Fresenius SE & Co. KGaA

Quarterly Report • Nov 4, 2020

Q3 2020

QUARTERLY FINANCIAL REPORT

TABLE OF CONTENTS

3 Fresenius Group figures at a glance 6 Management Report 26 Consolidated financial statements

7 Results of operations, financial position, assets and liabilities 27 Consolidated statement of comprehensive income

• 10 Asset and liability structure
• 10 Virtual Annual General Meeting
• 11 Business segments 35 Notes
• 11 Fresenius Medical Care
• 13 Fresenius Kabi
• 17 Fresenius Vamed
• 19 Employees
• 19 Research and development
• 19 Opportunities and risk report
• 20 Subsequent events
• 20 Rating
• 20 Outlook 2020

• 23 Reconciliation tables

• 6 Health care industry 26 Consolidated statement of income

• 5 Fresenius share 7 Sales 28 Consolidated statement of finncial position
• 8 Earnings 29 Consolidated statement of cash flows
• 9 Reconciliations 31 Consolidated statement of changes in equity
• 9 Investments 33 Consolidated segment reporting first three quarters of 2020
• 9 Cash flow 34 Consolidated segment reporting third quarter of 2020

Notes

17 Fresenius Helios 59 Financial Calendar

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 2019, Group sales were €35.4 billion. As of September 30, 2020, more than 309,000 employees have dedicated themselves to the service of health in about 100 countries worldwide.

SALES, EARNINGS, AND CASH FLOW

	Gro wth in c tant ons							Gro wth in c tant ons
€ i illio n m ns	Q3 / 202 0	Q3 / 201 9	Gro wth	cur ren cy	Q1- 3/ 2 020	Q1- 3 /2 019	Gro wth	cur ren cy
Sa les	8, 918	8, 842	1%	5%	26, 973	26, 098	3%	5%
bef eci al i EB IT tem ore sp s	1, 113	1, 153	-3%	1%	36 3, 1	3, 40 1	-1%	0%
1 Ne t in d rte com e r epo	42 7	444	-4%	1%	297 1,	36 8 1,	-5%	-4%
1 t in efo cia l ite Ne e b com re spe ms	42 7	44 5	-4%	1%	1, 302	1, 373	-5%	-4%
1 nin in Ear sh € ed ort gs per are rep	0.7 7	0.8 0	-4%	0%	2.3 3	6 2.4	-5%	-4%
1 nin in bef eci al i Ear sh € tem gs per are ore sp s	0.7 7	0.8 0	-4%	0%	2.3 4	2.4 7	-5%	-4%
Op tin ash flo era g c w	1, 199	1, 48 3	-19 %	--	5, 159	2, 977	73 %	--

BALANCE SHEET AND INVESTMENTS

€ i illio n m ns	Sep ber 30 tem , 202 0	Dec ber 31, 201 em 9	Cha nge
To tal ets ass	68, 32 1	67, 006	2%
No ent set n-c urr as s	51 48 8 ,	51, 742	0%
uity Eq	26, 20 1	26, 580	-1%
Ne t d ebt	24, 513	604 25,	-4%
isit ion s (Q /Q Inv d a 1-3 20 20 1-3 20 19) est nts me an cqu	2, 193	3, 884	-44 %

RATIOS

	Q3 / 202 0	Q3 / 201 9	Q1- 3/ 2 020	Q1- 3 /2 019
in1 EB ITD A m arg	19 .4%	19. 9%	19 .4%	19. 8%
in1 EB IT ma rg	12 .5%	13. 0%	12 .5%	13. 0%
1 De cia tio nd iza tio n i of les n % ort pre n a am sa	6.9 %	6.9 %	7.0 %	6.8 %
Op tin flo w i of ash n % les era g c sa	13 .4%	16. 8%	19 .1%	11. 4%
uity tio (S Eq ber 30 /D mb 31) tem ra ep ece er			38 .3%	39 .7%
1, 2 (Se Ne t d ebt /E BIT DA ber 30 /D mb 31 ) tem p ece er			3.4 5	3.6 1

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

FRESENIUS-SHARE

The Fresenius share closed the third quarter of the year at a price of €38.83 after a volatile price performance.

KEY DATA OF THE FRESENIUS SHARE

	Q1- 3/ 2 020	201 9	Gro wth
Nu mb of sha (S ber 30 /D mb 31 ) tem er res ep ece er	55 7, 46 8, 584	55 7, 37 9, 979	0%
n1 Sto ck han tio in € ota exc ge qu
Hig h	50 .32	52 .42	-4%
Low	25 .66	40 .74	-37 %
iod ati sin ric e in Per d q clo € uot -en on g p	38 .83	50 .18	-23 %
Ø T ing of ing rad lum e ( mb sha ad da ) r tr vo nu er res pe y	2, 185 35 7 ,	693 1, 849 ,	29 %
2 in ital iza tio illio (S Ma rke n € ber 30 /D mb 31 ) t ca tem p n m ep ece er	647 21,	969 27, .00 0	-23 %
3 Ear nin sh in € gs per are	2.3 4	3.3 7	--

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 TO THIRD QUARTER 2020

The global economy marked by the COVID-pandemic in the first nine months of 2020, leading to a sharp decline in economic activity. Despite many uncertainties about the further development of the COVID-19 pandemic, the capital markets were largely able to recover from their lows in March due to economic stimulus measures taken by governments. Economic activity and employment have picked up in recent months but remain well below their levels from the beginning of the year.

According to the ECB's current forecast, the economy in the euro zone will contract by 8.0% this year. The ECB left its key interest rate unchanged at 0.00% during its September meeting.

The Federal Reserve's latest forecast projects the U.S. economy to contract by 3.7% in 2020. The U.S. Federal Reserve did not change the existing interest rates corridor of 0% to 0.25% at its September meeting.

Within this economic environment, the DAX decreased by 4%in the first nine months of 2020 to 12,761 points. The Fresenius share closed at €38.83 on September 30, 2020. This represents a decrease of 23%over the same period.

MANAGEMENT REPORT

Fresenius continues to demonstrate resilience amid the COVID-19pandemic: FY/20guidance confirmed given accelerated earnings growth in Q3

• ►Fresenius Medical Care with continued strong earnings growth in constant currency
• ► Fresenius Kabi showed a recovery in Europe and return to growth in China whilst headwinds weigh on North American business
• ► Helios Germany with sales growth in Q3 due to recovery of elective procedures; Helios Spain with significant growth based on catch-up effects
• ► Fresenius Vamed continues to be heavily impacted by COVID-19 related project delays, high-end technical service remained robust

HEALTH CARE INDUSTRY

The health care sector is one of the world's largest industries. It is relatively insensitive to economic fluctuations compared to other sectors and has posted above-average growth over the past years.

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 and the growing health consciousness, which increases the demand for health care services and facilities.

In the emerging countries, drivers are the 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 costcutting 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 qualityconscious behavior.

Overall treatment costs shall 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.

RESULTSOF OPERATIONS, FINANCIAL POSITION, ASSETS AND LIABILITIES

SALES

Group sales increased by 1% (5% in constant currency) to €8,918million (Q3/ 19: €8,842million). Organic sales growth was 3%. Acquisitions /divestitures contributed net 2%to growth. Currency translation had a negative impact on sales growth of 4%. Excluding estimated COVID-19 effects1, Group sales growth would have been 6% to 7% in constant currency. In Q1-3/ 20, Group sales increased by 3% (5% in constant currency) to €26,973 million (Q1-3/19: €26,098 million). Organic sales growth was 3%. Acquisitions/ divestitures contributed net 2%to growth. Currency translation had a negative impact on sales growth of 2%. Excluding estimated COVID-19 effects1 , Group sales growth would have been 7% to 8% in constant currency.

GROUP KEY FIGURES

		Gro wth
			in c tant ons
€ i illio n m ns	Q3 / 202 0	Gro wth	cur ren cy	Q1- 3/ 2 020	Gro wth	cur ren cy
Sa les	8, 918	1%	5%	26, 973	3%	5%
2 EB IT	1, 113	-3%	1%	36 3, 1	-1%	0%
2,3 Ne t in com e	42 7	-4%	1%	1, 302	-5%	-4%

SALES BY REGION

€ i illio n m ns	Q1- 3/ 2 020	Q1- 3 /2 019	Cha nge	Org anic sale h owt s gr	Cur ren cy slat ion tran effe cts	Acq uisi tion s / dive stit ure s	% o f to tal sale s
No rth Am eri ca	11, 283	10, 780	5%	3%	0%	2%	42 %
Eu rop e	11, 608	11, 25 1	3%	3%	-1%	1%	43 %
As ia- Pac ific	2, 647	2, 668	-1%	0%	-1%	0%	10 %
Lat in A ric me a	1, 161	1, 113	4%	14 %	-22 %	12 %	4%
Afr ica	274	286	-4%	2%	-6%	0%	1%
To tal	26, 973	26, 098	3%	3%	-2%	2%	100 %

SALES BY BUSINESS SEGMENT

€ i illio n m ns	Q1- 3/ 2 020	Q1- 3 /2 019	Cha nge	Org anic sale s wth gro	Cur ren cy slat ion tran effe cts	Acq uisi tion s / Div esti ture s	% o f to tal sale s
ius ica l C Fre M ed sen are	13, 45 9	12, 897	4%	4%	-2%	2%	50 %
ius bi Fre Ka sen	161 5,	5, 153	0%	3%	-3%	0%	19 %
ius lios Fre He sen	7, 181	6, 890	4%	3%	-1%	2%	26 %
ius Fre Va d sen me	1, 49 1	1, 46 9	1%	-1%	0%	2%	5%
To tal	26, 973	26, 098	3%	3%	-2%	2%	100 %

7

1 For estimated COVID-19 effects in Q3/20 and Q1-3/20 please see table on page 24.

2 Before special items

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

EARNINGS

Group EBITDA decreased by 2% (increased by 2%in constant currency) to €1,729million (Q3/ 191: €1,763 million). In Q1-3/20, Group EBITDA increased by 2% (2%in constant currency) to €5,246million (Q1-3/191: €5,167 million).

Group EBIT decreased by 3% (increased by 1%in constant currency) to €1,113million (Q3/ 191: €1,153 million). The missing contribution from elective procedures, volume headwinds leading to underutilized production capacities, COVID-19 related project delays at Fresenius Vamed as well as Group-wide COVID-19 related expenses weighed on EBIT. The EBIT margin was 12.5% (Q3/ 191: 13.0%). In Q1-3/ 20, Group EBIT decreased by 1% (0% in constant currency) to €3,361 million (Q1-3/ 191: €3,401 million). The EBIT margin was 12.5% (Q1-3/191: 13.0%). Following higher levels of investments in recent years, Fresenius sees higher levels of depreciation and amortization in 2020.

Group net interest before special items improved to -€154 million (Q3/19: -€171 million) mainly due to successful refinancing activities, lower interest rates as well as currency translation effects. Reported Group net interest improved to -€154 million (Q3/19: -€172 million). In Q1-3/20, Group net interest before special items improved to -€495 million (Q1-3/ 19: -€532million) while reported Group net interest improved to -€503 million (Q1-3/19: -€535million).

The Group tax rate before special items (Q3/19: 23.1%) and the reported Group tax rate (Q3/19: 21.2%) were 22.0%. In Q1-3/20, the Group tax rate before special items (Q1-3/19: 23.1%) and the reported Group tax rate (Q1-3/19: 22.4%) were 22.7%.

EARNINGS

€ i illio n m ns	Q3 / 202 0	Q3 / 201 9	Q1- 3/ 2 020	Q1- 3 /2 019
IT1 EB	1, 113	1, 153	3, 36 1	3, 40 1
2 Ne t in com e	42 7	444	1, 297	1, 36 8
2 Ne t in e ( bef eci al i s) tem com ore sp	42 7	44 5	1, 302	1, 373
2 Ear nin sh in € gs per are	0.7 7	0.8 0	2.3 3	2.4 6
2 Ear nin sh (b efo cia l ite ) in € gs per are re spe ms	0.7 7	0.8 0	2.3 4	2.4 7

INVESTMENTS/ACQUISITIONS BY BUSINESS SEGMENT

€ i illio n m ns	Q1- 3/ 2 020	Q1- 3 /2 019	The f reo plan d ty, t an pro per ipm ent equ	The f reo uisi tion acq s	Gro wth	f to % o tal
Fre ius M ed ica l C sen are	992	2, 856	746	246	-65 %	% 45
Fre ius Ka bi sen	47 7	8 55	46 0	17	% -15	22 %
Fre ius He lios sen	640	382	257	383	68 %	29 %
ius Fre Va d sen me	70	35	64	6	100 %	3%
Co e/O the rat rpo r	14	53	15	-1	-74 %	1%
To tal	2, 193	3, 884	1, 542	65 1	-44 %	100 %

CASH FLOW STATEMENT (Summary)

€ i illio n m ns	Q1- 3/ 2 020	Q1- 3 /2 019	Gro wth
Ne t in com e	2, 21 0	2, 194	1%
De cia tio nd iza tio ort pre n a am n	1, 885	1, 784	6%
Ch ork ing ital ang e w ca p	1, 064	-1, 00 1	--
tin Op Ca sh flo era g w	5, 159	2, 977	73 %
Ca ital dit et p ex pen ure , n	-1, 56 6	-1, 589	1%
Ca sh flo bef isit ion nd div ide nd ore ac qu s a s w	3, 593	38 8 1,	159 %
Ca sh d f uis itio t use or acq ns, ne	3 -44	-2, 142	79 %
Div ide id nds pa	-1, 00 1	-88 0	-14 %
Fre ash flo fte uis itio d d ivid ds e c w a r a cq ns an en	2, 149	-1, 634	--
Ca sh vid ed by /us ed for fin ing tiv itie pro anc ac s	-98 7	45 7	--
Eff of cha ch e in sh and sh uiv ale ect tes nts ex nge ra on ang ca ca eq	-15 8	67	--
e i uiv Ne ha ash d c ash ale t c nts ng n c an eq	1, 004	-1, 110	190 %

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

Noncontrolling interests before special items and reported noncontrolling interests were €321million (Q3/ 19: both €310million), of which 97% were attributable to the noncontrolling interests in Fresenius Medical Care. In Q1-3/20, noncontrolling interests before special items and reported were €913 million (Q1-3 / 19 before special items: €834 million; reported €826million).

Group net income1 before special items decreased by 4% (increased by 1%in constant currency) to €427million (Q3/ 19: €445 million). Excluding estimated COVID-19 effects2,net income before special items and in constant currency would have grown 1%to 5%. Reported Group net income1 was €427million (Q3/ 19: €444 million). In Q1-3/ 20, Group net income1 before special items decreased by 5% (-4%in constant currency) to €1,302 million (Q1-3/19: €1,373 million). Excluding estimated COVID-19 effects2, net income before special items and in constant currency would have grown 2%to 6%. Reported Group net income1 was €1,297 million (Q1-3/ 19: €1,368 million).

Earnings per share1 before special items decreased by 4% (0% in constant currency) to €0.77 (Q3/19: €0.80). Reported earnings per share1 were €0.77 (Q3/19: €0.80). In Q1-3/20, earnings per share1 before special items decreased by 5% (-4% in constant currency) to €2.34 (Q1-3/19: €2.47). Reported earnings per share1 were €2.33 (Q1-3/19: €2.46).

RECONCILIATION

Consolidated results for Q3 / 20and Q1-3/ 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 and adjustments please see the reconciliation tables on pages 23 to 25.

INVESTMENTS

Spending on property, plant and equipment was €521million corresponding to 6% of sales (Q3/ 19: €586 million; 7% of sales). These investments served primarily for the modernization and expansion of dialysis clinics, production facilities as well as hospitals, and day clinics. Despite the COVID-19 pandemic, Fresenius has been largely able to continue its investment programs, although there remains some uncertainty on the timing of projects for the remainder of the year. In Q1-3/ 20, spending on property, plant and equipment was €1,542million corresponding to 6% of sales (Q1-3/ 19: €1,592 million; 6% of sales).

Total acquisition spending was €142million (Q3/ 19: €135 million). In Q1-3 / 20, total acquisition spending was €651 million, mainly for the acquisition of three hospitals in Colombia by Fresenius Helios (Q1-3/ 19: €2,292 million, mainly for the acquisition of NxStage by Fresenius Medical Care).

CASH FLOW

Group operating cash flow was €1,199 million (Q3/ 19: €1,483 million) with a margin of 13.4% (Q3/ 19: 16.8%). Free cash flow before acquisitions and dividends was €682 million (Q3/ 19: €907 million). Given dividend payment in Q3/ 20versus Q2 / 19, Free cash flow after acquisitions and dividends was -€185 million (Q3/ 19: €732 million).

In Q1-3/ 20, Group operating cash flow increased to €5,159 million (Q1-3 / 19: €2,977 million) with a margin of 19.1% (Q1-3/ 19: 11.4%). The increase was largely driven by Fresenius Medical Care due to the U.S. federal relief funding and advanced payments under the Coronavirus Aid, Relief and Economic Security Act (CARES Act) as well as by the shorter payment periods of the COVID-19 governmental compensation and reimbursement scheme for Helios Germany. Free cash flow before acquisitions and dividends was €3,593 million (Q1-3/19: €1,388 million). Free cash flow after acquisitions and dividends was €2,149million (Q1-3/19: -€1,634million, driven by the acquisition of NxStage by Fresenius Medical Care).

ASSET AND LIABILITY STRUCTURE

Group total assets increased by 2% (5% in constant currency) to €68,321million (Dec. 31, 2019: €67,006 million). Current assets increased by 10% (15% in constant currency) to €16,833million (Dec. 31, 2019: €15,264 million), mainly driven by the increase of cash and cash equivalents. Noncurrent assets remained nearly unchanged (2%in constant currency) at €51,488 million (Dec. 31, 2019: €51,742million).

Total shareholders' equity decreased by 1% (increased by 4%in constant currency) to €26,201 million (Dec. 31, 2019: €26,580 million). The equity ratio was 38.3% (Dec. 31, 2019: 39.7%).

Group debt remained nearly unchanged (increased by 1%in constant currency) at €27,171 million (Dec. 31, 2019: €27,258 million). Group net debt decreased by 4% (-3%in constant currency) to €24,513million (Dec. 31, 2019: €25,604 million), driven by the exceptional cash flow development.

As of September 30, 2020, the net debt/EBITDA ratio improved to 3.45x1,2 (Dec. 31, 2019: 3.61x1,2) driven by the exceptional cash flow development, despite COVID-19 effects weighing on EBITDA.

VIRTUAL ANNUAL GENERAL MEETING

The virtual Annual General Meeting 2020 of Fresenius SE&Co. KGaA took place on August 28, 2020.

Shareholders approved with a large majority of 99.99% the proposal of the General Partner and the Supervisory Board to increase the dividend for the 27th consecutive time. It was raised by 5%, to €0.84 per share.

Shareholder majorities of 99.68% and 85.14%, respectively, approved the actions of the Management and Supervisory Boards in 2019.

At the virtual Annual General Meeting, 73%of the subscribed capital was represented.

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 September 30, 2020, Fresenius Medical Care was treating 349,167 patients in 4,073 dialysis clinics. Along with its core business, the company provides related medical services in the field of Care Coordination.

€ i illio n m ns	Q3 / 202 0	Q3 / 201 91	Gro wth	Gro wth in c tant ons cur ren cy	Q1- 3/ 2 020	Q1- 3 /2 019 1	Gro wth	Gro wth in c tant ons cur ren cy
Sa les	4, 414	4, 41 9	0%	6%	13, 45 9	12, 897	4%	6%
EB ITD A	1, 025	1, 012	1%	6%	3, 047	2, 834	8%	8%
EB IT	632	620	2%	7%	1, 843	1, 693	9%	9%
2 Ne t in com e	354	332	7%	11 %	987	868	14 %	14 %
Em loy (S 30 /D 31 ) p ees ep. ec.					134 55 0 ,	128 30 0 ,	5%

• ►Solid sales and strong earnings growth at constant currency continues in Q3
• ►Q3 development impacted by currency headwinds and expected lower reimbursement from calcimimetics
• ►Guidance for FY/ 20confirmed

Sales of Fresenius Medical Care remained on prior year's level (increased by 6% in constant currency) at €4,414 million (Q3/ 19: €4,419million). Organic sales growth was 3%. Acquisitions/divestitures contributed net 3%to growth. In Q1-3/ 20, Fresenius Medical Care increased sales by 4% (6% in constant currency) to €13,459 million (Q1-3/ 19: €12,897 million). Organic sales growth was 4%.

There were no adjustments to reported EBIT in Q3/ 20and Q1-3/20. Reported EBIT increased by 6% (11%in constant currency) to €632million (Q3/19: €595 million). The reported EBIT margin was 14.3% (Q3/ 19: 13.5%). The increase in margin was driven by negative prior year earnings effects, an increase in commercial revenue and favorable cost management of pharmaceuticals, offsetting the lower reimbursement for calcimimetics, all in the North America region. EBIT on an adjusted basis increased by 2% (7% in constant currency) to €632million (Q3/ 19: €620million). The EBIT margin on an adjusted basis was 14.3% (Q3/ 19: 14.0%).

In Q1-3 / 20, reported EBIT increased by 11% (12%in constant currency) to €1,843 million (Q1-3 / 19: €1,653 million). The reported EBIT margin was 13.7% (Q1-3/ 19: 12.8%). EBIT on an adjusted basis increased by 9% (9% in constant currency) to €1,843 million (Q1-3 / 19: €1,693 million). The EBIT margin on an adjusted basis was 13.7% (Q1-3/ 19: 13.1%).

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

There were no adjustments to reported net income in Q3/ 20and Q1-3/ 20. Reported net income1 grew by 6% (11%in constant currency) to €354 million (Q3/ 19: €333million) and increased on an adjusted basis by 7% (11%in constant currency) to €354 million (Q3/ 19: €332million). In Q1-3/ 20, reported net income1 grew by 15% (15% in constant currency) to €987 million (Q1-3/ 19: €857 million) and increased on an adjusted basis by 14% (14%in constant currency) to €987 million (Q1-3/ 19: €868 million).

Operating cash flow was €746million (Q3/ 19: €868 million) with a margin of 16.9% (Q3/19: 19.7%). In Q1-3/20, operating cash flow was €3,649million (Q1-3/ 19: €1,796 million) with a margin of 27.1% (Q1-3/ 19: 13.9%). The increase was largely driven by the U.S. federal relief funding and advanced payments under the CARES Act and other COVID-19 relief, as well as working capital improvements driven by cash collections.

Fresenius Medical Care continues to expect both revenue2 and net income1,3 to grow at a mid to high single digit rate in 2020. These targets are inclusive of anticipated COVID-19 effects, in constant currency and exclude special items4.. They are based on the adjusted results 2019, including the effects of the operations of the NxStage acquisition and the IFRS16implementation.

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

¹ Net income attributable to shareholders of Fresenius Medical Care AG&Co. KgaA

² FY/19base: €17,477 million

³ FY/19base: €1,236million (FY/20: before special items)

⁴ Special items are 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	Q3 / 202 0	Q3 / 201 9	Gro wth	Gro wth in c tant ons cur ren cy	Q1- 3/ 2 020	Q1- 3 /2 019	Gro wth	Gro wth in c tant ons cur ren cy
Sa les	1, 694	1, 76 1	-4%	2%	5, 161	5, 153	0%	3%
A1 EB ITD	36 8	39 8	-8%	-2%	1, 146	1, 178	-3%	-1%
IT1 EB	27 8	30 7	-9%	-4%	859	920	-7%	-5%
1,2 Ne t in com e	189	203	-7%	-1%	582	614	-5%	-3%
Em loy (S 30 /D 31 ) p ees ep. ec.					40 786 ,	39, 627	3%

• ► In North America decreased demand given fewer elective treatments and some supply constraints due to temporary manufacturing issues outweighed extra demand for COVID-19 related products
• ►China recovery accelerates with elective treatments rebounding nearly to pre-pandemic levels
• ► Strong EBIT growth in Europe and positive development in China only partially compensates EBIT decrease in North America
• ►FY/ 20guidance confirmed

Sales decreased by 4% (increased by 2%in constant currency) to €1,694 million (Q3/ 19: €1,761 million). Organic sales growth was 2%. Negative currency translation effects of 6% were mainly related to weakness of the US dollar, the Brazilian real and the Argentinian peso. Estimated COVID-19 effects had a slight negative impact on sales growth. In Q1-3/ 20, sales remained on prior year's level (increased by 3%in constant currency) at €5,161 million (Q1-3/ 19: €5,153 million). Organic sales growth was 3%. Negative currency translation effects of 3%were mainly related to weakness of the Brazilian real and the

Argentinian peso. Estimated COVID-19 effects had a slight negative impact on sales growth in Q1-3/ 20.

Sales in North America decreased by 10% (organic growth: -5%) to €558 million (Q3/ 19: €619 million). The decrease was driven by fewer elective treatments and supply constraints for certain products due to temporary manufacturing issues, which outweighed extra demand for COVID-19 related products. In Q1-3/ 20, sales in North America increased by 1% (organic growth: 1%) to €1,827million (Q1-3/ 19: €1,815million). Sales in Europe increased by 3% (organic growth: 5%) to €581 million

(Q3/19: €564 million). In Q1-3/20, sales in Europe increased by 4% (organic growth: 5%) to €1,778 million (Q1-3/ 19: €1,709 million). Sales in Asia-Pacific decreased by 2% (organic growth: increased by 1%) to €399 million (Q3/ 19: €406 million). While China saw a solid recovery based on increasing elective procedures, other Asian markets are lagging behind. In Q1-3/ 20, sales in Asia-Pacific decreased by 5% (organic growth: -3%) to €1,069 million (Q1-3/ 19: €1,121million).

1 Before special items

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

Sales in Latin America /Africa decreased by 9% (organic growth increased by 17%) to €156 million (Q3/ 19: €172 million). In Q1-3/ 20, sales in Latin America /Africa decreased by 4% (organic growth increased by 17%) to €487 million (Q1-3/ 19: €508 million).

EBIT before special items decreased by 9% (-4%in constant currency) to €278 million (Q3/ 191: €307 million) with an EBIT margin of 16.4% (Q3/191:17.4%). The decline is driven by headwinds leading to some underutilized production capacities in the US, coupled with selective supply constraints due to temporary manufacturing issues, incremental COVID-19 related expenses as well as a negative effect related to a write down of a receivable. Estimated COVID-19 effects, primarily lower share based remuneration costs given the capital markets situation, but also lower corporate costs due to travel restrictions and phasing of projects, had a moderate positive impact on EBIT growth. In Q1-3 / 20, EBIT before special items decreased by 7% (-5% in constant currency) to €859 million (Q1-3/ 191: €920million) with an EBIT margin of 16.6% (Q1-3/ 191: 17.9%). Estimated COVID-19 effects had a slight positive impact on EBIT growth in Q1-3/ 20.

Net income1,2 decreased by 7% (-1%in constant currency) to €189 million (Q3/19: €203 million). In Q1-3/20, net income1,2 decreased by 5% (-3%in constant currency) to €582 million (Q1-3/ 19: €614million).

Operating cash flow decreased to €225million (Q3/ 19: €377 million) with a margin of 13.3% (Q3 / 19: 21.4%). After an excellent operating cash flow in Q2/ 20that was marked by early cash receipts and tax payment holidays, Fresenius Kabi saw the respective reversal in Q3 / 20. In Q1-3 / 20, operating cash flow increased by 13%to €836 million (Q1-3/19: €737million) with a margin of 16.2% (Q1-3/ 19: 14.3%).

Fresenius Kabi confirms its outlook including estimated COVID-19 effects and projects organic sales3 growth of 2%to 5% and an EBIT4 development of -6% to -3%in constant currency.

1 Before special items

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

3 FY/19base: €6,919million

4 FY/19base: €1,205 million, before special items, FY/20: before special items

FRESENIUS HELIOS

Fresenius Helios is Europe's leading private hospital operator. The company comprises Helios Germany and Helios Spain (Quirónsalud). Helios Germany operates 86 hospitals, ~125outpatient centers and 6 prevention centers. Quirónsalud operates 46hospitals, 70 outpatient centers and around 300 occupational risk prevention centers. In addition, the company is active in Latin America with 7 hospitals and as a provider of medical diagnostics.

€ i illio n m ns	Q3 / 202 0	Q3 / 201 9	Gro wth	Gro wth in c tant ons cur ren cy	Q1- 3/ 2 020	Q1- 3 /2 019	Gro wth	Gro wth in c tant ons cur ren cy
Sa les	2, 40 0	2, 230	8%	8%	7, 181	6, 890	4%	5%
EB ITD A	33 6	293	15 %	15 %	1, 027	1, 043	-2%	-2%
EB IT	225	187	20 %	20 %	697	73 1	-5%	-5%
1 Ne t in com e	142	112	27 %	29 %	44 1	46 7	-6%	-6%
Em loy (S 30 /D 31 ) p ees ep. ec.					113 125 ,	106 37 7 ,	6%

• ►Recovery of elective procedures in Germany and Spain
• ► Helios Spain with significant growth based on catch-up effects; momentum accelerated by dynamic growth of outpatient treatments
• ►FY/ 20guidance confirmed

Sales increased by 8% (8% in constant currency) to €2,400 million (Q3/ 19: €2,230million). Organic growth was 6%. Acquisitions contributed 2%to sales growth. COVID-19 effects had an insignificant effect on organic sales growth. In Q1-3/ 20, Fresenius Helios increased sales by 4% (5% in constant currency) to €7,181 million (Q1-3/19: €6,890 million). Organic growth was 3%. Acquisitions contributed 2%to sales growth. COVID-19 effects had a moderate negative impact on organic sales growth in Q1-3/20. Fresenius sees a gradual recovery of elective procedures in Germany and Spain since May.

Sales of Helios Germany increased by 4% (organic growth: 4%) to €1,529million (Q3/ 19: €1,474 million). In Q1-3/ 20, Sales of Helios Germany increased by 5% (organic growth: 5%) to €4,703 million (Q1-3/ 19: €4,465 million). Due to the law to ease the financial burden on hospitals, COVID-19 effects had only a slight negative impact on organic sales growth in both, Q3/ 20and in Q1-3/ 20.

Sales of Helios Spain increased by 15% (17% in constant currency) to €870 million (Q3/ 19: €757 million). Organic growth of 10% was driven by a strong recovery of elective procedures and additionally fueled by increased outpatient

treatments. Thus COVID-19 effects had a slight positive impact on organic sales growth. The hospital acquisitions in Colombia contributed 7% to sales growth. In Q1-3/ 20, sales of Helios Spain increased by 2% (3%in constant currency) to €2,476 million (Q1-3 / 19: €2,425million). Organic growth was -2%. Acquisitions contributed 5% to sales growth. COVID-19 effects had a significant negative impact on organic sales growth in Q1-3/ 20.

EBIT of Fresenius Helios increased by 20% (20% in constant currency) to €225million (Q3 / 19: €187 million) with an EBIT margin of 9.4% (Q3/ 19: 8.4%). COVID-19 effects had a significant positive impact on EBIT growth. In Q1-3/20, EBIT of Fresenius Helios decreased by 5% (-5% in constant currency) to €697 million (Q1-3/ 19: €731 million) with an EBIT margin of 9.7% (Q1-3/ 19: 10.6%). COVID-19 effects had a significant negative impact on EBIT growth in Q1-3/ 20.

EBIT of Helios Germany increased by 2%to €133million (Q3/19: €131million) with an EBIT margin of 8.7% (Q3/19: 8.9%). In Q1-3/20, EBIT of Helios Germany increased by 3% to €445million (Q1-3/19: €434million) with an EBIT margin of 9.5% (Q1-3/ 19: 9.7%). Due to the law to ease the financial burden on hospitals, COVID-19 effects had only a slight negative impact on EBIT growth in both Q3/20and Q1-3/20.

EBIT of Helios Spain increased by 61% (63%in constant currency) to €95 million (Q3/ 19: €59 million) with an EBIT margin of 10.9% (Q3/ 19: 7.8%). The growth is driven by a recovery of elective procedures following the governmentordered postponement of planned surgical procedures in Q2,where medically justifiable. Thus, COVID-19 effects had a very significant positive effect on EBIT growth in Q3/ 20. In Q1-3/ 20, EBIT of Helios Spain decreased by 15% (-15% in constant currency) to €261 million (Q1-3/19: €307 million) with an EBIT margin of 10.5% (Q1-3/19: 12.7%). COVID-19 effects had a significant negative impact on EBIT growth in Q1-3/ 20with missing or delayed elective procedures and higher expenses amidst the comprehensive efforts to combat the pandemic.

Net income1 increased by 27% to €142million (Q3/ 19: €112million). In Q1-3/ 20, net income1 decreased by 6% to €441million (Q1-3/ 19: €467 million).

Operating cash flow increased to €275 million (Q3/ 19: €196 million) with a margin of 11.5% (Q3/19: 8.8%), driven by phasing of payments under the German law to ease the financial burden on hospitals. In Q1-3/20, operating cash flow increased to €715 million (Q1-3/ 19: €507 million) with a margin of 10.0% (Q1-3/19: 7.4%).

Fresenius Helios confirms its outlook including estimated COVID-19 effects and expects organic sales2 growth of 1% to 4%and EBIT3 broadly stable over FY/ 19 in constant currency.

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

² FY/19base: €9,234million

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	Q3 / 202 0	Q3 / 201 9	Gro wth	Gro wth in c tant ons cur ren cy	Q1- 3/ 2 020	Q1- 3 /2 019	Gro wth	Gro wth in c tant ons cur ren cy
Sa les	51 7	562	-8%	-8%	1, 49 1	1, 46 9	1%	1%
EB ITD A	10	51	-80 %	-82 %	51	119	-57 %	-58 %
EB IT	-11	33	-13 3%	-13 3%	-10	67	-11 5%	-11 5%
1 Ne t in com e	-15	21	-17 1%	-17 1%	-23	39	-15 9%	-15 9%
Em loy (S 30 /D 31 ) p ees ep. ec.					19, 39 1	18, 592	4%

• ►Significant negative COVID-19 impact continued through Q3
• ► Projects and project order intake continued to be marked by delays, cancellations and global supply chain restraints due to COVID-19
• ► Lower capacities in the post-acute-care business due to health authority induced capacity restrictions and postponements of elective surgeries; less demand for rehabilitation treatments; high-end technical service remained robust
• ►FY/ 20EBIT guidance revised

Sales of Fresenius Vamed decreased by 8% (-8% in constant currency) to €517million (Q3 / 19: €562 million). Organic sales growth was -10%. Acquisitions contributed 2% to growth. Estimated COVID-19 effects had a significant negative impact on growth in Q3/20. In Q1-3/20, Fresenius Vamed increased sales by 1% (1%in constant currency) to €1,491 million (Q1-3 / 19: €1,469 million). Organic sales growth was -1%. Acquisitions contributed 2%to growth. Estimated COVID-19 effects had a significant negative impact on sales growth in Q1-3/ 20. Sales in the service business increased by 8% to €377 million (Q3/ 19: €349million).

Sales in the project business decreased by 34%to €140million (Q3/19: €213million), driven by postponements and cancellations of projects. In Q1-3/ 20, sales in the service business grew by 4%to €1,063 million (Q1-3/19: €1,025million). Sales in the project business decreased by 4%to €428million (Q1-3/ 19: €444million).

EBIT decreased by 133% (-133%in constant currency) to -€11million (Q3/ 19: €33million) with an EBIT margin of -2.1% (Q3/ 19: 5.9%). Estimated COVID-19 effects had a very significant negative impact on EBIT. Capacities in the post-acute care clinics were left empty given a generally lower intake of elective surgery patients from acute-care hospitals as well as authority-instigated restrictions or even closures of individual facilities. In the project business, project delays triggered incremental expenses. In Q1-3/ 20, EBIT decreased by 115% (-115% in constant currency) to -€10million (Q1-3/ 19: €67 million) with an EBIT margin of -0.7% (Q1-3/ 19: 4.6%). Estimated COVID-19 effects had a very significant negative impact on EBIT in Q1-3/ 20.

Net income1 decreased to -€15million (Q3/19: €21million). In Q1-3/20, net income1 decreased to -€23million (Q1-3/19: €39million).

Order intake was €188 million in Q3/ 20 (Q3/ 19: €240 million) and €362 million in Q1-3/20 (Q1-3/19: €738million). As of September 30, 2020, order backlog was at €2,786 million (December 31, 2019: €2,865 million). Order intake and order backlog were marked by COVID-19 related cancellations and project delays.

Operating cash flow decreased to -€4 million (Q3/ 19: €33million) with a margin of -0.8% (Q3/19: 5.9%), driven by delayed payments in the project business, partially offset by minor compensation payments from governmental authorities related to the post-acute care business. In Q1-3/20, operating cash flow increased to €4 million (Q1-3/ 19: -€17million) with a margin of 0.3% (Q1-3/ 19: -1.2%).

Fresenius Vamed confirms its sales outlook for FY/ 20 and expects an organic sales2 decline of ~10%. Ongoing significant negative COVID-19 effects are expected to weigh on EBIT in Q4/ 20. While Fresenius Vamed continues to project a positive EBIT3 amount for FY/ 20, the constant currency decline versus FY/ 19 is now expected to exceed the former outlook of ~50%. Both sales and EBIT outlook include estimated COVID-19 effects.

1 Net income attributable to shareholders of VAMED AG

2 FY/19base: €2,206 million

3 FY/19base: €134million

EMPLOYEES

As of September 30, 2020, the number of employees was 309,114 (Dec. 31, 2019: 294,134).

NUMBER OF EMPLOYEES

To tal	30 9, 114	294 134 ,	5%
Co e/O the rat rpo r	262 1,	1, 238	2%
ius Fre Va d sen me	19, 39 1	18, 592	4%
ius lios Fre He sen	113 125 ,	106 37 7 ,	6%
ius bi Fre Ka sen	786 40 ,	627 39,	3%
ius ica l C Fre M ed sen are	134 55 0 ,	128 30 0 ,	5%
Nu mb of loy er em p ees	Sep t. 3 0, 202 0	Dec . 31 , 201 9	Gro wth

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- 3/ 202 0	Q1- 3 / 201 9	Gro wth
Fre ius M ed ica l C sen are	141	119	19 %
1 ius bi Fre Ka sen	40 7	353	15 %
Fre ius He lios sen	1	2	-50 %
Fre ius Va d sen me	0	0	--
Co e/O the rat rpo r	--	0	--
1 To tal	54 9	474	16 %

1 Before revaluations of biosimilars contingent purchase price liabilities

OPPORTUNITIES AND RISK REPORT

Compared to the presentation in the consolidated financial statements and the management report as of December 31, 2019 applying Section 315e HGB in accordance with IFRS, there has been the following important development in Fresenius' overall opportunities and risk situation until October 30, 2020.

The rapid global spread of the COVID-19 pandemic has resulted in a material deterioration of the conditions for the global economy and financial markets have been materially affected. This development also adversely affected our business and result of operations in the first nine months of 2020. We expect further adverse effects on our business and result of operations for the last quarter of 2020. The further development of the worldwide situation in the fourth quarter remains uncertain and may have additional adverse effects on our financial results and our ability to achieve our Guidance. The COVID-19 pandemic may also have adverse effects on our financial condition, liquidity and valuation of assets including Goodwill. The pandemic still entails material risks to our supply chains, our production, the sales of our products and the delivery of our services.

These negative effects on our business could for example be caused by restrictions on business activities of our suppliers, customers and ourselves, including our personnel, imposed by public authorities on a regional, national or international level, by unavailability of critical workforce, increased costs and by a material redirection of public health funds from our products and services to address the COVID-19 pandemic. These effects will be exacerbated the longer the COVID-19 pandemic lasts.

Fresenius suffered a deliberate cyber attack in the second quarter of 2020. Cybercriminals succeeded in infecting some of Fresenius' IT systems with malware and encrypting data stored on these systems. This incident led to temporary interruptions in our IT infrastructure and IT-supported internal processes. This situation was brought under control within a few days and major disruptions could be prevented.

In connection with this attack, patient data was stolen from some of Fresenius Medical Care's dialysis centers and made public without authorization. The company immediately filed criminal charges against the unknown perpetrators and reported the data privacy violation to the responsible data protection authorities. The company fully cooperates with these authorities. In addition, Fresenius Medical Care informed the patients that were and could be affected by the data theft and its illegal publication.

Internal and external specialists work continuously to prevent further potential attacks, data theft or illegal publication of data.

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 51 to 53 in the Notes of this report.

SUBSEQUENT EVENTS

October was characterized by a regionally varying development of the COVID-19 pandemic with rising infection numbers worldwide, especially in Europe and the United States For example, the Spanish Government has again declared a State of Alarm empowering local authorities to legally enforce controlling measures. In Germany, large-scale constraints of public and private life will be enacted again in November in order to curtail the spread of COVID-19. The further development of the worldwide situation and its 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 third quarter of 2020.

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

OUTLOOK 2020

FRESENIUS GROUP

Based on the Group's solid business development in Q1-3/20, Fresenius confirms its sales and net income guidance for 2020 including estimated COVID-19 effects. Fresenius projects sales growth1 of 3%to 6% in constant currency. Net income1,2,3 is expected to develop in a range of -4%to +1%.

Fresenius projects net debt/EBITDA4 to be around the top-end of the self-imposed target corridor of 3.0x to 3.5x by the end of FY/ 20including estimated COVID-19 effects.

COVID-19 will continue to impact Fresenius' operations in Q4/ 20. Fresenius recognizes the increasing COVID-19

case numbers, and the associated various containment measures being enacted in many of the Company's relevant markets. Thus, the Group's FY/ 20guidance assumes no containment measures that have a significant and direct impact on the health care sector that are not appropriately compensated.

FRESENIUS MEDICAL CARE

Fresenius Medical Care continues to expect both revenue1 and net income1,3,5 to grow at a mid to high single digit rate in 2020. These targets are inclusive of anticipated COVID-19 effects, in constant currency and exclude special items6. They are based on the adjusted results 2019, including the effects of the operations of the NxStage acquisition and the IFRS16 implementation.

FRESENIUS KABI

Fresenius Kabi confirms its outlook including estimated COVID-19 effects and projects organic sales1 growth of 2%to 5% and an EBIT1,3 development of -6% to -3%in constant currency.

FRESENIUS HELIOS

Fresenius Helios confirms its outlook including estimated COVID-19 effects and expects organic sales1 growth of 1%to 4%and EBIT1 broadly stable over FY/ 19in constant currency.

1 FY/19base: see table on page 22

• 2 Net income attributable to shareholders of Fresenius SE&Co. KGaA
• 3 Before special items
• 4 At LTM average exchange rates for both net debt and EBITDA; pro forma closed acquisitions /divestitures; excluding further potential acquisitions; before special items

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

⁶ Special items are 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 VAMED

Fresenius Vamed confirms its sales outlook for FY/ 20 and expects an organic sales1 decline of ~10%. Ongoing significant negative COVID-19 effects are expected to weigh on EBIT in Q4/20. While Fresenius Vamed continues to project a positive EBIT1 amount for FY/ 20, the constant currency decline versus FY/ 19 is now expected to exceed the former outlook of ~50%. Both sales and EBIT outlook include estimated COVID-19 effects.

INVESTMENTS

In 2020, we expect to invest about 6% to 7% of sales in property, plant and equipment. Subject to duration and magnitude of the COVID-19 pandemic, Fresenius may face delays of investment projects planned for 2020.

GROUP FINANCIAL OUTLOOK 2020

	Fisc al y 201 9¹ ear	Tar s 20 20² get	Gui dan ce²
Sa les th (in ) sta nt gr ow con cur ren cy	€3 5, 40 9 m	+ 3 % + 6 % to	firm ed con
3 g Ne t in th (in ) sta nt com e row con cur ren cy	€1 879 m ,	- 4 % + 1 % to	firm ed con

1 Before special items, including IFRS16effect, including operating results of NxStage

2 Before special items, including estimated COVID-19 effects

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

OUTLOOK 2020 BY BUSINESS SEGMENT

	Fisc al y 201 9¹ ear	Tar s 20 20² get	Gui dan ce²
ius ica l C Fre M ed sen are
Sa les th (in ) sta nt gr ow con cur ren cy	€1 7, 47 7 m	mid hi ing h s le to g dig it % -ra nge	firm ed con
3,4 Ne t in h ( in c ) wt tan t c com e gro ons urr enc y	€1 236 m ,	mid hi h s ing le to g dig it % -ra nge	firm ed con
Fre ius Ka bi sen
Sa ic) les th (or gr ow gan	€6 919 m ,	+ 2 % + 5 % to	firm ed con
in c EB IT h ( ) wt tan t c gro ons urr enc y	€1 205 m ,	- 6 % - 3 % to	firm ed con
ius lios Fre He sen
Sa ic) les th (or gr ow gan	€9 234 m ,	+ 1 % + 4 % to	firm ed con
in c EB IT h ( ) wt tan t c gro ons urr enc y	€1 025 m ,	bro ad ly s tab le	firm ed con
Fre ius Va d sen me
Sa les th (or ic) gr ow gan	€2 206 m ,	10 % ~ -	firm ed con
EB IT h ( in c ) wt tan t c gro ons urr enc y	€1 34 m	50 % ~ -	itiv e E BIT pos

1 Before special items, including IFRS16effect, including operating results of NxStage

2 Before special items, including estimated COVID-19 effects

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

4 Special items are effects that are unusual in nature and have not been foreseeable or not foreseeable in size or impact at the time of giving guidance

RECONCILIATION FRESENIUS GROUP Q3 AND Q1-3

€ i illio n m ns	Q3 / 202 0	Q3 / 201 9	Gro wth rat e	Gro wth rat e in c tant ons cur ren cy	Q1- 3/ 2 020	Q1- 3 /2 019	Gro wth rat e	Gro wth rat e in c tant ons cur ren cy
Sa les d rte re po	8, 918	8, 842	1%	5%	26, 973	26, 098	3%	5%
eci ite EB IT ed (af al ) ort ter rep sp ms	1, 113	1, 129	-1%	3%	36 3, 1	3, 362	0%	1%
ctio Tra s A kor ost nsa n c n	--	0			--	3
Rev alu ati of bi osi mi lars nti rch ice lia bil itie nt ons co nge pu ase pr s	0	0			0	-4
Ga in rel d t o d ive stit f C Co ord ina tio ctiv itie ate ure s o are n a s	--	-3			--	-14
Tra ctio s N xSt ost nsa n c age	--	2			--	22
Ex iate d w ith the tim iza tio FM C st o at pen ses as soc co p n p rog ram	--	25			--	32
(be for ial ite ) EB IT e s pec ms	1, 113	1, 153	-3%	1%	36 3, 1	3, 40 1	-1%	0%
t in d ( cia l it s) Ne aft ter est rte re po er spe em	-15 4	-17 2	10 %	7%	-50 3	-53 5	6%	5%
Rev alu ati of bi osi mi lars nti rch ice lia bil itie nt ons co nge pu ase pr s	0	1			8	3
Ne t in (b efo cia l it s) ter est re spe em	-15 4	-17 1	10 %	6%	-49 5	-53 2	7%	6%

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

RECONCILIATION FRESENIUS GROUP Q3 AND Q1-3

				Gro wth rat e in c tant ons				Gro wth rat e in c tant ons
€ i illio n m ns	Q3 / 202 0	Q3 / 201 9	Gro wth rat e	cur ren cy	Q1- 3/ 2 020	Q1- 3 /2 019	Gro wth rat e	cur ren cy
Inc ed (af eci al ite ) e t ort ter om axe s r ep sp ms	-21 1	-20 3	-4%	-7%	-64 8	-63 3	-2%	-3%
Tra ctio s A kor ost nsa n c n	--	0			--	0
Rev alu ati of bi osi mi lars nti rch ice lia bil itie nt ons co nge pu ase pr s	--	--			-3	0
Ga in rel d t o d ive stit f C Co ord ina tio ctiv itie ate ure s o are n a s	--	-17			--	-15
Tra ctio s N xSt ost nsa n c age	--	-1			--	-6
Ex iate d w ith the tim iza tio FM C st o at pen ses as soc co p n p rog ram	--	-6			--	-8
Inc (b efo cia l ite ) e ta om xes re spe ms	-21 1	-22 7	7%	4%	-65 1	-66 2	2%	1%
ing in cia l it No oll d ( aft s) ntr ter est rte nco re po er spe em	-32 1	-31 0	-4%	-8%	913	-82 6	-11 %	-11 %
Ga in rel d t o d ive stit f C Co ord ina tio ctiv itie ate ure s o are n a s	--	14			--	20
Tra ctio s N xSt ost nsa n c age	--	--			--	-11
Ex iate d w ith the tim iza tio FM C st o at pen ses as soc co p n p rog ram	--	-14			--	-17
ing in cia l it No oll (b efo s) ntr ter est nco re spe em	-32 1	-31 0	-4%	-8%	913	-83 4	-9%	-10 %
1 t in eci ite Ne ed (af al ) ort ter com e r ep sp ms	42 7	444	-4%	1%	1, 297	1, 36 8	-5%	-4%
Tra ctio s A kor ost nsa n c n	--	0			--	3
Rev alu ati of bi osi mi lars nti rch ice lia bil itie nt ons co nge pu ase pr s	--	1			5	-1
Ga in rel d t o d ive stit f C Co ord ina tio ctiv itie ate ure s o are n a s	--	-6			--	-9
Tra ctio s N xSt ost nsa n c age	--	1			--	5
Ex iate d w ith the tim iza tio FM C st o at pen ses as soc co p n p rog ram	--	5			--	7
1 t in eci ite Ne e ( bef al ) com ore sp ms	42 7	44 5	-4%	1%	1, 302	1, 373	-5%	-4%

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

ESTIMATED COVID-19 EFFECTS Q3 /Q1-3 2020

	d G Re rte po in c tan ons inc lus ive CO	th rat row e t c urr enc y VID -19 -ef fec ts		ima Est ted CO VID -19 im t pac in c tan t c ons urr enc y
€ i illio n m ns	Q3 / 202 0	Q1- 3 /2 020	Q3 / 202 0	Q1- 3 /2 020
Sa les	5%	5%	- 1 - 2 % to	- 2 -3 % to
1 Ne t in e ( bef eci al ite ) com ore sp ms	1%	% - 4	0 t 4% o -	- 6 % 0% to - 1

RECONCILIATION BUSINESS SEGMENTS Q3 AND Q1-3

FRESENIUS MEDICAL CARE

€ i illio n m ns	Q3 / 202 0	Q3 / 201 9	Gro wth rat e	Gro wth rat e in c tant ons cur ren cy	Q1- 3/ 2 020	Q1- 3 /2 019	Gro wth rat e	Gro wth rat e in c tant ons cur ren cy
Sa les d rte re po	4, 414	4, 41 9	0%	6%	13, 45 9	12, 897	4%	6%
eci ite EB IT ed (af al ) ort ter rep sp ms	632	595	6%	11 %	1, 843	1, 653	11 %	12 %
Ga in rel d t o d ive stit f C Co ord ina tio ctiv itie ate ure s o are n a s	--	-2			--	-14
Tra ctio s N xSt ost nsa n c age	--	2			--	22
Ex iate d w ith the tim iza tio st o pen ses as soc co p n p rog ram	--	25			--	32
EB IT (be for ial ite ) e s pec ms	632	620	2%	7%	843 1,	693 1,	9%	9%
1 t in (af eci ite ) Ne ed al ort ter com e r ep sp ms	354	333	6%	11 %	987	857	15 %	15 %
Ga in ive stit f C Co ina tio ctiv itie rel d t o d ord ate ure s o are n a s	--	-20			--	-29
Tra ctio s N xSt ost nsa n c age	--	1			--	16
Ex iate d w ith the tim iza tio st o pen ses as soc co p n p rog ram	--	18			--	24
1 Ne t in e ( bef eci al ite ) com ore sp ms	354	332	7%	11 %	987	868	14 %	14 %

FRESENIUS KABI

€ i illio n m ns	Q3 / 202 0	Q3 / 201 9	Gro wth rat e	Gro wth rat e in c tant ons cur ren cy	Q1- 3/ 2 020	Q1- 3 /2 019	Gro wth rat e	Gro wth rat e in c tant ons cur ren cy
Sa les d rte re po	1, 694	1, 76 1	-4%	2%	5, 161	5, 153	0%	3%
Tra ctio s A kor ost nsa n c n	--	0			--	3
ati of bi osi mi nti ice lia bil itie Rev alu lars rch nt ons co nge pu ase pr s	0	0			0	-4
EB IT (be for ial ite ) e s pec ms	27 8	30 7	-9%	-4%	859	920	-7%	-5%

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

€ i illio n m ns	Q3 / 202 0	Q3 / 201 9	Q1- 3/ 2 020	Q1- 3 /2 019
Sa les	8, 918	8, 842	26, 973	26, 098
Co f sa les st o	-6, 414	-6, 275	-19 26 0 ,	-18 46 9 ,
ofi Gr t oss pr	2, 504	2, 56 7	7, 713	7, 629
Se llin al a nd ad mi nis tive tra g, ge ner ex pen ses	-1, 229	-1, 258	-3, 835	-3, 806
Ga in rel d t o d ive stit f C Co ord ina tio ctiv itie ate ure s o are n a s	3	3	32	14
Res ch and de vel nt ear op me exp ens es	-16 5	-18 3	-54 9	-47 5
tin inc Op e ( EB IT) era g om	1, 113	1, 129	36 3, 1	3, 362
Ne t in ter est	-15 4	-17 2	-50 3	-53 5
Inc e b efo inc e t om re om axe s	959	957	2, 858	2, 827
Inc e ta om xes	-21 1	-20 3	-64 8	-63 3
t in Ne com e	748	754	2, 21 0	2, 194
No olli int ntr sts nco ng ere	32 1	31 0	913	826
t in ibu of niu s S E& Co Ga Ne tab le t ha reh old Fr . K A ttr com e a o s ers ese	42 7	444	1, 297	36 1, 8
rni in € Ea sha ng s p er re	0.7 7	0.8 0	2.3 3	2.4 6
Fu lly dil d e ing sha in € ute arn s p er re	0.7 7	0.7 9	2.3 3	2.4 5

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

€ i illio n m ns	Q3 / 202 0	Q3 / 201 9	Q1- 3/ 2 020	Q1- 3 /2 019
Ne t in com e	748	754	2, 21 0	2, 194
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
eig ati For nsl tra n c urr enc y on	-89 8	752	-1, 272	920
Ca sh flow he dg es	-2	1	10	-21
Fai lue ch of deb t in str ent r va ang es um s	0	0	31	0
Inc siti hic h w ill b ecl ifie d e ta om xes on po ons w e r ass	-2	3	-10	9
Po sit ion hic h w ill be cla ssi fie d i t in e i ub not nto nt s w re ne com n s seq ue yea rs
Ac ria l lo n d efi ned be nef it p ion lan tua sse s o ens p s	-65	0	-19	0
Sh of ive in e f uity in her reh ot at tm ent are co mp ens com rom eq ves s	2	0	53	0
Fai of uity in lue ch tm ent r va ang es eq ves s	-13	0	6	0
siti hic ill n sifi Inc h w be las ed e ta ot om xes on po ons w rec	20	0	3	0
Ot he he nsi inc e ( los s), net r c om pre ve om	-95 8	756	-1, 198	908
siv e i To tal reh (lo ss) co mp en nco me	-21 0	1, 51 0	1, 012	3, 102
siv e i tri llin int Co reh (lo ss) bu tab le t at tro sts mp en nco me o n on con g ere	-13 0	686	28 8	1, 25 1
Co reh siv e i (lo ss) tri bu tab le t at mp en nco me o
niu sha reh old of Fr s S E& Co . K Ga A ers ese	-80	824	724	1, 85 1

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

ASSETS

€ i illio n m ns	Sep ber 30 , 20 20 tem	Dec ber 31, 201 9 em
Cas iva h a nd h e len ts cas qu	658 2,	654 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, 198	7, 176
Ac cei vab le f d lo late d p ies nts to art cou re rom an ans re	106	100
Inv ori ent es	4, 032	3, 633
Oth t as set er cur ren s	2, 839	2, 70 1
I. T l cu ota nt ets rre ass	16, 833	15, 264
Pro lan nd uip ty, t a nt per p eq me	608 11,	30 11, 7
Rig ht- of- set use as s	819 5,	959 5,
Go odw ill	27, 342	27, 737
Oth int ible set er ang as s	769 3,	869 3,
Oth ent set er no n-c urr as s	999 1,	2, 03 1
fer De red ta xes	95 1	839
II. To tal ent set no n-c urr as s	51 48 8 ,	51, 742
To tal set as s	68, 32 1	67, 006

LIABILITIES

€ i illio n m ns	Sep tem ber 30 , 20 20	Dec ber 31, 201 9 em
Tra de ble nts acc ou pa ya	690 1,	905 1,
Sh ble late d p ies ort -te nts to art rm ac cou pa ya re	70	46
Sh ovi sio lia bil itie and her sh ort -te ot ort -te rm pr ns rm s	7, 874	6, 245
Sh de bt ort -te rm	684	2, 47 5
Sh bt f ies de late d p ort -te art rm rom re	7	3
Cu rtio f lo m d ebt nt ter rre po n o ng-	778	892
Cu rtio liab ilit ies f lo lea nt ter rre po n o ng- m se	875	793
Cu rtio f b ond nt rre po n o s	1, 56 0	945
Cu rtio f co rtib le b ond nt rre po n o nve s	0	40 0
Sh als fo r in ort -te e ta rm ac cru com xes	31 7	232
A. To tal sh lia bil itie ort -te rm s	13, 855	13, 936
Lon m d ebt les rtio ter ent g- s c urr po n ,	4, 913	6, 117
Lon lea liab ilit ies les rtio ter ent g- m se s c urr po n ,	5, 445	5, 646
Bo nds les rtio ent s c urr po n ,	12, 43 7	9, 522
Co rtib le b ond les rtio ent nve s, s c urr po n	47 2	46 5
Lon vis ion nd oth lon liab ilit ies ter ter g- m pro s a er g- m	1, 656	1, 56 0
Pen sio n l iab ilit ies	1, 59 8	1, 52 0
Lon ual s fo r in ter e ta g- m a ccr com xes	276	242
De fer red ta xes	46 8 1,	8 1, 41
lia bil itie B. To tal lo -te ng rm s	28, 265	26, 49 0
l lia bil itie I. T ota s	42 120 ,	6 40 42 ,
A. No oll ing in ntr ter est nco	9, 30 0	9, 802
Su rib ita bsc ed l cap	55 7	55 7
Ca ital p re ser ve	3, 989	3, 989
Oth er res erv es	13, 118	12, 42 2
Ac ula ted her reh ive lo ot cum co mp ens ss	-76 3	-19 0
' e B. To tal Fr niu s S E& Co . K Ga A s ha reh old ity ese ers qu	16, 90 1	16, 778
rs' uit II. To tal sh ho lde are eq y	26, 20 1	26, 58 0
' eq lia bil itie uit To tal nd sha reh old s a ers y	68, 32 1	67, 006

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

€ i illio n m ns	Q1- 3/ 2 020	Q1- 3 /2 019
tin cti vit ies Op era g a
Ne t in com e	2, 21 0	2, 194
jus nci inc Ad le n 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	1, 885	1, 784
Ga in o ale of in nd div itu tm ent est n s ves s a res	-46	-10 1
Ch e in de fer red ta ang xes	-44	28
Ga in o ale of fix ed ets n s ass	--	-4
Ch s in liab ilit ies of nd set et nts an ge as s a , n am ou fro bu sin uir ed dis ed of m ess es acq or pos
Tra de d o the cei vab les nts acc ou an r re	-20 0	-53 7
Inv ori ent es	-57 7	-34 2
Oth nd t a ent set er cur ren no n-c urr as s	-10 8	-36 2
Ac cei vab le f /pa ble late d p ies nts to art cou re rom ya re	21	155
Tra de ble isio and her sh d lo liab ilit ies nts ot ort -te ter acc ou pa ya , p rov ns rm an ng- m	1, 873	102
Ac als fo r in e ta cru com xes	145	60
ide ing tiv itie Ne ash d b t c rat pr ov y o pe ac s	5, 159	2, 977
Inv ing tiv itie est ac s
of ipm Pu rch lan nd ert t a ent ase pr op y, p equ	-1, 57 8	609 -1,
fro f p ipm Pro ds ale lan nd ert t a ent cee m s s o rop y, p equ	12	20
isit ion inv f ca uir Ac nd sh ed est nts et o qu s a me , n acq
and rch f in ible tan set pu ase s o g as s	-48 5	-2, 199
Pro ds fro ale of in nd div itu tm ent est cee m s ves s a res	42	57
in inv ing tiv itie Ne ash ed t c est us ac s	-2, 009	-3, 73 1

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

€ i illio n m ns	Q1- 3/ 2 020	Q1- 3 /2 019
Fin cin cti vit ies an g a
Pro ds fro ho de bt rt-t cee m s erm	25 1	898
Re of sh de bt nts ort -te pay me rm	-2, 06 1	-33 8
Pro ds fro lon m d ebt ter cee m g-	47	2, 130
Re of lo m d ebt nts ter pay me ng-	-1, 005	-1, 016
Re of lea liab ilit ies nts pay me se	-72 1	-60 7
Pro ds fro he iss of bon ds m t cee uan ce	4, 57 7	1, 43 3
Re of lia bil itie s fr bo nds nts pay me om	-93 7	-1, 767
Re of rtib le b ds nts pay me co nve on	-40 0	-50 0
Pay fo r th har e b bac k p of Fr niu s M ed ica l C nts me e s rog ram ese are uy-	-36 6	-46 4
Pay fo r/P eed s fr th iva ble fa cili of Fre ius M ed ica l C nts unt ty me roc om e a cco s r ece sen are	-37 9	649
Pro ds fro he rcis f st ock tio m t cee exe e o op ns	13	38
Div ide nds id pa	-1, 00 1	-88 0
Ch e in olli int ntr sts ang no nco ng ere	-6	1
in fin cin cti vit ies Ne ash ed t c us an g a	-1, 988	-42 3
Eff of uiv cha ch ash d c ash ale ect ate nts ex ng e r an ge s o n c an eq	-15 8	67
t in in uiv Ne /de sh d c ash ale nts cre ase cre ase ca an eq	1, 004	-1, 110
Ca uiv inn ing of ing rio sh d c ash ale th e b th d nts at ort an eq eg e r ep pe	654 1,	2, 709
Ca sh d c ash uiv ale th nd of the rtin eri od nts at an eq e e re po g p	2, 658	1, 599

ADDITIONAL INFORMATION ON PAYMENTS

THAT ARE INCLUDED IN NET CASH PROVIDED BY OPERATING ACTIVITIES

€ i illio n m ns	Q1- 3/ 2 020	Q1- 3 /2 019
Rec eiv ed int st ere	43	40
Pai d i nte t res	-48 2	3 -55
id Inc e ta om xes pa	-45 3	-63 7

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

	Su	rib Ca ital bsc ed p		Res	erv es
	of Num ber			Cap ital	Oth er
	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	rese rve € in mi llion s	rese rves € in mi llion s
As of De be r 3 1, 20 18 cem	55 6, 225	55 6, 225	55 6	3, 933	11, 252
Ad jus du th e in itia l ap lica tio f IF RS 16 tm ent e to p n o	0	0	0	0	-46
As of Ja 20 19, ad jus ted 1, nu ary	6, 225 55	6, 225 55	6 55	3, 933	206 11,
fro rcis f st tio Pro ds he ock m t cee exe e o op ns	976	976	1	29
Co ati ela ted ck tio to sto mp ens on exp ens e r op ns				16
Div ide id nds pa					-44 5
of olli int Pu rch ntr sts ase no nco ng ere
Sh of niu ica l C AG &C KG bu bac k p Fr s M ed aA are y- rog ram ese are o.					6 -14
No olli int bje vis ion ntr sts ct t ut nco ng ere su o p pro s					-1
Co reh ive in e ( los s) mp ens com
Ne t in com e					1, 36 8
Oth hen siv e in e ( los s) er com pre com
Ca sh flow he dg es
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
Co reh ive in e ( los s) mp ens com					1, 36 8
of Se As be r 3 0, 20 19 tem p	55 7, 20 1	55 7, 20 1	55 7	3, 978	11, 982
As of De be r 3 1, 20 19 cem	55 7, 38 0	55 7, 38 0	55 7	3, 989	12, 42 2
Pro ds fro he rcis f st ock tio m t cee exe e o op ns	89	89		6
Co ati ela ted ck tio to sto mp ens on exp ens e r op ns				-6
Div ide nds id pa					-46 8
Pu rch of olli int ntr sts ase no nco ng ere
Sh bu bac k p of Fr niu s M ed ica l C AG &C KG aA are rog ram ese are o. y-					-11 8
No olli int bje vis ion ntr sts ct t ut nco ng ere su o p pro s					-15
Co reh ive in e ( los s) mp ens com
Ne t in com e					1, 297
Oth Co reh ive In e ( Los s) er mp ens com
Ca sh flow he dg es
Ch f fa ir v alu f e ity inv est nts ang e o e o qu me
For eig nsl ati tra n c urr enc on y
Ac ria l lo n d efi ned be nef it p ion lan tua sse s o ens p s
Fai lue ch r va ang es
Co ive in reh e ( los s) mp ens com					1, 297
As of Se be r 3 0, 202 0 tem p	55 7, 46 9	55 7, 46 9	55 7	3, 989	13, 118

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

		Ac ula ted ot cum	her reh co mp ens	ive in e ( los s) com
	For eig n cur ren cy ion slat tran € in mi llion s	Cas h flo w hed ges € in mi llion s	sion Pen 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. KG aA rs' sha reh olde ity equ € in mi llion s	Non trol ling 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 18 cem	38	-61	-31 1	4		15, 41 1	9, 59 7	25, 008
Ad jus du th e in itia l ap lica tio f IF RS 16 tm ent e to p n o	0	0	0	0		-46	-98	-14 4
jus As of Ja 1, 20 19, ad ted nu ary	38	-61	-31 1	4		15, 365	9, 49 9	24, 864
Pro ds fro he rcis f st ock tio m t cee exe e o op ns						30	8	38
Co ati ela ted ck tio to sto mp ens on exp ens e r op ns						16	2	18
Div ide nds id pa						-44 5	-43 5	-88 0
Pu rch of oll ing in ntr ter est ase no nco s						0	21	21
Sh bu bac k p of Fr niu s M ed ica l C AG &C KG aA are y- rog ram ese are o.						-14 6	-31 8	-46 4
No olli int bje vis ion ntr sts ct t ut nco ng ere su o p pro s						-1	-2	-3
Co reh ive in e ( los s) mp ens com
Ne t in com e						1, 36 8	826	2, 194
Oth hen siv e in e ( los s) er com pre com
Ca sh flow he dg es		-8				-8	-7	-15
For eig nsl atio tra n c urr enc n y	50 0		-9			49 1	43 2	923
Ac ria l ga ins de fin ed ben efit nsi lan tua on pe on p s			--			--	0	--
Co reh ive in e ( los s) mp ens com	50 0	-8	-9			85 1, 1	25 1, 1	3, 102
As of Se be r 3 0, 20 19 tem p	53 8	-69	-32 0	4		16, 670	10, 026	26, 696
As of De be r 3 1, 20 19 cem	294	-65	-42 9	10		16, 778	9, 802	26, 58 0
Pro ds fro he rcis f st ock tio m t cee exe e o op ns						6	7	13
Co ati ela ted ck tio to sto mp ens on exp ens e r op ns						-6	--	-6
Div ide nds id pa						-46 8	-53 3	00 -1, 1
Pu rch of oll ing in ntr ter est ase no nco s						0	16	16
Sh bu bac k p of Fr niu s M ed ica l C AG &C KG aA are y- rog ram ese are o.						8 -11	-24 8	-36 6
olli int bje vis ion No ntr sts ct t ut nco ng ere su o p pro s						-15	-32	-47
Co ive in reh e ( los s) mp ens com
t in Ne com e						1, 297	913	2, 210
Oth Co ive reh In e ( Los s) er mp ens com
Ca flow sh he dg es		5				5	3	8
Fai lue ch of uity in tm ent r va ang es eq ves s						0	4	4
For eig nsl ati tra n c urr enc y on	-60 3		3	1		-59 9	-67 6	-1, 275
Ac ria l lo n d efi ned be nef it p ion lan tua sse s o ens p s			-4			-4	-10	-14
Fai lue ch r va ang es					25	25	54	79
Co reh ive in e ( los s) mp ens com	-60 3	5	-1	1	25	724	288	1, 012
of Se As be r 3 0, 202 0 tem p	-30 9	-60	-43 0	11	25	16, 90 1	9, 30 0	26, 20 1

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

	Fre ius M ed ica l C sen are			Fre ius Ka bi sen		Fre	ius He lios sen		Fre ius Va d sen me		Co e/O the rat rpo r		Fre ius Gr sen ou p
ine € i illio by bus nt, ss seg me n m ns	202 0	92 201	Gro wth	03 202	94 201	Gro wth	202 0	201 9	Gro wth	202 0	201 9	Gro wth	05 202	96 201	Gro wth	202 0	201 9	Gro wth
Sa les	13, 9 45	12, 897	4%	161 5,	153 5,	0%	181 7,	6, 890	4%	49 1, 1	46 9 1,	1%	-31 9	-31 1	-3%	26, 973	26, 098	3%
the f co ibu tio ntr n t reo o
sol ida ted les con sa	13, 42 8	12, 865	4%	5, 119	5, 114	0%	7, 167	6, 878	4%	1, 25 8	1, 24 1	1%	1	0		26, 973	26, 098	3%
the f in ale ter reo com pan y s s	31	32	-3%	42	39	8%	14	12	17 %	233	228	2%	-32 0	-31 1	-3%	0	0
trib uti sol ida ted les to con on con sa	50 %	49 %		19 %	20 %		26 %	26 %		5%	5%		0%	0%		100 %	100 %
EB ITD A	3, 047	2, 834	8%	1, 146	1, 178	-3%	1, 027	1, 043	-2%	51	119	-57 %	-25	-28	11 %	5, 246	5, 146	2%
De cia tio nd iza tio ort pre n a am n	1, 204	1, 141	6%	287	258	11 %	33 0	312	6%	61	52	17 %	3	21	-86 %	1, 885	1, 784	6%
EB IT	1, 843	1, 693	9%	859	920	-7%	697	73 1	-5%	-10	67	-11 5%	-28	-49	43 %	3, 36 1	3, 362	0%
Ne t in ter est	-28 4	-32 7	13 %	-63	-62	-2%	-13 7	-13 0	-5%	-14	-13	-8%	-5	-3	-67 %	-50 3	-53 5	6%
Inc e ta om xes	-36 2	-32 1	-13 %	-18 3	-20 6	11 %	-11 4	-12 4	8%	3	-14	121 %	8	32	-75 %	-64 8	-63 3	-2%
Ne t in ttri but ab le t har eho lde com e a o s rs of ius SE &C KG Fre aA sen o.	987	868	14 %	582	614	-5%	44 1	46 7	-6%	-23	39	-15 9%	-69 0	-62 0	-11 %	1, 297	36 1, 8	-5%
Op tin ash flo era g c w	649 3,	1, 796	103 %	836	737	13 %	715	50 7	41 %	4	-17	124 %	-45	-46	2%	5, 159	2, 977	73 %
Ca isit ion sh flow be for nd e a cqu s a div ide nds	2, 913	1, 019	186 %	34 0	253	34 %	46 0	253	82 %	-59	-38	-55 %	-61	-99	38 %	3, 593	1, 38 8	159 %
1 To tal ets ass	33 049 ,	32, 935	0%	13, 827	13, 797	0%	18, 974	18, 164	4%	2, 729	2, 72 1	0%	-25 8	-61 1	58 %	68, 32 1	67, 006	2%
1 De bt	13, 053	13, 782	-5%	4, 383	4, 375	0%	7, 35 0	7, 45 7	-1%	1, 054	908	16 %	1, 33 1	736	81 %	27, 171	27, 258	0%
1 Oth tin liab ilit ies er op era g	6, 54 6	5, 185	26 %	3, 252	3, 207	1%	2, 45 8	2, 084	18 %	953	1, 034	-8%	272	240	13 %	13, 48 1	11, 750	15 %
Ca ital dit p ex pen ure , g ros s	746	788	-5%	46 0	3 47	-3%	257	255	1%	64	23	178 %	15	53	-72 %	542 1,	592 1,	-3%
Ac isit ion s /i stm ent qu s, g ros nve s	246	2, 068	-88 %	17	85	-80 %	383	127	--	6	12	-50 %	-1	0		65 1	2, 292	-72 %
Res ch and de vel nt ear op me exp ens es	141	119	19 %	40 7	353	15 %	1	2	-50 %	0	0		0	1	-10 0%	54 9	47 5	16 %
Em loy p ees 1 (pe ita bal hee t d ) ate r c ap on anc e s	134 55 0 ,	128 30 0 ,	5%	40 786 ,	39, 627	3%	1 13, 125	1 06, 37 7	6%	19, 39 1	18, 592	4%	1, 262	1, 238	2%	3 09, 114	2 94, 134	5%
Key fig ure s
EB ITD A m in arg	22 .6%	22 .0%		22 .2%	22 .9%		14 .3%	15. 1%		3.4 %	8.1 %					3 19 .4%	7 19. 8%
EB IT in ma rg	13 .7%	13. 1%		16 .6%	17. 9%		9.7 %	10. 6%		-0. 7%	4.6 %					3 12 .5%	7 13. 0%
De cia tio nd iza tio ort pre n a am n in of % sal es	8.9 %	8.8 %		5.6 %	5.0 %		4.6 %	4.5 %		4.1 %	3.5 %					7.0 %	6.8 %
Op tin flo w i of ash n % les era g c sa	27 .1%	13. 9%		16 .2%	14. 3%		10 .0%	7.4 %		0.3 %	-1. 2%					19 .1%	11. 4%
1 RO OA	7.8 %	7.6 %		9.5 %	10. 5%		5.7 %	6.1 %		2.7 %	7.0 %					8 7.3 %	9 7.6 %

1 2019: December 31

2 Before transaction-related expenses, gain related to divestitures of Care Coordination activities and expenses associated with the cost optimization program

3 Before revaluations of biosimilars contingent purchase price liabilities

4 Before transaction-related expenses and revaluations of biosimilars contingent purchase price liabilities

5 After revaluations of biosimilars contingent purchase price liabilities

6 After transaction-related expenses, revaluations of biosimilars contingent purchase price liabilities, gain related to divestitures of Care Coordination activities and expenses associated with the cost optimization program at FMC

7 Before transaction-related expenses, revaluations of biosimilars contingent purchase price liabilities, gain related to divestitures of Care Coordination activities and expenses associated with the cost optimization program at FMC

8 The underlying pro forma EBIT does not include revaluations of biosimilars contingent liabilities.

9 The underlying pro forma EBIT does not include transaction-related expenses, revaluations of biosimilars contingent liabilities, gain related to divestitures of Care Coordination activities and expenses associated with the cost optimization program at FMC.

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

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

	Fre ius M ed ica l C sen are			Fre ius Ka bi sen		Fre ius He lios sen		Fre	ius Va d sen me		Co e/O the rat rpo r		Fre ius Gr sen ou p
by bus ine € i illio nt, ss seg me n m ns	202 0	91 201	Gro wth	02 202	93 201	Gro wth	202 0	201 9	Gro wth	202 0	201 9	Gro wth	04 202	95 201	Gro wth	202 0	201 9	Gro wth
Sa les	4, 414	4, 41 9	0%	694 1,	1, 76 1	-4%	2, 40 0	2, 230	8%	51 7	562	-8%	-10 7	-13 0	18 %	8, 918	8, 842	1%
the f co ibu tio ntr n t reo o sol ida ted les con sa	4, 404	4, 40 6	0%	1, 68 1	1, 747	-4%	2, 395	2, 225	8%	43 7	46 5	-6%	1	-1	200 %	8, 918	8, 842	1%
the f in ale ter reo com pan y s s	10	13	-23 %	13	14	-7%	5	5	0%	80	97	-18 %	-10 8	-12 9	16 %	0	0
trib uti sol ida ted les to con on con sa	49 %	50 %		19 %	20 %		27 %	25 %		5%	5%		0%	0%		100 %	100 %
EB ITD A	025 1,	01 1, 1	1%	36 8	39 8	-8%	33 6	293	% 15	10	51	-80 %	-10	4	--	729 1,	1, 757	-2%
De cia tio nd iza tio ort pre n a am n	393	392	0%	90	91	-1%	111	106	5%	21	18	17 %	1	21	-95 %	616	628	-2%
EB IT	632	619	2%	27 8	30 7	-9%	225	187	20 %	-11	33	-13 3%	-11	-17	35 %	113 1,	129 1,	-1%
Ne t in ter est	-88	-10 5	16 %	-19	-20	5%	-45	-44	-2%	-4	-4	0%	2	1	100 %	-15 4	2 -17	10 %
Inc e ta om xes	-12 5	-12 3	0%	-56	-69	19 %	-35	-28	-25 %	2	-8	125 %	3	25	-88 %	-21 1	-20 3	-4%
t in ttri Ne but ab le t har eho lde com e a o s rs of Fre ius SE &C KG aA sen o.	353	332	7%	189	203	-7%	142	112	27 %	-15	21	-17 1%	-24 2	-22 4	-8%	42 7	444	-4%
Op tin ash flo era g c w	746	868	-14 %	225	37 7	-40 %	275	196	40 %	-4	33	-11 2%	-43	9	--	1, 199	1, 48 3	-19 %
Ca sh flow be for isit ion nd e a cqu s a div ide nds	50 6	584	-13 %	68	198	-66 %	178	106	68 %	-22	23	-19 6%	-48	-4	--	682	907	-25 %
Ca ital dit p ex pen ure , g ros s	246	29 1	-16 %	154	183	-16 %	98	91	8%	18	10	80 %	5	11	-55 %	52 1	6 58	-11 %
isit ion s /i Ac stm ent qu s, g ros nve s	97	103	-6%	5	6	-17 %	41	25	64 %	0	0		-1	1	-20 0%	142	135	5%
Res ch and de vel nt ear op me exp ens es	45	42	6%	120	140	-14 %	--	1	-10 0%	0	0		0	0		165	183	-10 %
EB ITD A m in arg	23 .2%	22 .9%		21 .7%	22 .6%		14 .0%	13. 1%		1.9 %	9.1 %					2 19 .4%	6 19. 9%
EB IT in ma rg	14 .3%	14. 0%		16 .4%	17. 4%		9.4 %	8.4 %		-2. 1%	5.9 %					2 12 .5%	6 13. 0%
De cia tio nd iza tio ort pre n a am n in % of sal es	8.9 %	8.9 %		5.3 %	5.2 %		4.6 %	4.8 %		4.1 %	3.2 %					6.9 %	7.1 %
Op tin ash flo w i n % of les era g c sa	16 .9%	19. 7%		13 .3%	21 .4%		.5% 11	8.8 %		-0. 8%	5.9 %					13 .4%	16. 8%

1 Before transaction-related expenses, gain related to divestitures of Care Coordination activities and expenses associated with the cost optimization program

2 Before revaluations of biosimilars contingent purchase price liabilities

3 Before transaction-related expenses and revaluations of biosimilars contingent purchase price liabilities

4 After revaluations of biosimilars contingent purchase price liabilities

5 After transaction-related expenses, revaluations of biosimilars contingent purchase price liabilities, gain related to divestitures of Care Coordination activities and expenses associated with the cost optimization program at FMC

6 Before transaction-related expenses, revaluations of biosimilars contingent purchase price liabilities, gain related to divestitures of Care Coordination activities and expenses associated with the cost optimization program at FMC

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

TABLE OF CONTENTS NOTES

• 38 V. Recent pronouncements, not yet applied 47 13. Bonds 58 22. Subsequent events
• 39 2. Acquisitions, divestitures and investments 49 14. Convertible bonds 58 23. Corporate Governance

40 Notes on the consolidated statement of income

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

36 General Notes 41 Notes on the consolidated statement of financial position 51 Other notes

• 36 1. Principles 41 8. Trade accounts and other receivables 51 17. Legal and regulatory matters

• 49 15. Noncontrolling interests

• 50 16. Fresenius SE&Co. KGaA shareholders' equity

• 36 I. Group structure 41 9. Inventories 54 18. Financial instruments

• 36 II. Basis of presentation 41 10. Other current and non-current assets 57 19. Supplementary information on capital management
• 36 III. Summary of significant accounting policies 42 11. Goodwill 57 20. Notes on the consolidated segment reporting
• 38 IV. Recent pronouncements, applied 42 12. Debt 58 21. Share-based compensation plans

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., the operating activities are organized amongst the following legally independent business segments as of September 30, 2020:

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

The reporting currency in 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, 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. They have been prepared in accordance with the IFRS in effect on the reporting date and endorsed by the European Union.

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, 2019.

III. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Principles of consolidation

The condensed consolidated financial statements and management report for the first three quarters and the third quarter ended September 30, 2020 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, 2019 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 consolidation structure.

The consolidated financial statements for the first three quarters and the third quarter ended September 30, 2020 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 three quarters and the third quarter ended September 30, 2020 are not necessarily indicative of the results of operations for the fiscal year 2020.

Classifications

Certain items in the consolidated financial statements for the first three quarters of 2019 and for the year 2019 have been reclassified to conform with the current year's presentation.

Government grants and impacts of COVID-19 pandemic

The financial statements of the Fresenius Group have been impacted by COVID-19, mostly in the form of lost revenue and additional costs incurred to protect its patients and employees, to safeguard its production activities and clinical operations and additional freight and logistic costs. Across the Fresenius Global footprint, various governments in regions have provided economic assistance programs to address the consequences of the pandemic on companies and support health care providers and patients. The related reimbursement payments and funding received by Fresenius have been accounted for in accordance with terms and regulations set forth in by the local laws and regulations.

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

In Germany, the hospitals of the Fresenius Group have received reimbursements in the amount of €588 million under the COVID-19 Hospital Relief Act (''Gesetz zum Ausgleich COVID-19 bedingter finanzieller Belastungen der Krankenhäuser und weiterer Gesundheitseinrichtungen''). The COVID-19 Hospital Relief Act mainly compensates hospitals for their increase in capacity and related patient services through the postponement of elective treatments and provision of additional intensive care beds for the treatment of potential COVID-19 patients. As these additional reimbursements for hospital services are paid by the partly state funded health care fund, such revenues are recognized in accordance with the Fresenius Group's existing revenue recognition policies for hospital services (IFRS 15, Revenue from Contracts with Customers). The COVID-19 Hospital Relief Act expired as of September 30, 2020. Possible follow-up regulations which apply from October 1, 2020 onwards are currently being discussed.

In the United States, Fresenius Medical Care North America received payments under the CARES Act (Coronavirus Aid, Relief, and Economic Security Act) of €246million and has thereof €224million recognized primarily against the respective cost of revenue line item and the rest against

the selling, general and administrative expense line item in the consolidated statement of income in accordance with IAS 20, Accounting for Government Grants and Disclosure of Government Assistance. Amounts that are yet to be reconciled with costs incurred in relation to COVID-19 for the three and nine months ended September 30, 2020 are recorded as a liability on the Fresenius Group's consolidated balance sheet within short-term provisions and other shortterm liabilities as of September 30, 2020. Additionally, the Fresenius Group received in the United States advance payments under the CMS Accelerated and Advance Payment program which are recorded in accordance with IFRS 15as a contract liability upon receipt and recognized as revenue when the respective services are provided. The Fresenius Group recorded a respective contract liability within short-term provisions and other short-term liabilities in the amount of €897 million as of September 30, 2020.

In addition to the programs above, the Fresenius Group also received grants under various other programs from multiple governments around the world in the amount of €36million. In some countries, for example Spain, potential government schemes are still under discussion. The outcome of these discussions cannot be predicted.

All funds received from grants comply with the respective conditions. The Fresenius Group is obliged and committed to fulfilling all the requirements as set out in the grant funding arrangements.

In addition to the aforementioned additional reimbursements and compensated costs incurred in various countries, the Fresenius Group was affected by impacts COVID-19 had on the global economy and financial markets as well as effects related to lockdowns. At the same time the Fresenius Group was affected by lower cost in certain areas, for example for incentive plans and travel.

In a dynamic environment, with direct, but also many indirect operational, practical and wider financial consequences of COVID-19, it is impossible to provide a precise financial impact on the reported consolidated statement of income. This is specifically valid for the impact of lost revenues and related margin loss. Therefore, management has made the following estimates:

Negative net impact to revenue growth is estimated to -2%to -3%for the first three quarters and -1%to -2%for the third quarter of 2020. Negative net impact to net income growth is estimated to -6% to -10% for the first three quarters and 0% to -4%for the third quarter of 2020.

The Fresenius Group is well positioned to meet ist ongoing financial obligations and has sufficient liquidity to support its normal business activities.

Recoverability of goodwill and intangible assets with indefinite useful lives

In the second quarter of 2020, the Fresenius Group performed impairment tests of goodwill and non-amortizable intangible assets due to adverse changes in Fresenius Medical Care´s and Fresenius Kabi´s Latin America Cash Generation Unit's (CGU´s) economic environment. This was in part exacerbated by COVID-19, specifically in relation to a negative impact from country-specific risk rates increasing the weighted average cost of capital in the Latin America CGUs which the Fresenius Group determined to be a triggering event in accordance with IAS 36, Impairment of Assets. At that time, a further increase of the WACC (after tax) of the CGU Fresenius Medical Care Latin America by 0.15 percentage points would have led to the fair value being equal to the carrying amount. A further increase of the WACC (after tax) of the CGU Fresenius Kabi Latin America by 1 percentage point would not have led to the recognition of an impairment loss. A further increase by 2.16 percentage points would have led to the fair value being equal to the carrying amount.

At September 30, 2020, the Fresenius Group did not identify any further triggering event which would result in an additional impairment test of goodwill for the Latin America CGUs (carrying amount of goodwill as of September 30, 2020: €192 million for Fresenius Medical Care and €122 million for Fresenius Kabi). For the Fresenius Medical Care Latin America CGU any adverse developments in future periods would likely lead to impairment charges.

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 September 30, 2020 in conformity with IFRS, as adopted by the EU, that must be applied for the interim periods starting on or after January 1, 2020.

In the first three quarters of 2020, the Fresenius Group did not apply any new standard relevant for its business for the first time.

V.RECENT PRONOUNCEMENTS, NOT YET APPLIED

The International Accounting Standards Board (IASB) issued the following new standards relevant for the Fresenius Group's business:

In January 2020, the IASB issued Amendments to IAS1,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 IAS1 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 IAS1 on the consolidated financial statements.

In May 2017, the IASB issued IFRS17, Insurance Contracts. IFRS17 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.IFRS4 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. IFRS17eliminates 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 IFRS17, 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 IFRS17 on the consolidated financial statements.

The EU Commission's endorsement of IFRS17and of the amendments to IAS 1 are 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 €651 million and €2,292 million in the first three quarters of 2020 and 2019, respectively. Of this amount, €485 million was paid in cash and €166 million was assumed obligations in the first three quarters of 2020. There were no individually material transactions which have occurred during the first three quarters of 2020.

FRESENIUS MEDICAL CARE

In the first three quarters of 2020, Fresenius Medical Care spent €246million on acquisitions, mainly on the purchase of dialysis clinics.

FRESENIUS KABI

In the first three quarters of 2020, Fresenius Kabi spent €17million on acquisitions, mainly for already planned acquisition related milestone payments relating to the acquisition of the biosimilars business.

FRESENIUS HELIOS

In the first three quarters of 2020, Fresenius Helios spent €383 million on acquisitions, mainly for the purchase of Centro Médico Imbanaco S.A. in Colombia. Furthermore, Clínica del Prado S.A., Clínica de la Mujer S.A.S. in Colombia, and Digitale Gesundheits Gruppe GmbH, Germany, were acquired.

NOTES ON THE CONSOLIDATED STATEMENT OF INCOME

3.SPECIAL ITEMS

Net income attributable to shareholders of Fresenius SE& Co. KGaA for the first three quarters of 2020 in the amount of €1,297 million includes 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:

rni s Q Ea 1-3 /20 20 ng ing ord IF RS to acc	3, 36 1	-50 3	1, 297
Rev alu ati of bi osi mi lars ons tin ice rch nt con ge pu ase pr liab ilit ies	0	-8	-5
rni Ea s Q 1-3 /20 20, ng bef eci al ite ore sp ms	3, 36 1	-49 5	1, 302
€ 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

4.SALES

Sales by activity were as follows:

€ i illio n m ns	Q1- 3/ 2 020	Q1- 3 /2 019
Sa les fro ith ont ts w tom m c rac cus ers	26, 656	25, 802
the f sa les of rvi reo se ces	18, 55 0	17, 825
the f sa les of od nd uct reo pr s a re late d s ice erv s	696 7,	56 0 7,
the f sa les fro lon ter reo m g m pro du ctio n tra cts con	39 6	41 0
the f fu rth sal fro reo er es m c on ith tra cts w
tom cus ers	14	7
Oth sal er es	31 7	296
Sa les	26, 973	26, 098

Other sales include sales from insurance and lease contracts.

5.RESEARCH AND DEVELOPMENT EXPENSES

Research and development expenses of €549million (Q1-3 / 2019: €475 million) included expenditures for research and non-capitalizable development costs as well as regular depreciation and amortization expenses relating to capitalized development costs of €15million (Q1-3 / 2019: €13 million). Furthermore, in the first three quarters of 2020, research and development expenses included reversals of write-downs on capitalized development expenses of €7 million (Q1-3/ 2019: €16million). The expenses for the further development of the biosimilars business included in the research and development expenses amounted to €122million in the first three quarters of 2020 (Q1-3/2019: €75 million).

6.TAXES

During the first three quarters of 2020, 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, 2019 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- 3/ 2 020	Q1- 3 /2 019
Nu € i illi 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 KG aA sen o.	1, 297	1, 36 8
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
ina all ord sha ry res	1, 297	1, 36 8
De mi in mb of sha nat no ors nu er res
We ig hte d­a mb of ver age nu er
ina ing ord sha nd tsta ry res ou	698 55 7, 43 1,	55 6, 665 454 ,
iall dil utiv Pot ent y e
ord ina sha ry res	365 938 ,	639 21 1 ,
We ig hte d­a mb of ord ina ver age nu er ry
ing ing di ion sha nd lut tsta res ou as sum	797 636 55 7, ,	304 665 55 7, ,
sic rni in € Ba sha ea ng s p er re	2.3 3	2.4 6
Fu lly dil d e ing sha in € ute arn s p er re	2.3 3	2.4 5

NOTES ON THE CONSOLIDATED STATEMENT OF FINANCIAL POSITION

8.TRADE ACCOUNTS AND OTHER RECEIVABLES

As of September 30, 2020 and December 31, 2019, trade accounts and other receivables were as follows:

	Se be tem p	De ber cem	31 20 19 ,
€ i illio n m ns		the reof dit cre imp aire d		the reof dit cre imp aire d
Tra de d o the cei vab les nts acc ou an r re	7, 56 9	84 1	7, 52 7	710
les llow for ted ed it lo s a anc es ex pec cr sse s	37 1	299	35 1	274
cei Tra de d o the ble nts et acc ou an r re va s, n	7, 198	542	176 7,	6 43

Within trade accounts and other receivables (before allowances) as of September 30, 2020, €7,463 million relate to revenue from contracts with customers as defined by IFRS 15. This amount includes €370 million of allowances for expected credit losses. Further trade accounts and other receivables, net, relate to other sales.

9.INVENTORIES

As of September 30, 2020 and December 31, 2019, inventories consisted of the following:

€ i illio n m ns	Sep t. 3 0, 2 020	Dec . 31 , 20 19
Raw ria ls a nd rch d c ate ts m pu ase om po nen	914	835
Wo rk in pro ces s	39 9	37 0
Fin ish ed ds goo	2, 834	2, 559
les s r ese rve s	115	131
ori Inv ent t es, ne	4, 032	633 3,

10.OTHER CURRENT AND NON-CURRENT ASSETS

At equity investments as of September 30, 2020 in the amount of €708 million (December 31, 2019: €697 million) mainly related to the equity method investee named Vifor Fresenius Medical Care Renal Pharma Ltd. between Fresenius Medical Care and Galenica Ltd. In the first three quarters of 2020, income of €48million (Q1-3/ 2019: €63 million) 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 ical Ca Med re	Fre ius sen i Kab	Fre ius sen ios Hel	Fre ius sen Vam ed	Cor / ate por Oth er	ius Fre sen Gro up
Ca ing of Jan 20 19 1, nt rry am ou as ua ry	12, 21 0	355 5,	85 7, 7	285	6	25, 713
dit ion Ad s	1, 589	0	134	9	0	1, 732
Dis als pos	0	0	-3	0	0	-3
eig atio For nsl tra n c urr enc y n	218	76	0	1	0	295
Ca ing of De be r 3 1, 20 19 nt rry am ou as cem	14, 017	5, 43 1	7, 98 8	295	6	27, 737
Ad dit ion s	169	0	229	3	0	40 1
Dis als pos	0	0	0	--	0	--
For eig nsl ati tra n c urr enc on y	-59 7	-19 8	0	-1	0	-79 6
ing Ca of Se be r 3 0, 202 0 nt tem rry am ou as p	13, 58 9	5, 233	8, 217	297	6	27, 342

12.DEBT

SHORT-TERM DEBT

As of September 30, 2020 and December 31, 2019, short-term debt consisted of the following:

	Bo	ok val ue
€ i illio n m ns	Sep ber 30 , 20 20 tem	Dec ber 31, 201 9 em
Fre ius SE &C KG aA Co ial Pap sen o. mm erc er	24 8	953
Fre ius M ed ica l C AG &C KG aA Co ial Pap sen are o. mm erc er	26 1	000 1,
Oth sho de bt rt­t er erm	0	522
Sh de bt ort -te rm	50 9	2, 47 5

LONG-TERM DEBT

As of September 30, 2020 and December 31, 2019, long-term debt net of debt issuance costs consisted of the following:

	Bo ok val ue
€ i illio n m ns	Sep ber 30 , 20 20 tem	Dec ber 31, 201 9 em
Fre ius M ed ica l C Cr ed it A ent sen are gre em	1, 23 8	1, 90 1
ius Cr it A Fre ed ent sen gre em	1, 848	1, 976
Sch uld sch ein Lo ans	2, 059	2, 180
Ac Re cei vab le F aci lity of Fr niu s M ed ica l C nts cou ese are	0	38 0
Oth er	545	572
Su bto tal	690 5,	009 7,
les rtio ent s c urr po n	778	892
Lo de bt, le rtio -te nt ng rm ss cu rre po n	4, 912	6, 117

Fresenius Medical Care Credit Agreement

Fresenius Medical Care AG &Co. KGaA (FMC-AG &Co. KGaA) originally entered into a syndicated credit facility (Fresenius Medical Care 2012 Credit Agreement) of US\$3,850 million and a 5-year tenor on October 30, 2012.

In the years 2014and 2017, various amendments of the Fresenius Medical Care Credit Agreement were made. These related to the amount and structure of the available tranches, among other items. In addition, the terms have been extended.

The following tables show the available and outstanding amounts under the Fresenius Medical Care Credit Agreement at September 30, 2020 and at December 31, 2019:

	Se be r 3 0, 202 0 tem p
	xim Ma nt um am ou	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 US ) 2 017 /20 22	\$ US 900 illio m n	768	\$ 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	illi €0 m on	0
\$ Te Lo (in US ) 2 017 /20 22 rm an	\$ US 1, 140 mi llio n	974	\$ mi llio US 1, 140 n	974
Te Lo (in €) 20 17 /20 20 rm an	€0 illio m n	0	illi €0 m on	0
Te Lo (in €) 20 17 /20 22 rm an	€2 66 mi llio n	266	€2 66 mi llio n	26 6
To tal		608 2,		1, 24 0
s fi cin les ost nan g c				2
To tal				1, 23 8

	De ber 31 20 19 cem ,
	xim ilab Ma 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 US ) 2 017 /20 22	\$ US 900 illio m n	80 1	\$ mi llio US 139 n	123
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, 230 mi llio n	1, 095	\$ illi US 1, 23 0m on	1, 095
Te Lo (in €) 20 17 /20 20 rm an	€4 00 mi llio n	40 0	mi llio €4 00 n	40 0
Te Lo (in €) 20 17 /20 22 rm an	€2 87 mi llio n	287	mi llio €2 87 n	28 7
To tal		3, 183		1, 905
s fi cin les ost nan g c				4
To tal				1, 90 1

The Term Loan of FMC-AG&Co. KGaA in the amount of €400 million originally due on July 30, 2020, was prematurely redeemed on May 29, 2020.

As of September 30, 2020, FMC-AG&Co. KGaA and its subsidiaries were in compliance with all covenants under the Fresenius Medical Care Credit Agreement.

Fresenius Credit Agreement

On December 20, 2012,Fresenius SE&Co. KGaA and various subsidiaries entered into a delayed draw syndicated credit agreement (2013Credit Agreement) in the original amount of US\$1,300 million and €1,250 million. Since the initial funding of the Credit Agreement in June 2013, additional tranches were added. Furthermore, scheduled amortization payments as well as voluntary repayments have been made. In August 2017, the Credit Agreement was refinanced and replaced by new tranches with a total amount of approximately €3,800 million.

The following tables show the available and outstanding amounts under the Fresenius Credit Agreement at September 30, 2020 and at December 31, 2019:

As of September 30, 2020, the Fresenius Group was in compliance with all covenants under the Fresenius Credit Agreement.

	Se be r 3 0, 202 0 tem p
	Ma xim um am ou	ilab le nt ava	Ba lan din tst ce ou an g
		€ in mi llion s		€ in mi llio ns
ing Cr it F aci lity (in Rev olv ed €) 20 17 /20 22	illio €1 100 m n ,	1, 100	illi €0 m on	0
\$ ing Cr it F aci lity (in US Rev olv ed ) 2 017 /20 22	\$ US illio 500 m n	42 7	\$ US illi 0 m on	0
(in Te Lo €) 20 17 /20 21 rm an	mi llio €7 50 n	750	mi llio €7 50 n	750
(in Te Lo €) 20 17 /20 22 rm an	mi llio €7 00 n	700	mi llio €7 00 n	700
\$ (in US Te Lo ) 2 017 /20 22 rm an	\$ US illio 47 0 m n	40 1	\$ US illi 47 0 m on	40 1
To tal		3, 37 8		1, 85 1
les s fi cin ost nan g c				3
To tal				1, 848

		De ber 31 20 19 cem ,
	Ma xim nt um am ou	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	€0 illi m on	0
\$ Rev olv ing Cr ed it F aci lity (in US ) 2 017 /20 22	\$ US 500 illio m n	44 6	\$ 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	€7 75 mi llio n	775	€7 75 mi llio n	775
\$ Te Lo (in US ) 2 017 /20 22 rm an	\$ US 515 mi llio n	45 8	\$ US 515 mi llio n	45 8
To tal		3, 529		1, 983
les s fi cin ost nan g c				7
To tal				976 1,

Schuldschein Loans

As of September 30, 2020 and December 31, 2019, 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 riab d/ le va	Sep t. 3 0, 2 020	Dec . 31 , 20 19
Fre ius SE &C KG aA 20 14 /20 20 sen o.	€1 06 mi llio n	Ap ril 2, 202 0	2.6 7%	0	106
Fre ius SE &C KG aA 20 /20 22 17 sen o.	€3 72 mi llio n	Jan . 31 202 2 ,	0.9 3% / v ari ab le	37 1	37 1
Fre ius SE &C KG aA 20 /20 22 15 sen o.	€2 illio 1m n	Ap ril 202 2 7,	1.6 1%	21	21
Fre ius SE &C KG aA 20 19 /20 23 sen o.	€3 78 mi llio n	Se t. 2 202 3 5, p	0.5 / v ari ab le 5%	37 7	37 7
ius SE &C KG Fre aA 20 17 /20 24 sen o.	mi llio €4 21 n	Jan . 31 202 4 ,	ari 1.4 0% / v ab le	42 0	42 0
ius SE &C KG 26 Fre aA 20 19 /20 sen o.	mi llio €2 38 n	Se 6 t. 2 3, 202 p	ari 0.8 5% / v ab le	23 8	238
ius SE &C KG Fre aA 20 17 /20 27 sen o.	mi llio €2 07 n	Jan . 29 202 7 ,	6% ari 1.9 / v ab le	207	207
ius SE &C KG Fre aA 20 19 /20 29 sen o.	illio €8 4 m 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 342 mi llio n	Ma rch 10 202 1 ,	2.6 6% / v ari ab le	29 1	304
ius US Fi Fre II, Inc . 20 16 /20 23 sen nan ce	\$ US mi llio 58 n	Ma rch 10 202 3 ,	ari 3.1 2% / v ab le	50	52
Sc hu lds che in Loa ns				2, 059	2, 180

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 September 30, 2020, the additional financial cushion resulting from unutilized credit facilities was approximately €5.7 billion. Thereof approximately €2.9 billion accounted for syndicated credit facilities.

As of September 30, 2020, the Schuldschein Loans of Fresenius US Finance II, Inc. in the amount of €342million due on March 10, 2021, are shown as current portion of long-term debt in the consolidated statement of financial position. The Schuldschein Loans of Fresenius SE&Co. KGaA

with fixed interest rates in the amount of €106 million which were due on April 2, 2020 were redeemed at maturity.

As of September 30, 2020, the Fresenius Group was in compliance with all of its covenants under the Schuldschein Loans.

13.BONDS

As of September 30, 2020 and December 31, 2019, 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	Sep ber 30 , 20 20 tem	Dec ber 31, 201 9 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 %	698	698
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	697
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 %	694	693
ius Fi LC Fre Ire lan d P 20 17 /20 32 sen nan ce	mi llio €5 00 n	Jan . 30 203 2 ,	3.0 0%	495	49 5
Fre ius SE &C KG aA 20 13 /20 20 sen o.	€5 00 mi llio n	Jul 15, 20 20 y	2.8 75 %	0	50 0
ius SE &C KG Fre aA 20 14 /20 21 sen o.	mi llio €4 50 n	Feb . 1, 20 21	3.0 0%	45 0	44 8
Fre ius SE &C KG aA 20 14 /20 24 sen o.	€4 50 mi llio n	Feb . 1, 20 24	4.0 0%	45 0	44 9
Fre ius SE &C KG aA 20 19 /20 25 sen o.	€5 00 mi llio n	Feb . 15 202 5 ,	1.8 75 %	495	49 5
Fre ius SE &C KG aA 20 20 /20 26 sen o.	€5 00 mi llio n	Se 28, 20 26 p.	0.3 75 %	495	0
Fre ius SE &C KG aA 20 20 /20 27 sen o.	€7 50 mi llio n	Oc t. 8 202 7 ,	1.6 25 %	74 1	0
Fre ius SE &C KG aA 20 20 /20 28 sen o.	€7 50 mi llio n	Jan . 15 202 8 ,	0.7 50 %	744	0
Fre ius SE &C KG aA 20 19 /20 29 sen o.	€5 00 mi llio n	Feb . 15 202 9 ,	2.8 75 %	494	494
Fre ius SE &C KG aA 20 20 /20 33 sen o.	€5 00 mi llio n	Jan . 28 203 3 ,	1.1 25 %	49 8	0
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%	256	266
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	266
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%	299	298
Fre ius M ed ica l C AG &C KG aA 20 19 /20 23 sen are o.	€6 50 mi llio n	No v. 2 9, 202 3	0.2 5%	647	647
Fre ius M ed ica l C AG &C KG aA 20 18 /20 25 sen are o.	€5 00 mi llio n	Jul 11, 20 25 y	1.5 0%	49 7	49 6
Fre ius M ed ica l C AG &C KG aA 202 0/2 026 sen are o.	€5 00 mi llio n	Ma 29, 20 26 y	1.0 0%	49 6	0
Fre ius M ed ica l C AG &C KG aA 20 19 /20 26 sen are o.	€6 00 mi llio n	No v. 3 0, 202 6	0.6 25 %	594	594
Fre ius M ed ica l C AG &C KG aA 20 19 /20 29 sen are o.	€5 00 mi llio n	No v. 2 9, 202 9	1.2 5%	49 7	49 7
ius ica l C AG &C KG Fre M ed aA 202 0/2 030 sen are o.	mi llio €7 50 n	Ma 29, 20 30 y	1.5 0%	746	0
ius ica l C US Fi Fre M ed In c. 2 01 1/2 02 1 sen are nan ce,	\$ US 650 illio m n	Feb . 15 202 1 ,	5.7 5%	555	57 7
ius ica l C US Fi Fre M ed II, Inc . 20 14 /20 20 sen are nan ce	\$ US illio 50 0 m n	Oc t. 1 5, 202 0	4.1 25 %	0	44 5
ius ica l C US Fi Fre M ed II, Inc . 20 12 /20 22 sen are nan ce	\$ US illio 700 m n	Jan . 31 202 2 ,	5.8 75 %	59 7	622
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	354
ius ica l C US Fi Fre M ed III, In c. 2 019 /20 29 sen are nan ce	\$ US illio 500 m n	Jun e 1 5, 202 9	3.7 5%	41 8	43 6
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 %	848	0
Bo nd s				13, 997	10, 46 7

On September 28, 2020, Fresenius SE&Co. KGaA placed bonds with an aggregate volume of €1,000 million. The bonds consist of 2 tranches with maturities of 6 years and 12years and 4 months. The coupon of the 6-year tranche of €500 million is 0.375% and was issued at a price of

99.333%. The second tranche of €500 million has a coupon of 1.125% and was issued at a price of 99.738%. The proceeds were used for general corporate purposes, including refinancing of existing financial liabilities.

On September 16, 2020, Fresenius Medical Care US Finance III, Inc. issued bonds with a volume of US\$1,000 million. The bonds have a maturity of 10years and 5 months and a coupon of 2.375%. The bonds were issued at a price of 99.699%. The proceeds were used for general corporate purposes, including refinancing of existing financial liabilities.

On May 29, 2020, Fresenius Medical Care AG&Co. KGaA placed bonds with an aggregate volume of €1,250 million. The bonds consist of 2 tranches with maturities of 6 and 10years. The coupon of the 6-year tranche of €500 million is 1.000% and was issued at a price of 99.405%. The €750 million tranche with a 10-year maturity has a coupon of 1.500% and was issued at a price of 99.742%. The proceeds were used for general corporate purposes, including refinancing of existing financial liabilities.

On April 8, 2020, Fresenius SE&Co. KGaA issued bonds with a volume of €750 million. The bonds have a maturity of seven and a half years and a coupon of 1.625%. The bonds were issued at a price of 99.021%. The proceeds

were used for general corporate purposes, including refinancing of existing financial liabilities.

On January 15, 2020, Fresenius SE&Co. KGaA issued bonds in the amount of €750 million. The bonds have a maturity of eight years and a coupon of 0.750%. The bonds were issued at a price of 99.514%. The proceeds were used for general corporate purposes, including refinancing of existing financial liabilities.

The bonds issued by Fresenius SE&Co. KGaA in the amount of €500 million which were due on July 15, 2020, were redeemed at maturity. The bonds issued by Fresenius Medical Care US Finance II, Inc. in the amount of US\$500 million which were originally due on October 15, 2020,

were prematurely redeemed on July 17, 2020. As of September 30, 2020, the bonds issued by Fresenius SE&Co. KGaA in the amount of €450 million and the bonds issued by Fresenius US Finance II, Inc. in the amount of US\$300 million, due on February 1, 2021,as well as the bonds issued by FMC Finance VII S.A. in the amount of €300 million and the bonds issued by Fresenius Medical Care US Finance, Inc. in the amount of US\$650 million, due on February 15, 2021, are shown as current portion of bonds in the consolidated statement of financial position.

As of September 30, 2020, the Fresenius Group was in compliance with all of its covenants under the bonds.

14.CONVERTIBLE BONDS

As of September 30, 2020 and December 31, 2019, 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	Sep ber 30 , 20 20 tem	Dec ber 31, 201 9 em
Fre ius SE &C KG aA 20 /20 24 17 sen o.	€5 00 mi llio n	Jan . 31 202 4 ,	0.0 00 %	€1 05 .87 91	2 47	46 5
Fre ius M ed ica l C AG &C KG aA 20 /20 20 14 sen are o.	€4 00 mi llio n	Jan . 31 202 0 ,	0.0 00 %		0	40 0
rtib Co le b ds nve on					47 2	865

The fair value of the derivative embedded in the convertible bonds of Fresenius SE&Co. KGaA was €372 thousand at September 30, 2020. 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.

The convertible bonds issued by Fresenius Medical Care AG&Co. KGaA in the amount of €400 million which were due on January 31, 2020, were redeemed at maturity. There were no conversions.

15.NONCONTROLLING INTERESTS

As of September 30, 2020 and December 31, 2019, noncontrolling interests in the Fresenius Group were as follows:

€ i illio n m ns	Sep t. 3 0, 2 020	Dec . 31 , 20 19
No olli int in ntr sts nco ng ere Fre ius M ed ica l C AG &C KG aA sen are o.	7, 789	8, 174
No olli int ntr sts nco ng ere in V AM ED AG	86	97
No olli int ntr sts nco ng ere in t ine he bus nts ss seg me
Fre ius M ed ica l C sen are	1, 163	1, 269
Fre ius Ka bi sen	122	121
Fre ius He lios sen	126	127
Fre ius Va d sen me	14	14
To tal oll ing in ntr ter est no nco s	9, 30 0	9, 802

Noncontrolling interests changed as follows:

€ i illio n m ns	Q1- 3/ 2 020
No oll ing in f D mb 31, 20 19 ntr ter est nco s a s o ece er	9, 802
No olli int in ofit ntr sts nco ng ere pr	913
of ing in Pu rch oll ntr ter est ase no nco s	16
Sto tio ck op ns	7
Div ide nd nts pay me	-53 3
Sh of bu bac k p are y- rog ram
Fre ius M ed ica l C AG &C KG aA sen are o.	-24 8
Cu ef fec nd oth cha ts a rre ncy er nge s	-65 7
ing in f S No oll be r 3 0, 202 0 ntr ter est tem nco s a s o ep	9, 30 0

Fresenius

1st -- 3rd Quarter and 3rd Quarter 2020 Quarterly Financial Report

1. FRESENIUS SE&CO. KGAA SHAREHOLDERS' EQUITY

SUBSCRIBED CAPITAL

As of January 1, 2020, the subscribed capital of Fresenius SE&Co. KGaA consisted of 557,379,979 bearer ordinary shares.

During the first three quarters of 2020, 88,605 stock options were exercised. Consequently, as of September 30, 2020, the subscribed capital of Fresenius SE&Co. KGaA consisted of 557,468,584 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

The following Conditional Capitals exist in order to fulfill the subscription rights under the stock option plans of Fresenius SE&Co. KGaA: Conditional Capital II (Stock Option Plan 2008) and Conditional Capital IV (Stock Option Plan 2013) (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 itio Ca ital ius AG nd nal I F p res en
Sto ck Op tio n P lan 20 03	4, 735 083 ,
Co nd itio nal Ca ital II Fre ius SE p sen Sto ck Op tio n P lan 20 08	3, 2, 937 45
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 . K Ga A p ese
Sto ck Op tio n P lan 20 13	23, 947 02 1 ,
itio ita To tal Co nd l C l as of Ja 1, 202 0 na ap nu ary	81, 106 243 ,
Fre ius SE &C KG aA sen o.
Sto ck Op tio n P lan 20 13 tio rcis ed --o p ns exe	-88 605 ,
itio ita To tal Co nd l C l as of Se be r 3 0, 202 0 tem na ap p	81, 017 638 ,

As of September 30, 2020, the Conditional Capital was composed as follows:

in €	ina Ord 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	4, 735 083 ,
Co nd itio nal Ca ital II Fre ius SE p sen Sto ck Op tio n P lan 20 08	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 itio Ca ital niu s S E& Co Ga nd nal IV Fr . K A p ese Sto ck Op tio n P lan 20 13	23, 858 41 6 ,
itio ita To tal Co nd l C l as of Se be r 3 0, 202 0 tem na ap p	638 81, 017 ,

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).

In August 2020, a dividend of €0.84 per bearer ordinary share was approved by Fresenius SE&Co. KGaA's shareholders at the Annual General Meeting and paid afterwards.The total dividend payment was €468 million.

TREASURY STOCK OF FRESENIUS MEDICAL CARE

During the first three quarters of 2020, Fresenius Medical Care repurchased 5,687,473 ordinary shares for an amount of €366 million.

On April 1, 2020, Fresenius Medical Care concluded the current share buy-back program.

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, 2019 applying Section 315e HGB in accordance with IFRS. In the following, only changes as far as content or wording are concerned during the first three quarters ended September 30, 2020 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, 2019 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, 2019 applying Section 315e HGB in accordance with IFRS.

DAMAGES LITIGATION AKORN, INC.

The lawsuit is pending before the Delaware Court of Chancery in the United States but was stayed due to Akorn filing for bankruptcy under Chapter 11.In Akorn's bankruptcy plan, Fresenius Kabi was ranked in a class alongside Akorn's shareholders, which is subordinated to that of a general unsecured creditor. Fresenius Kabi's challenge against this classification was unsuccessful. Consequently, recovery would only be available for general unsecured creditors on the basis of Akorn's plan and disclosure contemplate. This may result in Fresenius Kabi obtaining a very low quota or a complete loss of recovery despite a favorable judgement in the damages proceedings.

PRODUCT LIABILITY LITIGATION

Personal injury and related litigation, including litigation by certain state government agencies, involving Fresenius Medical Care Holdings Inc. (FMCH)'s acid concentrate product, labeled as Granuflo® or Naturalyte®, first arose in 2012.The matters remaining after judicial decisions favorable to FMCH and settlements, including most significantly the settlement in the federal multi-district personal injury litigation consummated in November 2017, do not present material risk. Accordingly, specific reporting on these matters has been discontinued.

FMCH's insurers agreed to the settlement of the acid concentrate personal injury litigation and funded US\$220million of the settlement fund under a reciprocal reservation of rights. FMCH accrued a net expense of US\$60 million in connection with the settlement, including legal fees and other anticipated costs. Following the settlement, FMCH's insurers in the AIG group initiated litigation against FMCH seeking to be indemnified by FMCH for their US\$220million outlay and FMCH initiated litigation against the AIG group to recover defense and indemnification costs FMCH had borne. National Union Fire Insurance v. Fresenius Medical Care, 2016Index No. 653108 (Supreme Court of New York for New York County)).

Discovery in the litigation is largely complete. The AIG group abandoned certain of its coverage claims and submitted expert reports on damages asserting that, if AIG prevails on all its remaining claims, it should recover US\$60 million. FMCH contests all of AIG's claims and submitted expert reports supporting rights to recover US\$108 million from AIG, in addition to the US\$220million already funded. A trial date has not been set in the matter.

SUBPOENA ''MARYLAND''

On August 27, 2020, after the United States Attorney's Office (USAO) declined to pursue the matter by intervening, the United States District Court for Maryland unsealed a 2014relator's qui tam complaint that gave rise to the investigation. United States ex rel. Martin Flanagan v. Fresenius Medical Care Holdings, Inc., 2014Civ. 00665 (D. Maryland). The relator may serve the complaint and proceed with litigation at his own expense, but to date has not done so. The time period allowed for service has not expired.

CIVIL COMPLAINT ''HAWAII ''

With discovery concluded, the State has specified that its demands for relief relate to US\$7.7 million in overpayments on approximately twenty thousand ''claims'' submitted by Liberty.

The civil litigation and administrative action are proceeding in parallel. Trial in the civil litigation is scheduled for March 8, 2021.

SUBPOENA ''AMERICAN KIDNEY FUND'' /CMS LITIGATION

On January 3, 2017, FMCH received a subpoena from the United States Attorney for the District of Massachusetts under the False Claims Act inquiring into FMCH's interactions and relationships with the American Kidney Fund (AKF), including FMCH's charitable contributions to the Fund and the Fund's financial assistance to patients for insurance premiums. Thereafter, FMCH cooperated in the investigation, the USAO declined to intervene in the relator's qui tam complaint that gave rise to the subpoena. On July 17, 2020, the relator filed a notice of dismissal without serving his complaint or otherwise pursuing his allegations and the court thereafter closed the case.On April 8, 2019, United Healthcare initiated arbitration against FMCH alleging that FMCH unlawfully "steered" patients by waiving co-payments and other means away from coverage under governmentfunded insurance plans including Medicare into United Healthcare's commercial plans, including Affordable Care Act exchange plans. FMCH denied and contested United's claims. On September 16, 2020, FMCH and United entered a settlement agreement requiring (1) certain amendments to contracts between United and FMCH governing terms

and conditions for dialysis treatments to be performed by FMCH for United beneficiaries and (2)dismissal of the arbitrations with each party to bear its own costs and expenses.

VIFOR PATENT INFRINGEMENT FRESENIUS MEDICAL CARE (DELAWARE)

In response to another ANDA being filed for a generic Velphoro®, Vifor Fresenius Medical Care Renal Pharma Ltd. and Vifor Fresenius Medical Care Renal Pharma France S.A.S. (collectively, VFMCRP) filed a complaint for patent infringement against Annora Pharma Private Ltd., and Hetero Labs Ltd. (collectively Annora), in the U.S. District Court for the District of Delaware on December 17, 2018. The case was settled among the parties, thus terminating the court action on August 4, 2020.

On May 26, 2020, Vifor Fresenius Medical Care Renal Pharma Ltd. and Vifor Fresenius Medical Care Renal Pharma France S.A.S. (collectively, VFMCRP) filed a further complaint for patent infringement against Lupin in the U.S. District Court for the District of Delaware (Case No. 1:20-cv-00697-MN) in response to Lupin's Abbreviated New Drug Applications (ANDA) for a generic version of Velphoro® and on the basis of a newly listed patent in the Orange Book. On July 6, 2020, VFMCRP filed an additional complaint for patent infringement against Lupin and Teva in the U.S. District Court for the District of Delaware (Case No. 1:20-cv-00911-MN) in response to the companies' ANDA for generic versions of Velphoro® and on the basis of two newly listed patents in the Orange Book.

LITIGATION TRICARE PROGRAM

On July 8, 2020, the U.S. government filed its answer (and confirmed their position). The parties will proceed to discovery. The court has not yet set a date for trial in this matter. FMCH has imposed a constraint on revenue otherwise recognized from the Tricare program that it believes, in consideration of facts currently known, sufficient to account for the risk of this litigation.

DIALYSIS PATIENT CITIZENS LITIGATION

On May 22, 2020, the Centers for Midicare and Medicaid (CMS) issued a final rule that, effective January 1, 2021,removes outpatient dialysis facilities from the time-and-distance standards applicable under the network adequacy rules for Medicare Advantage plans. On June 22, 2020, Dialysis Patient Citizens, a charitable patient advocacy organization, filed a lawsuit on behalf of all dialysis patients to challenge that rule, and on July 13, 2020, FMCH along with two other dialysis providers joined the lawsuit. Dialysis Patient Citizens, et al. v. Alex Azar, et al., U.S.D.C. D.C, 1:20-cv-01664.The plaintiffs' request for relief is that the provisions in this final rule regarding outpatient dialysis facilities be vacated and that CMS be enjoined from enforcing or administering those provisions.

SUBPOENA ''MASSACHUSETTS CHOICEONE AND MEDSPRING''

On August 21, 2020, FMCH was served with a subpoena from the United States Attorney for the District of Massachusetts requesting information and documents related to urgent care centers that FMCH owned, operated, or controlled as part of its ChoiceOne and Medspring urgent care operations prior to its divestiture of and exit from that line of business in 2018. The subpoena appears to be related to an ongoing investigation of alleged upcoding in the urgent care industry, which has resulted in certain published settlements under the federal False Claims Act. FMCH is cooperating in the investigation.

SUBPOENA ''NEVADA''

Fresenius Kabi has entered into a Tolling Agreement with the DOJ, thereby waiving its statute of limitation defense until July 2018. The Tolling Agreement was again extended by mutual agreement until the beginning of December 2020.

PATENT DISPUTE KABI FRANCE

Patent dispute between Fresenius Kabi and Eli Lilly in France and other European countries regarding Eli Lilly's originator product Alimta® and Fresenius Kabi's generic Pemetrexed sold in France and further countries in Europe. The Paris Tribunal has now rendered a decision in favor of Eli Lilly holding Fresenius Kabi France to infringe Eli Lilly's patent and to make a preliminary payment of €28 million for patent infringement and damages due to unfair competition, including lost sales and price decrease. This amount is covered by an existing higher accrual. The final amount of damages is to be determined through parties' negotiations on the basis of actual sales data to be disclosed by Fresenius Kabi and likely to significantly exceed the preliminary minimum payment ordered by the court. Fresenius Kabi France has appealed the judgement.

18.FINANCIAL INSTRUMENTS

MEASUREMENT OF FINANCIAL INSTRUMENTS

Carrying amounts of financial instruments

As of September 30, 2020 and December 31, 2019, the carrying amounts of financial instruments by item of the statement of financial position and structured according to categories were as follows:

	Se be r 3 0, 202 0 tem p
					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 fit pro s1 and los	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 hed gin g inst ents rum at f air valu e	ling Non trol con inte rest sub ject to visi put pro ons ed a t mea sur fair val ue	ion Val uat ord ing to acc IFR S16 fo r leas ing 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	2, 658	1, 723	935
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, 198	7, 088	1	32			77
Ac cei vab le f d lo late d p ies nts to art cou re rom an ans re	106	106
3 Oth fin ial ets er anc ass	1, 800	924	34 0	42 1	15		100
Fin cia l as set an s	762 11,	9, 84 1	276 1,	453	15	0	177
Fin cia l li ilit ies ab an
Tra de ble nts acc ou pa ya	1, 690	1, 690
Sh ble late d p ies ort -te nts to art rm ac cou pa ya re	70	70
Sh de bt ort -te rm	684	684
Sh de bt f late d p ies ort -te art rm rom re	7	7
Lon m d ebt d c ita l le ob liga tio ter g- an ap ase ns	5, 69 1	5, 69 1
Lon lea liab ilit ies ter g- m se	6, 32 0						6, 32 0
Bo nds	13, 997	13, 997
Co rtib le b ond nve s	47 2	47 2
4 Oth fin ial liab ilit ies er anc	5, 228	3, 658	605		5	960
Fin cia l li ilit ies ab an	34 159 ,	26, 269	605	0	5	960	6, 32 0

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 upon implementation of IFRS 9 has been exercised. The option has been used for €158 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 20 19 cem ,
					lati Re 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 fit pro s1 and los	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	ling Non trol con inte rest sub ject to visi put pro ons ed a t mea sur fair val ue	ion Val uat ord ing to acc IFR S16 fo r 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, 654	1, 280	374
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, 176	7, 037	28	33			78
Ac cei vab le f d lo late d p ies nts to art cou re rom an ans re	100	100
3 Oth fin ial ets er anc ass	1, 690	825	333	41 6	4		112
Fin cia l as set an s	620 10,	9, 242	735	44 9	4	0	190
Fin cia l li ilit ies ab an
Tra de ble nts acc ou pa ya	1, 905	1, 905
Sh ble late d p ies ort -te nts to art rm ac cou pa ya re	46	46
Sh de bt ort -te rm	2, 47 5	2, 47 5
Sh de bt f late d p ies ort -te art rm rom re	3	3
Lon m d ebt d c ita l le ob liga tio ter g- an ap ase ns	7, 009	7, 009
Lon lea liab ilit ies ter g- m se	6, 43 9						6, 43 9
Bo nds	10, 46 7	10, 46 7
Co rtib le b ond nve s	865	865
4 Oth fin ial liab ilit ies er anc	4, 70 1	3, 129	61 1		9	952
Fin cia l li ilit ies ab an	33 910 ,	25, 899	61 1	0	9	952	6, 43 9

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 upon implementation of IFRS 9 has been exercised. The option has been used for €154 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 September 30, 2020 and December 31, 2019:

	Se be r 3 0, 202 0 tem p			De ber 31 20 19 cem ,
€ i illio n m ns	Fai alu r v e					Fai lue r va
	ryin Car 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 Ca sh and sh iva len ts ca equ	935	935			374	374
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 ,	33		33		61		61
1 Oth fin ial ets er anc ass
ins De bt tru nts me	36 0	365	5		37 0	365	5
uity in Eq tm ent ves s	37 7	12	171	194	36 9	13	173	183
riva tive esi flo ing in De s d d a ash w h edg ate str ent gn s c um s	15		15		4		4
De riva tive des ign d a s h edg ing in ot ate str ent s n um s	24		24		10		10
Fin cia l li ilit ies ab an
Lon m d ebt d c ital lea ob liga tio ter g- an ap se ns	5, 69 1		5, 735		7, 009		7, 063
Bo nds	13, 997	14, 744			10, 46 7	11, 102
Co rtib le b ond nve s	47 2	48 7			865	896
1 Oth fin ial liab ilit ies er anc
No olli int ubj isio ntr st s ect to t p nco ng ere pu rov ns	960			960	952			952
Ac ed tin din for isit ion t p ent uts tan cru con gen aym s o g ac qu s	57 6			57 6	595			595
De riva tive s d esi d a ash flo w h edg ing in ate str ent gn s c um s	5		5		9		9
De riva tive des ign d a s h edg ing in ot ate str ent s n um s	29		29		16		16

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, 2019 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 three quarters of 2020:

As of Se be r 3 0, 202 0 tem p	194	57 6	960
Cu ef fec nd oth cha ts a rre ncy er nge s	-8	-3	-40
Ga in/ ize d i ity los s r eco gn n e qu	0	0	109
Ga in/ ize d i rof it o los r lo s r eco gn n p ss	19	10	--
Dis als pos	0	-53	-88
dit ion Ad s	0	27	27
As of Ja 202 0 1, nu ary	183	595	952
€ i illio n m ns	ity i Equ stm ents nve	Acc d co ntin t rue gen and ts o utst pay men ing for uisi tion acq s	Non trol ling con inte bjec rest t to s su visi put pro ons

19. SUPPLEMENTARY INFORMATION ON CAPITAL MANAGEMENT

The Fresenius Group has a solid financial profile. As of September 30, 2020, the equity ratio was 38.3%and the debt ratio (debt/total assets) was 39.8%. As of September 30, 2020, the leverage ratio (before special items) on the basis of net debt/EBITDA was 3.4.

The aims of the capital management and further information can be found in the consolidated financial statements as of December 31, 2019 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:

	Sep t. 3 0, 2 020	Dec . 31 , 20 19
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 shown on pages 33 to 34 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 September 30, 2020.

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, 2019 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, 2019 applying Section 315e HGB in accordance with IFRS.

RECONCILIATION OF KEY FIGURES TO

CONSOLIDATED EARNINGS

€ i illio n m ns	Q1- 3/ 2 020	Q1- 3 /2 019
To tal EB IT of ing ort ent rep se gm s	3, 38 9	3, 41 1
Sp eci al i tem s	0	-39
Ge al c te ner orp ora exp ens es
Co e/O the r (E BIT ) rat rpo	-28	-10
Gr EB IT ou p	3, 36 1	3, 362
Ne t in ter est	-50 3	-53 5
efo inc Inc e b e t om re om axe s	2, 858	2, 827

RECONCILIATION OF NET DEBT WITH THE CONSOLIDATED

STATEMENT OF FINANCIAL POSITION

€ i illio n m ns	Sep t. 3 0, 2 020	Dec . 31 , 20 19
Sh de bt ort -te rm	684	2, 47 5
Sh de bt f late d p ies ort -te art rm rom re	7	3
Cu rtio f lo m d ebt nt ter rre po n o ng-	778	892
Cu rtio f lo lea nt ter rre po n o ng- m se liab ilit ies	875	793
Cu rtio f B ond nt rre po n o s	56 0 1,	945
Cu rtio f co rtib le b ond nt rre po n o nve s	0	40 0
rtio Lon m d ebt les ter ent g- s c urr po n ,	4, 913	6, 117
liab ilit ies Lon lea les ter g- m se s , ion t p ort cur ren	5, 445	5, 646
Bo nds les rtio ent s c urr po n ,	12, 43 7	9, 522
Co rtib le b ond les rtio ent nve s, s c urr po n	47 2	46 5
De bt	27, 171	27, 258
uiv les ash d c ash ale nts s c an eq	658 2,	654 1,
Ne t d ebt	24, 513	25, 604

21.SHARE-BASED COMPENSATION PLANS

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

As of September 30, 2020, Fresenius SE&Co. KGaA had two sharebased compensation plans in place: the Fresenius SE&Co. KGaA Long Term Incentive Program 2013 (2013LTIP) 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 three quarters of 2020

On September 14, 2020, Fresenius SE&Co. KGaA awarded 924,237performance shares under the LTIP 2018, the total fair value at the grant date being €39million, including 183,420performance shares or €8 million awarded to the members of the Management Board of Fresenius Management SE. The fair value per performance share at the grant date was €41.98.

During the first three quarters of 2020, Fresenius SE& Co. KGaA received cash of €3 million from the exercise of 88,605 stock options.

Out of 7,813,500 outstanding stock options issued under the 2013LTIP 5,833,204 were exercisable at September 30, 2020. The members of the Fresenius Management SE Management Board held 1,299,375 stock options. 356,383 phantom stocks issued under the 2013LTIP were outstanding at September 30, 2020. The members of the Fresenius Management SE Management Board held 52,260 phantom stocks. At September 30, 2020, the Management Board members of Fresenius Management SE held 467,335performance shares and employees of Fresenius SE&Co. KGaA held 1,688,574 performance shares under the LTIP 2018.

On September 30, 2020, total unrecognized compensation cost related to non-vested options granted under the 2013LTIP was €1 million. This cost is expected to be recognized over a weighted-average period of 0.8 years.

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

During the first three quarters of 2020, 192,049stock options were exercised. Fresenius Medical Care AG&Co. KGaA received cash of €10.3 million upon exercise of these stock options.

22.SUBSEQUENT EVENTS

October was characterized by a regionally varying development of the COVID-19 pandemic with rising infection numbers worldwide, especially in Europe and the United States. For example, the Spanish Government has again declared a State of Alarm empowering local authorities to legally enforce controlling measures. In Germany, large-scale constraints of public and private life will be enacted again in November in order to curtail the spread of COVID-19. The further development of the worldwide situation and its 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 third quarter of 2020.

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

isc Re n F al Y 20 20 rt o po ear	Feb 23, 20 21 rua ry
Re n 1 20 21 rt o st q ter po uar
Co nfe cal l, Liv ebc ast ren ce e w	Ma 6, 202 1 y
Re n 1 st h alf 202 1 rt o po
Co nfe cal l, Liv ebc ast ren ce e w	Jul 30, 20 21 y
Re -3r d q 20 21 rt o n 1 st - ter po uar
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 re		AD R
Sec uri tie s id ific ati ent on no.	57 8 5 60	CU SIP	35 804 M1 05
Tic ker mb ol sy	FR E	Tic ker mb ol sy	FS NU Y
ISI N	DE 000 57 856 04	ISI N	US 35 804 M1 053
Blo ber bo l om g s ym	FR E G R	Str uct ure	Sp d L l 1 AD R ons ore eve
Re bo l ute rs s ym	FR EG .de	Rat io	4 A DR 1 s har e =
Ma in t rad ing lo ion cat	Fra nkf /X urt etr a	Tra din latf g p orm	OT CQ X

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. Francesco De Meo, Rachel Empey, Mats Henriksson, Rice Powell, 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, 2019 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.