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Q1-3 2011:

• Sales: €12.1 billion, +2% at actual rates, +5% in constant currency
• EBIT: €1,862 million, +5% at actual rates, +9% in constant currency
• Net income*: €565 million, +14% at actual rates, +17% in constant currency

• Fresenius improves 2011 earnings1 outlook of 15% to 18% constant currency growth to upper half of range
• Group earnings at single-quarter all-time high – €202 million net income1, record 16% EBIT margin
• Fresenius Medical Care with further margin improvement and strong earnings growth
• Fresenius Kabi with 3% organic sales growth over outstanding Q3 2010
• Fresenius Helios continues expansion in the German hospital market - raises earnings guidance
• Fresenius Vamed with excellent order intake of €171 million in Q3

*Net income attributable to Fresenius SE & Co. KGaA; adjusted for the effects of mark-to-market accounting of the Mandatory Exchangeable Bonds (MEB) and the Contingent Value Rights (CVR) related to the acquisition of APP Pharmaceuticals. Both are non-cash items.

Ulf Mark Schneider, CEO of Fresenius, commented: "Fresenius had a very strong third quarter. With a Group EBIT margin of 16% and net income of €202 million we reached new all-time highs. We improve our 2011 earnings outlook and expect to achieve the upper half of our 15% to 18% target range. HELIOS' acquisitions of the private hospital chain Damp and the maximum care hospital in Duisburg significantly strengthen our presence in the German hospital market. This marks a further step in our growth strategy, which combines organic growth and acquisitions."

Group outlook 2011
Fresenius improves its 2011 earnings guidance and expects to achieve constant currency net income* growth in the upper half of the 15% to 18% range. Based on the sales growth of the first three quarters, Fresenius now expects to increase sales by c. 6% in constant currency.

The Group plans to invest approximately 5% of sales in property, plant and equipment.

In 2011, the net debt/EBITDA ratio is expected to stay in the range of 2.5 to 3.0. For calendar year 2012, Fresenius Medical Care's and Fresenius Helios' recently announced entirely debt and cash flow-financed acquisitions are not expected to cause Group leverage to exceed that target range.

*Net income attributable to Fresenius SE & Co. KGaA; adjusted for the effects of mark-to-market accounting of the Mandatory Exchangeable Bonds (MEB) and the Contingent Value Rights (CVR) related to the acquisition of APP Pharmaceuticals. Both are non-cash items.

Sales growth of 5% in constant currency
Group sales increased by 2% (5% in constant currency) to €12,089 million (Q1-3 2010: €11,821 million). Organic sales growth was 4%. Acquisitions contributed a further 1%. Currency translation had a negative effect of 3%. This is mainly attributable to the average USD/EUR rate in Q1-3 2011 decreasing 8% compared to Q1-3 2010.

Sales growth in the business segments was as follows:


 
Organic sales growth was 1% in North America, due to the implementation of the new Medicare end-stage renal disease prospective payment system as well as lower pricing of renal drugs. In Europe organic sales growth was 3%. Prior-year sales in Europe were positively influenced by Fresenius Vamed's large medical supply contract to the Ukraine. Organic sales growth reached 12% in Africa and 15% in both Latin America and Asia-Pacific.



Continued strong earnings growth
Group EBITDA grew by 4% (8% in constant currency) to €2,344 million (Q1-3 2010: €2,244 million). Group EBIT increased by 5% (9% in constant currency) to €1,862 million (Q1-3 2010: €1,776 million). The EBIT margin improved by 40 basis points to 15.4% (Q1-3 2010: 15.0%). In Q3 2011, the Group achieved a strong EBIT margin of 16.0%.

Group net interest was -€401 million (Q1-3 2010: -€424 million).

The other financial result was -€100 million and includes valuation changes of the fair redemption value of the Mandatory Exchangeable Bonds (MEB) of -€105 million and the Contingent Value Rights (CVR) of €5 million. Both are non-cash items. As the CVR were delisted in March 2011, the effect relates solely to Q1 2011. As the MEB came to maturity on August 14, 2011, no further effect will occur after Q3 2011. Upon maturity, the bonds were mandatorily exchanged into ordinary shares of Fresenius Medical Care AG & Co. KGaA. Fresenius' shareholding now amounts to 30.3% of Fresenius Medical Care's ordinary share capital.

The Group tax rate* was 30.9% (Q1-3 2010: 32.2%).

Noncontrolling interest increased to €445 million (Q1-3 2010: €421 million), of which 93% was attributable to the noncontrolling interest in Fresenius Medical Care.

Group net income** increased by 14% (17% in constant currency) to €565 million (Q1-3 2010: €495 million). In Q3 2011, Group net income** reached a new all-time high of €202 million (Q3 2010: €193 million). In Q1-3 2011, earnings per share increased by 13% to €3.47.

A reconciliation to adjusted earnings according to U.S. GAAP can be found on page 15 of this Press Release.

Group net income*** (including special items) reached €485 million or €2.98 per share.

*Adjusted for the effect of mark-to-market accounting of the Mandatory Exchangeable Bonds (MEB) related to the acquisition of APP Pharmaceuticals
**Net income attributable to Fresenius SE & Co. KGaA; adjusted for the effects of mark-to-market accounting of the Mandatory Exchangeable Bonds (MEB) and the Contingent Value Rights (CVR) related to the acquisition of APP Pharmaceuticals. Both are non-cash items.
***Net income attributable to Fresenius SE & Co. KGaA

Continued investments in growth
The Fresenius Group spent €480 million on property, plant and equipment (Q1-3 2010: €494 million). Acquisition spending was €908 million (Q1-3 2010: €223 million), mainly due to the acquisitions of Euromedic's dialysis service business as well as a minority stake in Renal Advantage, Inc., both by Fresenius Medical Care.

Cash flow development
Operating cash flow was €1,156 million (Q1-3 2010: €1,346 million). The strong earnings growth was offset by increased working capital requirements due to business expansion. The cash flow margin was 9.6% (Q1-3 2010: 11.4%). Net capital expenditure was €475 million (Q1-3 2010: €491 million). Free cash flow before acquisitions and dividends was €681 million (Q1-3 2010: €855 million). Free cash flow after acquisitions and dividends was -€538 million (Q1-3 2010*: €348 million).

*Does not include a €100 million cash out for a short-term bank deposit by Fresenius Medical Care in 2010.

Solid balance sheet structure
The Group's total assets increased by 5% to €24,707 million (Dec. 31, 2010: €23,577 million). In constant currency, the increase was 6%. Current assets increased by 6% (8% in constant currency) to €6,836 million (Dec. 31, 2010: €6,435 million). Non-current assets increased by 4% (5% in constant currency) to €17,871 million (Dec. 31, 2010: €17,142 million).

Due to the maturity of the MEB, total shareholders' equity increased by 14% (16% in constant currency) to €10,049 million (Dec. 31, 2010: €8,844 million). The equity ratio improved to 40.7% (Dec. 31, 2010: 37.5%).

Group debt grew by 5% (also 5% in constant currency) to €9,181 million (Dec. 31, 2010: €8,784 million) primarily resulting from acquisition financing. Net debt increased by 6% (7% in constant currency) to €8,527 million (Dec. 31, 2010: €8,015 million).

The net debt/EBITDA ratio increased slightly to 2.70 as of September 30, 2011 (Dec. 31, 2010: 2.62).

Number of employees increased
As of September 30, 2011, Fresenius Group increased the number of its employees by 6% to 145,118 (Dec. 31, 2010: 137,552).

Fresenius Biotech
Fresenius Biotech develops innovative therapies with trifunctional antibodies for the treatment of cancer. In the field of polyclonal antibodies, Fresenius Biotech has successfully marketed ATG-Fresenius S for many years. ATG-Fresenius S is an immunosuppressive agent used to prevent and treat graft rejection following organ transplantation.

Sales increased by 13% to €22.4 million (Q1-3 2010: €19.9 million). ATG sales increased by 11% to €19.7 million and Removab sales by 29% to €2.7 million.

In 2011, Removab was launched in the Benelux countries, Italy, Scandinavia and the UK. The trifunctional antibody has already been marketed in Austria and France since 2010 and was launched in Germany in 2009.

Fresenius Biotech's EBIT was -€19 million (Q1-3 2010: -€21 million). For 2011, Fresenius Biotech expects an EBIT of about -€30 million.

Business Segments

Fresenius Medical Care
Fresenius Medical Care is the world's leading provider of services and products for patients with chronic kidney failure. As of September 30, 2011, Fresenius Medical Care was treating 228,239 patients in 2,874 dialysis clinics.

• Strong earnings growth and further margin improvement
• 2011 outlook confirmed

Fresenius Medical Care achieved sales growth of 7% to US$9,473 million (Q1-3 2010: US$8,886 million). Organic sales growth was 2%, acquisitions contributed a further 2%.

Sales in dialysis services increased by 5% to US$7,072 million (Q1-3 2010: US$6,716 million). Dialysis product sales grew by 11% to US$2,401 million (Q1-3 2010: US$2,170 million).

In North America sales were US$6,055 million (Q1-3 2010: US$6,058 million). Dialysis services sales were US$5,456 million (Q1-3 2010: US$5,441 million). Average sales per treatment for U.S. clinics was US$345 in Q3 2011 compared to US$359 in Q3 2010. This is a result of the implementation of the Medicare end-stage renal disease prospective payment system. Dialysis product sales decreased to US$599 million (Q1-3 2010: US$617 million) as increased sales of hemodialysis and peritoneal dialysis products could not entirely offset lower pricing of renal drugs.

Sales outside North America ("International" segment) grew by 20% to US$3,405 million (Q1-3 2010: US$2,828 million). Sales in dialysis services increased by 27% to US$1,616 million. Dialysis product sales increased by 15% to US$1,789 million.

EBIT increased by 7% to US$1,488 million (Q1-3 2010: US$1,385 million). The EBIT margin improved by 10 basis points to 15.7% (Q1-3 2010: 15.6%).

In North America the EBIT margin increased to 17.1% (Q1-3 2010: 16.7%). This increase was mainly favorably influenced by the development of pharmaceutical costs.

In the International segment the EBIT margin remained at the previous year's level of 17.0%.

Net income* increased by 8% to US$761 million (Q1-3 2010: US$707 million).

Fresenius Medical Care confirms the outlook for 2011. The company projects sales of more than US$13 billion. Net income* is expected between US$1,070 million and US$1,090 million.

For further information, please see Fresenius Medical Care's Press Release at www.fmc-ag.com.

*Net income attributable to Fresenius Medical Care AG & Co. KGaA

Fresenius Kabi
Fresenius Kabi offers infusion therapies, intravenously administered generic drugs and clinical nutrition 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.

• Organic sales growth of 9%, strong EBIT margin of 20.8%
• 3% organic sales growth over outstanding Q3 2010
• 2011 outlook improved – Organic sales growth between 8% and 8.5%, EBIT margin ≥20%

Fresenius Kabi reported excellent financial results. In Q3 2011, Fresenius Kabi achieved 3% organic sales growth over previous year's outstanding quarter. Q3 2010 results were driven by significant supply constraints in the injectable drug market in North America.

In Q1-3 2011, sales increased by 8% to €2,950 million (Q1-3 2010: €2,723 million). Organic sales growth was 9%, acquisitions contributed 1%. Currency translation had a negative effect of 2%. This is mainly attributable to the U.S. dollar weakness against the euro.

In Europe sales grew by 8% to €1,360 million (Q1-3 2010: €1,264 million), driven by organic sales growth of 6%. In North America sales were impacted by currency translation and increased by 3% to €755 million (Q1-3 2010: €730 million). Organic sales growth was 10%. In Asia-Pacific sales increased by 17% to €511 million (Q1-3 2010: €436 million), with excellent organic sales growth of 18%. Sales in Latin America and Africa increased by 11% to €324 million (Q1-3 2010: €293 million), with organic sales growth contributing 11%.

EBIT grew by 10% to €613 million (Q1-3 2010: €557 million). The EBIT margin improved to 20.8% (Q1-3 2010: 20.5%). EBIT growth was mainly attributable to the strong development in North America and the emerging markets.

Net interest remained at the previous year's level of -€212 million.

Net income* increased by 19% to €271 million (Q1-3 2010: €228 million).

Fresenius Kabi's operating cash flow was €350 million (Q1-3 2010: €378 million), resulting in a cash flow margin of 11.9% (Q1-3 2010: 13.9%). Given increased capital expenditures, cash flow before acquisitions and dividends was €234 million (Q1-3 2010: €272 million).

In September 2011, Fresenius Kabi expanded its production capacity in Asia and opened a new production facility in Vietnam. With the new plant Fresenius Kabi almost doubles its local manufacturing capacity for infusion solutions and liquid medications. Most of these products are intended for the Vietnamese market. Total investment amounted to approximately €20 million.

Fresenius Kabi improves its outlook for 2011. The company now forecasts organic sales growth between 8% and 8.5%. Previously, Fresenius Kabi projected organic sales growth of ~8%. The EBIT margin is now expected to be ≥20%. The previous guidance was ~20%.

Fresenius Kabi plans to host a Capital Market Day on June 12, 2012 in Bad Homburg providing an update on the strategy and growth prospects of the company.

Special items relating to the acquisition of APP Pharmaceuticals are included in the segment "Corporate/Other".

*Net income attributable to Fresenius Kabi AG

Fresenius Helios
Fresenius Helios is one of the largest private hospital operators in Germany. HELIOS owns 64 hospitals, including five maximum care hospitals in Berlin-Buch, Erfurt, Krefeld, Schwerin and Wuppertal. HELIOS treats more than 2 million patients per year, thereof approximately 650,000 inpatients, and operates about 19,000 beds.


 

• Organic sales growth of 4%, EBIT margin increase to 10%
• Expansion in the German hospital market – acquisition of Damp Group and Katholisches Klinikum Duisburg hospital
• 2011 EBIT outlook raised to €260 million to €270 million

Sales increased by 6% to €1,950 million (Q1-3 2010: €1,840 million), mainly driven by solid organic sales growth of 4%. Acquisitions contributed 2% to overall sales growth.

EBIT grew by 13% to €195 million (Q1-3 2010: €172 million). The EBIT margin improved by 70 basis points to 10.0% (Q1-3 2010: 9.3%).

Net income* increased by 19% to €117 million (Q1-3 2010: €98 million).

The established clinics increased sales by 4% to €1,916 million. EBIT improved by 16% to €199 million. The EBIT margin was 10.4%. The acquired clinics (consolidation < 1 year) achieved sales of €34 million and an EBIT of -€4 million. Restructuring of these hospitals is fully on track.

On October 12, HELIOS announced that it agreed to acquire 94.7% of the share capital in Damp Group. The acquisition of Damp is an excellent geographic fit with the HELIOS hospital network in the north and northeast of Germany.
Damp operates seven acute care hospitals and four post-acute care hospitals with a total of 4,112 beds (thereof 2,649 in acute care). In addition, Damp operates eight outpatient medical care centers, two nursing care facilities and a wellness resort. In 2010, Damp achieved sales of €487 million and operating profit (EBIT) of €21 million.

The acquisition is still subject to the approval of local and antitrust authorities. Due to the geographic proximity of the HELIOS hospital Schwerin, HELIOS has to divest the Damp hospital Wismar (505 beds, sales of approximately €60 million) to secure regulatory clearance of the transaction. HELIOS anticipates closing the transaction in the first half of 2012.

On October 31, HELIOS announced that it agreed to acquire 51% of the share capital in Katholisches Klinikum Duisburg hospital (KKD), North-Rhine Westphalia. KKD provides an excellent geographic and medical fit to the HELIOS network, as HELIOS already operates ten acute care hospitals in North-Rhine Westphalia including maximum care hospitals in Wuppertal and Krefeld.

KKD operates a maximum care hospital with four locations in Duisburg and a total of 1,034 beds as well as a rehabilitation clinic with 220 beds. KKD also operates two nursing care facilities. In 2010, KKD's hospitals achieved sales of approximately €134 million. HELIOS will consolidate the acute care hospitals into two locations and build two new hospitals. The total investments will be approximately €176 million, over five years. The acquisition is still subject to the approval of antitrust authorities. Closing of the transaction is anticipated in the first quarter of 2012.

The recent acquisitions are significant achievements in Fresenius Helios' growth strategy. As a result, a new mid-term sales guidance for Fresenius Helios will be provided in spring 2012. Currently, the company targets sales of €3.5 billion by 2015.

Fresenius Helios raises its earnings outlook and now projects EBIT of €260 million to €270 million. Previously, the company expected to reach an EBIT of ~€260 million. Fresenius Helios fully confirms its sales outlook and projects organic sales growth of 3% to 5%.

*Net income attributable to HELIOS Kliniken GmbH

Fresenius Vamed
Fresenius Vamed offers engineering and services for hospitals and other health care facilities.

• Sales and EBIT in line with expectations
• Excellent order intake of €171 million in Q3
• 2011 outlook confirmed

Fresenius Vamed's sales reached €480 million (Q1-3 2010: €517 million). Sales in the project business were €311 million (Q1-3 2010: €351 million). Prior-year sales included a substantial medical supply contract with the Ukraine. In addition, current sales were impacted by the unrest in the Middle East / North Africa region. Sales in the service business increased by 2% to €169 million (Q1-3 2010: €166 million).

EBIT was €22 million (Q1-3 2010: €24 million). The EBIT margin of 4.6% was at previous year's level. Net income* was €17 million (Q1-3 2010: €18 million).

Order backlog was €775 million as of September 30, 2011 (Dec. 31, 2010: €801 million). In Q3 2011, Fresenius Vamed achieved an excellent order intake of €171 million. New orders include turnkey contracts for the construction of a general hospital in Sochi, Russia (total order volume €98 million) as well as for the reconstruction of a general hospital in Hesse, Germany (total order volume €42 million). The order intake in Q1-3 2011 was €335 million (Q1-3 2010: €418 million).

Fresenius Vamed confirms the 2011 outlook. The company projects sales and EBIT growth of 0% to 5%.

*Net income attributable to VAMED AG

Analyst Meeting and Audio Webcast
As part of the publication of the results for Q1-3 2011, a conference call will be held on November 2, 2011 at 2.00 p.m. CET (9.00 a.m. EDT). You are cordially invited to follow the conference call in a live broadcast via the Internet at www.fresenius.com, Investor Relations, Presentations. Following the call, a replay of the conference call will be available on our website.

Contact

Head of Corporate Communications
T +49 (0) 6172 608-96008
pr-fre@fresenius.com

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Fresenius SE & Co. KGaA („Fresenius") plans to increase its voting interest in Fresenius Medical Care AG & Co. KGaA („FME") through the purchase of approximately 3.5 million ordinary shares.

The planned transaction shall be executed through share purchases, carried out from time to time, in a manner intended to have minimal impact on FME's share price on the stock exchange.

After maturity of the Mandatory Exchangeable Bond on August 14, 2011, Fresenius' current voting interest in FME is 30.3%. The exercise of FME stock options could, however, dilute Fresenius' interest to 29.3% mid-term.

The planned share purchase is meant to preserve a long-term voting interest in FME above 30%, maintaining the current ownership situation. Under applicable German law, if Fresenius' ownership were to fall below 30% and Fresenius purchased additional ordinary shares to bring its ownership above 30%, Fresenius would become obligated to offer to purchase all of FME's shares. Upon completion of the purchase of approximately 3.5 million ordinary shares, Fresenius' voting interest in FME would increase to approximately 31.5%.

Fresenius' position as general partner of FME requires ownership of at least 25% of FME's share capital.

The number of shares to be purchased corresponds to the XETRA trading volume of four to five average trading days.

Based on FME‘s current share price, the financing requirement for Fresenius is approximately €180 million. It shall be funded from cash flow and existing credit lines. Fresenius expects its incremental share in FME's net income to exceed its cost of financing the share purchase. The planned share purchase is therefore expected to be slightly accretive to Group net income. From today's perspective, Group Net Debt/EBITDA, including the effect of the planned share purchase, will stay below 3.0 in 2012.

Fresenius will provide details on the share purchase upon its completion.

Contact

Head of Corporate Communications
T +49 (0) 6172 608-96008
pr-fre@fresenius.com

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After a strong third quarter, Fresenius expects to achieve excellent fourth quarter earnings growth in 2011. In particular, Fresenius Kabi and Fresenius Helios have continued to perform strongly.

Therefore, Fresenius improves its 2011 earnings outlook slightly and now expects to achieve constant currency net income* growth of approximately 18%. Fresenius previously improved its earnings outlook of 15% to 18% constant currency growth to the upper half of this range on November 2, 2011.

Sales growth in constant currency is expected to just reach the targeted c. 6% as current sales at Fresenius Medical Care and Fresenius Vamed remain slightly below expectations. Fresenius Kabi and Fresenius Helios continued to see excellent sales growth and are fully on track to achieve their guidance.

*Net income attributable to Fresenius SE & Co. KGaA; adjusted for the effects of mark-to-market accounting of the Mandatory Exchangeable Bonds and the Contingent Value Rights related to the acquisition of APP Pharmaceuticals. Both are non-cash items.

Contact

Head of Corporate Communications
T +49 (0) 6172 608-96008
pr-fre@fresenius.com

Documents

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Fresenius has Germany's best career website, according to a new study published by the market research institute Potentialpark. The Fresenius career portal was ranked first place, followed by ThyssenKrupp and Deutsche Post DHL. For the first time, Potentialpark also ranked companies' overall online HR marketing activities, including aspects such as application tracking systems and mobile communication. In this ranking, Fresenius also achieved pole position.

Potentialpark has evaluated the career websites of German companies annually since 2002. This year, the institute surveyed around 30,000 students worldwide about their personal preferences regarding career sites. It also assessed the online activities of around 130 German companies based on over 100 different criteria. Last year, Fresenius was ranked fifth in the Potentialpark study.

"We've done a lot of work over the past two years to improve our career portal," explains Markus Olbert, Senior Vice President for Corporate Human Resources at Fresenius. "So we're pleased to receive this fantastic reward in recognition of our efforts. The Internet is an excellent way for us to present Fresenius as an attractive employer. Attracting the right talents to contribute to Fresenius' future growth is a central task for HR departments throughout the Group."

The Fresenius career portal can be found at http://career.fresenius.com or by following the links from other Fresenius sites.

Contact

Head of Corporate Communications
T +49 (0) 6172 608-96008
pr-fre@fresenius.com

Fresenius will continue the legal dispute concerning the payment of legal fees at the German Federal Court of Justice. The court granted Fresenius' complaint against the Frankfurt am Main Higher Regional Court's decision issued on February 15, 2011. The legal dispute concerns the time of payment of legal fees to a law firm, a partner of which was also a member of the Fresenius SE supervisory board. While the supervisory board approved the underlying mandate in advance, the related payments were approved retroactively. This practice is in accordance with the prevailing legal opinion regarding this technicality. However, the Higher Regional Court took the view that the payment should also only have been made after separate approval by the supervisory board.

Contact

Head of Corporate Communications
T +49 (0) 6172 608-96008
pr-fre@fresenius.com

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Fiscal year 2011:

• Sales: €16.5 billion (+3% at actual rates, +6% in constant currency)
• EBIT: €2,563 million (+6% at actual rates, +9% in constant currency)
• Net income*: €770 million (+17% at actual rates, +18% in constant currency)

Dividend increase by 10% to €0.95 per share proposed

Positive Group outlook 2012:

• Sales growth of 10% to 13% in constant currency
• Net income* growth of 8% to 11% in constant currency

2012 sales and earnings growth in all business segments expected:

• Fresenius Medical Care: Sales of around US$14 billion; Net income** of around US$1.14 billion
• Fresenius Kabi: Organic sales growth of 4% to 6%; EBIT margin of 19.5% to 20%
• Fresenius Helios: Organic sales growth of 3% to 5%, EBIT of €310 million to €320 million
• Fresenius Vamed: Sales and EBIT growth of 5% to 10%

*Net income attributable to Fresenius SE & Co. KGaA; adjusted for the effects of mark-to-market accounting of the Mandatory Exchangeable Bonds (MEB) and the Contingent Value Rights (CVR) related to the acquisition of APP Pharmaceuticals. Both are non-cash items and occurred for the last time in 2011.
**Net income attributable to Fresenius Medical Care AG & Co. KGaA

Ulf Mark Schneider, CEO of Fresenius, commented: "2011 was another highly successful year for Fresenius. Our group net income increased by 18% in constant currency after 23% growth in 2010. Based on these strong results we will propose the 19th consecutive dividend increase to our shareholders. We also strengthened our position as a leading global health care group with significant acquisitions in our dialysis and hospital businesses. Looking ahead, we continue to see exciting opportunities for organic and acquired growth in all of our business segments. We therefore enter 2012 full of confidence."

19th consecutive dividend increase proposed
Based on the strong financial results, the Management Board will propose to the Supervisory Board a dividend increase of 10% to €0.95 per ordinary share (2010: €0.86). The total dividend distribution is expected to be €155 million.

Positive Group outlook 2012
For 2012, Fresenius projects sales growth of 10% to 13%* in constant currency. Net income** is expected to increase by 8% to 11% in constant currency. This implies a 2010 through 2012 3-year CAGR (compounded annual growth rate) of 8% to 9% for sales and 16% to 17% for net income.

The Group plans to invest ~5% of sales in property, plant and equipment.

The net debt/EBITDA ratio is projected to be ≤3.0 at year end.

*Based on adjusted 2011 sales of €16,361 million due to a U.S. GAAP accounting change at Fresenius Medical Care
**Net income attributable to Fresenius SE & Co. KGaA; adjusted for the effects of mark-to-market accounting of the Mandatory Exchangeable Bonds (MEB) and the Contingent Value Rights (CVR) related to the acquisition of APP Pharmaceuticals. Both are non-cash items and occurred for the last time in 2011.

Sales growth of 6% in constant currency
Group sales increased by 3% (6% in constant currency) to €16,522 million (2010: €15,972 million). Organic sales growth was 4%. Acquisitions contributed a further 2%. Currency translation had a negative effect of 3%. This is mainly attributable to the average USD/EUR rate in 2011 decreasing 5% compared to 2010.

Sales in the business segments developed as follows:



Sales in North America were €6,762 million (2010: €7,020 million). Organic sales growth of 1% was affected by the implementation of the new Medicare end-stage renal disease prospective payment system. In Europe organic sales growth was 3% compared to strong prior year's sales. Organic sales growth reached 16% in Asia-Pacific, 13% in Latin America and 16% in Africa.




Excellent earnings growth
Group EBITDA grew by 6% (8% in constant currency) to €3,237 million (2010: €3,057 million). Group EBIT increased by 6% (9% in constant currency) to €2,563 million (2010: €2,418 million). The EBIT margin improved by 40 basis points to 15.5% (2010: 15.1%).

Group net interest was -€531 million (2010: -€566 million). Lower average interest rates for debt as well as currency translation had a positive effect.

The other financial result was -€100 million and includes valuation changes of the fair redemption value of the Mandatory Exchangeable Bonds (MEB) of -€105 million and the Contingent Value Rights (CVR) of €5 million. Both are non-cash items. As the CVR were delisted in March 2011, the earnings effect relates solely to Q1 2011. As the MEB came to maturity on August 14, 2011, no further effect on earnings occured after Q3 2011. Upon maturity, the bonds were mandatorily exchanged into ordinary shares of Fresenius Medical Care AG & Co. KGaA.

In Q4/2011 Fresenius SE & Co. KGaA acquired approximately 1.4 million ordinary shares of Fresenius Medical Care AG & Co. KGaA. Therefore, as of December 31, 2011, Fresenius' shareholding of Fresenius Medical Care's ordinary share capital amounted to 30.7%.

The Group tax rate* decreased to 30.7% inter alia due to tax-free joint-venture income and one-time effects (2010: 32.9%).

Noncontrolling interest increased to €638 million (2010: €583 million), of which 92% was attributable to the noncontrolling interest in Fresenius Medical Care.

Group net income** increased by 17% (18% in constant currency) to €770 million (2010: €660 million). Earnings per share increased by 16% to €4.73 (2010: €4.08).

Group net income*** (including special items) reached €690 million or €4.24 per share.

A reconciliation to adjusted earnings according to U.S. GAAP can be found on page 16 of this Press Release.

*Adjusted for the effect of mark-to-market accounting of the Mandatory Exchangeable Bonds (MEB) related to the acquisition of APP Pharmaceuticals
**Net income attributable to Fresenius SE & Co. KGaA; adjusted for the effects of mark-to-market accounting of the Mandatory Exchangeable Bonds (MEB) and the Contingent Value Rights (CVR) related to the acquisition of APP Pharmaceuticals. Both are non-cash items and occurred for the last time in 2011.
***Net income attributable to Fresenius SE & Co. KGaA

Continued investments in growth
The Fresenius Group spent €783 million on property, plant and equipment (2010: €758 million). Acquisition spending was €1,612 million (2010: €644 million). This is primarily due to Fresenius Medical Care's acquisitions of Euromedic's international dialysis service business (International Dialysis Centers), the minority stake in Renal Advantage, Inc. as well as the acquisition of American Access Care. In addition, the acquisition of Katholisches Klinikum Duisburg by Fresenius Helios was completed as of December 31, 2011.

Cash flow development
Operating cash flow was €1,689 million (2010: €1,911 million), reflecting increased working capital requirements due to business expansion. The cash flow margin was 10.2% (2010: 12.0%). Net capital expenditure was €758 million (2010: €733 million). Free cash flow before acquisitions and dividends was €931 million (2010: €1,178 million). Given the substantial acquisition spending free cash flow after acquisitions and dividends was -€748 million (2010*: €345 million).

*Does not include a €100 million cash out for a short-term bank deposit by Fresenius Medical Care in 2010.

Solid balance sheet structure
The Group's total assets increased by 12% to €26,321 million (Dec. 31, 2010: €23,577 million). In constant currency the increase was 10%. Current assets increased by 11% (10% in constant currency) to €7,151 million (Dec. 31, 2010: €6,435 million). Non-current assets increased by 12% (10% in constant currency) to €19,170 million (Dec. 31, 2010: €17,142 million).

Total shareholders' equity increased by 20% (19% in constant currency) to €10,577 million (Dec. 31, 2010: €8,844 million) mainly due to strong earnings growth as well as the maturity of the MEB. The equity ratio improved to 40.2% (Dec. 31, 2010: 37.5%).

Group debt grew by 12% (9% in constant currency) to €9,799 million (Dec. 31, 2010: €8,784 million) primarily resulting from acquisition financing. Net debt increased by 14% (12% in constant currency) to €9,164 million (Dec. 31, 2010: €8,015 million).

As of December 31, 2011, the net debt/EBITDA ratio was 2.83 (Dec. 31, 2010: 2.62) and therefore within the projected range of 2.5 to 3.0.

Number of employees increased
As of December 31, 2011, Fresenius Group increased the number of its employees by 9% to 149,351 (Dec. 31, 2010: 137,552).

Fresenius Biotech
Fresenius Biotech develops innovative therapies with trifunctional antibodies for the treatment of cancer. In the field of polyclonal antibodies, Fresenius Biotech has successfully marketed ATG-Fresenius S for many years. ATG-Fresenius S is an immunosuppressive agent used to prevent and treat graft rejection following organ transplantation.

Sales increased by 20% to €30.7 million (2010: €25.5 million). ATG Fresenius S sales increased by 18% to €26.7 million (2010: €22.7 million). Removab sales grew by 43% to €4.0 million (2010: €2.8 million). Fresenius Biotech's EBIT was -€30 million (2010: -€32 million).

In Q4 2011, Fresenius Biotech entered into a long-term distribution agreement with Astellas Pharma, a global leader in transplant medicine, for ATG Fresenius S in the Chinese market.

For 2012, Fresenius Biotech expects an EBIT of -€25 million to -€30 million.


Business Segments

Fresenius Medical Care
Fresenius Medical Care is the world's leading provider of services and products for patients with chronic kidney failure. As of December 31, 2011, Fresenius Medical Care was treating 233,156 patients in 2,898 dialysis clinics.

• EBIT margin improvement to 16.2%
• Acquisitions in the U.S. and in Europe strengthen dialysis business
• Outlook 2012: Sales growth of 11% to around US$ 14 billion; net income* growth to around US$1.14 billion

Fresenius Medical Care achieved sales growth of 6% to US$12,795 million (2010: US$12,053 million). Organic sales growth was 2%. Acquisitions contributed further 3%. Currency translation had an effect of 1%.

Sales in dialysis services increased by 5% to US$9,507 million (2010: US$9,070 million). Dialysis product sales grew by 10% to US$3,288 million (2010: US$2,983 million).

In North America sales were US$8,150 million (2010: US$8,130 million). Dialysis services sales were US$7,337 million (2010: US$7,303 million). Average revenue per treatment for U.S. clinics was US$348 in 2011 compared to US$356 in 2010 reflecting the implementation of the new Medicare prospective payment system. Dialysis product sales decreased by 2% to US$813 million (2010: US$827 million) as increased sales of hemodialysis and peritoneal dialysis products could not entirely offset lower pricing of renal drugs.

Sales outside North America ("International" segment) grew by 18% to US$4,628 million (2010: US$3,923 million). Sales in dialysis services increased by 23% to US$2,170 million. Dialysis product sales increased by 14% to US$2,458 million. The growth was mainly driven by higher sales of peritoneal dialysis products, dialyzers, dialysis machines and acute care products.

EBIT increased by 8% to US$2,075 million (2010: US$1,924 million). The EBIT margin improved to 16.2% (2010: 16.0%), mainly due to the EBIT margin improvement in North America, increasing by 60 basis points to 17.6% (2010: 17.0%). This increase was mainly influenced by the development of pharmaceutical costs. In the International segment the EBIT margin improved to 17.4% (2010: 17.3%).
Net income* increased by 9% to US$1,071 million (2010: US$979 million).

In 2011, Fresenius Medical Care considerably strengthened its business through acquisitions especially in North America and Europe: the acquisition of American Access Care, as well as the acquisition of International Dialysis Centers, the international dialysis service business of Euromedic. In addition Fresenius Medical Care has announced a merger agreement with Liberty Dialysis Holdings, Inc., the holding company for Liberty Dialysis and Renal Advantage. Closing is expected in Q1 2012.

In January 2012, Fresenius Medical Care placed three tranches of U.S. Dollar and Euro-denominated senior unsecured notes. Proceeds amounting to approximately US$1.81 billion are intended to be used for acquisitions, including the acquisition of Liberty Dialysis Holdings, Inc., to refinance debt and for general corporate purposes.

For 2012, Fresenius Medical Care expects sales to grow to around US$14 billion. This takes into account a change in U.S. GAAP in the presentation of U.S. dialysis service sales which will be shown net of the provision for bad debt. Based on the comparable 2011 sales of US$12,571 million the sales outlook represents an increase of 11% and between 13% and 15% based on constant currencies.

Net income* is expected to grow to around US$1.3 billion and net income attributable to Fresenius Medical Care AG & Co. KGaA is expected to grow to around US$1.14 billion with operating margin forecasted to increase to approximately 16.9%.

*Net income attributable to Fresenius Medical Care AG & Co. KGaA

For further information, please see Fresenius Medical Care's Press Release at www.fmc-ag.com.

Fresenius Kabi
Fresenius Kabi offers infusion therapies, intravenously administered generic drugs and clinical nutrition 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.

• Excellent year 2011 – All targets exceeded, further EBIT margin increase to 20.3%
• Strong organic sales growth of 9%; 15% growth in emerging markets
• Outlook 2012: Organic sales growth of 4% to 6% on top of strong 2011 base; EBIT margin of 19.5% to 20%; increased mid-term guidance

Fresenius Kabi achieved 8% sales growth to €3,964 million compared to the strong previous year (2010: €3,672 million). Organic sales growth was 9%. Currency translation had a negative effect of 1%. Fresenius Kabi achieved quarterly record sales of €1,014 million in Q4 2011.

In Europe sales grew by 7% to €1,826 million (2010: €1,702 million), driven by organic growth of 6%. In North America sales increased by 3% to €1,002 million (2010: €975 million). Organic growth was 7%. In Asia-Pacific sales increased by 18% to €702 million (2010: €593 million), with excellent organic sales growth of 18%. Sales in Latin America and Africa increased by 8% to €434 million (2010: €402 million), with organic sales growth contributing 10%.

EBIT grew by 9% to €803 million (2010: €737 million). The EBIT margin improved to 20.3% (2010: 20.1%). Strong EBIT growth was achieved in all regions.

Net interest remained at previous year's level of -€278 million (2010: -€279 million).

Net income* increased by 20% to €354 million (2010: €294 million).

Fresenius Kabi achieved outstanding growth in 2010 and 2011. In 2012, organic sales growth is expected at 4% to 6%, implying a 2010 through 2012 3-year CAGR (compounded annual growth rate) well in the 7% to 10% mid-term guidance range. Fresenius Kabi expects an EBIT margin of 19.5% to 20% and a further increase in earnings.

For the mid-term, Fresenius Kabi slightly increases its EBIT margin target range from 18% to 20% to 18% to 21%. Fresenius Kabi confirms its mid-term annual organic sales growth guidance of 7% to 10%.

Fresenius Kabi plans to host a Capital Market Day on June 12, 2012 in Bad Homburg providing an update on the strategy and growth prospects of the company.

Special items relating to the acquisition of APP Pharmaceuticals are included in the segment "Corporate/Other".

*Net income attributable to Fresenius Kabi AG

Fresenius Helios
Fresenius Helios is one of the largest private hospital operators in Germany. HELIOS owns 65 hospitals, including six maximum care hospitals in Berlin-Buch, Duisburg, Erfurt, Krefeld, Schwerin and Wuppertal. HELIOS treats more than 2 million patients per year, thereof approximately 700,000 inpatients, and operates more than 20,000 beds.

• 4% organic sales growth – 2011 outlook fully achieved
• EBIT of €270 million at the upper end of already increased guidance - EBIT margin increase by 80 basis points to 10.1%
• Outlook 2012: Organic sales growth of 3% to 5%, EBIT of €310 million to €320 million; new mid-term guidance

Sales increased by 6% to €2,665 million (2010: €2,520 million), mainly driven by organic sales growth of 4%. Acquisitions contributed 2% to overall sales growth.

EBIT grew by 15% to €270 million (2010: €235 million). The EBIT margin improved by 80 basis points to 10.1% (2010: 9.3%).

Net income* increased by 24% to €163 million (2010: €131 million).

The established clinics increased sales by 4% to €2,613 million. EBIT improved by 17% to €276 million. The EBIT margin was at strong 10.6%. The acquired clinics (consolidation < 1 year) achieved sales of €52 million and an EBIT of -€6 million. Restructuring of these hospitals is fully on track.

As of December 31, 2011, HELIOS fully consolidates Katholisches Klinikum Duisburg hospital (KKD). KKD operates a maximum care hospital with 1,034 beds and achieved sales of approximately €134 million in 2010.
HELIOS anticipates closing of the Damp Group acquisition at the end of the first or at the beginning of the second quarter 2012, as the Wismar Hospital was divested in the mean time to secure antitrust clearance.

For 2012, Fresenius Helios expects to achieve organic sales growth of 3% to 5%. EBIT is projected to increase to between €310 million and €320 million.

As a new mid-term goal, Fresenius Helios now targets sales of €4 billion to €4.25 billion (incl. Damp) by 2015 (before: €3.5 billion), driven by organic growth and acquisitions.

*Net income attributable to HELIOS Kliniken GmbH

Fresenius Vamed
Fresenius Vamed offers engineering and services for hospitals and other health care facilities.

• Continued sales and EBIT growth even after exceptional 2010 results and the unrest in the Middle East/North Africa region
• Sales in Q4 2011 for the first time above €250 million
• Outlook 2012: Sales and EBIT growth of 5% to 10%

Fresenius Vamed's sales were €737 million (2010: €713 million). Despite the strong 2010 base and the unrest in the Middle East/North Africa region sales grew by 3%. Sales in the project business increased slightly by 1% to €494 million (2010: €487 million). Sales in the service business grew by 8% to €243 million (2010: €226 million).

EBIT grew to €44 million (2010: €41 million). The EBIT margin improved by 20 basis points to 6.0% (2010: 5.8%). Net income* increased to €34 million (2010: €30 million).

In Q4 2011, Fresenius Vamed achieved a record order intake of €269 million. New orders include a contract for the construction of phase 2 of the Central Hospital in Libreville, Gabon, with an order volume of €109 million. In 2011, the order intake of €604 million was slightly below the exceptional 2010 level of €625 million. Order backlog was at a new all-time high of €845 million as of December 31, 2011 (Dec. 31, 2010: €801 million).

In 2012, Fresenius Vamed expects to achieve sales and EBIT growth of 5% to 10%.

As a challenging mid-term stretch goal, Fresenius Vamed targets sales of €1 billion by 2014.

*Net income attributable to VAMED AG

Press Conference and Audio Webcast
As part of the publication of the results for fiscal year 2011, a press conference will be held at the Fresenius headquarters in Bad Homburg on February 21, 2012 at 10 a.m. CET. You are cordially invited to follow the conference in a live broadcast over the Internet at www.fresenius.com see Press / Audo-Video Service. Following the meeting, a recording of the conference will be available as video-on-demand.

Contact

Head of Corporate Communications
T +49 (0) 6172 608-96008
pr-fre@fresenius.com

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Standard & Poor's has raised the corporate credit rating of Fresenius SE & Co. KGaA from BB to BB+.

According to Standard & Poor's, the upgrade primarily reflects the steady increase in Fresenius' revenue diversification, profitability and cash flow generation in an adverse macroeconomic environment.

In addition, the agency has upgraded the issue rating on Fresenius' Senior Notes and Euro Notes (Schuldscheindarlehen) by one notch. The rating BBB- on Fresenius' senior secured credit facilities has been confirmed.

All ratings have been assigned a stable outlook.

Contact

Head of Corporate Communications
T +49 (0) 6172 608-96008
pr-fre@fresenius.com

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Fresenius SE & Co. KGaA („Fresenius") has successfully completed the purchase of Fresenius Medical Care AG & Co. KGaA („FME") ordinary shares, as announced on November 16, 2011.

Fresenius purchased 3,500,000 FME ordinary shares. The total transaction volume was approximately €184 million.

As of February 29, 2012, Fresenius owns 94,380,382 FME ordinary shares, representing a voting interest of 31.4%. The intention of the share purchase is to preserve a voting interest in FME above 30% in anticipation of stock option exercises over the coming years.

Fresenius' position as general partner of FME requires ownership of at least 25% of FME's share capital.

Contact

Head of Corporate Communications
T +49 (0) 6172 608-96008
pr-fre@fresenius.com

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Fresenius today announced changes to the company's Management Board. The Supervisory Board of Fresenius Management SE has appointed Rice Powell and Mats Henriksson as new Management Board members, effective January 1, 2013. On the same date, Rice Powell, 56, will succeed Dr. Ben Lipps, 71, as CEO of Fresenius Medical Care, and Mats Henriksson, 44, will succeed Rainer Baule, 63, as CEO of Fresenius Kabi.

Dr. Ben Lipps and Rainer Baule, who will both retire from the Management Board at the end of 2012, have been instrumental to the dynamic growth of the Group.

Dr. Ben Lipps played key roles in the acquisition of the dialysis services provider National Medical Care and the formation of Fresenius Medical Care in 1996 and was appointed CEO in 1999. Under his leadership, Fresenius Medical Care has more than tripled sales while significantly expanding its position as the world's largest provider of dialysis services and products. In recognition of his extraordinary achievements and unique expertise, Dr. Ben Lipps has been appointed Honorary Chairman of the Supervisory Boards of Fresenius Medical Care AG & Co. KGaA and Fresenius Medical Care Management AG, effective January 1, 2013.

Rainer Baule took over as CEO of Fresenius Kabi in 2001, when the company faced major challenges. During his tenure, Fresenius Kabi has more than tripled sales and significantly increased profitability. He has played a key role in the highly successful expansion of the company's international operations. Today, Fresenius Kabi ranks among the global leaders in the fields of generic I.V. drugs, infusion therapies and clinical nutrition.

Rice Powell, who currently serves as CEO of Fresenius Medical Care North America, joined Fresenius Medical Care in 1997 and has been a member of the Fresenius Medical Care Management Board since 2004, from January 1, 2010 as Deputy Chairman. He has more than 30 years of experience in the health care industry. From 1978 to 1996 he held various management positions, among others at Baxter International Inc. and Biogen Inc. Under his leadership, Fresenius Medical Care has significantly expanded its market-leading position in North America and successfully managed the implementation of the new bundled reimbursement system in the U.S.

Mats Henriksson joined Fresenius Kabi in 1999 as a member of the company's Management Board, and has served as President of the Asia Pacific region since 2001. Under his leadership, Fresenius Kabi has seen exceptional growth in this region and now enjoys leading market positions in most Asian countries. Before joining the company, Mats Henriksson held several positions in controlling and finance at Pharmacia & Upjohn.

Ulf Mark Schneider, CEO of Fresenius, said: "Rice Powell and Mats Henriksson have outstanding track records in delivering excellent results for Fresenius Medical Care and Fresenius Kabi over many years. Both bring extensive leadership and industry experience to their new positions. I have worked closely with them for a long time and am very confident they will help us to seize the exciting growth opportunities ahead of us. At the same time, I would like to express my deep gratitude for Dr. Ben Lipps' and Rainer Baule's enormous contributions to our company's success over the last decades."

Dr. Gerd Krick, Chairman of the Fresenius Supervisory Board, stated: "We are pleased to appoint Rice Powell and Mats Henriksson to the Fresenius Management Board. Building on their expertise and leadership abilities, both will continue the extremely successful work of Dr. Ben Lipps and Rainer Baule as CEOs of Fresenius Medical Care and Fresenius Kabi. We were able to fill both Management Board positions from within our own ranks, which demonstrates the stability and strength of our management team and will ensure a smooth transition of leadership.''

Contact

Head of Corporate Communications
T +49 (0) 6172 608-96008
pr-fre@fresenius.com

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Fresenius today announced its intention to sell €500 million of senior unsecured notes. The senior notes will have a maturity of 7 years. Proceeds are intended to be used for acquisitions, including the acquisition of the Damp Group, refinancing of short-term debt, and general corporate purposes.

Fresenius Finance B.V, a wholly owned subsidiary of Fresenius SE & Co. KGaA, will issue and offer the senior notes through a private placement to institutional investors.

Fresenius has applied to the Luxembourg Stock Exchange to admit the senior notes to trading on its regulated market.