6-K

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

Pursuant to Rule 13a-16 or 15d-16 of the

Securities Exchange Act of 1934

For the month of August 2016

FRESENIUS MEDICAL CARE AG & Co. KGaA

(Translation of registrant’s name into English)

Else-Kröner Strasse 1

61346 Bad Homburg

Germany

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F x  Form 40-F o

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): o

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): o

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes o No x

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82

On August 1, 2016 Fresenius Medical Care AG & Co. KGaA (the “Company”) issued an Investor News announcing its second quarter results for the period ending June 30, 2016. A copy of the Investor News is furnished as Exhibit 99.1 and the corresponding financial figures as Exhibit 99.2.

The attached Investor News contains non-GAAP financial measures. For purposes of Regulation G, a non-GAAP financial measure is a numerical measure of a company’s performance, financial position, or cash flows that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with generally accepted accounting principles. To supplement our second quarter 2016 consolidated financial results presented in accordance with Generally Accepted Accounting Principles in the United States, or GAAP, we have used non-GAAP financial measure of (a) EBITDA, or operating income excluding interest, taxes, depreciation and amortization, and (b) free cash flow. These non-GAAP measures are provided to enhance the user’s overall understanding of our current financial performance and our prospects for the future. In addition, because we have historically reported certain non-GAAP financial measures in our financial results, we believe the inclusion of these non-GAAP financial measures provides consistency and comparability in our financial reporting to prior periods for which these non-GAAP financial measures were previously reported. These non-GAAP financial measures should not be used as a substitute for or be considered superior to GAAP financial measures. Reconciliation of the non-GAAP financial measures to the most comparable GAAP financial measures are included in the attached Investor News in a separate statement setting forth the reconciliation and in the Cash Flow Statement.

The Exhibits attached hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities and Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall they be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, regardless of any general incorporation language in such filing.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

DATE: August 2, 2016
	FRESENIUS MEDICAL CARE AG & Co. KGaA, a partnership limited by shares, represented by:
	FRESENIUS MEDICAL CARE MANAGEMENT AG, its General Partner
	By:	/s/ RICE POWELL
		Name:	Rice Powell
		Title:	Chief Executive Officer and Chairman of the Management Board of the General Partner
	By:	/s/ MICHAEL BROSNAN
		Name:	Michael Brosnan
		Title:	Chief Financial Officer and Member of the Management Board of the General Partner

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EX-99.1

Exhibit 99.1

INVESTOR

NEWS

Second quarter/half year 2016

August 1, 2016

Fresenius Medical Care posts accelerated earnings growth in the 2nd quarter

·Group revenue +5% (+7% at constant currency) driven by strong results in health care services

·Considerable net income growth of 22%, supported by lower costs for health care supplies and Global Efficiency Program

·Strong operating performance in North America: revenue +8%, operating income (EBIT) +20%

·Care Coordination maintains significant revenue growth (+21%) and continues to invest in infrastructure

·Fresenius Medical Care on track to achieve full year guidance

Key figures — second quarter/first half 2016:

	Second quarter		Growth yoy		First half		Growth yoy
Net revenue	$	4,420 million	+5	%	$	8,626 million	+6	%
Operating income (EBIT)	$	641 million	+17	%	$	1,181 million	+12	%
Net income(1)	$	294 million	+22	%	$	522 million	+16	%
Basic earnings per share	$	0.96	+22	%	$	1.71	+15	%

“Following a solid start to the year, we have accelerated our growth in the second quarter”, said Rice Powell, Chief Executive Officer of Fresenius Medical Care. “Our strong earnings growth demonstrates our ability to further improve our cost base and the success of our Global Efficiency Program. I am extremely pleased with our excellent operational performance in the core dialysis services business. Care Coordination maintains strong topline growth and we continue to invest in the infrastructure of this business. Despite unfavorable foreign currency developments and continuous cost pressure, we are confident we will achieve our full year guidance.”

Revenue & earnings

Net revenue for the second quarter improved by 5% and reached $4,420 million (+7% at constant currency), driven by very good health care services revenue growth, in North America. Health care services revenue increased by 7% to $3,571 million, mainly due to organic revenue growth. Dialysis products revenue decreased by 1% to $849 million in the second quarter, impacted by negative currency developments (+2% at constant currency) and compared to an exceptionally strong performance in the previous year’s second quarter. The

(1)  Net income attributable to shareholders of Fresenius Medical Care AG & Co. KGaA

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revenue increase at constant exchange rates was driven by higher sales of dialyzers and machines.

Net revenue in the first half of 2016 increased by 6% (health care services revenue +7%/+9% at constant currency; dialysis products revenue +1%/+4% at constant currency).

In the second quarter, operating income (EBIT) increased by 17% to $641 million. The operating income margin increased to 14.5%, due to strong operating performance across all segments. The increase in North America was supported by lower costs for health care supplies and a favorable impact from higher volume with commercial payors. This was partially offset by higher personnel expenses related to dialysis services in the North America segment. The increase in the Asia-Pacific segment was driven by favorable exchange rate effects and higher business growth.

For the first half of 2016, operating income (EBIT) increased by 12% to $1,181 million.

Net interest expense in the second quarter remained at the previous year’s level ($102 million). For the first half of 2016, net interest expense increased by 2% to $208 million.

Income tax expense increased to $169 million in the second quarter. This translates into an effective tax rate of 31.3%, an increase of 90 basis points compared to Q2 2015 (30.4%). This increase was mainly driven by a relative to income before taxes lower increase of tax-free income attributable to noncontrolling interests.

For the first half of 2016, tax expense increased to $306 million, translating into an effective tax rate of 31.5% (-70 basis points).

Net income attributable to shareholders of Fresenius Medical Care AG & Co. KGaA increased by 22% to $294 million in the second quarter, mainly driven by the strong performance of the North America segment. Based on approximately 305.5 million shares (weighted average number of shares outstanding), basic earnings per share (EPS) increased accordingly to $0.96 (+22%), compared to $0.79 in the previous year’s second quarter.

For the first half of 2016, net income attributable to shareholders of Fresenius Medical Care AG & Co. KGaA increasead by 16% to $522 million.

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Segment development

In the second quarter, North America revenue increased by 8% to $3,168 million (72% of total revenue). Health care services revenue grew by 8% to $2,938 million, of which Care Coordination contributed $564 million (+21%) supported by considerable organic revenue growth of 17%. Dialysis care revenue contributed $2,374 million (+5%), driven by growth in dialysis treatments and increases in revenue per treatment. Dialysis products revenue grew by 2% to $230 million, due to increased product sales (especially machines and dialyzers). Operating income in North America came in at $513 million (+20%). The substantially improved operating income margin of 16.2% (+170 basis points) was attributable to lower costs for health care supplies, a favorable impact from commercial payors, lower legal expenses and increased income from equity method investees. This was partially offset by higher personnel expenses related to dialysis services and a lower margin in Care Coordination. The margin decrease in Care Coordination was driven by increased costs for hospitalist and intensivist services due to further infrastructure development, partially offset by one-time gains from the endovascular and cardiovascular services business.

For the first half of 2016, North America revenue increased by 9% to $6,212 million. Operating income increased by 24% to $949 million.

EMEA revenue increased by 1% to $676 million in the second quarter of 2016 (+3% at constant currency). Health care services revenue for the EMEA segment increased by 7% (+9% at constant currency) to $331 million. This was the result of contributions from acquisitions (7%) and organic revenue growth (3%), partially offset by the negative effect of exchange rate fluctuations (2%) and the effect of closed or sold clinics (1%). Dialysis treatments increased by 9% in the second quarter. Dialysis products revenue decreased by 4% (-3% at constant currency) to $345 million. The decrease was driven by lower sales of dialyzers, machines, renal pharmaceuticals and bloodlines, partially offset by higher sales of products for acute care treatments and peritoneal dialysis products. Operating income in the EMEA segment increased by 4% to $139 million in the second quarter, due to favorable foreign exchange effects and a positive impact from manufacturing, driven by higher volumes and production efficiencies. The operating income margin increased to 20.6% (+50 basis points).

For the first half of 2016, EMEA revenue increased by 1% to $1,307 million and operating income decreased by 2% to $269 million.

Asia-Pacific revenue grew by 5% (+6% at constant currency) to $397 million in the second quarter. The region recorded $177 million in health care services revenue, based on an

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increase of 4% in dialysis treatments. With a 4% growth in revenue to $220 million (+9% at constant currency), the product business showed a very good sales performance across the entire dialysis products range. Operating income showed a strong increase (+12%) to $75 million. The operating income margin increased to 18.9% (+110 basis points). This was driven by favorable foreign currency effects and the positive underlying business performance, in particular in China and India.

For the first half of 2016, Asia-Pacific revenue grew by 6% to $771 million (+8% at constant currency) and operating income decreased by 8% to $140 million.

Latin America delivered revenue of $175 million, a decrease of 14% and an improvement of 9% at constant currency. Health care services revenue decreased by 17% to $125 million (+9% at constant currency) as a result of negative foreign currency effects and the effect of closed or sold clinics (mainly in Venezuela). Dialysis treatments decreased accordingly by 7% in the second quarter. This was partially offset by the strong organic revenue growth of 19%. Dialysis products revenue decreased by 5% to $50 million (+8% at constant currency). The 8% increase at constant currency was driven by higher sales of dialyzers, hemodialysis solutions and concentrates, machines and bloodlines, partially offset by lower sales of peritoneal dialysis products. Operating income came in at $16 million (+4%) with the operating margin increasing to 9.3%. The margin increase was primarily driven by favorable foreign exchange effects.

For the first half of 2016, Latin America revenue decreased by 18% to $328 million (+7% at constant currency) and operating income decreased by 19% to $27 million.

Cash flow

In the second quarter of 2016, the company generated $678 million in net cash provided by operating activities, representing 15.3% of revenue ($385 million in Q2 2015). The strong increase was primarily driven by an adjustment during the first quarter which impacted invoicing and was largely resolved during the second quarter. In addition, the timing of working capital items and higher earnings had a positive effect on cash flow. These effects were partially offset by higher income tax payments. The number of DSO (days sales outstanding) came in at 70 days, a reduction of 4 days compared to the first quarter of 2016.

In the first half of 2016, the company generated net cash provided by operating activities of $857 million, representing 9.9% of revenue.

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Employees

As of June 30, 2016, Fresenius Medical Care had 106,556 employees (full-time equivalents) worldwide, compared to 102,893 employees at the end of June 2015. This increase was attributable to our continued organic growth.

Recent events: 6008 CAREsystem

In May 2016, Fresenius Medical Care launched the 6008 CAREsystem, a new innovative hemodialysis therapy system enabling better care for chronic patients. To enable significantly reduced complexity in therapy delivery, the system uses a new, all-in-one disposable with completely pre-connected bloodlines for all treatment modalities. More than 150,000 treatments have already been performed with the system.

Outlook 2016 confirmed

Based on the positive business development in the first half of 2016, Fresenius Medical Care confirms its full year outlook 2016. The company expects a currency-adjusted revenue growth between +7% and +10% for 2016. Net income attributable to shareholders of Fresenius Medical Care AG & Co. KGaA is expected to increase by +15% to +20% over the previous year.

Conference call

Fresenius Medical Care will hold a conference call to discuss the results of the second quarter/first half 2016 on Tuesday, August 2, 2016 at 3.30 p.m. CEDT/ 9.30 a.m. EDT. The company invites investors to follow the live webcast of the call at the company’s website www.freseniusmedicalcare.com in the “Investors/Events” section. A replay will be available shortly after the call.

Please refer to our statement of earnings included at the end of this news and to the attachments as separate excel- and PDF-files for a complete overview of the results for the second quarter/first half 2016.

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Fresenius Medical Care is the world’s largest provider of products and services for individuals with renal diseases, of which around 2.8 million patients worldwide regularly undergo dialysis treatment. Through its network of 3,504 dialysis clinics, Fresenius Medical Care provides dialysis treatments for 301,548 patients around the globe. Fresenius Medical Care is also the leading provider of dialysis products such as dialysis machines or dialyzers. Along with the core business, the company focuses on expanding the range of additional medical services in the field of care coordination.

For more information about Fresenius Medical Care, visit the Company’s website at www.freseniusmedicalcare.com.

Disclaimer

This release contains forward-looking statements that are subject to various risks and uncertainties. Actual results could differ materially from those described in these forward-looking statements due to certain factors, including changes in business, economic and competitive conditions, regulatory reforms, foreign exchange rate fluctuations, uncertainties in litigation or investigative proceedings, and the availability of financing. These and other risks and uncertainties are detailed in Fresenius Medical Care AG & Co. KGaA’s reports filed with the U.S. Securities and Exchange Commission. Fresenius Medical Care AG & Co. KGaA does not undertake any responsibility to update the forward-looking statements in this release.

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Statement of earnings

	Three months ended June  30								Six months ended June  30
in US$ million, except share data, unaudited	2016			2015			Change		2016			2015			Change
Health Care revenue	3,697			3,454			7.0	%	7,222			6,743			7.1	%
Less: patient service bad debt provision	126			109			15.2	%	236			216			9.5	%
Net Health Care revenue	3,571			3,345			6.8	%	6,985			6,527			7.0	%
Dialysis products revenue	849			854			-0.5	%	1,641			1,632			0.6	%
Total net revenue	4,420			4,199			5.3	%	8,626			8,159			5.7	%
Costs of revenue	3,021			2,902			4.2	%	5,910			5,678			4.1	%
Gross profit	1,399			1,297			7.8	%	2,716			2,481			9.5	%
Selling, general and administrative	732			723			1.3	%	1,491			1,378			8.2	%
Research and development	39			34			12.4	%	76			65			16.5	%
Income from equity method investees	(13		)	(7		)	98.2	%	(32		)	(13		)	146.5	%
Operating income (EBIT)	641			547			17.2	%	1,181			1,051			12.4	%
Interest income	(17		)	(13		)	32.2	%	(28		)	(73		)	-61.0	%
Interest expense	119			115			4.2	%	236			277			-14.8	%
Interest expense, net	102			102			0.5	%	208			204			1.8	%
Income before taxes	539			445			21.0	%	973			847			14.9	%
Income tax expense	169			135			24.4	%	306			273			12.2	%
Net income	370			310			19.6	%	667			574			16.2	%
Less: Net income attributable to noncontrolling interests	76			69			10.7	%	145			124			17.1	%
Net income attributable to shareholders of FMC AG  & Co. KGaA	294			241			22.1	%	522			450			15.9	%
Operating income (EBIT)	641			547			17.2	%	1,181			1,051			12.4	%
Depreciation and amortization	194			181			7.3	%	376			357			5.4	%
EBITDA	835			728			14.8	%	1,557			1,408			10.6	%
EBITDA margin	18.9		%	17.3		%			18.1		%	17.3		%
Weighted average number of shares	305,507,271			304,172,400					305,416,228			303,929,089
Basic earnings per share	$	0.96		$	0.79		21.6	%	$	1.71		$	1.48		15.3	%
Basic earnings per ADS	$	0.48		$	0.40		21.6	%	$	0.85		$	0.74		15.3	%
In percent of revenue
Costs of revenue	68.4		%	69.1		%			68.5		%	69.6		%
Gross profit	31.6		%	30.9		%			31.5		%	30.4		%
Operating income (EBIT)	14.5		%	13.0		%			13.7		%	12.9		%
Net income attributable to shareholders of FMC AG  & Co. KGaA	6.6		%	5.7		%			6.1		%	5.5		%

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CONTACT

Fresenius Medical Care AG & Co. KGaA

Investor Relations

61352 Bad Homburg v. d. H.

Germany

www.freseniusmedicalcare.com

Oliver Maier

Head of Investor Relations &

Corporate Communications

Tel. +49 6172 609 2601

Fax +49 6172 609 2301

email: ir@fmc-ag.com

Published by

Fresenius Medical Care AG & Co. KGaA

Investor Relations

Annual reports, interim reports and further

information on the company are also available on our website.

Please visit us at www.freseniusmedicalcare.com

For printed material, please contact Investor Relations.

EX-99.2

Exhibit 99.2

Fresenius Medical Care AG & Co. KGaA

COMPLETE OVERVIEW OF THE RESULTS FOR THE SECOND QUARTER

AND HALF YEAR 2016

August 1, 2016

Investor Relations

phone: +49 6172 609 2525

fax: +49 6172 609 2301

email: ir@fmc-ag.com

Content:

Statement of earnings	page 2
Segment information	page 3
Balance Sheet	page 4
Cash flow	page 5
Revenue development	page 6
Key metrics	page 7
Quality data	page 8
Reconciliation	page 9

Disclaimer

This release contains forward-looking statements that are subject to various risks and uncertainties. Actual results could differ materially from those described in these forward-looking statements due to certain factors, including changes in business, economic and competitive conditions, regulatory reforms, foreign exchange rate fluctuations, uncertainties in litigation or investigative proceedings, and the availability of financing. These and other risks and uncertainties are detailed in Fresenius Medical Care AG & Co. KGaA’s reports filed with the U.S. Securities and Exchange Commission. Fresenius Medical Care AG & Co. KGaA does not undertake any responsibility to update the forward-looking statements in this release.

Copyright by Fresenius Medical Care AG & Co. KGaA

Statement of earnings

	Three months ended June 30								Six months ended June 30
in US$ million, except share data, unaudited	2016			2015			Change		2016			2015			Change
Health Care revenue	3,697			3,454			7.0	%	7,222			6,743			7.1	%
Less: patient service bad debt provision	126			109			15.2	%	236			216			9.5	%
Net Health Care revenue	3,571			3,345			6.8	%	6,985			6,527			7.0	%
Dialysis products revenue	849			854			-0.5	%	1,641			1,632			0.6	%
Total net revenue	4,420			4,199			5.3	%	8,626			8,159			5.7	%
Costs of revenue	3,021			2,902			4.2	%	5,910			5,678			4.1	%
Gross profit	1,399			1,297			7.8	%	2,716			2,481			9.5	%
Selling, general and administrative	732			723			1.3	%	1,491			1,378			8.2	%
Research and development	39			34			12.4	%	76			65			16.5	%
Income from equity method investees	(13		)	(7		)	98.2	%	(32		)	(13		)	146.5	%
Operating income (EBIT)	641			547			17.2	%	1,181			1,051			12.4	%
Interest income	(17		)	(13		)	32.2	%	(28		)	(73		)	-61.0	%
Interest expense	119			115			4.2	%	236			277			-14.8	%
Interest expense, net	102			102			0.5	%	208			204			1.8	%
Income before taxes	539			445			21.0	%	973			847			14.9	%
Income tax expense	169			135			24.4	%	306			273			12.2	%
Net income	370			310			19.6	%	667			574			16.2	%
Less: Net income attributable to noncontrolling interests	76			69			10.7	%	145			124			17.1	%
Net income attributable to shareholders of FMC AG & Co. KGaA	294			241			22.1	%	522			450			15.9	%
Operating income (EBIT)	641			547			17.2	%	1,181			1,051			12.4	%
Depreciation and amortization	194			181			7.3	%	376			357			5.4	%
EBITDA	835			728			14.8	%	1,557			1,408			10.6	%
EBITDA margin	18.9		%	17.3		%			18.1		%	17.3		%
Weighted average number of shares	305,507,271			304,172,400					305,416,228			303,929,089
Basic earnings per share	$	0.96		$	0.79		21.6	%	$	1.71		$	1.48		15.3	%
Basic earnings per ADS	$	0.48		$	0.40		21.6	%	$	0.85		$	0.74		15.3	%
In percent of revenue
Costs of revenue	68.4		%	69.1		%			68.5		%	69.6		%
Gross profit	31.6		%	30.9		%			31.5		%	30.4		%
Operating income (EBIT)	14.5		%	13.0		%			13.7		%	12.9		%
Net income attributable to shareholders of FMC AG & Co. KGaA	6.6		%	5.7		%			6.1		%	5.5		%

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Segment information

	Three months ended June 30						Six months ended June 30
unaudited	2016		2015		Change		2016		2015		Change
Total
Revenue in US$ million	4,420		4,199		5.3	%	8,626		8,159		5.7	%
Operating income (EBIT) in US$ million	641		547		17.2	%	1,181		1,051		12.4	%
Operating income margin in %	14.5	%	13.0	%			13.7	%	12.9	%
Delivered EBIT in US$ million	565		478		18.1	%	1,036		927		11.7	%
Days sales outstanding (DSO)							70		71
Employees (full-time equivalents)							106,556		102,893
North America
Revenue in US$ million	3,168		2,946		7.5	%	6,212		5,717		8.6	%
Operating income (EBIT) in US$ million	513		428		19.8	%	949		768		23.6	%
Operating income margin in %	16.2	%	14.5	%			15.3	%	13.4	%
Delivered EBIT in US$ million	439		362		21.3	%	809		649		24.5	%
Days sales outstanding (DSO)							54		51
U.S.
Revenue per dialysis treatment in US$	352		346		1.5	%	350		344		1.6	%
Cost per dialysis treatment in US$	282		286		-1.2	%	282		287		-1.8	%
EMEA
Revenue in US$ million	676		668		1.3	%	1,307		1,297		0.8	%
Operating income (EBIT) in US$ million	139		134		3.9	%	269		275		-2.2	%
Operating income margin in %	20.6	%	20.1	%			20.6	%	21.2	%
Delivered EBIT in US$ million	139		133		3.7	%	267		274		-2.4	%
Days sales outstanding (DSO)							105		110
Asia-Pacific
Revenue in US$ million	397		376		5.5	%	771		729		5.8	%
Operating income (EBIT) in US$ million	75		67		11.7	%	140		152		-7.6	%
Operating income margin in %	18.9	%	17.8	%			18.2	%	20.8	%
Delivered EBIT in US$ million	73		65		12.7	%	137		148		-7.4	%
Days sales outstanding (DSO)							103		113
Latin America
Revenue in US$ million	175		203		-13.7	%	328		401		-18.1	%
Operating income (EBIT) in US$ million	16		16		3.5	%	27		34		-19.1	%
Operating income margin in %	9.3	%	7.8	%			8.3	%	8.4	%
Delivered EBIT in US$ million	16		16		5.0	%	27		34		-18.7	%
Days sales outstanding (DSO)							147		135
Corporate
Revenue in US$ million	4		6		-29.8	%	8		15		-48.3	%
Operating income (EBIT) in US$ million	(102	)	(98	)	4.2	%	(204	)	(178	)	15.1	%
Delivered EBIT in US$ million	(102	)	(98	)	4.3	%	(204	)	(178	)	15.1	%

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Balance sheet

	June 30		December 31
in US$ million, except debt/EBITDA ratio	2016		2015
	(unaudited)		(audited)
Assets
Current assets	7,277		6,768
Goodwill and Intangible assets	14,260		13,863
Other non-current assets	5,016		4,734
Total assets	26,553		25,365
Liabilities and equity
Current liabilities	4,920		4,149
Long-term liabilities	9,580		9,692
Noncontrolling interests subject to put provisions and other temporary equity	1,224		1,028
Total equity	10,829		10,496
Total liabilities and equity	26,553		25,365
Equity/assets ratio	41	%	41	%
Debt
Short-term debt	705		109
Short-term debt from related parties	3		19
Current portion of long-term debt and capital lease obligations	675		664
Long-term debt and capital lease obligations, less current portion	7,702		7,854
Total debt	9,085		8,646
Debt/EBITDA ratio	2.8		2.8

In accordance with ASU 2015-17 (Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes) as of December 31, 2015 deferred taxes previously recorded in current assets and liabilities have been reclassified to noncurrent assets and liabilities in the amount of US$216 million and US$36 million, respectively.  As a result of deferred tax netting, noncurrent assets and liabilities were then adjusted in the amount of US$168 million.

4

Cash flow statement

	Three months ended June 30				Six months ended June 30
in US$ million, unaudited	2016		2015		2016		2015
Operating activities
Net income	370		310		667		574
Depreciation / amortization	194		181		376		357
Change in working capital and other non-cash items	114		(106	)	(186	)	(99	)
Net cash provided by operating activities	678		385		857		832
In percent of revenue	15.3	%	9.2	%	9.9	%	10.2	%
Investing activities
Purchases of property, plant and equipment	(256	)	(217	)	(506	)	(418	)
Proceeds from sale of property, plant and equipment	4		3		8		7
Capital expenditures, net	(252	)	(214	)	(498	)	(411	)
Free cash flow	426		171		359		421
In percent of revenue	9.6	%	4.1	%	4.2	%	5.2	%
Acquisitions and investments, net of cash acquired, and purchases of intangible assets	(213	)	(79	)	(304	)	(101	)
Proceeds from divestitures	146		24		147		35
Acquisitions and investments, net of divestitures	(67	)	(55	)	(157	)	(66	)
Free cash flow after investing activities	359		116		202		355

5

Revenue development

in US$ million, unaudited	2016	2015	Change		Change at cc		Organic growth		Same market treatment growth(1)
Three months ended June 30
Total revenue	4,420	4,199	5.3	%	6.6	%	6.0	%
Net Health Care	3,571	3,345	6.8	%	7.9	%	7.0	%	3.1	%
Dialysis products	849	854	-0.5	%	1.7	%	2.0	%
North America	3,168	2,946	7.5	%	7.5	%	6.8	%
Net Health Care	2,938	2,722	8.0	%	8.0	%	7.1	%	3.0	%
Thereof Net Care Coordination revenue	564	468	20.6	%	20.6	%	17.1	%
Thereof Net Dialysis Care revenue	2,374	2,254	5.3	%	5.3	%	4.9	%	3.0	%
Dialysis products	230	224	2.4	%	2.4	%	2.5	%
EMEA	676	668	1.3	%	2.6	%	-0.1	%
Net Health Care	331	309	7.0	%	9.4	%	3.1	%	3.4	%
Dialysis products	345	359	-3.6	%	-3.2	%	-2.8	%
Asia-Pacific	397	376	5.5	%	5.9	%	6.5	%
Net Health Care	177	164	7.9	%	2.5	%	3.9	%	5.0	%
Dialysis products	220	212	3.6	%	8.6	%	8.6	%
Latin America	175	203	-13.7	%	8.6	%	16.6	%
Net Health Care	125	150	-16.7	%	8.8	%	18.7	%	1.5	%
Dialysis products	50	53	-4.9	%	7.9	%	10.9	%
Corporate	4	6	-29.8	%	-30.8	%
Six months ended June 30
Total revenue	8,626	8,159	5.7	%	7.6	%	6.6	%
Net Health Care	6,985	6,527	7.0	%	8.6	%	7.2	%	3.5	%
Dialysis products	1,641	1,632	0.6	%	4.0	%	4.4	%
North America	6,212	5,717	8.6	%	8.6	%	7.1	%
Net Health Care	5,770	5,293	9.0	%	9.0	%	7.3	%	3.5	%
Thereof Net Care Coordination revenue	1,086	902	20.4	%	20.4	%	17.0	%
Thereof Net Dialysis Care revenue	4,684	4,391	6.7	%	6.7	%	5.3	%	3.5	%
Dialysis products	442	424	4.0	%	4.0	%	4.2	%
EMEA	1,307	1,297	0.8	%	3.9	%	2.0	%
Net Health Care	632	610	3.6	%	7.6	%	3.3	%	3.6	%
Dialysis products	675	687	-1.6	%	0.5	%	0.9	%
Asia-Pacific	771	729	5.8	%	7.9	%	8.6	%
Net Health Care	345	328	5.2	%	2.6	%	4.1	%	5.9	%
Dialysis products	426	401	6.2	%	12.3	%	12.3	%
Latin America	328	401	-18.1	%	7.0	%	14.3	%
Net Health Care	238	296	-19.6	%	8.8	%	17.3	%	1.8	%
Dialysis products	90	105	-13.8	%	2.0	%	6.2	%
Corporate	8	15	-48.3	%	-48.3	%

(1) same market treatment  growth = organic growth less price effects

cc = constant currency. Changes in revenue include the impact of changes in foreign currency exchange rates. We use the non-GAAP financial measure at Constant Exchange Rates or Constant Currency to show changes in our revenue without giving effect to period-to-period currency fluctuations. Under U.S. GAAP, revenues received in local (non-U.S. dollar) currency are translated into U.S. dollars at the average exchange rate for the period presented. Once we translate the local currency revenues for the Constant Currency, we then calculate the change, as a percentage, of the current period revenues using the prior period exchange rates versus the prior period revenues. This resulting percentage is a non-GAAP measure referring to a change as a percentage at Constant Currency.

We believe that revenue growth is a key indication of how a company is progressing from period to period and that the non-GAAP financial measure Constant Currency is useful to investors, lenders, and other creditors because such information enables them to gauge the impact of currency fluctuations on a company’s revenue from period to period. However, we also believe that the usefulness of data on Constant Currency period-over-period changes is subject to limitations, particularly if the currency effects that are eliminated constitute a significant element of our revenue and significantly impact our performance. We therefore limit our use of Constant Currency period-over-period changes to a measure for the impact of currency fluctuations on the translation of local currency revenue into U.S. dollars. We do not evaluate our results and performance without considering both Constant Currency period-over-period changes in non-U.S. GAAP revenue on the one hand and changes in revenue prepared in accordance with U.S. GAAP on the other. We caution the readers of this report to follow a similar approach by considering data on Constant Currency period-over-period changes only in addition to, and not as a substitute for or superior to, changes in revenue prepared in accordance with U.S. GAAP. We present the fluctuation derived from U.S. GAAP revenue next to the fluctuation derived from non-GAAP revenue. Because the reconciliation is inherent in the disclosure, we believe that a separate reconciliation would not provide any additional benefit.

6

Key metrics North America segment

	Three months ended June 30						Six months ended June 30
unaudited	2016		2015		Change		2016		2015		Change
Care Coordination
Net revenue in US$ million	564		468		20.6	%	1,086		902		20.4	%
Operating income (EBIT) in US$ million	25		37		-32.1	%	35		52		-32.3	%
Operating income margin in %	4.4	%	7.8	%			3.2	%	5.8	%
Delivered EBIT in US$ million	17		24		-30.8	%	18		30		-38.8	%
Dialysis
Net revenue in US$ million	2,604		2,478		5.1	%	5,126		4,815		6.5	%
Operating income (EBIT) in US$ million	488		391		24.6	%	914		716		27.6	%
Operating income margin in %	18.7	%	15.8	%			17.8	%	14.9	%
Delivered EBIT in US$ million	422		338		24.9	%	791		619		27.5	%

Key metrics Care Coordination

	Six months ended June 30
unaudited	2016	2015	Growth in %
North America
Member months under medical cost management(1)	184,767	44,592	314	%
Medical cost under management (in US$ million)(1)	1,318	463	185	%
Care Coordination patient encounters	2,645,771	2,542,304	4	%

(1) The 2016 metrics may be understated due to a physician mapping issue related to the BPCI program within a CMS system which has not yet been resolved. Additionally, data presented for the metrics are subject to finalization by CMS, which may result in changes from previously reported metrics.

Key metrics Dialysis Care Services

	Six months ended June 30
unaudited	Clinics	Growth in %		De novos	Patients	Growth in %		Treatments	Growth in %
Total	3,504	2	%	49	301,548	4	%	22,821,121	4	%
North America	2,249	2	%	25	186,096	4	%	14,221,402	5	%
EMEA	700	8	%	12	58,528	9	%	4,312,717	7	%
Asia-Pacific	324	1	%	8	27,007	4	%	1,949,115	5	%
Latin America	231	-7	%	4	29,917	-7	%	2,337,887	-6	%

7

Quality data

	North America		EMEA		Latin America		Asia-Pacific
in % of patients	Q2 2016	Q1 2016	Q2 2016	Q1 2016	Q2 2016	Q1 2016	Q2 2016	Q1 2016
Clinical Performance
Single Pool Kt/v > 1.2	98	98	96	96	92	92	97	97
No catheter (> 90 days)	84	85	81	82	82	82	91	91
Hemoglobin = 10-12 g/dl	73	72	77	78	52	52	58	58
Hemoglobin = 10-13 g/dl	78	77	77	77	69	68	66	66
Albumin > 3.5 g/dl(1)	81	82	90	91	90	90	87	89
Phosphate < 5.5 mg/dl	63	64	76	78	77	75	71	70
Calcium = 8.4-10.2 mg/dl	83	84	73	74	74	76	75	74
Hospitalization days	10.0	10.0	9.4	9.4	3.6	3.5	4.0	4.3
Demographics
Average age (in years)	62	62	64	64	59	59	64	64
Average time on dialysis (in years)	3.9	3.9	5.6	5.6	5.2	5.1	5.0	5.0
Average body weight (in kg)	83	83	73	73	68	68	63	61
Prevalence of diabetes (in%)	61	61	32	32	25	25	44	41

(1) International standard BCR CRM470

8

Reconciliation of non U.S. GAAP financial measures to the most directly comparable U.S. GAAP financial measures

	Three months ended June 30				Six months ended June 30
in US$ million, unaudited	2016		2015		2016		2015
Delivered EBIT reconciliation
Total
Operating income (EBIT)	641		547		1,181		1,051
less noncontrolling interests	(76	)	(69	)	(145	)	(124	)
Delivered EBIT	565		478		1,036		927
North America
Operating income (EBIT)	513		428		949		768
less noncontrolling interests	(74	)	(66	)	(140	)	(119	)
Delivered EBIT	439		362		809		649
Care Coordination
Operating income (EBIT)	25		37		35		52
less noncontrolling interests	(8	)	(13	)	(17	)	(22	)
Delivered EBIT	17		24		18		30
Dialysis
Operating income (EBIT)	488		391		914		716
less noncontrolling interests	(66	)	(53	)	(123	)	(97	)
Delivered EBIT	422		338		791		619
EMEA
Operating income (EBIT)	139		134		269		275
less noncontrolling interests	—		(1	)	(2	)	(1	)
Delivered EBIT	139		133		267		274
Asia-Pacific
Operating income (EBIT)	75		67		140		152
less noncontrolling interests	(2	)	(2	)	(3	)	(4	)
Delivered EBIT	73		65		137		148
Latin America
Operating income (EBIT)	16		16		27		34
less noncontrolling interests	—		—		—		—
Delivered EBIT	16		16		27		34
Corporate
Operating income (EBIT)	(102	)	(98	)	(204	)	(178	)
less noncontrolling interests	—		—		—		—
Delivered EBIT	(102	)	(98	)	(204	)	(178	)
Reconciliation of net cash provided by operating activities to EBITDA(1)
Total EBITDA					1,557		1,408
Interest expense, net					(208	)	(204	)
Income tax expense					(306	)	(273	)
Change in working capital and other non-cash items					(186	)	(99	)
Net cash provided by operating activities					857		832
Annualized EBITDA(2)
Operating income (EBIT)					2,466		2,325
Depreciation and amortization					739		723
Non-cash charges					89		69
Annualized EBITDA					3,294		3,117

(1) EBITDA is the basis for determining compliance with certain covenants in Fresenius Medical Care’s long-term debt instruments.

(2) EBITDA: including largest acquisitions.

9