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Fresenius Medical Care AG & Co. KGaA

Investor Presentation • Feb 20, 2008

165_ip_2008-02-20_dd38925c-7a10-4306-9215-c422e63f8ca3.pdf

Investor Presentation

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Fresenius Medical Care

The World's Leading Renal Therapy Company

Fourth Quarter / Full Year 2007 Results

Analyst Meeting, February 20, 2008

Safe Harbor Statement

This presentation includes certain forward-looking statements. 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 detailed in the Company's reports filed with the Securities and Exchange Commission and the German Exchange Commission "Deutsche Börse".

1. Business Update

2. Financials and Outlook

3. Q&A Session

Q4 2007 – Excellent Quarter

(
lu
ex
c		 d
ing
im
i
in
)
t
tem
2
0
0
6
on
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e
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e		 \$
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,		 9
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m		 1
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%
+
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r
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s
a
r
e		 \$
0
6
7		 1
6
%
+
  • X Continued strong performance across all segments and regions again in Q4
  • X Continued high earnings momentum in Q4

FY 2007 – Another Record Year

G
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u		 F
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-		 \$
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Exceededthe Upper End of Guidance

  • X All segments and regions contributed to this excellent result
  • X On track to achieve mid-term target of > US\$ 11.5 billion in revenues by 2010

Q4 2007 – Strong Revenue Growth

Total Revenue Increased 9% to \$ 2,569 m *

FY 2007 – Strong Revenue Growth

Total Revenue Increased 14% to \$ 9,720 m *

Impressive Growth Internationally of 22%cc

\$
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X Continued strong growth in Europe of 13%cc (10% organic), Latin America with 11%cc (10% organic) and Asia-Pacific of 125%cc (9% organic), y-o-y

cc = constant currency

1) Q4 2006 revenue adjusted for sale of perfusion business in the amount of US\$ 27 m

Strong Overall Revenue Growth of 13%cc

\$
i
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X Continued strong growth in Europe of 12%cc (11% organic), Latin America with 14%cc (14% organic) and Asia-Pacific of 133%cc (11% organic), y-o-y

1) FY 2006 revenue adjusted for sale of perfusion business in the amount of US\$ 111 m and 2007 adjusted for US\$ 40 m cc = constant currency

International Organic Revenue Growth of 10%cc

Q
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1) including Mexico

cc = constant currency

Dialysis Services - United States

Revenue per Treatment up 4% excluding EPO

Quality Outcomes - Global

EPO discussion has influenced Hemoglobin in N/A

N
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M		 E
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* The hospitalization rates for the US reflects FMS adoption of CMS policy

Quality Outcomes - United States

Anemia Management

Focuses on quality outcomes for patients in line with K/DOQI guidelines

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

Dialysis Products - Global

Excellent External Revenue Growth – twice the market

\$
i
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N
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%		 %
7

cc = constant currency

Dialysis Products - Global

Continued Excellent Growth

\$
i
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Y
2
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2
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N
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I
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%

Highlights

(
N
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8
%
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%
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(
)
f
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t
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7
r
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e
a
m
e
n
g
r
o
w
+
e
x
c
x
c
e
s
o
r
o
r

FY = Fiscal Year

11th Consecutive Dividend Increase Proposed

CAGR = Cumulative Average Growth Rate

Summary – 2008 Growth Drivers

N
h
t
o
r
A
i
m
e
r
c
a		 E
r
o
p
e
u		 A
i
s
a
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a		 9 9
f
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l
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N
k
t
p
a
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w		 9 9 9
Q
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B
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m
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s
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y		 9 9 9
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r
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a
s
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a
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u		 9 9

Targeted Revenue Growth >7%

Financials and Outlook

1) Profit & Loss

\$
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s		 Q
4
2
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*
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(
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6
2)
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2)
N
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7
0		 1
9
7		 1
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%

* 6% growth at constant currency, 4% organic growth

1) Excluding one-time items in 2006

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

1) Profit & Loss

\$
i
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Y
2
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6		 F
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5

* 12% growth at constant currency, 6% organic growth

1) Excluding one-time items in 2006

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

EBIT margin

Overall Impressive Improvement

North America

International

in %

* Excluding one-time items

Days Sales Outstanding (DSO)

Best in Industry

Cash Flow

\$
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0
7

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

Cash Flow

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

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

De-leveraging ahead of schedule

* including non-cash charges and excluding restructuring costs, in-process R&D and gain from the sale of dialysis clinics. A reconciliation to the most directly comparable US-GAAP financial measure is provided in the attachment.

Financial Highlights

Debt Portfolio / Interest Expenses

¾Largely insulated from interest rate & liquidity risks

¾Declining average interest rate as Trust Preferred Securities mature

¾Lower variable rates / ~1% benefit in EAT from 100 bps Libor reduction

Currency

¾ Diversified global production, operating cost base and debt portfolio provide natural hedges against currency fluctuations

Financial Highlights - continued

Taxes

¾German Tax Reform provides minor benefits

¾Continued incremental improvement expected going forward

Cost Management

  • ¾Improved scale economies in emerging markets
  • ¾Nursing academy
  • ¾New clinic IT-system
  • ¾Labour hours per treatment reductions
  • ¾Excellent manufacturing performance

Outlook 2008

\$
i
i
l
l
i
n
m
o
n
s		 G
i
d
a
n
c
e
u
N
R
t
e
e
e
n
e
s
v
u		 \$
1
0
4
0
0
>
,
N
I
t
e
n
c
o
m
e		 \$
8
0
8
2
5
5
-
L
i
t
e
v
e
r
a
g
e
r
a
o
(
/
)
D
b
E
B
I
T
D
A
t
e		 2
8
<
C
i
l
E
d
i
t
t
a
p
a
x
p
e
n
u
r
e		 \$
6
5
0
7
5
0
~
-
A
i
i
i
t
c
q
u
s
o
n
s		 \$
1
5
0
2
5
0
~
-

X Another strong year ahead

X Increased investment budget driven by further growth opportunities

2010 Revenue Target

Sustainable Growth of Earnings After Tax – Low to Mid-Teens per year

Outlook 2010

Thank You for your interest in Fresenius Medical Care !

Q&A Session

Fresenius Medical Care

The World's Leading Renal Therapy Company

Fourth Quarter / Full Year 2007 Results

Analyst Meeting, February 20, 2008

F
Y
2
0
0
7		 C
l
i
i
n
c		 P
t
i
t
a
e
n
s		 T
t
t
r
e
a
m
e
n
s
(
in
i
l
l
ion
)
m
T
l
t
o
a		 2
2
3
8
,		 1
3
8
6
3
7
,		 2
6
4
G
h
t
r
o
w		 6
%
+		 6
%
+		 1
1
%
+
N
h
A
i
t
o
r
m
e
r
c
a		 1
6
0
2
,		 1
2
1
4
3
1
,		 1
8
5
G
h
t
r
o
w		 3
%
+		 3
%
+		 9
%
+
I
i
l
t
t
n
e
r
n
a
o
n
a		 6
3
6		 2
4
3
2
5
,		 8
0
G
h
t
r
o
w		 1
6
%
+		 1
5
%
+		 1
6
%
+
E
r
o
p
e
u		 3
6
2		 2
6
9
0
2
,		 4
1
L
i
A
i
t
a
n
m
e
r
c
a		 1
6
9		 1
4
1
7
7
,		 2
7
f
A
i
P
i
i
s
a-
a
c
c		 1
0
5		 7
7
8
9
,		 1.
2

Attachment I

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

D
b
t
e		 F
Y
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
t
te
bo
ing
(
inc
l.
A
/
R
)
r
rm
rro
s
p
ro
g
ra
m
w		 2
1
7		 3
3
1		 1
1
5		 4
1
9		 9
0
S
ho
t
te
bo
ing
fro
la
te
d p
t
ies
+
r
rm
rro
w
s
m
re
ar		 2 5 1
9		 6 3
0
Cu
t p
t
ion
f
lon
te
de
b
t a
d c
i
ta
l
lea
b
l
ig
t
ion
+
rre
n
or
o
g-
rm
n
ap
se
o
a
s		 8
5		 1
6
0		 1
2
6		 2
3
0		 9
0
Cu
ion
f
Tr
Pr
fe
d
Se
i
ies
t p
t
t
t
+
rre
n
or
o
us
e
rre
cu
r		 6
0
7
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		 4,
0
0
4		 3,
8
2
9		 7
0
7		 5
4
5		 1,
1
1
2
Tr
t
Pr
fe
d
Se
i
t
ies
(
t o
f c
t p
t
ion
)
+
us
e
rre
cu
r
ne
ur
re
n
or		 6
6
4		 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
rec
e
se
cu
r
p
ro
g
ra
m		 0 0 0 0 1
5
8
To
l
de
b
ta
t
=		 5,
6
4
2		 5,
5
7
9		 2,
1
9
1		 2,
4
7
9		 2,
7
2
2

All numbers are in \$ millions

E
B
I
T
D
A		 F
Y
2
0
0
7		 2)
F
Y
2
0
0
6
(pr
o f
)
orm
a		 F
Y
2
0
0
5		 F
Y
2
0
0
4		 F
Y
2
0
0
3
(
)
La
t
tw
lve
t
hs
t
ing
inc
E
B
I
T
s
e
m
on
o
p
er
a
om
e		 1,
8
0
5		 1,
3
6
7		 9
3
9		 8
2
5		 7
5
7
La
t
tw
lve
t
hs
de
ia
t
ion
d a
t
iza
t
ion
+
s
e
m
on
p
rec
an
mo
r		 3
6
3		 3
2
6		 2
5
1		 2
3
3		 2
1
6
No
h c
ha
+
n-c
as
rg
es		 4
1		 3
5		 1
4		 1
3		 1
3
E
B
I
T
D
A
(
l
ize
d
)
an
nu
a
=		 1,
9
8
4		 1,
2
8
7		 1,
2
0
4		 1,
0
9
8		 9
8
6

1) A/R securitization program off-balance sheet in 2003 and included in short term borrowings from 2004 onwards 2) Excluding restructuring costs and in-process R&D

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		 F
Y
2
0
0
7		 F
Y
2
0
0
6		 h
t
g
row		 cc Q
4
2
0
0
7		 Q
4
2
0
0
6		 h
t
g
row		 cc
In
te
t
io
l
du
t r
rn
a
na
p
ro
c
ev
en
ue		 2,
0
9
9		 1,
7
4
9		 2
0
%
+		 1
1
%
+		 6
0
8		 5
0
1		 2
1
%
+		 9
%
+
In
l re
te
rna
ve
nu
e
-		 (
)
2
5
3		 (
)
1
8
9		 (
)
7
5		 (
)
5
1
Ex
l r
te
=
rn
a
ev
en
ue		 1,
8
4
6		 1,
5
6
0		 1
8
%
+		 1
0
%
+		 5
3
3		 4
5
0		 1
8
%
+		 7
%
+
No
t
h
Am
ica
du
t r
r
er
p
ro
c
ev
en
ue		 1,
1
9
7		 1,
0
2
4		 1
%
5
+		 3
1
0		 2
8
4		 9
%
+
In
l re
te
rna
ve
nu
e
-		 (
)
5
1
8		 (
)
4
6
3		 (
)
1
3
0		 (
)
1
3
1
Ex
te
l r
=
rn
a
ev
en
ue		 6
6
1		 5
6
1		 1
8
%
+		 1
8
0		 1
5
3		 1
7
%
+
O
T
T
A
L
du
t r
p
ro
c
ev
en
ue		 3,
2
7
8		 2,
7
7
3		 1
8
%
+		 1
2
%
+		 9
1
8		 7
8
5		 1
7
%
+		 9
%
+
In
l re
te
rna
ve
nu
e
-		 (
)
7
7
1		 (
)
6
5
1		 (
)
2
0
5		 (
)
1
8
2
Ex
te
l r
=
rn
a
ev
en
ue		 2,
5
0
7		 2,
1
2
2		 1
8
%
+		 1
2
%
+		 7
1
3		 6
0
3		 1
8
%
+		 1
0
%
+
C
i
l
d
i
(
)
t
t
t
a
p
a
e
x
p
e
n
u
r
e
n
e		 F
Y
2
0
0
7		 F
Y
2
0
0
6		 Q
4
2
0
0
7		 Q
4
2
0
0
6
Pu
ha
f p
ty
lan
t a
d
ip
t
rc
se
o
ro
p
er
p
n
eq
u
m
en
,		 5
8
0		 4
6
7		 1
9
4		 1
7
9
fro
f p
Pr
ds
le
ty
lan
t a
d
ip
t
oc
ee
m
sa
o
ro
p
er
p
n
eq
u
m
en
-
,		 (
)
3
1		 (
)
1
7		 (
)
1
0		 (
)
2
Ca
i
l e
d
i
(
)
ta
tu
t
p
xp
en
re
ne
=		 5
4
9		 4
5
0		 1
8
4		 1
7
7

cc = constant currency

Attachment III

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

All numbers are in \$ millions

O
t
i
f
b
f
t
i
i
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		 F
Y
2
0
0
7		 F
Y
2
0
0
6		 h
t
g
row		 Q
4
2
0
0
7		 Q
4
2
0
0
6		 h
t
g
row
Op
ing
inc
(
E
B
I
T
)
t
er
a
om
e		 1,
5
8
0		 1,
3
1
8		 2
0
%		 4
2
8		 3
5
4		 2
1
%
Ga
in
fro
d
ive
t
i
tu
tru
tu
in
in
R
&
D
+
+
m
s
re
re
s
c
r
g
-p
ro
ce
ss		 - (
3
)		 - 2
5
Op
ing
inc
(
E
B
I
T
)
be
fo
im
i
t
t
te
er
a
om
e
re
on
e-
e-
ms		 1,
5
8
0		 1,
3
1
5		 2
0
%		 4
2
8		 3
7
9		 1
3
%
Ne
t
in
co
m
e		 7
1
7		 5
3
7		 3
4
%		 1
9
7		 1
5
2		 3
0
%
fro
&
Lo
d
ive
t
i
tu
tru
tu
in
in
R
D
+
ss
m
s
re
re
s
c
r
g
-p
ro
ce
ss
,		 - 3
7		 - 1
8
fo
Ne
inc
be
im
i
t
t
te
om
e
re
on
e-
e-
ms		 7
1
7		 5
7
4		 2
5
%		 1
9
7		 1
7
0		 1
6
%
P
f
i
&
L
A
t
t
r
o
o
s
s
c
c
o
u
n		 Q
4
2
0
0
6		 On
im
i
t
tem
e-
e
s		 Q
4
2
0
0
6
lu
d
ing
im
i
t
tem
ex
c
on
e-
e
s
Ne
t r
ev
en
ue		 2,
3
5
2		 2,
3
5
2
Op
in
in
(
E
B
I
T
)
t
er
a
g
co
m
e		 3
4
5		 *
2
5		 3
9
7
E
B
I
T-
in
(
)
%
m
ar
g		 1
5.
0		 1
6.
1
In
te
t e
t
res
xp
en
se
ne
,		 (
)
9
6		 (
)
9
6
In
be
fo
in
ta
co
m
e
re
co
m
e
xe
s		 2
5
8		 2
5		 2
8
3
Inc
Ta
om
e
x e
xp
en
se		 (
)
9
9		 (
)
7		 (
)
1
0
6
(
)
Ta
%
te
x r
a		 3
8		 3
8
M
ino
i
in
ty
te
t
r
res		 (
)
7		 (
)
7
Ne
in
t
co
m
e		 1
2
5		 1
8		 1
0
7

* Restructuring costs of US\$ 22 m and US\$ 3 m in process R&D

Attachment IV

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

All numbers are in \$ millions

f
&
P
i
t
L
A
t
r
o
o
s
s
c
c
o
n
u		 F
Y
2
0
0
6		 On
im
i
t
tem
e-
e
s		 F
Y
2
0
0
6
lu
d
ing
t
im
i
tem
ex
c
on
e-
e
s
Ne
t r
ev
en
ue		 8,
4
9
9		 8,
4
9
9
Op
t
in
in
(
E
B
I
T
)
er
a
g
co
m
e		 1,
3
1
8		 *
(
3
)		 1,
3
1
5
(
)
E
B
I
T-
in
%
m
ar
g		 1
5.
5
%		 1
5.
5
%
In
te
t e
t
res
xp
en
se
ne
,		 (
)
3
5
1		 **
1
4		 (
)
3
3
7
In
be
fo
in
ta
co
m
e
re
co
m
e
xe
s		 9
6
7		 1
1		 9
7
8
Inc
Ta
om
e
x e
xp
en
se		 (
)
4
1
3		 2
6		 (
)
3
8
7
Ta
(
)
te
%
x r
a		 4
3
%		 4
0
%
M
ino
i
in
ty
te
t
r
res		 (
)
1
7		 (
)
1
7
Ne
t
in
co
m
e		 5
3
7		 3
7		 5
7
4
O
t
i
i
N
t
h
A
i
p
e
r
a
n
g
n
c
o
m
e
o
r
m
e
r
c
a		 Q
4
2
0
0
6		 F
Y
2
0
0
6
Re
ve
nu
e		 1,
6
5
8		 6,
0
2
5
Op
(
)
ing
inc
E
B
I
T
t
er
a
om
e		 2
6
0		 9
6
5
E
B
I
T
in
(
in
%
f r
)
m
ar
g
o
ev
en
ue		 1
5.
7
%		 1
6.
0
%
On
t
im
i
te
e-
e-
m
s		 2
4		 (
7
)
(
%
f r
)
fo
E
B
I
T
in
in
be
-t
im
i
te
m
ar
g
o
ev
en
ue
re
o
ne
e
m
s		 1
7.
1
%		 1
5.
9
%

* US\$ 40 m gain from divestiture, less US\$ 32 m restructuring costs, US\$ 3 m in process R&D and US\$ 2 m costs for transformation of the legal form of the Company

** Write-off of deferred financing costs

Attachment V

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		 Q
4
2
0
0
7		 F
Y
2
0
0
7
Ac
is
i
ion
t
q
u
s		 (
)
1
1
8		 (
)
2
5
8
Pr
ds
fro
d
ive
i
t
tu
oc
ee
m
s
res		 - 3
0
Ac
is
i
t
io
t o
f
d
ive
t
i
tu
q
u
ns
ne
s
re
s
,		 (
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7

Contacts

Fresenius Medical Care AG & Co. KGaAInvestor RelationsElse Kröner Str. 161352 Bad Homburg v.d.H.

Ordinary shares WKN 578 580ISIN DE0005785802SEDOL1 5129074 DE

Oliver MaierHead of Investor Relations & Corporate Communications Tel.: +49-(0)6172-609-2601 Fax.: +49-(0)6172-609-2301 Email: [email protected]

Terry L. Morris Tel.: +1-800-948-2538Fax.: +1-615-345-5605Email: [email protected]

Gerrit Jost

Tel.: +49-(0)6172-609-5216 Fax.: +49-(0)6172-609-2301 Email: [email protected]

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