
n
c
e
e
o
r
e
o
n
e-
m
e
e
m
s		 Q
1
2
0
0
7		 Q
1
2
0
0
6		 t
h
g
ro
w
Op
(
)
t
in
in
E
B
I
T
er
a
g
co
m
e		 3
6
5		 2
4
4		 %
5
0
Tr
fo
ion
t
an
s
rm
a		 0 0.
4
Op
in
in
(
E
B
I
T
)
be
fo
im
i
t
-t
te
er
a
g
co
m
e
re
o
ne
e-
m
s		 3
6
5		 2
4
4		 4
9
%
Ne
t
in
co
m
e		 1
6
0		 1
1
6		 3
8
%
W
i
te
f
f
F
M
E
i
d
f
ina
ing
fe
r
-o
p
re
p
a
nc
es		 0 9
Ne
t
in
be
fo
-t
im
i
te
co
m
e
re
o
ne
e-
m
s		 1
6
0		 1
2
5		 2
8
%
f
&
P
i
t
L
A
t
r
o
o
s
s
c
c
o
n
u		 Q
1
2
0
0
6		 On
t
im
i
te
e-
e
m
s		 Q
1
2
0
0
6
lu
d
in
t
im
i
te
ex
c
g
on
e-
e
m
s
Ne
t r
ev
en
ue		 1,
7
4
7		 1,
7
4
7
Op
t
ing
inc
(
E
B
I
T
)
er
a
om
e		 2
4
4		 0 2
4
4
(
%
)
E
B
I
T-
in
m
ar
g		 1
4.
0		 1
4.
0
In
te
t e
t
re
s
xp
en
se
ne
,		 6
5		 (
1
)
5		 4
1
Inc
be
fo
inc
tax
om
e
re
om
e
es		 1
8
8		 1
5		 2
0
3
Ta
x e
xp
en
se		 7
1		 6 7
7
(
%
)
Ta
te
x r
a		 3
8		 3
8
M
ino
i
in
ty
te
t
r
re
s		 1 1
Ne
t
in
co
m
e		 1
1
6		 9 1
2
5

Contacts

Fresenius Medical Care AG & Co. KGaAInvestor RelationsElse Kröner Str. 161352 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]

North America:Terry L. Proveaux Tel.: +1-800-948-2538Fax.: +1-615-345-5605Mob.: +1-615-618-2987 bbMail: [email protected]

Ordinary shares

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