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Fresenius SE & Co. KGaA

Investor Presentation • Mar 8, 2017

166_ip_2017-03-08_a06aec90-c80b-4fb0-a306-355a8a41c78a.pdf

Investor Presentation

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A Leading Global Health Care Group

  1. internationaler RBI Schuldscheintag March 8, 2017 – Stuttgart

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.

Agenda

  • 1 Company Overview
  • 2 Business Segments
  • Fresenius Medical Care
  • Fresenius Kabi
  • Fresenius Helios
  • Fresenius Vamed
  • 3 Financial Overview
  • 4 Financing Facilities and Debt Structure
  • 5 Acquisition of Quirónsalud
  • 6 Summary and Outlook

Company Overview

Fresenius Group: A Global Leader in Health Care Products and Services

  • Sales €29.1 bn, net income1 €2.7 bn in 2016
  • Strong and well-diversified portfolio
  • Leading market positions
  • Global presence
  • Long-term opportunities in growing, non-cyclical markets

1 – Net income incl. attributable to non-controlling interest

Fresenius Group: Strong and Balanced Health Care Portfolio

1 – Based on market capitalization of FSE as of March 01, 2017

2 – Based on consolidated market capitalization of FSE and FME as of March 01, 2017 and Pro Forma consolidated net debt as of January 31, 2017

3 – Held by Fresenius ProServe GmbH, a wholly owned subsidiary of FSE

4 – Based on market capitalization of FME as of March 01, 2017

Fresenius Group: Financial Results

1 – Before special items

2 – Incl. attributable to non-controlling interest

3 – 2011 sales were adjusted by -€161 m according to a U.S. GAAP accounting change This solely relates to Fresenius Medical Care North America

Fresenius Group: Sustainable Organic Sales Growth

Fresenius Group: Key Financial Results 2016

1 – 2015 before special items

2 – Incl. attributable to non-controlling interest, 2015 before special items

Business Segments

Fresenius Medical Care: Global Market Leader in Dialysis

World leader in dialysis products and services treating 308,471 patients in 3,624 clinics worldwide1 Industry Dynamics

~6% global patient growth p.a. ~3.8 million patients by 2020 expected

  • Provides highest standard of patient care
  • Vertical integration
  • High quality products & services
  • Complete therapy offerings

Leader in growing market

  • Dialysis market growing 4% cc and estimated to reach around \$100 bn by 2023
  • Patient growth driven by age, life style and higher life expectancy
  • Growth opportunities in emerging markets and value-based care

1 – As of December 31, 2016

Fresenius Medical Care: Leading in all Regions1

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1 – Company data and internal estimates, as of December, 31 2016 (if not stated otherwise)

2 – Company data and internal estimates, as of September, 30 2016

Fresenius Medical Care: Key Figures 2016

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1 – 7% organic growth, 1% acquisitions, -1% currency effects

2 – Net income attributable to shareholders of Fresenius Medical Care AG & Co. KGaA

3 – +16% adjusted by settlement costs for an agreement in principle related to GranuFlo in 2015 and acquisitions effects

Fresenius Kabi: A Worldwide Leading Hospital Supplier

  • Comprehensive product portfolio for critically and chronically ill patients:
  • Generic I.V. Drugs
  • Clinical Nutrition
  • Infusion Therapy
  • Medical Devices / Transfusion Technology
  • Global addressable market: >€33 bn
  • Leading market positions
  • Focus on organic growth driven by geographic product rollout and robust product pipeline
  • Aim to expand the business through selective acquisitions

Fresenius Kabi: Strong Growth Track Record & High Profitability

1 – Before special items

Fresenius Kabi:Key Figures 2016

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2 – Net income attributable to shareholders of Fresenius Kabi AG

3 – 2015 before special items

Fresenius Helios: Leading Hospital Operator in Germany

  • German Acute Care Hospital Market: ~€91 bn1, thereof 18% privatized
  • ~6% share in German Acute Care Hospital Market
  • High-quality medical care
  • Solid organic growth based on growing number of admissions and reimbursement rate increases
  • Strong track record in hospital operations and acquisitions: targeting 12 − 15% EBIT margin within 6 years per individual clinic location
  • Negligible bad debt ratio due to comprehensive insurance coverage of German population

1 – German Federal Statistical Office 2015; total costs, gross of the German hospitals less academic research and teaching

2 – As of December 31, 2016

Fresenius Helios: Strong Growth Track Record & High Profitability

1 – Before special items

2 – EBITDA Margin

Fresenius Helios: Key Figures 2016

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2 – Net income incl. attributable to shareholders of HELIOS Kliniken GmbH

3 – 2015 before special items

Fresenius Vamed: A Leading Global Specialist in Hospital Projects and Services

  • Specialized in project development, building hospital infrastructure and providing hospital services (technical services and operational management)
  • Track record:

  • 760 health care projects in 78 countries successfully completed

  • Services provided to > 550 hospitals and 135,000 beds globally
  • Continuous demand for hospital infrastructure and operating efficiency
  • Key markets: Europe, Asia-Pacific, Africa

Financial Overview

Fresenius Group: Key Figures 2016

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1 – 6% organic growth, 1% acquisitions, -1% divestitures, -1% currency effects

2 – Before special items

3 – Net income incl. attributable to non-controlling interest

4 – As of December, 31

Fresenius Group: Proven Track Record of Deleveraging

3.2x3.0x2.7x2.2x 2.3x 3.5x3.0x2.6x3.6x3.0x2.6x2.8x2.5x 2.5x3.4x2.7x2.4x2.02.22.42.62.83.03.23.43.63.84.02001 2002 2003 2004 2005 Q1/06 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Acquisition of APP PharmaceuticalsAcquisition of Renal Care Group Acquisition of hospitals from Rhoen-KlinikumBottom half of 2.5-3.08 2 2 2 4 2,4 4,5 2,4 3 6,7 Target 2017

Net Debt/EBITDA1

1 – At actual FX rates for both EBITDA and net debt

2 – Pro forma acquisitions, before special items

3 – Before special items

4 – Adjusted due to debt issuance cost restatement (U.S. GAAP standard ASU 2015 – 03)

5 – Pro forma excluding advances made for the acquisition of hospitals from Rhoen-Klinikum AG, before special items

6 – Pro Forma the acquisition of Quirónsalud: 3.1x (at LTM average FX rates for both net debt and EBITDA)

7 – Pro Forma acquisitions

8 – Calculated at expected annual average exchange rates, for both net debt and EBITDA; without large unannounced acquisitions

Financing Facilities and Debt Structure

Fresenius Group: Capitalization – December 31, 2016 Pro Forma4

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1 – Based on market capitalization for FSE and FMC as of March 01, 2017

2 – Before special items; pro forma acquisition of Quironsalud and FME acquisitions

3 – Exchange rate of 1.0541 as of December 31, 2016, except for market capitalization which uses exchange rate as of March 01, 2017

4 - Pro Forma the acquisition of Quironsalud: €2.6bn Senior Notes, €1.2bn Incremental credit facilities, €1.0bn Schuldschein loans, €500 million Synthetic Convertible bonds, €110 million cash. Subject to working capital adjustments

Fresenius Medical Care: Debt Maturity Profile1 December 31, 2016

1 – Based on utilization of major financing instruments

Fresenius Group excl. Fresenius Medical Care: Debt Maturity Profile1 December 31, 2016 Pro Forma2

Commercial Papers Equity-neutral convertible bonds Credit Agreement Schuldschein Loans Senior Notes

1 – Based on utilization of major financing instruments

2 – Pro Forma the acquisition of Quironsalud: €2.6bn Senior Notes, €1.2bn Incremental credit facilities, € 1.0bn Schuldschein loans and €500 million Synthetic Convertible bonds

Fresenius Group: Debt Maturity Profile 1 December 31, 2016 Pro Forma 2

1 – Based on utilization of major financing instruments

2 – Pro Forma the acquisition of Quironsalud: €2.6bn Senior Notes, €1.2bn Incremental credit facilities, € 1.0bn Schuldschein loans and €500 million Synthetic Convertible bonds

Fresenius Medical Care: Financing Mix – December 31, 2016

Fresenius Group excl. Fresenius Medical Care: Financing Mix – December 31, 2016 Pro Forma1

1 – Pro Forma the acquisition of Quirónsalud: €2.6bn Senior Notes, €1.2bn Incremental credit facilities, € 1.0bn Schuldschein loans and €500 million Synthetic Convertible bonds

Fresenius Group: Financing Mix – December 31, 2016 Pro Forma1

1 – Pro Forma the acquisition of Quirónsalud: €2.6bn Senior Notes, €1.2bn Incremental credit facilities, € 1.0bn Schuldschein loans and €500 million Synthetic Convertible bonds

Acquisition of Quirónsalud

Acquisition Highlights

Market leader in size and quality with excellent growth prospects

Strong management team with proven track recordand ongoing commitment to Fresenius

Combination forms powerful platform for knowledge & best practice transfer

Substantialcost and growth synergies

Hospital Network With Clear Focus on Large Metropolitan Areas

Structural Growth Drivers

Health care expenditure per capita in Spain below EU average

Close dovetailing of inpatient and outpatient care

Public – NHS (PPPs)

Expansion of existing facilities

Greenfield projects

Acquisition of private hospitals

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Acquisition Financing Quirónsalud: Financing Mix

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0
,
i
l
C
i
b
l
E
t
t
t
q
-n
e
o
n
e
e
u
y
u
r
a
v
r		 0
0
5		 i
C
T
t
t
n
o
n
o
r
a
s
a
c
s
s		 0
5
S
i
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t
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o
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s
r		 2
6
0
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h
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h
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e
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c
u
s
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a		 1,
0
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d
d
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S
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i
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e
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s		 1,
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0
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C
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1
0
l
T
t
o
a		 5
8
1
0
,		 G
t
e
s
a
m		 5
8
1
0
,

1 – As portion of the purchase price payment

2 – Subject to working capital adjustments

Summary and Outlook

Fresenius Group: 2017 Financial Outlook by Business Segment

€
l
l
h
d
i
i
t
t
i
t
t
m
o
n
e
x
c
e
p
o
e
r
w
s
e
s
a
e		 1
2
0
1
6
B
a
s
e		 1
2
0
1
7
e
4
S
l
h
(
)
t
a
e
s
g
r
o
w
c
c		 1
6,
7
5
0		 8
%
1
0
%
–
4,
5
N
i
h
(
t
t
e
n
c
o
m
e
g
r
o
w
c		 )
1,
1
4
4
c		 7
%
9
%
–
l
h
(
i
)
S
t
a
e
s
g
o
o
g
a
n
c
r
w
r		 6,
0
0
7		 5
%
7
%
–
h
(
)
E
B
I
T
t
g
o
c
c
r
w		 1,
1
7
1		 5
%
7
%
–
l
h
(
i
)
S
t
a
e
s
g
r
o
o
r
g
a
n
c
w		 2
5,
8
4
3		 3
%
5
%
–
S
l
(
d
)
t
a
e
s
r
e
p
o
r
e		 2
8
3
5,
4		 b
l
l
€
8.
6
i
i
o
n
~
uiró
the
f Q
lud
3 ~
€2
.5 b
illio
reo
nsa
n
E
B
I
T		 2
6
8
3		 1,
0
2
0
–1
0
7
0
,
uiró
the
f Q
lud
3: E
of
€30
0 to
€3
20m
BIT
reo
nsa
(EB
ITD
A €
480
to
€50
0m
ort
izat
ion
€8
0m
, am
,
dep
iati
€10
0m
)
rec
on
l
h
(
i
)
S
t
a
e
s
g
o
o
g
a
n
c
r
w
r		 1,
1
6
0		 5
%
1
0
%
–
h
E
B
I
T
t
g
r
o
w		 6
9		 %
0
%
5
1
–
1 –
A
l
l
da
din
IFR
S
ta
to
ac
co
r
g
ón
2 –
He
lio
s K
lin
i
ke
n G
lu
din
Qu
ir
lu
d
er
ma
ny
, e
xc
g
sa
3 –
hs
li
da
d
11
t
te
m
on
co
ns
o		 f
fec
f t
4 –
Ex
lu
din
he
wi
h t
ts
nt
t
c
g
e
o
ag
ree
me
A
f
fai
d J
tic
rs
an
us
e
t i
i
bu
b
le
ha
ho
l
de
5 –
Ne
ttr
ta
to
nc
om
e a
s
re
rs
o		 f V
he
U
.S.
D
art
nts
ete
ep
me
o
ran
s
f F
ius
dic
l C
&
C
KG
M
aA
res
en
e
a
are
o.

Fresenius Group: 2017 Financial Guidance

l
l
h
d
€
i
i
i
t
t
t
t
m
o
n
e
c
e
p
o
e
s
e
s
a
e
x
r
w		 1
2
0
1
6
B
a
s
e		 1
2
0
1
7
e
S
l
h
(
)
t
a
e
s
g
r
o
w
c
c		 2
9
4
7
1
,		 %
%
1
5
1
7
–
2
i
h
(
)
N
t
t
e
n
c
o
m
e
g
o
c
c
r
w		 1,
5
6
0		 1
7
%
2
0
%
–

1 – All data according to IFRS

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

Aging Population and Increasing Healthcare Spending

• Aging population and higher incidence of chronic diseases World population age 60+ will reach >2bn by 2050 (WHO)

  • • Increasing health expenditure per capita, 2014 vs. 2004 – USA \$9,403 (+147%), China: \$420 (+592%), India: \$75 (+277%)1

  • • By 2022, one third of all global health expenditure will occur in Emerging Economies 21/3

  • 1 World Bank: Health expenditure per capita

  • 2 World Economic Forum: Health Systems Leapfrogging in Emerging Economies Project Paper (2014)
  • 3 WHO: Global status report on non communicable diseases

Fresenius Group: Ambitious Mid-Term Targets

1 – Mid-point of the 2017 sales guidance, adjusted for current exchange rates

2 – Mid-point of the 2017 net income guidance, adjusted for current exchange rates

3 – Calculated on the basis of the mid-point of the 2020 target range

At current exchange rates; excluding strategic acquisitions; at current IFRS rules

Investment Highlights

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