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Reconciliation to Group net income

RECONCILIATION



  2012 2011
€ in millions EBIT Investment gain Other financial result Net income Other financial result Net income
Earnings (before special items) 3,075     938   770
One-time costs related to the offer to the shareholders of RHÖN-KLINIKUM AG -6     -4    
Other one-time costs at Fresenius Medical Care -86     -17    
Non-taxable investment gain at Fresenius Medical Care   109   34    
Other financial result            
One-time costs for financing commitments related to the offer to the shareholders of RHÖN-KLINIKUM AG     -35 -25    
Mandatory Exchangeable Bonds (MEB) (mark-to-market accounting)         -105 -85
Contingent Value Rights (CVR) (mark-to-market accounting)         5 5
Earnings according to US-GAAP 2,983     926   690

  2012 2011
€ in millions EBIT Investment gain Other financial result Net income Other financial result Net income
Earnings (before special items) 3,075     938   770
One-time costs related to the offer to the shareholders of RHÖN-KLINIKUM AG -6     -4    
Other one-time costs at Fresenius Medical Care -86     -17    
Non-taxable investment gain at Fresenius Medical Care   109   34    
Other financial result            
One-time costs for financing commitments related to the offer to the shareholders of RHÖN-KLINIKUM AG     -35 -25    
Mandatory Exchangeable Bonds (MEB) (mark-to-market accounting)         -105 -85
Contingent Value Rights (CVR) (mark-to-market accounting)         5 5
Earnings according to US-GAAP 2,983     926   690

The table above shows the special items and the reconciliation from net income (before special items) to earnings according to U.S. GAAP.

The Group’s U.S. GAAP financial results as of December 31, 2012 include special items. Net income attributable to shareholders of Fresenius SE & Co. KGaA in 2012 was adjusted for a non-taxable investment gain and other one-time costs at Fresenius Medical Care, as well as one-time costs related to the public takeover offer (offer) to the shareholders of RHÖN-KLINIKUM AG. Net income for 2011 includes special items relating to the acquisition of APP Pharmaceuticals.

The Mandatory Exchangeable Bonds (MEB) and the Contingent Value Rights (CVR) were recognized as liabilities. The repayment value of the CVR and the derivative elements of the MEB were measured at market prices. The change in value (mark-to-market accounting) resulted either in a gain or an expense until the end of maturity. As the CVR were delisted in March 2011, the effect relates solely to the first quarter of 2011. Since Adjusted EBITDA for the CVR measuring period did not exceed the threshold amount, no amounts were paid on the CVRs and the CVRs expired valueless. The MEB came to maturity on August 14, 2011, therefore no further effect occured after the third quarter of 2011. Upon maturity, the MEB was mandatorily converted into 15,722,644 ordinary shares of Fresenius Medical Care AG & Co. KGaA.

STATEMENT OF INCOME (SUMMARY)


€ in millions 2012 2011 Change Change in constant currency
1 2011 sales were adjusted by - €161 million according to a U.S. GAAP accounting change. This solely relates to Fresenius Medical Care North America. 2 2012: including one-time costs (€6 million) related to the offer to the shareholders of RHÖN-KLINIKUM AG as well as other one-time costs (€86 million) at Fresenius Medical Care. 3 Net income attributable to shareholders of Fresenius SE & Co. KGaA, adjusted for a non-taxable investment gain (€34 million) and other one-time costs (€17 million) at Fresenius Medical Care as well as for one-time costs (€29 million) related to the offer to the shareholders of RHÖN-KLINIKUM AG. 2011 adjusted for the effects of mark-to-market accounting of the Mandatory Exchangeable Bonds and the Contingent Value Rights. 4 Net income attributable to shareholders of Fresenius SE & Co. KGaA
Sales1 19,290 16,361 18% 13%
Cost of goods sold -13,002 -10,987 -18% -14%
Gross profit 6,288 5,374 17% 12%
Selling, general, and administrative expenses -3,000 -2,544 -18% -13%
Research and development expenses -305 -267 -14% -12%
EBIT (operating result)2 2,983 2,563 16% 11%
Investment gain 109 0    
Net interest -666 -531 -25% -19%
Other financial result -35 -100 65% 65%
Income taxes -659 -604 -9% -4%
Noncontrolling interest in profit -806 -638 -26% -19%
Net income (before special items)3 938 770 22% 17%
Net income4 926 690 34% 28%
Earnings per ordinary share in € (before special items)3 5.42 4.73 15% 10%
Earnings per ordinary share in €4 5.35 4.24 26% 21%
EBITDA2 3,759 3,237 16% 11%
Depreciation and amortization 776 674 15% 11%

€ in millions 2012 2011 Change Change in constant currency
1 2011 sales were adjusted by - €161 million according to a U.S. GAAP accounting change. This solely relates to Fresenius Medical Care North America. 2 2012: including one-time costs (€6 million) related to the offer to the shareholders of RHÖN-KLINIKUM AG as well as other one-time costs (€86 million) at Fresenius Medical Care. 3 Net income attributable to shareholders of Fresenius SE & Co. KGaA, adjusted for a non-taxable investment gain (€34 million) and other one-time costs (€17 million) at Fresenius Medical Care as well as for one-time costs (€29 million) related to the offer to the shareholders of RHÖN-KLINIKUM AG. 2011 adjusted for the effects of mark-to-market accounting of the Mandatory Exchangeable Bonds and the Contingent Value Rights. 4 Net income attributable to shareholders of Fresenius SE & Co. KGaA
Sales1 19,290 16,361 18% 13%
Cost of goods sold -13,002 -10,987 -18% -14%
Gross profit 6,288 5,374 17% 12%
Selling, general, and administrative expenses -3,000 -2,544 -18% -13%
Research and development expenses -305 -267 -14% -12%
EBIT (operating result)2 2,983 2,563 16% 11%
Investment gain 109 0    
Net interest -666 -531 -25% -19%
Other financial result -35 -100 65% 65%
Income taxes -659 -604 -9% -4%
Noncontrolling interest in profit -806 -638 -26% -19%
Net income (before special items)3 938 770 22% 17%
Net income4 926 690 34% 28%
Earnings per ordinary share in € (before special items)3 5.42 4.73 15% 10%
Earnings per ordinary share in €4 5.35 4.24 26% 21%
EBITDA2 3,759 3,237 16% 11%
Depreciation and amortization 776 674 15% 11%

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