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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 July 2014

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     ý         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):             

        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):             

        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     ý

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

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Interim Report of Financial Condition and Results of Operations
for the three and six months ended June 30, 2014 and 2013

FINANCIAL INFORMATION

Management's Discussion and Analysis

Forward-looking Statements

       This report contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. When used in this report, the words "outlook", "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates" and similar expressions are generally intended to identify forward looking statements. Although we believe that the expectations reflected in such forward-looking statements are reasonable, forward-looking statements are inherently subject to risks and uncertainties, many of which cannot be predicted with accuracy and some of which might not even be anticipated, and future events and actual results, financial and otherwise, could differ materially from those set forth in or contemplated by the forward-looking statements contained elsewhere in this report. We have based these forward-looking statements on current estimates and assumptions made to the best of our knowledge. By their nature, such forward-looking statements involve risks, uncertainties, assumptions and other factors which could cause actual results, including our financial condition and profitability, to differ materially and be more negative than the results expressly or implicitly described in or suggested by these statements. Moreover, forward-looking estimates or predictions derived from third parties' studies or information may prove to be inaccurate. Consequently, we cannot give any assurance regarding the future accuracy of the opinions set forth in this report or the actual occurrence of the developments described herein. In addition, even if our future results meet the expectations expressed here, those results may not be indicative of our performance in future periods.

       These risks, uncertainties, assumptions, and other factors that could cause actual results to differ from our projected results include, among others, the following:

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changes in governmental and commercial insurer reimbursement for our complete products and services portfolio, including the expanded United States ("U.S.") Medicare reimbursement system for dialysis services;

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changes in utilization patterns for pharmaceuticals and in our costs of purchasing pharmaceuticals;

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the outcome of ongoing government and internal investigations;

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risks relating to compliance with the myriad government regulations applicable to our business including, in the U.S., the Anti-Kickback Statute, the False Claims Act, the Stark Law and the Foreign Corrupt Practices Act, the Food, Drug and Cosmetic Act and comparable regulatory regimes in many of the 120 countries in which we supply dialysis services and / or products;

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the influence of private insurers and managed care organizations;

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the impact of recently enacted and possible future health care reforms;

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product liability risks;

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the outcome of ongoing potentially material litigation;

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risks relating to the integration of acquisitions and our dependence on additional acquisitions;

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the impact of currency fluctuations;

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introduction of generic or new pharmaceuticals that compete with our pharmaceutical products;

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changes in raw material and energy costs or the ability to procure raw materials; as well as

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Interim Report of Financial Condition and Results of Operations
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•

the financial stability and liquidity of our governmental and commercial payors.

       Important factors that could contribute to such differences are noted in the "Overview" section below, in Note 11 of the Notes to Consolidated Financial Statements (unaudited), "Commitments and Contingencies" included in this report, in Note 20 of the Notes to Consolidated Financial Statements, "Commitments and Contingencies" included in our Annual Report on Form 20-F for the year ended December 31, 2013, and under "Risk Factors" and elsewhere in that report.

       Our business is also subject to other risks and uncertainties that we describe from time to time in our public filings. Developments in any of these areas could cause our results to differ materially from the results that we or others have projected or may project.

       Our reported financial condition and results of operations are sensitive to accounting methods, assumptions and estimates that are the basis of our financial statements. The actual accounting policies, the judgments made in the selection and application of these policies and the sensitivities of reported results to changes in accounting policies, assumptions and estimates, are factors to be considered along with our financial statements and the discussion under "Results of Operations" below. There have been no significant changes during the six months ended June 30, 2014 to the items disclosed within the critical accounting policies and estimates in Item 5, "Operating and Financial Review and Prospects – Critical Accounting Policies" in our Annual Report on Form 20-F for the year ended December 31, 2013.

Financial Condition and Results of Operations

       You should read the following discussion and analysis of the results of operations of Fresenius Medical Care AG & Co. KGaA ("FMC-AG & Co. KGaA," or the "Company") and its subsidiaries in conjunction with our unaudited consolidated financial statements and related notes contained elsewhere in this report and our disclosures and discussions in our Annual Report on Form 20-F for the year ended December 31, 2013. The results within this discussion and analysis are unaudited. In this report, "FMC-AG & Co. KGaA," or the "Company," "we," "us" or "our" refers to the Company or the Company and its subsidiaries on a consolidated basis, as the context requires. The term "North America Segment" refers to our North America operating segment and the term "International Segment" refers to the combination of our "EMEALA" (Europe, Middle East, Africa, and Latin America) operating segment and our Asia-Pacific operating segment. The term "Constant Currency" or at "Constant Exchange Rates" means that we have translated local currency revenues for the current reporting period into U.S. dollars using the same average foreign currency exchange rates for the conversion of revenues into U.S. dollars that we used to translate local currency revenues for the comparable reporting period of the prior year.

Overview

       We operate in both the field of dialysis care and the field of dialysis products for the treatment of end-stage renal disease ("ESRD"). Our dialysis care business, in addition to providing dialysis treatments to patients with ESRD, includes pharmacy services, vascular access surgery services, laboratory testing services, physician services, health plan services and urgent care services (together, "Care Coordination"). Our dialysis products business includes manufacturing and distributing products for the treatment of ESRD. In the U.S., the Company also provides inpatient dialysis services as well as other services under contract to hospitals. We estimate that providing dialysis and distributing dialysis products represents a worldwide market of approximately $75 billion with expected annual worldwide market growth of

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approximately 4 percent, adjusted for currency. Patient growth results from factors such as the aging population and increased life expectancies; shortage of donor organs for kidney transplants; increasing incidence of kidney disease and better treatment of and survival of patients with diabetes and hypertension, which frequently precede the onset of chronic kidney disease; improvements in treatment quality, which prolong patient life; and improving standards of living in developing countries, which make life-saving dialysis treatment available. Key to continued growth in revenue is our ability to attract new patients in order to increase the number of treatments performed each year. For that reason, we believe the number of treatments performed each year is a strong indicator of continued revenue growth and success.

       In addition, the reimbursement and ancillary services utilization environment significantly influences our business. The majority of treatments are paid for by governmental institutions such as the Centers for Medicare & Medicaid Services ("CMS") in the United States. As a consequence of the pressure to decrease health care costs, government reimbursement rate increases have been historically and are expected in the future to be limited. While we have generally experienced stable reimbursement globally, including the balancing of unfavorable reimbursement changes in certain countries with favorable changes in other countries, the stability of reimbursement in the U.S. has been affected by (i) the implementation of the ESRD prospective payment system ("ESRD PPS") in the U.S. in January 2011, (ii) the U.S. federal government across the board spending cuts in payments to Medicare providers commonly referred to as U.S. Sequestration (as defined below), (iii) commencing on January 1, 2014, the reduction to the ESRD PPS rate to account for the decline in utilization of certain drugs and biologicals associated with dialysis (see discussion of the American Taxpayer Relief Act of 2012 ("ATRA") below) and (iv) the enactment of the Protecting Access to Medicare Act of 2014 ("PAMA") (see discussion of PAMA below). In the future we expect to experience generally stable reimbursements for dialysis services globally.

       With the enactment in the U.S. of the Medicare Improvements for Patients and Providers Act of 2008 ("MIPPA"), Congress created the ESRD PPS pursuant to which CMS reimburses dialysis facilities with a single payment for each dialysis treatment, inclusive of (i) all items and services included in the pre-2011 ESRD composite rate, (ii) oral vitamin D analogues, oral levocarnitine (an amino acid derivative) and all erythropoietin stimulating agents ("ESAs") and other pharmaceuticals (other than vaccines and certain other oral drugs) furnished to ESRD patients that were previously reimbursed separately under Part B of the Medicare program, (iii) most diagnostic laboratory tests and (iv) certain other items and services furnished to individuals for the treatment of ESRD. The base ESRD PPS payment is subject to case mix adjustments that take into account individual patient characteristics (e.g., age, body surface area, body mass, time on dialysis) and certain co-morbidities. The base payment is also adjusted for (i) certain high cost patient outliers due to unusual variations in medically necessary care, (ii) disparately high costs incurred by low volume facilities relative to other facilities, (iii) provision of home dialysis training and (iv) wage-related costs in the geographic area in which the provider is located.

       The ESRD PPS payment amount is also subject to annual adjustment based on increases in the costs of a "market basket" of certain healthcare items and services less a productivity adjustment.

       In addition to creating the ESRD PPS, MIPPA also created the ESRD quality incentive program ("QIP") which began affecting payments starting January 1, 2012. Dialysis facilities that fail to achieve quality standards established by CMS could have payments reduced by up to 2 percent. Performance on specified measures in a fiscal year affects payments two fiscal years later. For instance, the payments we receive during 2014 will be affected by our performance measures from 2012. Based on our performance from 2010 through 2012, the QIP's impact on our results through 2014 is immaterial. The initial QIP measures for 2010 and 2011 focused on anemia management (measured by hemoglobin level) and dialysis adequacy (measured by Urea Reduction Ratio or URR). For payment year 2014, CMS adopted four

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additional measures: prevalence of catheter and A/V fistula use, reporting of infections to the Centers for Disease Control and Prevention, administration of patient satisfaction surveys and monthly monitoring of phosphorus and calcium levels. For payment year 2015, CMS will continue all of the 2014 QIP measures except URR dialysis adequacy, expand the scope of infection reporting and mineral metabolism reporting, and add four new measures. Payment year 2015 added measures consist of three new clinical measures (hemodialysis adequacy for adult patients, hemodialysis adequacy for pediatric patients and peritoneal dialysis adequacy for adult patients), and one new reporting measure (anemia management reporting). For payment year 2016, CMS will continue all of the 2015 QIP measures and add two new clinical measures (proportion of patients with hypercalcemia and dialysis-related infections reported to the Center for Disease Control and Prevention's National Health Safety Network by ESRD facilities treating patients on an in-center basis). For payment year 2017, CMS proposes to continue ten of the eleven 2016 QIP measures (a total of 7 clinical measures and 3 reporting measures), remove the anemia management clinical measure (hemoglobin greater than 12 g/dL), revise the patient satisfaction survey reporting measure, and adopt one new clinical measure that addresses care coordination (measured by Standardized Readmission Ratio or SRR). For payment year 2018, CMS proposes to continue all of the measures proposed for payment year 2017 (with the exception of changing the patient satisfaction survey to a clinical measure), and to add five new measures consisting of two clinical measures (evaluating transfusions in the ESRD population and pediatric peritoneal dialysis adequacy) and three reporting measures (pain assessment, clinical depression screening, and healthcare personnel influenza vaccinations).

       The Patient Protection and Affordable Care Act, as amended by the Health Care and Education Reconciliation Act of 2010 (collectively, "ACA") implements broad healthcare system reforms, including (i) provisions to facilitate access to affordable health insurance for all Americans, (ii) expansion of the Medicaid program, (iii) an industry fee on pharmaceutical companies that began in 2011 based on sales of brand name pharmaceuticals to government healthcare programs, (iv) a 2.3 percent excise tax on manufacturers' medical device sales starting in 2013, (v) increases in Medicaid prescription drug rebates effective January 1, 2010, (vi) commercial insurance market reforms that protect consumers, such as bans on lifetime and annual limits, coverage of pre-existing conditions, limits on administrative costs, and limits on waiting periods, (vii) provisions encouraging integrated care, efficiency and coordination among providers and (viii) provisions for reduction of healthcare program waste and fraud. ACA does not modify the dialysis reimbursement provisions of MIPPA, except to change the annual update provision by substituting a productivity adjustment to the market basket rate of increase for a MIPPA provision that specified a one percentage point reduction in the market basket rate of increase.

       On August 2, 2011, the Budget Control Act ("BCA") was enacted, raising the U.S. debt ceiling and putting into effect a series of actions for deficit reduction. Pursuant to the BCA, automatic across-the-board spending cuts over nine fiscal years (2013-2021), projected to total $1.2 trillion for all U.S. Federal government programs required under the BCA became effective as of March 1, 2013 and were implemented on April 1, 2013 for CMS reimbursement to providers. The Bipartisan Budget Act of 2013 extended the cuts to mandatory spending programs such as Medicare for an additional two years. The reduction in Medicare payments to providers and suppliers is limited to one adjustment of no more than 2 percent through 2022 (the "U.S. Sequestration"), rising to 2.9 percent for the first half of FY 2023 and dropping to 1.11 percent for the second half of FY 2023. Pursuant to PAMA, the reductions pursuant to U.S. Sequestration for the first six months of 2024 will be 4 percent, and there will be no reductions for the second six months of 2024. The Medicare sequestration reimbursement reduction is independent of annual inflation update mechanisms, such as the market basket update pursuant to the ESRD PPS.

       The impact of the U.S. Sequestration on our dialysis care revenues from Medicare resulted in a decrease of approximately $18 million in operating income for the six months ended June 30, 2014 compared to the year to date operating income in the second quarter of our prior year. The impact of the

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U.S. Sequestration for the last twelve months has resulted in an aggregate reduction to our operating income of $74 million.

       ATRA directed CMS to reduce the ESRD PPS payment rate, effective January 1, 2014, to account for changes in the utilization of certain drugs and biologicals that are included in the ESRD PPS. In making such reduction, the law requires CMS to use the most recently available pricing data for such drugs and biologicals. On November 22, 2013, CMS issued the final rule regarding the 2014 ESRD PPS rate. The base rate per treatment was reduced from $240.36 to $239.02 for 2014. This change reflected (a) a bundled market basket increase of 3.2 percent, reduced by an estimated multifactor productivity adjustment of 0.4 percent; (b) the application of a wage index budget neutrality factor and a home dialysis training add-on budget neutrality factor; and (c) the application of a portion of an overall reduction in the base rate ($8.16 per treatment) to account for a decrease in the historical utilization of certain ESRD-related drugs and biologicals from 2007 to 2012. As set forth in the November 2013 final rule, CMS will phase in the drug utilization adjustment mandated by ATRA, which CMS estimates will total $29.93 per treatment, over three to four years. CMS intended that the portion of the reduction that will be applied in 2014 and 2015 will largely offset the net market basket increases in average payments to ESRD facilities as a whole resulting in essentially unchanged reimbursement rates from 2013 to 2015. CMS stated that it would consider in 2015 whether to apply the remainder of the $29.93 reduction in 2016 alone or spread it out over 2016 and 2017.

       On April 1, 2014, PAMA was signed into law. This law modifies ATRA such that dialysis reimbursement for 2015 is intended to equal that for 2014. In addition, the reimbursement reductions mandated by ATRA for 2016 and 2017 have been eliminated. Instead, the market basket updates net of the productivity adjustment for each of 2016 and 2017 have been reinstated, though they will be reduced by 1.25 percent each year. For 2018, the market basket update net of the productivity adjustment will be reduced by 1 percent. In addition, the law mandates that ESRD-related drugs with only an oral form, including our phosphate binder PhosLo®, are excluded from the ESRD PPS and separately reimbursed until 2024. Finally, under the law, the reductions pursuant to U.S. Sequestration for the first six months of 2024 will be 4 percent, and there will be no reductions for the second six months of 2024.

       On July 2, 2014, CMS issued a proposed rule that would update Medicare payment policies and rates under the ESRD PPS for dialysis services provided on or after January 1, 2015. For calendar year 2015, CMS proposes an ESRD PPS base rate of $239.33. Following the requirements of PAMA, this amount reflects elimination of the drug utilization adjustment, the application of a 0.0 percent market basket update net of the productivity adjustment, and the application of the proposed wage index budget-neutrality adjustment factor.

       Any significant decreases in Medicare reimbursement rates could have material adverse effects on our provider business and, because the demand for dialysis products is affected by Medicare reimbursement, on our products business. To the extent that increases in operating costs that are affected by inflation, such as labor and supply costs, are not fully reflected in a compensating increase in reimbursement rates, our business and results of operations may be adversely affected.

       On February 4, 2013, CMS announced plans to test a new Comprehensive ESRD Care Program and issued a solicitation for applications. CMS stated that it sought to work with up to 15 healthcare provider groups comprised of dialysis clinics and nephrologists, also known as ESRD Seamless Care Organizations ("ESCOs"), to test a new system of payment and care delivery that seeks to deliver better health outcomes for ESRD patients while potentially lowering CMS's costs. ESCOs that achieve the program's minimum quality thresholds and generate reductions in CMS's cost of care above certain thresholds for the ESRD

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patients covered by the ESCO will receive a share of the cost savings. ESCOs that include dialysis chains with more than 200 facilities are required to share in the risk of cost increases and reimburse CMS a share of any such increases. Organizations must apply and be approved by CMS to participate in the program. In August 2013, we submitted an application to participate in the program as an ESCO. Following submission of our application, CMS announced that it would suspend review of all applications and reopen its request for application in the winter of 2014 to solicit additional participation.

       Following receipt of stakeholder feedback, CMS issued revised specifications for the Comprehensive ESRD Care Program in March of 2014. Under the revised specifications, large dialysis organizations were required to submit non-binding applications on or before June 23, 2014, while small dialysis organizations have until September 2014 to apply. We submitted non-binding applications for several different markets across the United States which CMS is currently reviewing. CMS is expected to make a determination on applications from large dialysis organizations in the coming months. Once an ESCO application is approved, CMS and the prospective ESCO will share data and enter into negotiations on the final terms of the shared savings arrangement. Should an agreement be executed, CMS intends that the ESCO will go into effect in January 2015.

       We have identified three operating segments, North America Segment, EMEALA, and Asia-Pacific, which were determined based upon how we manage our businesses. All segments are primarily engaged in providing dialysis care services and distributing products and equipment for the treatment of ESRD. For reporting purposes, we have aggregated the EMEALA and Asia-Pacific operating segments as the "International Segment." We aggregated these operating segments due to their similar economic characteristics. These characteristics include same services provided and same products sold, the same type of patient population, similar methods of distribution of products and services and similar economic environments. Our General Partner's management board member responsible for the profitability and cash flow of each segment's various businesses supervises the management of each operating segment. The accounting policies of the segments are the same as those we apply in preparing our consolidated financial statements using accounting principles generally accepted in the United States of America ("U.S. GAAP").

       Our management evaluates each segment using measures that reflect all of the segment's controllable revenues and expenses. With respect to the performance of business operations, our management believes that the most appropriate U.S. GAAP measures are revenue, operating income and operating income margin. We do not include income taxes as we believe this is outside the segments' control. Financing is a corporate function which our segments do not control. Therefore, we do not include interest expense relating to financing as a segment measurement. Similarly, we do not allocate certain costs which relate primarily to certain headquarters overhead charges, including accounting and finance, etc. ("Corporate"), because we believe that these costs are also not within the control of the individual segments. Production of products, production asset management, quality management and procurement are centrally managed at Corporate by Global Manufacturing Operations. The Company's global research and development is also centrally managed at Corporate. These Corporate activities do not fulfill the definition of a segment. Products are transferred to the segments at cost; therefore no internal profit is generated. The associated internal revenues for the product transfers and their elimination are recorded as Corporate activities (See Note 14 of the Notes to Consolidated Financial Statements (unaudited) "Segment and Corporate Information" found elsewhere in this report). Capital expenditures for production are based on the expected demand of the segments and consolidated profitability considerations. In addition, certain revenues, investments and intangible assets, as well as any related expenses, are not allocated to a segment but accounted for as Corporate. Accordingly, all of these items are excluded from our analysis of segment results and are discussed below in our consolidated results of operations.

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

       Net dialysis care revenue increased by 7% to $2,949 million (8% increase at Constant Exchange Rates) for the three months ended June 30, 2014 from $2,743 million in the same period of 2013, mainly due to growth in same market treatments (4%), contributions from acquisitions (2%) and increases in organic revenue per treatment (2%), partially offset by the negative impact of exchange rate fluctuations (1%). Included in our net dialysis care revenue is Care Coordination revenue in the U.S. of $208 million and $138 million for the three months ended June 30, 2014 and 2013, respectively.

       Treatments increased by 5% for the three months ended June 30, 2014 as compared to the same period in 2013. The increase is due to same market treatment growth (4%) and acquisitions (2%), partially offset by the effect of closed or sold clinics (1%).

       At June 30, 2014, we owned, operated or managed (excluding those managed but not consolidated in the U.S.) 3,335 clinics compared to 3,212 clinics at June 30, 2013. During the three months ended June 30, 2014, we acquired 71 clinics, opened 16 clinics and combined or closed 15 clinics. The number of patients treated in clinics that we own, operate or manage (excluding patients of clinics managed but not consolidated in the U.S.) increased by 6% to 280,942 at June 30, 2014 from 264,290 at June 30, 2013.

       Dialysis product revenue increased by 2% (1% increase at Constant Exchange Rates) to $886 million as compared to $870 million in the same period of 2013. The increase at Constant Exchange Rates was driven by increased sales of dialyzers, bloodlines, products for acute care treatments and devices

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manufactured under a five-year contract with a Fresenius SE company, partially offset by lower sales of machines.

       The decrease in gross profit margin to 31.6% from 32.1% reflects decreases in the North America Segment and the International Segment. The decrease in the North America Segment was due to the impact from ATRA reductions on the ESRD PPS payment rate, higher personnel expense, growth in the lower margin pharmacy services business and higher costs as a result of FDA remediation, partially offset by a favorable impact from the ESRD PPS market basket update and a favorable impact from commercial payors. The decrease in the International Segment was due to unfavorable foreign currency exchange effects and price pressure on products, partially offset by favorable business growth in Asia-Pacific.

       SG&A expenses increased to $631 million in the three months ended June 30, 2014 from $595 million in the same period of 2013. SG&A expenses as a percentage of sales decreased to 16.4% for the three months of 2014 in comparison with 16.5% in the same period of 2013 due to decreases in the North America Segment and the International Segment and an increase in Corporate. The decrease in the International Segment was mainly driven by favorable foreign currency exchange effects and business growth in Asia-Pacific. The decrease in the North America Segment was due to a favorable impact from commercial payors and growth in the lower margin pharmacy services business, partially offset by higher personnel expense. The increase at Corporate was mainly driven by higher legal and consulting expenses.

       Research and development ("R&D") expenses remained flat at $31 million as compared to the same period of 2013.

       For the three months ended June 30, 2014, we had slight gains from the sale of dialysis clinics as compared to an $8 million gain from the sale of FMC-AG & Co. KGaA dialysis clinics for the three months ended June 30, 2013.

       Income from equity method investees increased to $7 million for the three months ended June 30, 2014 from $4 million for the same period of 2013 due to increased income from the Vifor Fresenius Medical Care Renal Pharma Ltd. ("VFMCRP") renal pharmaceuticals joint venture.

       Operating income increased to $556 million for the three months ended June 30, 2014 from $544 million for the same period in 2013. Operating income margin decreased to 14.5% for the three months ended June 30, 2014 as compared to 15.1% for the same period in 2013 as a result of a decrease in gross profit margin and absence of a substantial gain from the sale of dialysis clinics, partially offset by slightly lower SG&A as a percentage of revenue, as discussed above.

       Interest expense increased by 1% to $111 million for the three months ended June 30, 2014 from $110 million for the same period in 2013 due to an increase in the average debt level during the year, partially offset by a higher portion of debt with lower interest rates. Interest income increased to $13 million for the three months ended June 30, 2014 from $7 million for the same period in 2013 mainly as a result of interest income from high interest-bearing notes receivables.

       Income tax expense increased to $177 million for the three months ended June 30, 2014 from $144 million for the same period in 2013. The effective tax rate increased to 38.7% from 32.6% for the same period of 2013. The tax rate in the second quarter of 2014 was influenced by a tax court decision against another company on a similar transaction for a tax position we took on a prior year's transaction.

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Based on this decision we reversed our former tax position which resulted in $18 million of additional expense in the current period.

       Net income attributable to noncontrolling interests for the three months ended June 30, 2014 increased to $47 million from $34 million for the same period of 2013 primarily driven by the creation of new joint ventures in the North America Segment in the second half of 2013.

       Net income attributable to shareholders of FMC-AG & Co. KGaA for the three months ended June 30, 2014 decreased by 11% to $234 million from $263 million for the same period in 2013 as a result of the combined effects of the items discussed above.

       Basic earnings per share decreased by 10% for the three months ended June 30, 2014 to $0.77 as compared with $0.86 in 2013 due to the decrease in net income attributable to shareholders of FMC-AG & Co. KGaA above. The average weighted number of shares outstanding for the period was approximately 301.8 million in 2014 (306.3 million in 2013). The decrease in the number of shares outstanding was the result of the share buyback program completed during the second quarter of 2013, partially offset by stock options exercised.

       We employed 94,401 people (full-time equivalents) as of June 30, 2014 compared to 87,944 as of June 30, 2013, an increase of 7%, primarily due to overall growth in our business and acquisitions.

       The following discussions pertain to the North America Segment and the International Segment and the measures we use to manage these segments.

Revenue

       Net dialysis care revenue increased for the three months ended June 30, 2014 by 7% to $2,316 million from $2,157 million in the same period of 2013. This increase was driven by same market treatment growth (3%), contributions from acquisitions (2%) and increases in organic revenue per treatment (2%).

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       Treatments increased by 4% for the three months ended June 30, 2014 as compared to the same period in 2013 mostly due to same market treatment growth (3%) and acquisitions (1%). At June 30, 2014, 173,557 patients (a 3% increase over June 30, 2013) were being treated in the 2,159 clinics that we own or operate in the North America Segment, compared to 168,160 patients treated in 2,104 clinics at June 30, 2013. Average North America Segment revenue per treatment, which includes Canada and Mexico, before bad debt expense, was $357 for the three months ended June 30, 2014 and $347 in the same period in 2013. In the U.S., the average revenue per treatment was $365 for the three months ended June 30, 2014 and $355 for the same period in 2013. The increase in the U.S. was mainly attributable to increased revenue related to Care Coordination, a favorable impact from the ESRD PPS market basket update and a favorable impact from commercial payors, partially offset by impact from ATRA reductions on the ESRD PPS payment rate and decreased revenue for renal pharmaceuticals.

       Dialysis product revenue decreased for the three months ended June 30, 2014 by (6%) to $205 million from $218 million in the first three months of 2013. This decrease was driven by lower sales of machines, renal pharmaceuticals and peritoneal dialysis products, partially offset by higher sales of dialyzers.

Operating Income

       Operating income increased to $401 million for the three months ended June 30, 2014 from $391 million for the same period in 2013. Operating income margin decreased to 15.9% for the three months ended June 30, 2014 from 16.4% for the same period in 2013, due to the impact from ATRA reductions on the ESRD PPS payment rate, higher personnel expense, the impact of the 2013 gain on the sale of the last clinic in connection with the Liberty Acquisition, higher consulting expense, growth in the lower margin pharmacy service business and higher costs as a result of FDA remediation, partially offset by favorable impact from the ESRD PPS market basket update and a favorable impact from commercial payors. Cost per treatment for the North America Segment increased to $294 for the three months ended June 30, 2014 as compared to $286 for the same period of 2013. Cost per treatment in the U.S. increased to $300 for the three months ended June 30, 2014 from $291 in the same period of 2013.

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FRESENIUS MEDICAL CARE AG & Co. KGaA

Interim Report of Financial Condition and Results of Operations
for the three and six months ended June 30, 2014 and 2013

Revenue

       Including the effects of acquisitions, European region revenue increased 5% (2% increase at Constant Exchange Rates) to $790 million, Latin America region revenue decreased 6% (10% increase at Constant Exchange Rates) to $198 million, and Asia-Pacific region revenue increased 18% (20% increase at Constant Exchange Rates due to acquisitions of approximately 11%, net of divested clinics, and organic growth of approximately 9%) to $309 million.

       Net dialysis care revenue for the International Segment increased during the three months ended June 30, 2014 by 8% (12% at Constant Exchange Rates) to $633 million from $586 million in the same period of 2013. This increase is a result of contributions from acquisitions (6%), same market treatment growth (4%), increases in organic revenue per treatment (4%), partially offset by the negative effect of exchange rate fluctuations (4%) and the effect of closed or sold clinics (2%).

       Treatments increased by 6% for the three months ended June 30, 2014 over the same period in 2013 mainly due to same market treatment growth (4%) and contributions from acquisitions (3%), partially offset by the effect of closed or sold clinics (1%). As of June 30, 2014, we had 107,385 patients (a 12% increase over June 30, 2013) being treated at the 1,176 clinics that we own, operate or manage in the International Segment compared to 96,130 patients treated at 1,108 clinics at June 30, 2013. Average revenue per treatment for the three months ended June 30, 2014 increased to $162 from $159 in comparison with the same period of 2013 due to increased reimbursement rates and changes in country mix ($10), partially offset by the weakening of local currencies against the U.S. dollar ($7).

       Dialysis product revenue for the three months ended June 30, 2014 increased by 3% (3% increase at Constant Exchange Rates) to $664 million compared to $642 million in the same period of 2013. The increase was driven by increased sales of dialyzers, bloodlines, products for acute care treatments as well as hemodialysis solutions and concentrates, partially offset by lower sales of machines.

Operating Income

       Operating income increased to $243 million for the three months ended June 30, 2014 as compared to $218 million for the same period in 2013. Operating income margin increased to 18.7% for the three months ended June 30, 2014 from 17.8% for the same period in 2013 mainly due to a favorable impact from business growth in Asia-Pacific and favorable foreign currency exchange effects, partially offset by price pressure on products.

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       Net dialysis care revenue increased by 6% to $5,731 million (7% increase at Constant Exchange Rates) for the six months ended June 30, 2014 from $5,422 million in the same period of 2013, mainly due to growth in same market treatments (4%),contributions from acquisitions (2%) and increases in organic revenue per treatment (1%), partially offset by the negative impact of exchange rate fluctuations (1%). Included in our net dialysis care revenue is Care Coordination revenue in the U.S. of $373 million and $266 million for the six months ended June 30, 2014 and 2013, respectively.

       Treatments increased by 4% for the six months ended June 30, 2014 as compared to the same period in 2013. The increase is due to same market treatment growth (4%) and acquisitions (1%), partially offset by the effect of closed or sold clinics (1%).

       Dialysis product revenue increased by 1% (1% increase at Constant Exchange Rates) to $1,667 million as compared to $1,654 million in the same period of 2013. The increase was driven by increased sales of bloodlines, dialyzers, products for acute care treatments and devices manufactured under a five-year contract with a Fresenius SE company, partially offset by lower sales of machines.

       The decrease in gross profit margin to 31.0% from 32.0% reflects a decrease in the North America Segment, partially offset by an increase in the International Segment. The decrease in the North America Segment was due to higher personnel expense, the impact from ATRA reductions on the ESRD PPS payment rate, an unfavorable impact from the U.S. Sequestration, higher costs as a result of FDA

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FRESENIUS MEDICAL CARE AG & Co. KGaA

Interim Report of Financial Condition and Results of Operations
for the three and six months ended June 30, 2014 and 2013

remediation and higher costs for freight and distribution, partially offset by a favorable impact from the ESRD PPS market basket update and a favorable impact from commercial payors. The increase in the International Segment was due to business growth in Asia-Pacific and a favorable impact from manufacturing driven by higher volumes, partially offset by unfavorable foreign currency exchange effects.

       SG&A expenses increased to $1,250 million in the six months ended June 30, 2014 from $1,187 million in the same period of 2013. SG&A expenses as a percentage of sales increased to 16.9% for the six months of 2014 in comparison with 16.8% in the same period of 2013 due to an increase in the International Segment and in Corporate and a decrease in the North America Segment. The increase in the International Segment was mainly driven by an accrual related to the compliance investigation we are conducting (see Note 11 of the Notes to Consolidated Financial Statements (unaudited), "Commitments and Contingencies," included in this report) and cost increases such as personnel expense, partially offset by favorable foreign currency exchange effects, including the 2013 impact from the devaluation of the Venezuelan Bolivar. The increase at Corporate was mainly driven by higher costs related to the changes in the Management Board, higher legal and consulting expense and higher acquisition related costs. The decrease in the North America Segment was due to impacts on the revenue rate discussed above and a favorable impact from growth in the lower margin pharmacy services business.

       Research and development ("R&D") expenses remained flat at $61 million as compared to the same period of 2013.

       Income from equity method investees increased to $18 million for the six months ended June 30, 2014 from $9 million for the same period of 2013 due to increased income from the VFMCRP renal pharmaceuticals joint venture.

       Operating income decreased to $1,001 million for the six months ended June 30, 2014 from $1,038 million for the same period in 2013. Operating income margin decreased to 13.5% for the six months ended June 30, 2014 as compared to 14.7% for the same period in 2013 as a result of a decrease in gross profit margin and higher SG&A as a percentage of revenue, as discussed above.

       Interest expense was virtually flat with $223 million for the six months ended June 30, 2014 as compared to $224 million for the same period in 2013 due to a higher portion of debt with lower interest rates, partially offset by an increase in the average debt level during the year. Interest income increased to $28 million for the six months ended June 30, 2014 from $17 million for the same period in 2013 mainly as a result of interest income from high interest-bearing notes receivables.

       Income tax expense increased to $278 million for the six months ended June 30, 2014 from $273 million for the same period in 2013. The effective tax rate increased to 34.5% from 32.8% for the same period of 2013. The tax rate for the six months ended June 30, 2014 was influenced by a tax court decision against another company on a similar transaction for a tax position we took on a prior year's transaction. Based on this decision we reversed our former tax position which resulted in $18 million of additional expense in the current period.

       Net income attributable to noncontrolling interests for the six months ended June 30, 2014 increased to $89 million from $70 million for the same period of 2013 primarily driven by the creation of new joint ventures in the North America Segment in the second half of 2013.

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FRESENIUS MEDICAL CARE AG & Co. KGaA

Interim Report of Financial Condition and Results of Operations
for the three and six months ended June 30, 2014 and 2013

       Net income attributable to shareholders of FMC-AG & Co. KGaA for the six months ended June 30, 2014 decreased by 10% to $439 million from $488 million for the same period in 2013 as a result of the combined effects of the items discussed above.

       Basic earnings per share decreased by 9% for the six months ended June 30, 2014 to $1.46 as compared with $1.59 in 2013 due to the decrease in net income attributable to shareholders of FMC-AG & Co. KGaA above. The average weighted number of shares outstanding for the period was approximately 301.6 million in 2014 (306.5 million in 2013). The decrease in the number of shares outstanding was the result of the share buyback program completed during the second quarter of 2013, partially offset by stock options exercised.

       The following discussions pertain to the North America Segment and the International Segment and the measures we use to manage these segments.

North America Segment

Revenue

       Net dialysis care revenue increased for the six months ended June 30, 2014 by 6% to $4,517 million from $4,261 million in the same period of 2013. This increase was driven by same market treatment growth (3%), contributions from acquisitions (2%) and increases in organic revenue per treatment (1%).

       Treatments increased by 4% for the six months ended June 30, 2014 as compared to the same period in 2013 mostly due to same market treatment growth (3%) and acquisitions (1%). Average North America Segment revenue per treatment, which includes Canada and Mexico, before bad debt expense, was $356 for the six months ended June 30, 2014 and $349 in the same period in 2013. In the U.S., the average revenue per treatment was $364 for the six months ended June 30, 2014 and $357 for the same period in 2013. The increase in the U.S. was mainly attributable to increased revenue related to Care Coordination, a favorable impact from the ESRD PPS market basket update and a favorable impact from commercial payors, partially offset by impact from ATRA reductions on the ESRD PPS payment rate, the impact from the U.S. Sequestration and decreased revenue for renal pharmaceuticals.

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FRESENIUS MEDICAL CARE AG & Co. KGaA

Interim Report of Financial Condition and Results of Operations
for the three and six months ended June 30, 2014 and 2013

       Dialysis product revenue decreased for the six months ended June 30, 2014 by (1%) to $397 million from $401 million in the same period of 2013. This decrease was driven by lower sales of machines and peritoneal dialysis products, partially offset by higher sales of dialyzers and renal pharmaceuticals.

Operating Income

       Operating income decreased to $736 million for the six months ended June 30, 2014 from $757 million for the same period in 2013. Operating income margin decreased to 15.0% for the six months ended June 30, 2014 from 16.2% for the same period in 2013, due to higher personnel expense, the impact from ATRA reductions on the ESRD PPS payment rate, an unfavorable impact from the U.S. Sequestration, higher costs as a result of FDA remediation, higher costs for freight and distribution and a lower gain on the sale of legacy dialysis clinics, partially offset by a favorable impact from the ESRD PPS market basket update and higher income from equity method investees. Cost per treatment for the North America Segment increased to $297 for the six months ended June 30, 2014 as compared to $287 for the same period of 2013. Cost per treatment in the U.S. increased to $303 for the six months ended June 30, 2014 from $293 in the same period of 2013.

Revenue

       Including the effects of acquisitions, European region revenue increased 3% (2% increase at Constant Exchange Rates) to $1,522 million, Latin America region revenue decreased 7% (12% increase at Constant Exchange Rates) to $384 million, and Asia-Pacific region revenue increased 7% (11% increase at Constant Exchange Rates) to $552 million.

       Net dialysis care revenue for the International Segment increased during the six months ended June 30, 2014 by 5% (10% at Constant Exchange Rates) to $1,214 million from $1,161 million in the same period of 2013. This increase is a result of same market treatment growth (4%), contributions from acquisitions (4%) and increases in organic revenue per treatment (3%), partially offset by the negative effect of exchange rate fluctuations (5%) and the effect of closed or sold clinics (1%).

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FRESENIUS MEDICAL CARE AG & Co. KGaA

Interim Report of Financial Condition and Results of Operations
for the three and six months ended June 30, 2014 and 2013

       Treatments increased by 6% for the six months ended June 30, 2014 over the same period in 2013 mainly due to same market treatment growth (4%) and contributions from acquisitions (3%), partially offset by the effect of closed or sold clinics (1%). Average revenue per treatment for the six months ended June 30, 2014 decreased to $159 from $161 in comparison with the same period of 2013 due to weakening of local currencies against the U.S. dollar ($9) partially offset by increased reimbursement rates and changes in country mix ($7).

       Dialysis product revenue for the six months ended June 30, 2014 increased by 1% (1% increase at Constant Exchange Rates) to $1,244 million compared to $1,236 million in the same period of 2013. The increase at Constant Exchange Rates was driven by increased sales of bloodlines, products for acute care treatments, peritoneal dialysis products and hemodialysis solutions and concentrates, partially offset by decreased sales of machines.

Operating Income

       Operating income increased to $423 million for the six months ended June 30, 2014 as compared to $410 million for the same period in 2013. Operating income margin increased slightly to 17.2% for the six months ended June 30, 2014 from 17.1% for the same period in 2013 mainly due to business growth in Asia-Pacific and a favorable impact from manufacturing which was driven by higher volume production. This was nearly offset by an accrued provision related to the compliance investigation (see Note 11 of the Notes to the Consolidated Financial Statements (unaudited), "Commitments and Contingencies," included in this report), we are conducting.

Liquidity and Capital Resources

Six months ended June 30, 2014 compared to six months ended June 30, 2013

       Our primary sources of liquidity are typically cash provided by operating activities, cash provided by short-term borrowings from third parties and related parties, as well as proceeds from the issuance of long-term debt and equity securities. We require this capital primarily to finance working capital needs, fund acquisitions and joint ventures, develop free-standing renal dialysis centers, purchase equipment for existing or new renal dialysis centers and production sites, repay debt, pay dividends and repurchase shares (see 'Net Cash Provided By (Used In) Investing Activities" and "Net Cash Provided By (Used In) Financing Activities" below).

       At June 30, 2014, we had cash and cash equivalents of $645 million. For information regarding utilization and availability of cash under our principal credit facility (the "2012 Credit Agreement"), see Note 6 of the Notes to Consolidated Financial Statements (unaudited), "Long-term Debt and Capital Lease Obligations – 2012 Credit Agreement," included in this report.

Net Cash Provided By (Used In) Operating Activities

       In the first six months of 2014 and 2013, we generated net cash provided by operating activities of $562 million and $841 million, respectively. Cash provided by operating activities is impacted by the profitability of our business, the development of our working capital, principally inventories, receivables and cash outflows that occur due to a number of specific items as discussed below. The decrease in 2014 versus 2013 was mainly a result of the payment for the W.R. Grace bankruptcy settlement (see Note 20 of

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FRESENIUS MEDICAL CARE AG & Co. KGaA

Interim Report of Financial Condition and Results of Operations
for the three and six months ended June 30, 2014 and 2013

the Notes to the Consolidated Financial Statements, "Commitments and Contingencies – Commercial Litigation" in our Annual Report on Form 20-F for the year ended December 31, 2013), increased inventory and higher tax payments.

       The profitability of our business depends significantly on reimbursement rates. Approximately 77% of our revenues are generated by providing dialysis services, a major portion of which is reimbursed by either public health care organizations or private insurers. For the six months ended June 30, 2014, approximately 32% of our consolidated revenues were attributable to U.S. federal health care benefit programs, such as Medicare and Medicaid reimbursement. Legislative changes could affect Medicare reimbursement rates for a significant portion of the services we provide, as well as the scope of Medicare coverage. A decrease in reimbursement rates or the scope of coverage could have a material adverse effect on our business, financial condition and results of operations and thus on our capacity to generate cash flow. With the exception of (i) the implementation of the ESRD PPS in the U.S. in January 2011, (ii) the U.S. federal government Sequestration cuts and (iii) the reductions to the ESRD PPS rate to account for the decline in utilization of certain drugs and biologicals associated with dialysis, we have experienced and also expect in the future to experience generally stable reimbursements worldwide for dialysis services. This includes the balancing of unfavorable reimbursement changes in certain countries with favorable changes in other countries.

       Our working capital, which is defined as current assets less current liabilities, was $3,118 million at June 30, 2014 which increased from $2,733 million at December 31, 2013. The change is primarily the result of the repayment of the European Investment Bank ("EIB") Agreements in February of 2014, payment for the W.R. Grace bankruptcy settlement; an increase in prepaid and other current assets as a result of investments in available for sale securities; an increase in our finished goods inventories due to pharmaceuticals we ordered and paid for in 2013 arriving in 2014, delayed sales, and growth in our business; and an increase in our trade accounts receivable as a result of an acquisition and growth in our business, partially offset by an increase in short-term borrowings and short-term borrowings from related parties and an increase in our accrued expenses. Our ratio of current assets to current liabilities was 1.85 at June 30, 2014.

       We intend to continue to address our current cash and financing requirements using cash provided by operating activities, our existing and future credit agreements, and the issuance of debt securities. In addition, when funds are required for acquisitions or to meet other needs, we expect to successfully complete long-term financing arrangements, such as the issuance of senior notes, see "Net Cash Provided By (Used In) Financing Activities" below. We aim to preserve financial resources with a minimum of $300 to $500 million of committed and unutilized credit facilities.

       Cash provided by operating activities depends on the collection of accounts receivable. Commercial customers and governments generally have different payment cycles. A lengthening of their payment cycles could have a material adverse effect on our capacity to generate cash flow. In addition, we could face difficulties in enforcing and collecting accounts receivable under some countries' legal systems and due to the economic conditions in some countries. Accounts receivable balances, net of valuation allowances, represented days sales outstanding ("DSO") remained constant at approximately 73 at June 30, 2014 as compared to December 31, 2013.

       DSO by segment is calculated by dividing the segment's accounts receivable, as converted to U.S. dollars using the average exchange rate for the period presented, less any value added tax included in the receivables, by the average daily sales for the last twelve months of that segment, as converted to U.S. dollars using the average exchange rate for the period. Receivables and sales are adjusted for amounts

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