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«Fresenius Medical Care AG & Co. KGaA Hof an der Saale Germany FRESENIUS MEDICAL CARE AG & Co. KGaA Page FINANCIAL INFORMATION Management’s ...»

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Net income attributable to shareholders of FMC-AG & Co. KGaA for the three months ended March 31, 2015 increased by 2% to $210 million from $205 million for the same period in 2014 as a result of the combined effects of the items discussed above.

–  –  –

Basic earnings per share increased by 1% for the three months ended March 31, 2015 to $0.69 as compared with $0.68 for the same period in 2014 primarily due to the increase in net income attributable to shareholders of FMC-AG & Co. KGaA described above. The average weighted number of shares outstanding for the period was approximately 303.7 million in 2015 (301.5 million in 2014).

We employed 101,543 people (full-time equivalents) as of March 31, 2015 compared to 91,542 as of March 31, 2014, an increase of 11%, primarily due to acquisitions and overall growth in our business.

The following discussions pertain to the North America Segment, the EMEA Segment, the AsiaPacific Segment and the Latin America Segment and the measures we use to manage these segments.

North America Segment

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North America Segment revenue is driven by our dialysis business as well as Care Coordination.

Our dialysis business comprises both products and services while Care Coordination incorporates services only. The discussion of the North America Segment is focused on our dialysis business and Care Coordination. Reporting our health care services revenue separately for our dialysis business and Care Coordination has the effect of reducing average revenue per treatment and cost per treatment compared to amounts reporting in prior years. In the discussion below, average revenue per treatment and cost per treatment for the three-month period ended March 31, 2014, has been adjusted to conform to the current presentation.

–  –  –

Revenue Net Dialysis revenue increased for the three months ended March 31, 2015 by 4% to $2,337 million from $2,244 million in the same period of 2014.

Net Dialysis care revenue increased for the three months ended March 31, 2015 by 4% to $2,137 million from $2,052 million in the same period of 2014. This increase was driven by same market treatment growth (4%).

Dialysis treatments increased by 4% for the three months ended March 31, 2015 as compared to the same period in 2014 mostly due to same market treatment growth (4%). At March 31, 2015, 176,326 patients (a 3% increase over March 31, 2014) were being treated in the 2,189 dialysis clinics that we own or operate in the North America Segment, compared to 171,123 patients treated in 2,142 dialysis clinics at March 31, 2014.

In the U.S., the average revenue per treatment was $341 for the three months ended March 31, 2015 and $339 for the same period in 2014. The increase was mainly attributable to a favorable impact from higher volume with commercial payors.

Cost per treatment in the U.S. increased to $288 for the three months ended March 31, 2015 from $285 in the same period of 2014. This increase was largely driven by higher personnel expense, increased bad debt provisions and higher costs for medical supplies, partially offset by a favorable impact from pharmaceuticals.

Dialysis product revenue increased by 4% to $200 million for the three months ended March 31, 2015 as compared to $192 million in the same period in 2014. This was driven by higher sales of renal pharmaceuticals and dialysis machines.

Operating Income Dialysis operating income increased to $325 million for the three months ended March 31, 2015 as compared to $323 million in the same period in 2014. Operating income margin decreased to 13.9% for the three months ended March 31, 2015 from 14.4% for the same period in 2014, due to higher consulting and legal expenses, higher personnel expense, lower income from equity method investees and higher donations to U.S. ESRD patient assistance charities, partially offset by a favorable impact from commercial payors and lower costs for renal pharmaceuticals.

Delivered EBIT

Dialysis delivered EBIT decreased to $282 million for the three months ended March 31, 2015 from $285 million for the same period of 2014 mainly as the result of the impacts noted above in operating income coupled with increased noncontrolling interests associated with the creation of new joint ventures.

–  –  –

Revenue Net Care Coordination revenue increased by 191% to $434 million for the three months ended March 31, 2015 from $149 million for the same period of 2014. This increase is primarily driven by contributions from acquisitions (152%) and increases in organic revenue growth (39%).

Operating Income

Care Coordination operating income increased to $15 million for the three months ended March 31, 2015 from $13 million for the same period of 2014. The operating income margin decreased to 3.5% for the three months ended March 31, 2015 from 8.6% mainly driven by lower margin hospitalist and intensivists services and urgent care services (including the effects of acquisition integration costs for Sound and Cogent Healthcare and development costs associated with our urgent care services, respectively), our laboratory services entering into a new agreement at lower rates with a commercial payor as well as expenditures related to our preparation for various health care risk management programs and, partially offset by a favorable impact from cardiovascular and endovascular specialty services.





Delivered EBIT

Care Coordination delivered EBIT decreased to $6 million for the three months ended March 31, 2015 from $10 million for the same period of 2014 mainly as the result of the impacts noted above in operating income coupled with noncontrolling interests effects associated with acquisitions.

Member Months Under Medical Cost Management

Care Coordination’s member months under medical cost management for the three months ended March 31, 2015 was 4,268 months as compared to 1,790 months for the same period of 2014. The increase in membership volume was driven by increases in patients in sub-capitated and other shared savings arrangements with payors.

Medical Cost Under Management

Care Coordination’s medical cost under management for the three months ended March 31, 2015 was $36 million as compared to $16 million for the same period of 2014. The increase in medical cost under management was again driven by increases in patients in sub-capitated and other shared savings arrangements with payors.

Care Coordination Patient Encounters

Care Coordination’s patient encounters for the three months ended March 31, 2015 was 1,272,052 encounters and procedures as compared to 79,396 encounters and procedures for the three months ended March 31, 2014, primarily as the result of acquisitions, particularly Sound. The increase was driven by patient encounters and procedures provided by hospitalist and intensivist services, urgent care centers, the BMM program, cardiovascular and endovascular services as well as vascular procedures.

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(1) For further information on Constant Exchange Rates, see "Non-U.S. GAAP Measures for PresentationConstant Currency" below.

Revenue Total revenue for the EMEA Segment decreased by 14% (5% increase at Constant Exchange Rates) to $629 million for the three months ended March 31, 2015 as compared to $732 million for the same period of 2014. Net health care service revenue for the EMEA Segment decreased during the three months ended March 31, 2015 by 16% (4% increase at Constant Exchange Rates) to $301 million from $357 million in the same period of 2014. This decrease is a result of the negative impact of exchange rate fluctuations (20%), and the effect of closed or sold clinics (2%), partially offset by same market treatment growth (4%) and contributions from acquisitions (2%). Dialysis treatments increased by 2% for the three months ended March 31, 2015 over the same period in 2014 mainly due to same market treatment growth (4%) and contributions from acquisitions (1%), partially offset by the effect of closed or sold clinics (3%). As of March 31, 2015, we had 52,790 patients (1% increase over March 31, 2014) being treated at the 643 dialysis clinics that we own, operate or manage in the EMEA Segment compared to 52,264 patients treated at 637 clinics at March 31, 2014.

Dialysis product revenue for the three months ended March 31, 2015 decreased by 13% (5% increase at Constant Exchange Rates) to $328 million compared to $375 million in the same period of

2014. The 5% increase at Constant Exchange Rates was driven by increased sales of dialyzers, products for acute care treatments, peritoneal dialysis products and bloodlines.

Operating Income

Operating income increased to $141 million for the three months ended March 31, 2015 as compared to $128 million for the same period in 2014. Operating income margin increased to 22.5% for the three months ended March 31, 2015 from 17.5% for the same period in 2014 mainly due to favorable foreign exchange effects, lower provisions related to compliance investigations we are conducting (see Note 11), “Commitments and Contingencies,” included in this report) and sales growth.

Delivered EBIT Delivered EBIT increased by 11% to $141 million for the three months ended March 31, 2015 as compared to $127 million for the same period in 2014 due to impacts noted above in operating income with virtually no change in noncontrolling interests.

–  –  –

(1) For further information on Constant Exchange Rates, see "Non-U.S. GAAP Measures for Presentation- Constant Currency" below.

Revenue Total revenue for the Asia-Pacific Segment increased by 45% (56% increase at Constant Exchange Rates) to $353 million for the three months ended March 31, 2015 as compared to $243 million for the same period of 2014. Net health care service revenue for the Asia-Pacific Segment increased during the three months ended March 31, 2015 by 86% (106% increase at Constant Exchange Rates) to $164 million from $88 million in the same period of 2014. This increase is a result of contributions from acquisitions (102%), same market treatment growth (3%) and increases in organic revenue per treatment (3%), partially offset by the negative effect of exchange rate fluctuations (20%) and the effect of closed or sold clinics (2%). Dialysis treatments increased by 38% for the three months ended March 31, 2015 over the same period in 2014 mainly due to contributions from acquisitions (37%) and same market treatment growth (3%), partially offset by the effect of closed or sold clinics (2%). As of March 31, 2015, we had 25,684 patients (a 42% increase over March 31,

2014) being treated at the 318 dialysis clinics that we own, operate or manage in the Asia-Pacific Segment compared to 18,132 patients treated at 253 clinics at March 31, 2014.

Dialysis product revenue for the three months ended March 31, 2015 increased by 22% (27% increase at Constant Exchange Rates, of which China contributed growth of 15%) to $189 million compared to $155 million in the same period of 2014. The increase at Constant Exchange Rates was driven by increased sales of machines, dialyzers, hemodialysis solutions and concentrates, peritoneal dialysis products, bloodlines and products for acute care treatments.

Operating Income

Operating income increased by 148% to $85 million for the three months ended March 31, 2015 as compared to $33 million for the same period in 2014. Operating income margin increased to 23.9% for the three months ended March 31, 2015 from 14.0% for the same period in 2014 mainly due to favorable foreign exchange effects, business growth in China and a positive impact from acquisitions.

Delivered EBIT

Delivered EBIT increased by 150% to $83 million for the three months ended March 31, 2015 as compared to $33 million for the same period in 2014 due to items noted above in operating income coupled with increased noncontrolling interests associated with certain management contracts.

–  –  –

(1) For further information on Constant Exchange Rates, see "Non-U.S. GAAP Measures for Presentation- Constant Currency" below.



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