Fresenius Medical Care AG & Co. KGaA (FMS) 6-K Current report (foreign)

Exhibit 99.2

Fresenius Medical Care AG & Co. KGaA

COMPLETE OVERVIEW OF THE RESULTS FOR THE FIRST QUARTER 2017

May 3, 2017

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
Reconciliation one time PY	page 10
Remarks	page 11

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

1

Statement of earnings

	Three months ended March 31						Change
in € million, except share data, unaudited	2017		2016		Change		at cc
Health Care Services	3,769		3,199		17.8	%	13.8	%
Health Care Products	779		717		8.5	%	5.8	%
Total revenue	4,548		3,916		16.1	%	12.4	%
Costs of revenue	2,956		2,622		12.8	%	8.9	%
Gross profit	1,592		1,294		22.9	%	19.4	%
Selling, general and administrative	924		780		18.3	%	14.7	%
Research and development	32		34		-6.6	%	-8.1	%
Income from equity method investees	(15	)	(17	)	-11.7	%	-11.8	%
Operating income (EBIT)	651		497		31.1	%	27.6	%
Interest income	(29	)	(10	)	185.3	%	186.7	%
Interest expense	121		106		15.0	%	12.7	%
Interest expense, net	92		96		-2.9	%	-5.6	%
Income before taxes	559		401		39.2	%	35.5	%
Income tax expense	182		126		44.2	%	40.5	%
Net income	377		275		36.8	%	33.3	%
Less: Net income attributable to noncontrolling interests	69		62		10.4	%	6.7	%
Net income attributable to shareholders of FMC AG & Co. KGaA	308		213		44.6	%	41.0	%
Operating income (EBIT)	651		497		31.1	%	27.6	%
Depreciation and amortization	190		165		14.9	%	11.3	%
EBITDA	841		662		27.0	%	23.5	%
EBITDA margin	18.5	%	16.9	%
Weighted average number of shares	306,241,321		305,325,185
Basic earnings per share	€ 1.01		€ 0.70		44.1	%	40.6	%
Basic earnings per ADS	€ 0.50		€ 0.35		44.1	%	40.6	%
In percent of revenue
Costs of revenue	65.0	%	66.9	%
Gross profit	35.0	%	33.1	%
Operating income (EBIT)	14.3	%	12.7	%
Net income attributable to shareholders of FMC AG & Co. KGaA	6.8	%	5.4	%

2

Segment information

	Three months ended March 31						Change
unaudited	2017		2016		Change		at cc
Total
Revenue in € million	4,548		3,916		16.1	%	12.4	%
Operating income (EBIT) in € million	651		497		31.1	%	27.6	%
Operating income margin in %	14.3	%	12.7	%
Delivered EBIT in € million	582		435		34.0	%	30.6	%
Days sales outstanding (DSO)	73		74
Employees (full-time equivalents)	110,530		104,687
North America
Revenue in € million	3,375		2,862		17.9	%	13.9	%
Operating income (EBIT) in € million	526		402		30.9	%	26.6	%
Operating income margin in %	15.6	%	14.0	%
Delivered EBIT in € million	459		342		34.5	%	30.2	%
Days sales outstanding (DSO)	60		60
U.S.
Revenue per dialysis treatment in US$	356	1)	348		2.2	%	n.a.
Cost per dialysis treatment in US$	290		281		2.9	%	n.a.
EMEA
Revenue in € million	614		572		7.2	%	6.4	%
Operating income (EBIT) in € million	114		118		-3.0	%	-1.9	%
Operating income margin in %	18.7	%	20.6	%
Delivered EBIT in € million	114		117		-3.2	%	-2.1	%
Days sales outstanding (DSO)	102		104
Asia-Pacific
Revenue in € million	378		340		11.1	%	6.9	%
Operating income (EBIT) in € million	82		59		37.8	%	34.7	%
Operating income margin in %	21.7	%	17.5	%
Delivered EBIT in € million	80		58		38.1	%	35.1	%
Days sales outstanding (DSO)	97		104
Latin America
Revenue in € million	177		139		27.6	%	17.4	%
Operating income (EBIT) in € million	14		10		47.3	%	43.3	%
Operating income margin in %	8.1	%	7.0	%
Delivered EBIT in € million	14		10		47.0	%	43.0	%
Days sales outstanding (DSO)	134		148
Corporate
Revenue in € million	4		3		61.2	%	61.1	%
Operating income (EBIT) in € million	(85	)	(92	)	-7.4	%	-8.2	%
Delivered EBIT in € million	(85	)	(92	)	-7.5	%	-8.3	%

1 Incl. The VA agreement revenue per dialysis treatment was $371.

3

Balance sheet

	March 31		December 31
in € million, except net debt/EBITDA ratio	2017		2016
	(unaudited)		(audited)
Assets
Current assets	7,077		6,884
Goodwill and Intangible assets	13,738		13,759
Other non-current assets	4,965		4,861
Total assets	25,780		25,504
Liabilities and equity
Current liabilities	5,377		5,299
Long-term liabilities	9,105		9,154
Total equity	11,298		11,051
Total liabilities and equity	25,780		25,504
Equity/assets ratio	44	%	43	%
Debt
Short-term debt	697		572
Short-term debt from related parties	119		3
Current portion of long-term debt and capital lease obligations	715		724
Long-term debt and capital lease obligations, less current portion	6,739		6,833
Total debt	8,270		8,132
Cash	671		709
Total net debt	7,599		7,423
Net debt/EBITDA	2.3		2.3

4

Cash flow statement

	Three months ended March 31
in € million, unaudited	2017		2016
Operating activities
Net income	377		275
Depreciation / amortization	190		165
Change in working capital and other non-cash items	(397	)	(277	)
Net cash provided by operating activities	170		163
In percent of revenue	3.7	%	4.2	%
Investing activities
Purchases of property, plant and equipment	(197	)	(227	)
Proceeds from sale of property, plant and equipment	2		4
Capital expenditures, net	(195	)	(223	)
Free cash flow	(25	)	(60	)
In percent of revenue	-0.6	%	-1.5	%
Acquisitions and investments, net of cash acquired, and purchases of intangible assets	(160	)	(83	)
Proceeds from divestitures	—		—
Acquisitions and investments, net of divestitures	(160	)	(83	)
Free cash flow after investing activities	(185	)	(143	)

5

Revenue development

in € million, unaudited	2017	2016	Change		Change at cc		Organic growth		Same market treatment growth1
Three months ended March 31
Total revenue	4,548	3,916	16.1	%	12.4	%	8.4	%
Health Care Services	3,769	3,199	17.8	%	13.8	%	9.2	%	3.0	%
Health Care Products	779	717	8.5	%	5.8	%	4.9	%
North America	3,375	2,862	17.9	%	13.9	%	9.5	%
Health Care Services	3,165	2,671	18.5	%	14.5	%	9.8	%	3.3	%2
Thereof Care Coordination revenue	691	499	38.6	%	33.9	%	27.1	%
Thereof Dialysis Care Services revenue	2,474	2,172	13.9	%	10.1	%	5.7	%	3.3	%2
Health Care Products	210	191	9.3	%	5.6	%	5.6	%
EMEA	614	572	7.2	%	6.4	%	2.3	%
Health Care Services	303	273	10.9	%	9.2	%	3.2	%	3.9	%
Health Care Products	311	299	3.8	%	3.8	%	1.5	%
Thereof Dialysis Products	290	286	1.3	%	1.3	%	1.8	%
Thereof Non-Dialysis Products	21	13	61.8	%	61.8	%	-5.9	%
Asia-Pacific	378	340	11.1	%	6.9	%	6.2	%
Health Care Services	169	153	10.8	%	5.1	%	3.6	%	3.8	%
Health Care Products	209	187	11.4	%	8.4	%	8.4	%
Latin America	177	139	27.6	%	17.4	%	16.7	%
Health Care Services	132	102	29.1	%	21.6	%	20.4	%	2.5	%
Health Care Products	45	37	23.3	%	5.7	%	6.7	%
Corporate	4	3	61.2	%	61.1	%

1 same market treatment growth = organic growth less price effects

2 U.S. (excl. Mexico), same market treatment growth North America: 2.6%

6

Key metrics North America segment

	Three months ended March 31
unaudited	2017		2016		Change		Change at cc
Care Coordination
Revenue in € million	691		499		38.6	%	33.9	%
Operating income (EBIT) in € million	-1		11		-107.6	%	-107.3	%
Operating income margin in %	-0.1	%	2.2	%
Delivered EBIT in € million	-8		3		-342.9	%	-334.7	%
Dialysis
Revenue in € million	2,684		2,363		13.5	%	9.7	%
Operating income (EBIT) in € million	527		391		34.8	%	30.4	%
Operating income margin in %	19.6	%	16.5	%
Delivered EBIT in € million	467		339		38.0	%	33.6	%

Key metrics Care Coordination

	Three months ended March 31
unaudited	2017	2016	Change		Change at cc
North America
Member months under medical cost management1)	155,622	93,375	67	%
Medical cost under management (in € million)1)	1,064	599	78	%	72	%
Care Coordination patient encounters1)	1,608,179	1,307,076	23	%

1) The 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 BPCI and ESCO metrics are subject to finalization by CMS, which may result in changes from previously reported metrics.

Key metrics Dialysis Care Services

	Three months ended March 31, 2017
unaudited	Clinics	Growth in %		De novos	Patients	Growth in %		Treatments
Total	3,654	6	%	19	310,473	6	%	11,744,442
North America	2,323	4	%	11	190,480	4	%	7,246,232
EMEA	722	10	%	4	60,168	9	%	2,271,334
Asia-Pacific	377	17	%	3	29,639	11	%	1,042,046
Latin America	232	2	%	1	30,186	3	%	1,184,830

7

Quality data

	North America		EMEA		Latin America		Asia-Pacific
in % of patients	Q1 2017	Q4 2016	Q1 2017	Q4 2016	Q1 2017	Q4 2016	Q1 2017	Q4 2016
Clinical Performance
Single Pool Kt/v > 1.2	98	98	95	96	92	91	96	97
No catheter (> 90 days)	84	84	81	81	81	82	89	91
Hemoglobin = 10-12 g/dl	73	73	80	78	51	52	59	60
Hemoglobin = 10-13 g/dl	79	79	78	77	67	68	68	68
Albumin > 3.5 g/dl1)	78	78	87	86	90	91	87	89
Phosphate < 5.5 mg/dl	63	64	77	77	74	77	67	72
Calcium = 8.4-10.2 mg/dl	84	84	74	76	75	79	75	75
Hospitalization days	10.0	10.0	7.7	8.0	3.9	3.8	4.0	4.4
Demographics
Average age (in years)	63	63	64	64	59	59	62	65
Average time on dialysis (in years)	4.0	4.0	5.6	5.5	5.3	5.2	4.8	5.1
Average body weight (in kg)	83	83	73	73	68	68	61	61
Prevalence of diabetes (in%)	62	62	32	32	27	22	40	42

1) International standard BCR CRM470

8

Reconciliation of non-IFRS financial measures to the most directly comparable IFRS financial measures

	Three months ended March 31
in € million, unaudited	2017		2016
Delivered EBIT reconciliation
Total
Operating income (EBIT)	651		497
less noncontrolling interests	(69	)	(62	)
Delivered EBIT	582		435
North America
Operating income (EBIT)	526		402
less noncontrolling interests	(67	)	(60	)
Delivered EBIT	459		342
Care Coordination
Operating income (EBIT)	(1	)	11
less noncontrolling interests	(7	)	(8	)
Delivered EBIT	(8	)	3
Dialysis
Operating income (EBIT)	527		391
less noncontrolling interests	(60	)	(52	)
Delivered EBIT	467		339
EMEA
Operating income (EBIT)	114		118
less noncontrolling interests	(0	)	(1	)
Delivered EBIT	114		117
Asia-Pacific
Operating income (EBIT)	82		59
less noncontrolling interests	(2	)	(1	)
Delivered EBIT	80		58
Latin America
Operating income (EBIT)	14		10
less noncontrolling interests	—		—
Delivered EBIT	14		10
Corporate
Operating income (EBIT)	(85	)	(92	)
less noncontrolling interests	—		—
Delivered EBIT	(85	)	(92	)
Reconciliation of net cash provided by operating activities to EBITDA1)
Total EBITDA	841		662
Interest expense, net	(92	)	(96	)
Income tax expense	(182	)	(126	)
Change in working capital and other non-cash items	(397	)	(277	)
Net cash provided by operating activities	170		163
Annualized EBITDA2)
Operating income (EBIT)	2,558		2,173
Depreciation and amortization	733		656
Non-cash charges	74		51
Annualized EBITDA	3,365		2,880

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

2) EBITDA 2017 : including largest acquisitions.

9

Reconciliation of non-IFRS financial measures to the most directly comparable IFRS financial measures

	Three months ended March 31
in € million, unaudited	2017		2016
Operating performance excluding VA Agreement1
Revenue
Total
Revenue	4,548		3,916
VA Agreement	(100	)
Revenue excluding VA Agreement	4,448		3,916
Health Care Sevices revenue	3,769		3,199
VA Agreement	(100	)
Health Care Services revenue excluding VA Agreement	3,669		3,199
North America
Revenue	3,375		2,862
VA Agreement	(100	)
Revenue excluding VA Agreement	3,275		2,862
Health Care Sevices revenue	3,165		2,671
VA Agreement	(100	)
Health Care Services revenue excluding VA Agreement	3,065		2,671
Dialysis Care Services revenue	2,474		2,172
VA Agreement	(100	)
Dialysis Care Services revenue excluding VA Agreement	2,374		2,172
Operating income (EBIT)
Total
Operating income (EBIT)	651		497
VA Agreement	(99	)
Operating income (EBIT) excluding VA Agreement	552		497
North America
Operating income (EBIT)	526		402
VA Agreement	(99	)
Operating income (EBIT) excluding VA Agreement	427		402
Net income2	308		213
VA Agreement	(59	)
Net income excluding VA Agreement2	249		213

1 Agreement with the United States Departments of Veterans Affairs and Justice

2 attributable to shareholders of FMC AG & Co. KGaA

10

Remarks

cc = Constant Currency. Changes in revenue, operating income, net income attributable to shareholders of FMC-AG & Co. KGaA and other items include the impact of changes in foreign currency exchange rates. We use the non-IFRS financial measure at Constant Exchange Rates or Constant Currency to show changes in our revenue, operating income, net income attributable to shareholders of FMC-AG & Co. KGaA and other items without giving effect to period-to-period currency fluctuations. Under IFRS, amounts received in local (non-euro) currency are translated into euro at the average exchange rate for the period presented. Once we translate the local currency for the Constant Currency, we then calculate the change, as a percentage, of the current period using the prior period exchange rates versus the prior period. This resulting percentage is a non-IFRS measure referring to a change as a percentage at Constant Currency.

We believe that the non-IFRS 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, operating income, net income attributable to shareholders of FMC-AG & Co. KGaA and other items 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, operating income, net income attributable to shareholders of FMC-AG & Co. KGaA or other items 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 into euro. We do not evaluate our results and performance without considering both Constant Currency period-over-period changes in non-IFRS revenue, operating income, net income attributable to shareholders of FMC-AG & Co. KGaA and other items and changes in revenue, operating income, net income attributable to shareholders of FMC-AG & Co. KGaA and other items prepared in accordance with IFRS. 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, operating income, net income attributable to shareholders of FMC-AG & Co. KGaA and other items prepared in accordance with IFRS. We present the growth rate derived from IFRS measures next to the growth rate derived from non-IFRS measures such as revenue, operating income, net income attributable to shareholders of FMC-AG & Co. KGaA and other items. As the reconciliation is inherent in the disclosure, we believe that a separate reconciliation would not provide any additional benefit.

11