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Fresenius SE & Co. KGaA

Investor Presentation • May 3, 2017

166_ip_2017-05-03_4dfa3e1f-b7c3-4042-95b8-e59ce2d7abf1.pdf

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Conference Call – Q1/2017 Results

Bad Homburg, 3 May 2017

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.

Fresenius Group: Q1/2017 Highlights

Fresenius Kabi's U.S. business well positioned for the next decade: Acquisition of Akorn and Merck KGaA's biosimilars business

HELIOS internationalization: Successful closing of Quirónsalud acquisition

All business segments contributed to strong organic sales growth

Excellent earnings growth

Group earnings guidance raised on a like-for-like basis 1

1 Before transaction costs of ~€50 million for the acquisitions of Akorn, Inc. and Merck KGaA's biosimilars business; before expected expenditures for the further development of Merck KGaA's biosimilars business of ~€50 million (expected closing H2/17)

Fresenius Group: Q1/2017 Key Financials

Constant currency growth rates Net income attributable to shareholders of Fresenius SE & Co. KGaA

Fresenius Group: Profit and Loss Statement

€
m		 /
Q
1
2
0
1
7		 1
∆
Q
1
Y
Y
o
l
S
a
e
s		 8
3
6
2
,		 1
7
%
E
B
I
T		 1,
2
1
6		 2
5
%
N
i
t
t
t
e
n
e
e
s
r		 1
5
7
-		 3
%
-
I
t
n
c
o
m
e
a
e
s
x		 3
0
8
-		 3
1
%
-
2
N
i
t
e
n
o
m
e
c		 4
5
7		 2
6
%

1Constant currency growth rates

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

Fresenius Group: Q1/2017 Business Segment Growth

Excluding the agreement with the United States Departments of Veterans Affairs and Justice at Fresenius Medical Care North America

Fresenius Kabi (1/2)

North America

  • • 4% organic sales growth despite tough Q1/16 comp
  • • Gradual easing of IV drug shortages: 15 Kabi-marketed products currently designated in shortage vs. 16 at YE 2016
  • • New product launches: expected to be back-end loaded in FY/17; confirm 10+ target
  • • 2016 Pharmaceutical Supplier of the Year
  • • Confirm FY/17 outlook: midsingle-digit organic sales growth

Europe

  • •7% organic sales growth
  • • Improved contract manufacturing business
  • • Confirm FY/17 outlook: low to mid-single-digit organic sales growth

Fresenius Kabi (2/2)

Emerging Markets

China

•10% organic sales growth

  • • New tender rules:
  • 13 out of 31 provinces have concluded a tender process; introduction of new tender policy slower than anticipated; now expected to be mostly completed end of 2017
  • Expect low single-digit price impact in FY/17
  • • Continued double-digit volume growth projected

Asia-Pacific ex China: strong organic growth of 11%

Latin America/Africa: 14% organic sales growth

Emerging Markets overall

• FY/17 outlook raised: At least 10% organic sales growth

(before: likely double-digit organic sales growth)

Fresenius Kabi: EBIT

€
m		 Q
/
2
0
1
1
7		 1
∆
Q
1
Y
Y
o
E
u
r
o
p
e
i
M
a
r
g
n		 8
0
%
1
4
7		 3
%
-3
0
b
p
s
h
i
N
t
A
o
m
e
r
r
c
a
M
i
a
r
g
n		 2
3
6
3
8.
1
%		 2
%
-
b
-2
2
0
p
s
f
/
/
f
A
i
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A
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n
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c
a
r
r
-
M
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1
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%		 2
6
%
b
1
7
0
p
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&
C
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R
D
t
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a
n
o
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e		 8
9
-		 1
4
%
-
l
T
E
B
I
T
t
o
a
M
i
a
g
n
r		 3
1
3
1
9
5
%		 2
%
b
-1
1
0
p
s

1Constant currency growth rates

Margin growth at actual rates

Fresenius Helios

HELIOS Kliniken

  • • Excellent organic sales growth (+5%) driven by solid admissions growth

  • • Opening of new hospital building in Duisburg (Germany)

  • •Consolidated since February 1, 2017

  • • Off to an excellent start: Strong sales and EBIT development
  • • First proton beam therapy center in Spain

Fresenius Helios: Key Financials

€
m		 /
Q
1
2
0
1
7
l
l
T
t
o
a
s
a
e
s		 2
0
1
8
,		 1
%
4
h
f
l
k
T
H
E
L
I
O
S
K
i
i
e
r
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o
n
e
n		 1,
5
2
8		 6
%
ó
h
f
l
d
T
Q
i
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n
s
a
r
u
r
u		 4
9
0		 --
l
T
E
B
I
T
t
o
a
M
i
a
r
g
n		 2
5
5
2.
6
%
1		 0
6
%
0
b
1
5
p
s
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T
H
E
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o
n
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r
g
n		 8
1
1
1
1.
8
%		 %
1
4
7
0
b
p
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h
f
l
d
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Q
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o
n
s
a
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M
i
a
g
n
r		 7
4
1
5.
1
%		 --
--

Fresenius Vamed

  • • 2% organic sales growth in Q1/17 reflects typical quarterly fluctuations of project business
  • •Solid order intake
  • •Order backlog at all-time high
€
m		 Q
/
2
0
1
1
7		 ∆
j
b
i
P
t
o
e
n
e
r
c
u
s
s
s		 7
7		 9
%
-
b
S
i
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u
s
n
e
s
s		 1
4
6		 1
0
%
l
l
T
t
o
a
s
a
e
s		 2
2
3		 2
%
l
T
E
B
I
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4
%
-
d
k
1
O
i
t
e
n
a
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r
r		 2
2
0		 7
%
-
1
d
b
k
l
O
r
e
r
a
c
o
g		 2
1
0
4		 2
7
%

1Project business only

2Versus December 31, 2016

Fresenius Group: Cash Flow

O
t
p
e
r
a		 i
C
F
n
g		 C
a
p
e
x		 (
)
t
n
e		 F
C
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s		 1
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l
F
o
w
€
m		 /
Q
1
2
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1
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Q
1
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1
7		 L
T
M
M
i
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Q
1
2
0
1
7		 L
T
M
M
i
a
g
n
r
1
9
2		 1
7
4
%		 8
4
-		 5
7
%
-		 1
0
8		 1
1
7
%
8
1
4		 %
1
1
5		 4
5
-		 %
5
5
-		 3
9
1		 3
6
0
%
4
4
-		 0
1
%		 1
-		 0
9
%
-		 4
5
-		 0
8
%
-
C
/
O
h
t
t
o
r
p
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r
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r		 2
6
-		 n
a		 3
-		 n
a		 2
9
-		 n
a
E
l.
F
M
C
x
c		 3
0
6		 2
1
3
6
%		 1
3
3
-		 3
%
5
-		 1
3
7		 2
8
3
%
4
7
6		 1
2
1
%		 3
2
8
-		 5
2
%
-		 1
4
8		 6
9
%

1Before acquisitions and dividends

2Margin incl. FMC dividend

Understated: 6.5% excluding €37 million of capex commitments from acquisitions

Fresenius Group: 2017 Financial Outlook by Business Segment

€m
t o
ex
ce
p		 he
d
t
ise
ta
te
s
rw		 1
2
0
1
6
B
a
s
e		 1
2
0
1
7
e
P
i
r
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v
o
u
s		 1
/
Q
1
2
0
1
7
l
A
t
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a		 1
2
0
1
7
e
N
e
w
l
h
(
)
S
t
a
e
s
g
r
o
w
o
r
g		 6
0
0
7
,		 5
%
7
%
–		 7
%
h
(
)
E
B
I
T
t
g
r
o
w
c
c		 1,
1
7
1		 %
%
5
7
–		 2
%		 2
6
%
8
%
–
l
h
(
)
S
t
a
e
s
g
r
o
o
g
w
r		 3
5
8
4
3
,		 3
3
%
5
%
–		 5
%
S
l
(
d
)
t
a
e
s
r
e
p
o
r
e		 3
8
3
5
4
,		 4
8
b
6
n
~		 2
0
b
n
E
B
I
T		 3
6
8
3		 5
1,
0
2
0
1,
0
7
0
–		 2
5
5
S
l
h
(
)
t
a
e
s
g
r
o
w
o
r
g		 6
0
1,
1		 %
0
%
5
1
–		 2
%
h
E
B
I
T
t
g
o
r
w		 6
9		 5
%
1
0
%
–		 1
4
%
-

All data according to IFRS

Before transaction costs of ~€50 million for the acquisitions of Akorn, Inc. and Merck KGaA's biosimilars business; before expected expenditures for the further development of Merck KGaA's biosimilars business of ~€50 million (expected closing H2/17)

HELIOS Kliniken Germany, excluding Quirónsalud

4Thereof Quirónsalud (11 months consolidated): ~€2.5bn

Thereof Quirónsalud (11 months consolidated): EBIT of €300 to €320m

Fresenius Group: 2017 Financial Guidance

€m
he
d
ise
t o
t
ta
te
ex
ce
p
rw
s		 1
2
0
1
6
B
a
s
e		 1
2
0
1
7
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P
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s
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v
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1
Q
1
2
0
1
7
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A
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2
0
1
7
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N
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w
S
l
a
e
s
h
(
)
t
g
r
o
w
c
c		 2
9
1
4
7
,		 1
%
1
%
5
7
–		 1
%
7
2
i
N
t
e
n
c
o
m
e
h
(
)
t
g
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c
c
r
w		 1,
5
6
0		 1
7
%
2
0
%
–		 2
6
%		 3
1
9
%
2
1
%
–

1 All data according to IFRS

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

3 Before transaction costs of ~€50 million for the acquisitions of Akorn, Inc. and Merck KGaA's biosimilars business; before expected expenditures for the further development of Merck KGaA's biosimilars business of ~€50 million (expected closing H2/17)

Attachments

Financial results by business segment

/
Q
1
2
0
1
7		 ∆
Q
1
Y
Y
o
l
S
a
e
s		 8
€
4
5
4
m
,		 1
6
%
E
B
I
T		 €
6
5
1
m		 3
%
1
S
l
a
e
s		 €
6
0
1,
4
m		 9
%
E
B
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T		 €
3
1
3
m		 3
%
l
S
a
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s		 €
2
0
1
8
m
,		 4
1
%
E
B
I
T		 €
2
5
5
m		 6
0
%
l
S
a
e
s		 €
2
2
3
m		 2
%
E
B
I
T		 €
6
m		 %
1
4
-

Fresenius Group: Overview – Calculation of Noncontrolling Interest

i
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b
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&
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€
m		 /
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Q
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Fresenius Group: Cash Flow

€
m		 Q
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2
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1
1
7		 L
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Y
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%		 --
(
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,		 1
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-		 --

Fresenius Group: Leverage Ratio

1Pro forma acquisitions

2Before special items

3Pro forma excluding advances made for the acquisition of hospitals from Rhön-Klinikum AG

4Pro forma acquisitions of Akorn, Inc. and Merck KGaA's biosimilars business; before transaction costs of ~€50 million; excluding further potential acquisitions

At annual average FX rates for both EBITDA and net debt

Fresenius Kabi: Organic Sales Growth by Product Segment

l
l
T
t
o
a
s
a
e
s		 1,
6
0
4		 7
%
f
i
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T
T
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a
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d
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M
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c
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s		 2
6
8		 %
7
l
l
C
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N
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a
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r		 4
0
7		 8
%
f
h
I
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T
n
s
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e
a
p
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r
y		 2
2
7		 9
%
I
V
D
r
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g
s		 7
0
2		 6
%
€
m		 /
Q
1
2
0
1
7		 O
i
g
a
n
c
r
h
G
t
o
r
w

Fresenius Kabi: Organic Sales Growth by Regions

l
l
T
t
o
a
s
a
e
s		 1,
6
0
4		 7
%
f
/
/
f
A
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%
1
/
L
i
A
i
A
f
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m
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r
c
a
r
c
a		 1
6
1		 1
4
%
A
i
P
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f
i
s
a
a
c
c
-		 8
2
0		 %
1
0
h
N
A
i
t
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m
e
c
a
r
r		 6
1
9		 4
%
E
u
r
o
p
e		 5
4
4		 7
%
€
m		 Q
/
2
0
1
1
7		 O
i
r
g
a
n
c
G
h
t
r
o
w

HELIOS Kliniken: Performance Indicators

/
Q
1
2
0
1
7		 /
Q
1
2
0
1
6		 h
C
a
n
g
e
f
1
h
i
l
N
t
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o
s
p
a
s		 2
1
1		 2
1
1		 0
%
l
A
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t
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e
c
n
c
s
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r
-		 8
8		 8
8		 0
%
P
l
i
i
t-
t
o
s
a
c
u
e
c
a
r
e
c
n
c
s
-		 2
4		 2
4		 0
%
1
f
b
d
N
o
o
e
s		 3
3
3
4
5
,		 3
0
6
4
7
,		 0
%
l
A
i
i
t
e
e
n
c
u
c
a
r
c
c
s
-		 2
9,
3
6
1		 2
9,
6
1
8		 -1
%
l
i
i
P
t-
t
o
s
a
c
u
e
c
a
r
e
c
n
c
s
-		 2
5,
1
7		 0
8
8
5,		 2
%
d
A
i
i
m
s
s
o
n
s
(
i
i
)
A
t
t
t
c
u
e
c
a
r
e
n
p
a
e
n
-		 3
2
8
5,
5
5		 3
0
8,
8
6
5		 %
5
O
c
c
u
p
a
n
c
y
P
t-
t
o
s
a
c
u
e
c
a
r
e
-		 7
9
%		 7
6
%
l
h
f
(
d
)
A
t
t
v
e
r
a
g
e
e
n
g
o
s
a
y
a
y
s
2
A
t
c
u
e
c
a
r
e
-		 6.
3		 6.
4
P
t-
t
o
s
a
c
u
e
c
a
r
e
-		 2
9
5.		 2
3
5.

1 December 31, 2016

2 German average (2015): 7.3

Financial Calendar / Contact

Financial Calendar 2017

1
2
0
2
0
1
5
7		 f
l
G
l
i
k
/
i
A
M
t
F
t
M
n
n
u
a
e
n
e
r
a
e
e
n
g
r
a
n
u
r
a
n
,
0
1
0
8
2
0
1
7		 d
R
2
2
0
1
7
t
t
n
e
p
o
r
o
n
q
u
a
r
e
r
0
2
1
1
2
0
1
7		 d
R
3
2
0
1
7
t
t
r
e
p
o
o
n
q
a
e
r
u
r
r

Please note that these dates could be subject to change.

Contact

Investor RelationsFresenius SE & Co. KGaAphone: +49 6172 608-2485 e-mail: [email protected] For further information and current news: www.fresenius.com

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