Fresenius SE & Co. KGaA

Investor Presentation • Mar 26, 2019

Roadshow Tokyo

Tokyo, 26 March 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 HealthCare 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

275,000+ employees worldwide

(as of December 31, 2018)

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 330,000 patients¹ in ~3,900 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 December 31, 2018

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

¹ Based 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 December 31, 2018

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

Acute Care

Outpatient

Occupational Risk Prevention

¹ Based on sales

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

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

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

• Delivered on FY/18 Group targets
• 26th consecutive dividend increase proposed
• Significant investments into medium-term growth in FY/18 and FY/19
• Fresenius Kabi expected to show continued growth in FY/19
• Helios Germany impacted by regulatory changes and initiatives to secure medium-term growth; Helios Spain with continued dynamic growth
• Healthy growth targets for 2020 - 2023

Fresenius Kabi: Significant investments

IV Generics

• ~US\$350 million investment in Melrose Park, USA
  • Installation of state-of-the-art sterile pharmaceutical production, packaging technologies and related laboratories
• ~ US\$120 million investment in Grand Island, USA,
  • New production lines and other infrastructure improvements to foster automation and increase capacity Clinical Nutrition

Infusion Solutions

• ~US\$350 million investment in Wilson, USA
  • Construction of manufacturing facility on existing site

Biosimilars

• Expected launch of Adalimumab in EU
• Further development of product pipeline

• ~€150 million investment in Enteral Nutrition plant in Wuxi, China
  • New building and production lines for enteral nutrition products
• ~€100 million investment in Emmer-Compascuum, Netherlands,
  • New production lines for enteral nutrition products

Fresenius Kabi: US Generic IV Drug Market in FY/19

2019 pricing environment expected to be in line with recent years

• Key molecules to see more competition, however broadly unchanged pricing environment in large base business
• Healthy volume growth projected to more than offset price decline
• Continued low single-digit price decline for core portfolio anticipated in 2019

Excellent competitive position - strong customer relationships and pipeline

• FDA accelerated approvals of generics especially for drugs with limited number of approvals
• Excellent customer relationships and strong pipeline mitigate risk
• Similar level of launches expected as in FY/18

Helios Germany: Improved visibility

Active management of regulatory challenges by adjusting structures

• Clustering (to fulfill minimum number of indications)
• Setting up regional centers
• Increased regional cooperation between clinics

Being attractive for nurses

• Central, regional and local recruiting measures
• Impact of minimum staffing levels on FY/19 financials benign
• "Pflegetarifvertrag" collective bargaining for nurses

Profit from trend towards outpatient services

• Attractive network of ~125 MVZs (polyclinics)
• Leverage and scaling of outpatient services

New business models

• Develop internationally scalable business models
• New business areas for Germany (e.g. video consulting, occupational health)
• Digitization for comprehensive cross-sector care

DRG change from 2020 onwards

• We expect that the impact on FY/20 financials is manageable

Helios Spain: Continued dynamic growth

Growth projects

• Acquisition Clínica Medellin, Colombia
  • Closing expected in Q1/19
  • ~€50 million investment

• Acquisition in Huelva

• Entrance into a new region
• Hospital Costa de la Luz, €15 million sales, 50 beds, 7 operating rooms

• Greenfield project in Torrejón

• 60 beds, 4 operating rooms, total investment of ~€30 million
• Expected opening in 2021
• Expansion Madrid hospital
  • +50 additional beds and 2 additional ambulatory operating rooms
  • Opening end of 2019 expected

Innovative projects

• Proton Therapy Center

• First proton therapy center in Spain with a total investment of €40 million
• Construction project is on track, equipment is already installed and under commissioning process
• Expected opening by the end of 2019

Fresenius Group: Portfolio alignment and cost savings to improve profitability and fuel growth trajectory

• Reshaping German hospital network to lead regulatory changes
• Focus on process optimization and improved patient service
• Cost optimization program on top of GEP II initiated
• Strategic review of apheresis business

• Evaluation of all potential options for Transfusion and Cell Technology business • Bolstered US business to capture even higher market share • Further fostered intra-Group services

Allocating capital to higher-margin segments and business lines

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

Re investments in own business	Fuel organic growth with low-risk high return investments
Strategic acquisitions	Short-term focus on small bolt-on acquisitions; long-term rigorous pursuit of inorganic growth trajectory
Dividends	26 years of consecutive dividend increases; CAGR of ~16%
Share buy backs	Currently more attractive growth opportunities in operating investments

Fresenius Group: Healthy Growth Targets 2020 - 2023

Financial Review FY/18

Fresenius Group: Q4/18 & FY/18 Profit and Loss Statement

€m	Q4/18	Δ YoY cc	FY/18	Δ YoY cc
Sales	8,835	7%1	33,530	6%1
EBIT	1,250	0%	4,561	-1%/1%2
EBIT (excl. biosimilars)	1,303	0%	4,727	1%/3%2
Net interest	-129	12%	-570	7%
Income taxes	-253	17%	-880	21%
Net income	504	5%	1,871	7%
Net income (excl. biosimilars)	542	6%	1,991	11%

¹Growth rate adjusted for IFRS 15 adoption and divestitures of Care Coordination activities ²Excluding VA agreement

All growth rates in constant currency (cc)

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

All figures before special items

For a detailed overview of special items and adjustments please see the reconciliation tables on slides 59-66.

Fresenius Group: Q4/18 Business Segment Growth

¹ Growth rates adjusted for IFRS 15 adoption and divestitures of Care Coordination activities

• ² EBIT reported
• ³ Excl. biosimilars

⁴ Adjusted for transfer of German post-acute care business from Helios to Vamed

All figures before special items

For a detailed overview of special items and adjustments please see the reconciliation tables on slides 59-66.

Fresenius Kabi: Organic Sales Growth by Regions

€m	Q4/18	Δ YoY organic	FY/18	Δ YoY organic
North America	599	5%	2,359	8%
Europe	590	3%	2,248	3%
Asia-Pacific/Latin America/Africa	498	15%	1,937	12%
Asia-Pacific	336	13%	1,300	12%
Latin America/Africa	162	18%	637	13%
Total sales	1,687	7%	6,544	7%

Fresenius Kabi: Q4 & FY/18 EBIT Growth

€m	Q4/18	Δ YoY cc	FY/18	Δ YoY cc
North America	216	9%	894	10%
Margin	36.1%	110 bps	37.9%	70 bps
Europe	97	-9%	355	3%
Margin	16.4%	-210 bps	15.8%	-10 bps
Asia-Pacific/Latin America/Africa	116	22%	398	14%
Margin	23.3%	140 bps	20.5%	40 bps
Corporate and Corporate R&D	-144	-10%	-508	-30%
Total EBIT1	285	6%	1,139	2%
Margin1	16.9%	-20 bps	17.4%	-110 bps
Total EBIT excl. Biosimilars1	338	8%	1,305	10%
Margin1	20.0%	10 bps	19.9%	40 bps

Margin growth at actual rates ¹ Before special items

For a detailed overview of special items and adjustments please see the reconciliation tables on slides 59-66.

Fresenius Kabi: Expected Organic Sales Growth 2019

North America

Low to mid-single-digit growth

• Growth in 2019 mainly driven by new drug launches and further ramp-up of pre-filled syringe business
• More competition for key molecules; broadly unchanged pricing environment in base business
• Continued significant launch activity in 2019

Europe

Low to mid-single-digit growth

• Enteral nutrition with dynamic growth momentum
• Launch of biosimilar Adalimumab expected

Fresenius Kabi: Expected Organic Sales Growth 2019

Emerging Markets

Likely double-digit growth

China:

• Attractive growth prospects
• Growth particularly driven by Clinical Nutrition and IV drugs

Asia-Pacific ex China:

• Very positive sentiment
• Strong growth momentum expected

Latin America/Africa:

• Continued strong growth expected

Fresenius Helios

Helios Germany

• Organic sales growth of 3% in Q4/18 DRG price increases and better results from the negotiations with our payors offset decline in admissions
• DRG catalogue effects, preparatory structural activities and vacancies for doctors and specialized nurses continue to weigh on earnings development

Helios Spain

• Strong sales growth of 8% in Q4/18
• Additional month of consolidation contributed significantly to 17% sales growth in FY/18
• Excellent organic sales growth
  • 7% in Q4/18
  • 6% in FY/18

Fresenius Helios: Q4 & FY/18 Key Financials

€m	Q4/18	Δ YoY	FY/18	Δ YoY
Total sales	2,231	-1%/4%2	8,993	4%/6%2
Thereof Helios Germany	1,439	-5%/3%2	5,970	-2%/2%2
Helios Spain1 Thereof	792	8%	3,023	17%
Total EBIT Margin	277 12.4%	-2%/2%2 -20 bps	1,052 11.7%	0%/3%2 -40 bps
Thereof Helios Germany Margin	137 9.5%	-22%/-15%2 -210 bps	625 10.5%	-14%/-10%2 -140 bps
Helios Spain1 Thereof Margin	127 16.0%	19% +140 bps	413 13.7%	26% +110 bps
Thereof Corporate	13	--	14	--

¹ Consolidated since February 1, 2017

² Adjusted for German post-acute care business transferred to Vamed

Fresenius Vamed

• Both business segments contributed to the excellent organic sales growth of 16% in FY/18
• Sales share of more stable and high margin service business clearly outstrips project business
• €1,227 m order intake at all-time high; strong foundation for future growth

€m	Q4/18	Δ YoY	FY/18	Δ YoY
Total sales	697	45% 22%1	1,688	37% 19%1
Thereof organic sales		20%		16%
Project business	360	18%	712	17%
Service business	337	93% 28%1	976	57% 20%1
Total EBIT	61	39% 11%1	110	45% 9%1
Order intake2	660	65%	1,227	12%
Order backlog2			2,420	13%

¹ Without German post-acute care business acquired from Helios

² Project business only

Fresenius Group: Cash Flow

	Operating CF		Capex	(net)	Free Cash Flow1
€m	Q4/18	LTM Margin	Q4/18	LTM Margin	Q4/18	LTM Margin
	220	15.9%	-201	-8.5%	19	7.4%
	167	6.2%	-176	-4.9%	-9	1.3%2
	108	6.3%	-15	-1.7%	93	4.6%
Corporate/Other	0	n.a.	-28	n.a.	-28	n.a.
Excl. FMC	495	10.4%3	-420	-6.3%	75	4.1%3
Q4/18	1,193	11.2%	-721	-6.2%	472	5.0%
FY/18	3,742	11.2%	-2,077	-6.2%	1,665	5.0%

¹ Before acquisitions and dividends

² Understated: 1.7% excluding €30 million of capex commitments from acquisitions

³Margin incl. FMC dividend

Fresenius Group: 2019 Financial Outlook by Business Segment

€m (except	otherwise stated)		FY/18 Base	1 FY/19e
		Sales growth (org)	6,544	3% - 6%
		EBIT growth (cc)	1,1392	3% - 6%
		Sales growth (org)	8,993	2% - 5%
		EBIT growth	1,052	-5% to -2%
		Sales growth (org)	1,688	~10%
	EBIT growth	110	15% - 20%

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

² Before special items

For a detailed overview of adjustments and special items please see the reconciliation tables on slides 59-66 and for the bases for FY/19 guidance please see slides 34-36.

Fresenius Group: 2019 Financial Guidance

€m (except otherwise stated)		Base1 FY/18	FY/192
	Sales growth (cc)	33,009	3% - 6%
	Net income3 growth (cc)	1,872	~0%

¹ Before special items and after adjustments

² Excluding transaction-related expenses, expenses associated with the cost optimization program at FMC, revaluations of biosimilars contingent liabilities, effects of NxStage transaction, adjusted for IFRS 16 effects

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

For a detailed overview of adjustments and special items please see the reconciliation tables on slides 59-66 and for the bases for FY/19 guidance please see slides 34-36.

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

Organic sales growth	4 – 7% (plus ~1% small to mid size acquisitions)
income1 Organic net growth	5 – 9% (plus ~1% small to mid size acquisitions)

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

Before special items

Attachments

FY/18 base for Fresenius Group Guidance FY/19

Sales reported	33,530
Divestitures of Care Coordination activities at FMC (H1/18)	-521
Sales basis for growth rates	33,009
Net Income reported	2,027
Transaction Costs, Akorn, Biosimilars	25
Bridge Financing Costs Akorn	12
Revaluations of Biosimilars contingent liabililties	5
Impact of FCPA related charge	9
Gain related to divestitures of Care Coordination activities	-207
Net income (before special items)	1,871
Divestitures of Care Coordination activities at FMC (H1/18)	1
Net income basis for growth rates (before special items and after adjustments)	1,872

€m

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

Sales reported	16,547
Divestitures of Care Coordination activities at FMC (H1/18)	-521
Sales basis for growth rates	16,026
Net Income reported	1,982
Impact of FCPA related charge	28
Gain related to divestitures of Care Coordination activities	-673
Net income (before special items)	1,337
Divestitures of Care Coordination activities at FMC (H1/18)	4
Net income basis for growth rates (before special items and after adjustments)	1,341

€m

FY/18 base for Fresenius Kabi Outlook FY/19

€m
Sales basis for growth rates	6,544
Transaction Costs Akorn, Biosimilars	34
Revaluations of Biosimilars contingent liabililties	7
EBIT (before special items = base for Kabi guidance)	1,139

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

IFRS 16: Profit and Loss - Implications

€m	Expected IFRS 16 effect on 2019
Sales	- ~€0.1 bn (discontinuation of sale-leaseback transactions at FMC NA)
EBITDA	+ ~€1.0 bn (fewer rent expenses)
Depreciation and amortization	- ~€0.9 bn (additional depreciation)
EBIT	+ ~€0.1 bn
Interest	- ~€0.2 bn (additional interest)
Net Income	- ~€30 m

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	Expected IFRS 16 effect on 2019
Right-of-use-asset	~€5.2 bn
Lease liability	~€5.5 bn
Equity	~-€0.3 bn
Leverage	+ ~30-40 bps

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

Fresenius Group: 26th Consecutive Dividend Increase

Pay-out ratio: 24%

¹ Proposal

Fresenius Group: Profit and Loss Statement

		Growth Q4 YoY			Growth FY YoY
€m	Q4/2018	actual rates	constant rates	FY/2018	actual rates	constant rates
Sales	8,835	7%1	7%1	33,530	2%1	6%1
EBIT	1,250	0%	0%	4,561	-4%	-1%
Net interest	-129	12%	12%	-570	10%	7%
Income taxes	-253	18%	17%	-880	23%	21%
Net income2	504	6%	5%	1,871	4%	7%

¹Growth rate adjusted for IFRS 15 adoption and divestitures of Care Coordination activities

²Net income attributable to shareholders of Fresenius SE & Co. KGaA

All figures before special items, 2017 base adjusted for divestitures of Care Coordination activities

For a detailed overview of special items and adjustments please see the reconciliation tables on slides 59-66.

Fresenius Group: Calculation of Noncontrolling Interest

€m	FY/18	FY/17
Earnings before tax and noncontrolling interest	3,991	4,178
Taxes	-880	-1,168
Noncontrolling interest, thereof	-1,240	-1,194
Fresenius Medical Care net income not attributable to Fresenius (FY/18: ~69%)	-925	-864
Noncontrolling interest holders in Fresenius Medical Care	-244	-274
Noncontrolling interest holders in Fresenius Kabi (-€43 m), Fresenius Helios (-€10 m), Fresenius Vamed (-€1 m) and due to Fresenius Vamed's 23% external ownership (-€17 m)	-71	-56
Net income attributable to Fresenius SE & Co. KGaA	1,871	1,816

Before special items

For a detailed overview of special items please see the reconciliation tables on slides 59-66.

Fresenius Group: Cash Flow

€m	Q4/18	LTM Margin	Δ YoY
Operating Cash Flow	1,193	11.2%	7%
Capex (net)	-721	-6.2%	-22%
Free Cash Flow	472	5.0%	-10%
(before acquisitions and dividends)
Acquisitions (net)	-198
Dividends	-72
Free Cash Flow (after acquisitions and dividends)	202	4.1%	-70%

Fresenius Group: FY/18 & LTM Cash Flow

		Operating CF		Capex (net)		Free Cash Flow1
€m	FY/2018	LTM Margin	FY/2018	LTM Margin	FY/2018	LTM Margin
	1,040	15.9%	-553	-8.5%	487	7.4%
	554	6.2%	-434	-4.9%	120	1.3%3
	106	6.3%	-29	-1.7%	77	4.6%
Corporate/Other	-20	n.a.	-58	n.a.	-78	n.a.
Excl. FMC	1,680	10.4%2	-1,074	-6.3%	606	4.1%2
	3,742	11.2%	-2,077	-6.2%	1,665	5.0%

¹ Before acquisitions and dividends

² Margin incl. FMC dividend

³ Understated: 1.7% excluding €30 million of capex commitments from acquisitions

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 Calculated at expected annual average exchange rates, for both net debt and EBITDA; excluding pending acquisition of NxStage; without potential unannounced acquisitions; adjusted for IFRS 16 effects

³ Excluding proceeds from divestitures of Care Coordination activities

2

Fresenius Group Consistent Cash Generation

Capex gross, in % of sales

CFFO margin FCF margin (before acquisitions & dividends)

Net Debt / EBITDA¹

¹Net debt at year-end exchange rate; EBITDA at LTM average exchange rates; before special items; pro forma closed acquisitions/divestitures

Fresenius Group: Solid Balance Sheet Structure

Fresenius Group: Well Balanced Financing Mix and Maturity Profile

¹ Based on utilization of major financing instruments

² Pro Forma incl. New issued FSE €500 million and €500 million Bonds maturing in 2025 and 2029, excl. €300 million and €500 million bonds, maturing February and April 2019 and € 200 million Commercial Papers

Financing mix

Maturity profile1,2

Fresenius Kabi: Organic Sales Growth by Product Segment

Total sales	1,687	7%	6,544	7%
Medical Devices/ Transfusion Technology	293	5%	1,084	4%
Clinical Nutrition	458	15%	1,796	13%
Infusion Therapy	226	1%	929	7%
IV Drugs	710	5%	2,735	5%
€m	Q4/18	Δ YoY organic	FY/18	Δ YoY organic

Fresenius Kabi: Profit and Loss Statement

€m	FY/18	FY/17
Sales	6,544	6,358
EBITDA margin %	1,434 21.9	1,483 23.3
EBIT margin %	1,139 17.4	1,177 18.5
Net interest	-108	-119
EBT and noncontrolling interest	1,031	1,058
Income taxes Tax rate %	-246 23.9	-317 30.0
Noncontrolling interest	-43	-39
Net income1	742	702

Before special items

¹Attributable to shareholders of Fresenius SE & Co. KGaA

Fresenius Kabi: Cash Flow Statement

€m	FY/18	FY/17
Net income (incl. noncontrolling interest)	756	739
Depreciation / amortization	295	306
Change in working capital	-11	-35
Cash flow from operations Margin %	1,040 15.9	1,010 15.9
CAPEX, net	-553	-420
Free Cash flow (before acquisitions and dividends)	487	590
Acquisitions, net	-43	-152
Free cash flow (before dividends)	444	438

Fresenius Kabi: Balance Sheet

€m	FY/18	FY/17
Accounts receivable	883	841
Inventories	1,521	1,361
Fixed assets	8,593	8,092
Other assets	1,641	1,498
Total assets	12,638	11,792
Debt	3,867	4,806
Other liabilities	3,279	2,997
Equity (incl. noncontrolling interest)	5,492	3,989
Total liabilities and shareholders' equity	12,638	11,792

Fresenius Helios: Key Measures

	FY/18	FY/17	Δ
No. of hospitals Germany - Acute care hospitals	86 83	111 88	-23% -6%
No. of hospitals Spain (Hospitals)	47	45	4%
No. of beds Germany - Acute care hospitals	29,329 28,802	34,610 29,438	-15% -2%
No. of beds Spain (Hospitals)	7,019	6,652	6%
Admissions Germany (acute care)	1,218,199	1,237,068
Admissions Spain (including outpatients)	13,318,066	11,592,758

Fresenius Helios: Profit & Loss Statement

€m	FY/18	FY/17
Sales	8,993	8,668
EBITDA Margin % Depreciation / amortization	1,429 15.9 -377	1,426 16.5 -374
EBIT Margin %	1,052 11.7	1,052 12.1
Net interest	-167	-155
EBT and noncontrolling interest	885	897
Income taxes Tax rate %	-189 21.4	-164 18.3
Noncontrolling interest	-10	-5
Net income1	686	728

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

¹ Attributable to shareholders of Fresenius SE & Co. KGaA

Fresenius Helios: Cash Flow

€m	FY/18	FY/17
Net income (incl. noncontrolling interest)	696	733
Depreciation / amortization	377	374
Change in working capital	-519	-374
Cash flow from operations Margin %	554 6.2	733 8.5
CAPEX, net	-434	-411
Cash flow before acquisitions and dividends	120	322
Acquisitions, net	379	-5,945
Free cash flow (before dividends)	499	-5,623

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

Fresenius Helios: Balance Sheet

€m	FY/18	FY/17
Accounts receivable	2,110	1,840
Property, plant and equipment (net)	3,922	4,113
Goodwill	7,857	7,902
Other assets	2,615	2,728
Total assets	16,504	16,583
Debt	6,219	6,665
Other liabilities	2,526	2,529
Equity (incl. noncontrolling interest)	7,759	7,389
Total liabilities and shareholders' equity	16,504	16,583

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

Fresenius Vamed: Profit & Loss Statement

€m	FY/18	FY/17
Sales	1,688	1,228
EBITDA Margin %	133 7.9	87 7.1
EBIT Margin %	110 6.5	76 6.2
Net interest	-9	-2
EBT and noncontrolling interest	101	74
Income taxes Tax rate %	-28 27.3	-23 31.1
Noncontrolling interest	-1	-1
Net income1	72	50
ROE (before taxes) %	16.4	19.0

Reflects acquisition of German post-acute care business from Helios as of July 1, 2018

¹ Attributable to shareholders of Vamed AG

Fresenius Vamed: Cash Flow

€m	FY/18	FY/17
Net income (incl. noncontrolling interest)	73	51
Depreciation / amortization	23	11
Change in working capital	10	-20
Cash flow from operations Margin %	106 6.3	42 3.4
CAPEX, net	-29	-7
Free Cash flow (before acquisitions and dividends)	77	35
Margin %	4.6	2.9
Acquisitions, net	-442	-19
Free cash flow (before dividends)	-365	16

Reflects acquisition of German post-acute care business from Helios as of July 1, 2018

Fresenius Vamed: Balance Sheet

€m	FY/18	FY/17
Accounts receivable	392	238
Property, plant and equipment	411	80
Intangible assets	308	127
Other assets	1,049	837
Total assets	2,160	1,282
Debt	535	245
Other liabilities	959	648
Equity (incl. noncontrolling interest)	666	389
Total liabilities and shareholders' equity	2,160	1,282

Reflects acquisition of German post-acute care business from Helios as of July 1, 2018

Fresenius Group: Reconciliation

€m	FY/18	FY/17	growth rate	growth rate (cc)
Sales reported	33,530	33,886	-1%	2%
Adjustments from IFRS 15	-	-486
Divestitures of Care Coordination activities (H2/2017) at Fresenius Medical Care (FMC)	-	-559
Sales basis for growth rates	33,530	32,841	2%	6%
EBIT reported (after special items)	5,251	4,589	14%	18%
Transaction Costs Akorn, biosimilars	35	41
Revaluations of biosimilars contingent liabilities	7
Impact of FCPA related charge	77	200
Gain related to divestitures of Care Coordination activities	-809	-
EBIT (before special items)	4,561	4,830	-6%	-3%
Divestitures of Care Coordination activities at FMC (H2/2017)	-	-84
EBIT basis for growth rates (before special items and after adjustments)	4,561	4,746	-4%	-1%
Expenditures for further development of biosimilars business	166	60
EBIT basis for growth rates (before special items and after adjustments; excluding biosimilars)	4,727	4,806	-2%	1%
Net interest reported (after special items)	-587	-667	12%	10%
Bridge Financing Costs Akorn	17	15
Net interest (before special items)	-570	-652	13%	10%
Divestitures of Care Coordination activities at FMC (H2/2017)	-	22
Net interest (before special items and after adjustments)	-570	-630	10%	7%
Expenditures for further development of biosimilars business	7	2
Net interest (before special items and after adjustments; excluding biosimilars)	-563	-628	10%	8%

Fresenius Group: Reconciliation

€m	FY/18	FY/17	growth rate	growth rate (cc)
Income taxes reported (after special items)	-950	-889	-7%	-11%
Transaction Costs Akorn, biosimilars	-10	-9
Bridge Financing Costs Akorn	-5	-4
Revaluations of biosimilars contingent liabilities	-2	-
Impact of FCPA related charge	-49	-
Gain related to divestitures of Care Coordination activities	136	-
Book gain from U.S. tax reform	-	-266
Income taxes (before special items)	-880	-1,168	25%	22%
Divestitures of Care Coordination activities at FMC (H2/2017)	-	20
Income taxes (before special items and after adjustments)	-880	-1,148	23%	21%
Expenditures for further development of biosimilars business	-53	-19
Income taxes (before special items and after adjustments; excluding biosimilars)	-933	-1,167	20%	17%
Noncontrolling interest (after special items)	-1,687	-1,219	-38%	-43%
Impact of FCPA related charge	-19	-138
Gain related to divestitures of Care Coordination activities	466	-
Book gain from U.S. tax reform	-	163
Noncontrolling interest (before special items)	-1,240	-1,194	-4%	-7%
Divestitures of Care Coordination activities at FMC (H2/2017)	-	30
Noncontrolling interest (before special items and after adjustments)	-1,240	-1,164	-7%	-10%

Fresenius Group: Reconciliation

€m	FY/18	FY/17	growth rate	growth rate (cc)
Net income reported (after special items)	2,027	1,814	12%	15%
Transaction Costs Akorn, biosimilars	25	32
Bridge Financing Costs Akorn	12	11
Revaluations of biosimilars contingent liabilities	5	-
Impact of FCPA related charge	9	62
Gain related to divestitures of Care Coordination activities	-207	-
Book gain from U.S. tax reform	-	-103
Net income (before special items)	1,871	1,816	3%	6%
Divestitures of Care Coordination activities at FMC (H2/2017)	-	-12
Net income basis for growth rates (before special items and after adjustments)	1,871	1,804	4%	7%
Expenditures for further development of biosimilars business	120	43
Net income basis for growth rates (before special items and after adjustments; excluding biosimilars)	1,991	1,847	8%	11%

Fresenius Medical Care: Reconciliation

€m	FY/18	FY/17	growth rate	growth rate (cc)
Sales reported	16,547	17,784	-7%	-2%
Effect from IFRS 15 implementation	-	-486
Divestitures of Care Coordination activities (H2/2017)	-	-559
Revenue on a comparable basis	16,547	16,739	-1%	4%
VA Agreement1	-	-94
Sales adjusted	16,547	16,645	-1%	4%
EBIT reported	3,038	2,362	29%	33%
Gain related to divestitures of Care Coordination activities	-809	-
Divestitures of Care Coordination activities (H2/2017)	-	-84
2018 FCPA2 related charge	77	-
U.S. Ballot Initiatives	40	-
EBIT on a comparable basis	2,346	2,278	3%	6%
VA Agreement1	-	-87
Natural Disaster Costs	-	18
2017 FCPA2 related charge	-	200
EBIT adjusted	2,346	2,409	-3%	1%
Net income reported	1,982	1,280	55%	60%
Gain related to divestitures of Care Coordination activities	-673	-
Divestitures of Care Coordination activities (H2/2017)	-	-38
2018 FCPA2 related charge	28	-
U.S. Ballot Initiatives	40	-
Net income on a comparable basis	1,377	1,242	11%	14%
VA Agreement1	-	-51
Natural Disaster Costs	-	11
2017 FCPA2 related charge	-	200
U.S. tax reform (excl. divestitures of Care Coordination
activities (H2/2017))	-192	-240
Net income adjusted	1,185	1,162	2%	4%

¹ Effects from the agreement with the United States Departments of Veterans Affairs and Justice

² FCPA-Foreign Corrupt Practices Act

Fresenius Medical Care: Reconciliation to Fresenius Group

€m	FY/18	FY/17	growth rate	growth rate (cc)
EBIT reported (after special items)	3,038	2,362	29%	33%
Gain related to divestitures of Care Coordination activities	-809	-
Impact of FCPA1 related charge	77	200
EBIT (before special items)	2,306	2,562	-10%	-7%
Net income reported (after special items)	1,982	1,280	55%	60%
Gain related to divestitures of Care Coordination activities	-673	-
Impact of FCPA1 related charge	28	200
Impact from U.S. tax reform	-	-236
Net income (before special items)	1,337	1,244	7%	10%

¹ FCPA-Foreign Corrupt Practices Act

Fresenius Kabi: Reconciliation

€m	FY/18	FY/17	growth rate	growth rate (cc)
Sales reported	6,544	6,358	3%	7%
Transaction Costs Akorn, biosimilars	34	41
Revaluations of biosimilars contingent liabilities	7	-
EBIT (before special items)	1,139	1,177	-3%	2%
Expenditure for further development of biosimilars business	166	60
EBIT basis for growth rates (before special items; excluding biosimilars)	1,305	1,237	5%	10%
Transaction Costs Akorn, biosimilars	24	32
Revaluations of biosimilars contingent liabilities	5
Book gain from U.S. tax reform	-	-30
Net income (before special items)	742	702	6%	12%
Expenditures for further development of biosimilars business	120	43
Net income basis for growth rates (before special items; excluding biosimilars)	862	745	16%	21%

Fresenius Helios: Reconciliation

€m	FY/18	FY/17	growth rate	growth rate (cc)
Sales reported	8,993	8,668	4%	-
German post-acute care business transferred from Fresenius Helios to Fresenius Vamed	230	-		-
Sales adjusted	9,223	8,668	6%	-
EBIT reported	1,052	1,052	0%	-
German post-acute care business transferred from Fresenius Helios to Fresenius Vamed	27	-		-
EBIT adjusted	1,079	1,052	3%	-

Fresenius Vamed: Reconciliation

€m	FY/18	FY/17	growth rate	growth rate (cc)
Sales reported	1,688	1,228	37%	-
German post-acute care business transferred from Fresenius Helios to Fresenius Vamed	-230	-		-
Sales adjusted	1,458	1,228	19%	-
EBIT reported	110	76	45%	-
German post-acute care business transferred from Fresenius Helios to Fresenius Vamed	-27	-		-
EBIT adjusted	83	76	9%	-

Financial Calendar / Contact

Financial Calendar

02 May 2019	Results Q1/19
17 May 2019	Annual General Meeting
30 July	Results
2019	Q2/19
29 October	Results
2019	Q3/19

Please note that these dates could be subject to change.

Contact

Investor Relations Fresenius SE & Co. KGaA phone: +49 6172 608-2485 e-mail: ir-fre@fresenius.com For further information and current news: www.fresenius.com

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