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Fresenius SE & Co. KGaA

Investor Presentation • Nov 4, 2019

166_ip_2019-11-04_3dc67071-8f96-46f6-b928-a6af92f5ac23.pdf

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Roadshow London

London, 04 November 2019

Safe Harbor Statement

This presentation contains forward-looking statements that are subject to various risks and uncertainties. Future results could differ materially from those described in these forward-looking statements due to certain factors, e.g. changes in business, economic and competitive conditions, regulatory reforms, results of clinical trials, foreign exchange rate fluctuations, uncertainties in litigation or investigative proceedings, and the availability of financing. Fresenius does not undertake any responsibility to update the forward-looking statements contained in this presentation.

A Global Leader In Health Care Products And Services

~€33.5 bn in Sales (as of Dec. 31, 2018)

Strong portfolio of products (30% of sales) and services (70% of sales) Total Shareholder Return: 10-year CAGR: ~15%

Global presence in 100+ countries

292,000+ employees worldwide (as of September 30, 2019)

Strong and Balanced Health Care Portfolio

1 Reflects the transfer of German post-acute care business from Fresenius Helios to Fresenius Vamed as of July 1, 2018

Total Shareholder Return – CAGR, Rounded

Source: Bloomberg; dividends reinvested, as of Dec 31, 2018

Fresenius Medical Care: Global Dialysis Market Leader

  • • The world's leading provider of dialysis products and services treating more than 342,000 patients1 in 4,003 clinics1
  • • Provide highest standard of product quality and patient care

Dialysis products

Dialysis services

• Expansion in Care Coordination and global dialysis service opportunities; enter new geographies

Market Dynamics

Global Dialysis Market 2018:

  • • ~€71 bn
  • • ~6% patient growth p.a.

Growth Drivers:

• Aging population, increasing incidence of diabetes and high blood pressure, treatment quality improvements

1 As of September 30, 2019

Fresenius Kabi: A Leading Global Hospital Supplier

  • • Comprehensive product portfolio for critically and chronically ill patients
  • • Strong Emerging Markets presence
  • • Leading market positions in four product segments

  • •Focus on organic growth through geographic product rollouts and new product launches
  • • Development of biosimilars with a focus on oncology and autoimmune diseases

Market Dynamics

Global Addressable Market 2018:

• ~€81 bn

Growth Drivers:

• Patent expirations, rising demand for health care services, higher health care spending in Emerging Markets

Fresenius Helios: Europe's Largest Private Hospital Operator Helios Germany

  • • ~5%1 share in German acute care hospital market
  • • Organic growth based on growing number of admissions and reimbursement rate increases
  • • Ranks as quality leader in the German hospital sector: defined quality targets, publication of medical treatment results, peer review processes
  • • Key medical indicators, e.g. mortality rate for heart failure, pneumonia below German average

Market Dynamics

German Acute Care Hospital Market:

• ~€102 bn2

Growth Drivers:

• Aging population leading to increasing hospital admissions

Largest network & nationwide presence

1Based on sales

2 German Federal Statistical Office 2018; total costs, gross of the German hospitals less academic research and teaching

86 hospitals ~29,000 beds ~1.2 million inpatient admissions p.a.

~4.1 million outpatient admissions p.a.

As of September 30, 2019

Fresenius Helios: Europe's Largest Private Hospital Operator Helios Spain

  • • ~€3.0 bn sales in 2018
  • • ~12%1 share in Spanish private hospital market
  • • Market leader in size and quality with excellent growth prospects
  • • Broad revenue base with privately insured patients, PPPs, self-pay and Occupational Risk Prevention (ORP)
  • • Strong management team with proven track record
  • • Cross-selling opportunities

1Based on sales

2 Market data based on company research. Market definition does neither include Public Private Partnerships (PPP) nor Occupational Risk Prevention centers (ORP)

Market Dynamics

Spanish Private Hospital Market:

• ~€14 bn2

Growth Drivers:

• Aging population, increasing number of privately insured patients, greenfield projects, market consolidation

Quirónsalud hospitals in every major metropolitan region of Spain

~0.4 m inpatient admissions p.a.~12.9 m outpatient admissions p.a.

Fresenius Vamed: Leading Global Hospital Projects and Services Specialist

  • • Manages hospital construction/expansion projects and provides services for health care facilities worldwide
  • • Offers project development, planning, turnkey construction, maintenance as well as technical management, and total operational management
  • • Strong track record: More than 900 projects in over 90 countries completed
  • • Leading European post-acute care provider operating in five European countries

Market Dynamics

Growth Drivers:

  • • Emerging Market demand for building and developing hospital infrastructure
  • • Outsourcing of non-medical services from public to private operators

Fresenius Group: Capital deployment centers on sustainable long-term value creation

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Fresenius Group: Healthy Growth Targets 2020 - 2023

Fresenius Group: Healthy Growth Targets 2020 – 2023 (CAGRs)

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1 Net income attributable to shareholders of Fresenius SE & Co.KGaA

Before special items

Financial Review Q3/19

Q3/19 Highlights

  • • Strong organic sales growth across all business segments
  • • Growth investments proceeding according to plan
  • • Fresenius Kabi: excellent growth in Emerging Markets partially offsets softer development in North America
  • • Fresenius Helios showing excellent organic sales growth across all regions
  • • Fresenius Vamed: integration of post-acute care business from Helios completed
  • • Fresenius Medical Care: record growth in home dialysis in North America
  • • Group guidance confirmed

Fresenius Kabi: Update

North America

  • • Increased competition for certain molecules
  • • The opioid market has not recovered as anticipated
  • • 31 Kabi-marketed IV drugs currently designated in shortage (vs. 36 at Q2/19)
  • • Low to mid-single-digit price erosion in our base product portfolio
  • • Product launches: with 12 YTD, on track to meet expectation of 15+ for the FY

Biosimilars

• Roll-out of Idacio® in additional 4 European countries in Q3/19 (9 in total)

Transfusion Medicine and Cell Therapies business

  • • Business remains important part of Fresenius Kabi
  • • Divisionalization paves the way for further profitable growth going forward

Fresenius Helios: Update

Helios Germany

Investment initiatives

  • • Employer of choice: Continued to attract meaningful number of nurses in Q3/19
  • • Vacant chief doctor positions now re-filled
  • • Good progress with transformation of MVZs ("outpatient centers") within new business line Outpatient Services

DRG inflator

  • • Ongoing favorable reimbursement environment
  • • 2020 DRG inflator set at 3.66%
  • • Final price increase will be lower as it is subject to negotiations at the state level and individual hospital discounts

Fresenius Helios: Update

Helios Spain

Expansion in Spain

  • • Opening of two new outpatient centers in the cities of Toledo and Algeciras
  • • Acquisition of plot in the metropolitan area of Barcelona to develop a new midsize hospital by 2022

Expansion in Latin America

  • •Acquisition of two additional hospitals in Colombia
    • • ~€50 million of sales
    • • ~300 beds

• Expected closing in coming months

Fresenius Group: Q3/19 Key Financials

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1 Before special items, adjusted for IFRS 16 effect

2 On a comparable basis: Q3/18 adjusted for divestitures of Care Coordination activities at FMC, before special items

3 Net income attributable to shareholders of Fresenius SE & Co. KGaA

Fresenius Group: Q3/19 Business Segment Growth

1 On a comparable basis: Q3/18 adjusted for divestitures of Care Coordination activities at FMC; Q3/19 adjusted for IFRS 16 effect.

All figures before special items

Fresenius Kabi: Q3/19 Regional Highlights (1/2)

North America

  • • -4% organic growth
  • • Increasingly intense competitive environment for certain molecules
  • • Further easing of shortage tailwinds
  • • FY/19 outlook change: Slight organic sales decline (before: Low single-digit organic sales growth)

Europe

  • • 4% organic growth
  • • Strong growth of enteral nutrition business
  • • Confirm FY/19 outlook: Low to mid-single-digit organic sales growth

Fresenius Kabi: Q3/19 Regional Highlights (2/2)

Emerging Markets

China:

  • • 18% organic sales growth
  • • Continued positive momentum

Asia-Pacific ex China:

• 19% organic sales growth

Latin America/Africa:

• 16% organic sales growth

Total Emerging Markets

Confirm FY/19 outlook: Clearly double-digit organic sales growth

Fresenius Kabi: Q3 & Q1-3/19 EBIT Growth

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Fresenius Helios: Q3/19 Highlights

Helios Germany

  • • Strong organic sales growth of 5%; positive admissions development
  • • Sales growth supported by reclassification of nursing staff funding from other income to sales (low double-digit € million amount)
  • • EBIT impacted by ongoing investments in measures to counter regulatory headwinds

Helios Spain

  • • Healthy organic sales growth of 9%; decline in admissions during hot summer months not as pronounced as in prior year
  • • EBIT development impacted by costs for temporary workers

Sales

Fresenius Helios: Q3 & Q1-3/19 Key Financials

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Fresenius Vamed

  • • Strong Q3/19 with 17% organic sales growth
  • • Both, service business and project business contributed to strong growth in Q3/19

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Fresenius Group: Cash Flow

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1 Adjusted for IFRS 16 effect

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3 Understated: 2.6% excluding €27 million of capex commitments from acquisitions

4 Margin incl. FMC dividend

Fresenius Group: 2019 Financial Outlook by Business Segment

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1
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-

1 Excluding transaction-related expenses, revaluations of biosimilars contingent liabilities, adjusted for IFRS 16 effect

2 Before special items

Fresenius Group: 2019 Financial Guidance

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(
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1 Before special items and after adjustments

2 Excluding transaction-related expenses, revaluations of biosimilars contingent liabilities, gain related to divestitures of care coordination activities, expenses associated with the cost optimization program at FMC, including operating results of NxStage, adjusted for IFRS 16 effect

3 Net income attributable to shareholders of Fresenius SE & Co.KGaA

Attachments

Fresenius Group: Leverage Ratio

Before special items; pro forma closed acquisitions/divestitures At LTM average FX rates for both EBITDA and net debt

1 Pro forma excluding advances made for the acquisition of hospitals from Rhön-Klinikum AG

2 Including acquisition of NxStage; adjusted for IFRS 16 effects

3 Calculated at expected annual average exchange rates, for both net debt and EBITDA; including acquisition of NxStage;

without potential unannounced acquisitions; adjusted for IFRS 16 effects (comparable to updated guidance from May 2, 2019)

Fresenius Kabi: Organic Sales Growth by Regions

l
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Fresenius Kabi: Organic Sales Growth by Product Segment

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Fresenius Helios: Key Metrics

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Attachments

FY/18 base for Fresenius Group Guidance FY/19

€m

l
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(
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2

FY/18 base for Fresenius Medical Care Outlook FY/19

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FY/18 base for Fresenius Kabi Outlook FY/19

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=		 1,
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3
9

The special items are reported in the Group Corporate/Other segment.

IFRS 16: Profit and Loss - Implications

€
m		 d
f
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F
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1
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2
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1
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t
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0
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c		 €
3
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~
-

Rent-expenses will be replaced by depreciation and interest-expenses :

  • • Increase of EBITDA and EBIT
  • • Neutral or slightly negative impact on EAT (depending on life-phase of contracts because of higher interests in the first years of contract)

IFRS 16: Balance Sheet

€
m		 d
f
f
E
I
F
R
S
1
6
2
0
1
9
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x
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y		 €
b
5
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0
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0
b
4
+
p
s
~
-

Leases have to be recognized as a right-of-use-asset and corresponding liability

Fresenius Group: 26th Consecutive Dividend Increase

Dividend growth aligned to EPS growth Pay-out ratio: 24%

Financial Calendar / Contact

Financial Calendar

b
2
0
F
2
0
2
0
e
a
r
u
r
y		 l
/
R
F
Y
1
9
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0
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3
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2
0
R
t
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s
u
s

Please note that these dates could be subject to change.

Contact

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