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Fresenius Medical Care AG & Co. KGaA: Fresenius Medical Care reports fourth quarter and full year 2014 results - Seite 3

A total of $725 million in cash was spent for acquisitions and investments,
net of divestitures. Free cash flow after investing activities was a
negative $419 million as compared to $157 million in the fourth quarter of
2013.

Full year 2014

Revenue and earnings

Net revenue for the full year 2014 increased by 8% to $15,832 million (+10%
at constant currency) as compared to the full year 2013. Organic revenue
growth worldwide was 5%.

Operating income (EBIT) for the full year 2014 was $2,255 million as
compared to $2,256 million in the full year 2013.

Net interest expense for the full year 2014 was $411 million as compared to
$409 million in the full year 2013.

Income tax expense for the full year 2014 was $584 million, which
translates into an effective tax rate of 31.7%. This compares to income tax
expense of $592 million and a tax rate of 32.0% for the full year 2013. In
2014, the tax rate was influenced by different tax effects partially
offsetting each other. In the second quarter the tax rate increased by a
reversal of an original tax benefit following a financial court ruling
issued against another company, while in the fourth quarter the tax rate
was favourably influenced by the resolution of challenged deductions for
civil settlement payments taken in prior years.

For the full year 2014, net income attributable to shareholders of
Fresenius Medical Care AG & Co. KGaA was $1,045 million, down by 6% from
the corresponding number of $1,110 million for the full year 2013.

In the full year 2014, basic earnings per share (EPS) was $3.46, a decrease
of 5% compared to the corresponding number for the full year 2013. The
weighted average number of shares outstanding during the full year 2014 was
approximately 302.3 million shares.

Cash flow

In the full year 2014, the company generated $1,861 million in net cash
provided by operating activities, representing 12% of revenue, as compared
to $2,035 million for the same period in 2013.

A total of $920 million was spent for capital expenditures, net of
disposals. Free cash flow for the full year 2014 was $941 million as
compared to $1,307 million in the full year 2013.

A total of $1,770 million in cash was spent for acquisitions and
investments, net of divestitures. Free cash flow after investing activities
was a negative $829 million as compared to a positive $829 million in the
full year 2013.