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Fresenius SE & Co. KGaA

Investor Presentation • Feb 27, 2017

166_ip_2017-02-27_b7e730f0-3430-4b43-97c6-9a06040567a6.pdf

Investor Presentation

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Morgan Stanley European MedTech & Services Conference

London, 27 February 2017

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

~€29.1 bn in Sales

Strong portfolio of products (30% of sales) and services (70% of sales)

(as of Dec. 31, 2016) Total Shareholder Return: 10-year CAGR: ~17%

Global presence in 100+ countries

233,000+ employees worldwide (as of Dec 31, 2016)

Strong, Diversified Product And Service Portfolio

Ownership: 31% Ownership: 100% Ownership: 100% Ownership: 77%

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Total Shareholder Return – CAGR, rounded

Source: Bloomberg; dividends reinvested

Fresenius Group: Consistent Cash Generation And Proven Track Record of Deleveraging

CFFO margin FCF margin (before acquisitions & dividends)

Capex in % of sales

1 Net debt at year-end exchange rate; EBITDA at LTM average exchange rates 2 Pro forma Quirónsalud: 3.2

Net Debt / EBITDA1

Fresenius Medical Care: Global Dialysis Market Leader

  • • The world's leading provider of dialysis products and services treating 308,471 patients in 3,624 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 2016:

  • •~US\$76 bn
  • •~6% patient growth p.a.

Growth Drivers:

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

As of Dec 31, 2016

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

Market Dynamics

Global Addressable Market 2016:

•>€48 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 Kliniken Germany

  • • ~6% share in German acute care hospital market
  • • Solid organic growth based on growing number of admissions and reimbursement rate increases
  • • Strong track record in hospital acquisitions and operation
  • • 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

1 German Federal Statistical Office 2016; total costs, gross of the German hospitals less academic research and teaching

Market Dynamics

German Acute Care Hospital Market:

•~€94 bn1

Growth Drivers:

• Aging population leading to increasing hospital admissions, further market consolidation

Largest network & nationwide presence

  • 112 hospitals
  • ~35,000 beds
  • ~1.3 million inpatient admissions p.a.
  • ~3.9 million outpatient admissions p.a.

As of Dec 31, 2016

Fresenius Helios: Europe's largest private hospital operator Quirónsalud Spain

  • •~€2.5bn sales in 2016
  • •~10% 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 CareOccupational Risk Prevention Outpatient

1 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:

•~€13 bn1

Growth Drivers:

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

Quirónsalud hospitals in all major economic regions of Spain

Fresenius Group: 2017 Financial Outlook by Business Segment

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All data according to IFRS; for a detailed reconciliation of US-GAAP to IFRS please see slides 41-42.

2Helios Kliniken Germany, excluding Quirónsalud

11 months consolidated

Fresenius Group: 2017 Financial Guidance

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1 All data according to IFRS; for a detailed reconciliation of US-GAAP to IFRS please see slides 41-42.

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

Fresenius Kabi: Mid-term Growth Prospects

Development Legacy Business Market Opportunities

  • •Organic growth
  • • Development of I.V. generics and nutrition products
  • •Leverage on market access
  • • Filling the blanks: roll-out of existing product portfolio

  • •Bolt-on acquisitions

  • •Enter new geographic markets

  • • Enteral Nutrition for outpatients (e.g. digital tool)
  • • Extension of product portfolio via acquisitions: New market segments, (e.g. OTC, Biosimilars), new therapeutic areas

Fresenius Helios: Mid-term Growth Drivers

HELIOS Kliniken

  • •Integrated clusters
  • •Expanded use of telemedicine
  • •Digital innovations
  • •Treating patients as consumers
  • •Selective acquisitions in Germany

Quirónsalud

  • •Quality and technology leadership
  • •Cross-selling opportunities with ORPs
  • •Greenfield projects
  • •Further market consolidation

Incremental pre-tax synergies of ~€50m p.a.

Building European platform for international patients

Further international expansion

Fresenius Vamed: Mid-term Growth Prospects

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Fresenius Group: Ambitious Mid-Term Targets

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

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

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

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

Financials FY/16

Fresenius Group: FY/2016 Highlights

HELIOS internationalization: Acquisition of Quirónsalud

All business segments contributed to solid organic growth

Continued double-digit earnings growth

Positive outlook for 2017

Ambitious new mid-term targets

Fresenius Group: FY/2016 Key Financials

Constant currency growth rates 2015 EBIT before special items Net income attributable to shareholders of Fresenius SE & Co. KGaA; 2015 before special items

Fresenius Group: FY/2016 Profit and Loss Statement

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

For a detailed overview of special items please see the reconciliation tables on slides 41–42.

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Fresenius Group: FY/2016 Key Financials

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Q4/2016 Financial Resultsby Business Segment

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For a detailed overview of special items please see the reconciliation tables on slides 41–42.

Fresenius Kabi (1/2): Expected Organic Sales Growth 2017

North America

Mid-single-digit

  • • Comps remain tough, following two exceptional years
  • • Outlook assumes gradual further easing of IV drug shortages, more competition on some key molecules and continued price pressure
  • • Vigorous launch activity in 2017: >10 product launches expected

Europe

Low to mid-single-digit

•Improving contract manufacturing business

Fresenius Kabi (2/2): Expected Organic Sales Growth 2017

Emerging Markets

Likely double-digit

  • • China: new tender policy implementation expected to be mostly completed end of H1/2017; low to mid single digit price decline and continued double-digit volume growth projected
  • • Asia-Pacific excl. China: ongoing recovery healthy growth expected
  • • Latin America /Africa: Continued strong growth expected

Fresenius Kabi: Organic Sales Growth by Regions

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Fresenius Kabi: Organic Sales Growth by Product Segment

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Fresenius Kabi: EBIT

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2015 before special items Margin growth at actual rates For a detailed overview of special items please see the reconciliation tables on slides 41–42.

Fresenius Helios: Key Topics FY/2016

HELIOS Kliniken

  • • German Hospital Structures Act considered neutralfor 2017 HELIOS results
  • • Continued favorable reimbursement environment; DRG inflator set at 2.50%
  • •Niederberg contributed positively in 2016

Quirónsalud

  • • FY/16 in line with outlook:
  • Sales of €2,540 m (+16%, 6% org.)
  • EBITDA2 of €461 m (+16%)
  • •Successful financing: Cost of debt ~1.7%
  • • Consolidationsince February 1, 2017

1 Organic sales growth

2 Before special items; primarily relating to the transaction

Fresenius Helios: Strong Sales Growth

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For a detailed overview of special items please see the reconciliation tables on slides 41–42.

Fresenius Helios: EBIT

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b
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s		 6
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7
%		 7
%
b
2
0
p
s

2015 before special items

For a detailed overview of special items please see the reconciliation tables on slides 41–42.

Fresenius Helios: Performance Indicators

/
F
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1 German average (2015): 7.3

Fresenius Vamed: Key Topics FY/2016

  • • Strong Q4/16: 10% organic sales growth and 12% EBIT growth
  • • €1,017 m order intake at all-time high, providing a solid basis for growth in FY/2017
  • • Further expansion of geographic presence primarily in emerging and developing countries
€
m		 /
Q
4
2
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F
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2
0
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5
4		 3
%
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5
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%		 5
6
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l
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n
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3
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-		 1,
0
1
7		 1
3
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Project business only

2Organic sales growth

Fresenius Group: Overview – Calculation of Noncontrolling Interest

€
m		 /
F
Y
2
0
1
6		 /
F
Y
2
0
1
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b
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Fresenius Group: Cash Flow

O
t
p
e
r
a		 i
C
F
C
(
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t
n
g
a
p
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x
n
e		 1
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€
m		 /
F
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F
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1
1
1
6
2
2		 1
0
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%		 3
4
9
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9
%
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7
3		 3
4
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3
%		 1
1
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%
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4
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4
%
-		 1,
0
2
8		 2
7
9
%
3
5
7
4
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2
3
%		 1
6
0
3
-		 5
5
%
-		 1,
9
7
1		 6
8
%

Before acquisitions and dividends

2Margin incl. FMC dividend

3Understated: 5.4% excluding €43 million of capex commitments from acquisitions

Fresenius Group: Cash Flow

€
m		 /
2
0
6
F
Y
1		 L
T
M
M
i
a
r
g
n		 /
2
0
F
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1
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h
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5
7
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3
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1		 3
3
2
7
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0
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7
(
)
C
t
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p
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6
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4
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7
4		 2
6
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1,
1
4		 3
%
4		 3
%
7
-

Fresenius Group: Leverage Ratio*

*At annual average FX rates for both EBITDA and net debt

1Pro forma acquisitions; before special items

2Adjusted due to debt issuance cost restatement (U.S. GAAP standard ASU 2015-03)

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

4Before special items

5Pro forma acquisitions

6Pro forma Quirónsalud: 3.1

7Calculated at expected annual average exchange rates, for both net debt and EBITDA; without large unannounced acquisitions

Fresenius Group Debt Maturity Profile1 December 31, 2016 Pro Forma2

Based on utilization of major financing instruments

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

Reconciliation from U.S. GAAP to IFRS FY 2016

€
m		 h
i
t
t
e
c
e
p
o
e
s
x
r
w		 d
t
t
e
s
a
e		 d
2
0
1
6
i
t
a
c
c
o
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g
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2
0
1
6
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t
a
c
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o
n
g
o
r
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F
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S
S
E		 l
a
e
s		 6
0
0
7
,		 -- 6
0
0
7
,
B
I
T		 1,
2
2
4		 1
5
3
-		 1,
1
7
1
S
l
a
e
s		 2
8
3
5
4
,		 -- 2
8
3
5
4
,
E
B
I
T		 2
6
8
2		 1 2
6
8
3
l
S
a
e
s		 1,
1
6
0		 -- 1,
1
6
0
E
B
I
T		 6
9		 -- 6
9

1 Under IFRS, research and development expenses include non-recurring valuation losses on capitalized development expenses. These relate to in-process R&D of product approval projects which were bought with the acquisition of Fresenius Kabi USA, Inc. Under US-GAAP these expenses were already recognized at the time of acquisition. Moreover differences stem from the timing of accruals.

2Helios Kliniken Germany, excluding Quirónsalud

Reconciliation from U.S. GAAP to IFRS FY 2016

€
m		 d
2
0
1
6
i
t
a
c
c
o
n
g
o
r
U
S
G
A
A
P		 ∆ d
2
0
1
6
i
a
c
c
o
n
g
r
I
F
R
S
t
o
S
l
a
e
s		 2
9
0
8
3
,		 1
3
8
8		 2
9
4
7
1
,
2
i
N
t
e
n
c
o
m
e		 1,
5
9
3		 3
3
3		 1,
5
6
0

Under U.S. GAAP, certain value adjustments for receivables at Fresenius Medical Care North America were directly deducted from sales.

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

Under IFRS, research and development expenses include non-recurring valuation losses on capitalized development expenses. These relate to in-process R&D of product approval projects which were bought with the acquisition of Fresenius Kabi USA, Inc. Under US-GAAP these expenses were already recognized at the time of acquisition. Moreover differences stem from the timing of accruals.

Fresenius Group: Key Figures According to IFRS

€
m		 /
2
0
6
F
Y
1
U
S
G
A
A
P		 /
2
0
6
F
Y
1
I
F
R
S
l
S
a
e
s		 2
9
0
8
3
,		 2
9
4
7
1
,
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B
I
T		 3
2
4
7
,		 3
0
2
4
,
N
i
t
t
t
e
n
e
r
e
s		 8
5
2
-		 8
5
2
-
i
N
t
e
n
c
o
m
e		 1
1,
9
3
5		 1
1,
6
0
5
h
f
l
O
i
t
p
e
r
a
n
g
c
a
s
o
w		 3
5
7
4
,		 8
3
5
5
,
l
h
l
B
t
t
t
a
a
n
c
e
s
e
e
o
a		 6
4
4
4
7
,		 6
6
9
4
7
,

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

Reconciliation according to U.S. GAAP Q4 2016 / Q4 2015

The Group's U.S. GAAP financial results as of December 31, 2016 do not include special items, whereas the U.S. GAAP financial results as of December 31, 2015 include special items. Net income attributable to shareholders of Fresenius SE& Co.KGaA was adjusted for these special items. The table below shows the special items and the reconciliation from net income (before special items) to earnings according to U.S.GAAP.

in
i
bu
b
le
Ne
t
t
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to
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S
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l
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8
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8
7
in
Ne
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co
m
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9
2		 -5
5		 0 0 6
3
7
In
ta
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e
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8
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8
0
in
be
fo
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t
ta
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m
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xe
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7
2		 -5
5		 0 0 9
1
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In
l
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t
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u		 -1
3
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0
5
4
Sa
le
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2
5
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2
5
7
€m /
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4
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0
1
5
be
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re
s
p
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te
m
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f
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to
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G
A
A
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(
in
l.
ia
l
c
sp
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)
i
te
m
s

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

Reconciliation according to U.S. GAAP FY 2016 / FY 2015

The Group's U.S. GAAP financial results as of December 31, 2016 do not include special items, whereas the U.S. GAAP financial results as of December 31, 2015 include special items. Net income attributable to shareholders of Fresenius SE& Co.KGaA was adjusted for these special items. The table below shows the special items and the reconciliation from net income (before special items) to earnings according to U.S.GAAP.

in
i
bu
b
le
Ne
t
t
tr
ta
co
m
e
a
ha
ho
l
de
f
iu
Fr
S
E
&
Co
K
Ga
A
to
s
re
rs
o
es
en
s		 1,
4
2
3		 8
9
-		 1
0
-		 3
4		 1,
3
5
8
l
l
No
in
in
tr
te
t
nc
on
o
g
re
s		 -9
3
9		 -9
3
9
in
Ne
t
co
m
e		 2,
3
6
2		 -8
9		 1
0
-		 3
4		 2,
2
9
7
In
ta
co
m
e
xe
s		 -9
8
3		 1
6		 2 -9
6
5
fo
Ne
in
be
t
ta
co
m
e
re
xe
s		 3,
3
4
5		 -1
0
5		 -1
2		 3
4		 3,
2
6
2
E
B
I
T
In
l
te
t r
t
re
s
es
u		 3,
9
5
8
-6
1
3		 -1
0
5		 1
2
-		 3
4		 3,
8
7
5
-6
1
3
Sa
le
s		 2
7,
6
2
6		 2
7,
6
2
6
€m /
F
Y
2
0
1
5
be
fo
ia
l
re
s
p
ec
i
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The special items are reported in the Group Corporate/Other segment.

Share Information

Share key facts

Number of shares1 553,426,015 Ticker symbol FRE Bloomberg symbol FRE GR Reuters symbol FREG.de

ADR key facts

Ticker symbol FSNUY Depositary bank Deutsche Bank

WKN / ISIN 578560 / DE0005785604

Ratio 4 ADRs = 1 ordinary share ADR CUSIP / ISIN 35804M105 / US35804M1053 Exchange OTCQX International Premier Structure Sponsored Level I ADR

As of January 31, 2017

Financial Calendar / Contact

Financial Calendar 2017

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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

Follow us on Twitter www.twitter.com/fresenius_ir and LinkedIn: www.linkedin.com/company/fresenius-investor-relations

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