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Fresenius SE & Co. KGaA

Investor Presentation • Oct 27, 2016

166_ip_2016-10-27_fdfb835f-c862-49d9-aa3a-d2d1e3b7674d.pdf

Investor Presentation

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Conference Call – Q3/2016 Results

Bad Homburg, 27 October 2016

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: Q3/2016 Highlights

Acquisition of Quirónsalud creates European leader in hospital operations

Fresenius Medical Care celebrates 20th anniversary

Strong earnings growth

Fresenius Group: Q3/2016 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: Profit and Loss Statement

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

1Constant currency growth rates

22015 before special items

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

For a detailed overview of special items please see the reconciliation tables on slides 27–28.

Fresenius Group: Q3/2016 Key Financials

2015 EBIT before special items

Fresenius Kabi (1/2)

North America

  • • 2% organic sales growth in Q3/16 despite tough PY quarter
  • • Gradual easing of IV drug shortages: 16 Kabimarketed products currently designated in shortage vs. 17 at the end of Q2/16
  • • 6 product launches YTD; confirm top end of 6 to 10 target range for FY/16
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• Increase outlook: Low to mid single-digit organic sales growth for FY/16 (Previous: Low single-digit)

Europe

  • •3% organic sales growth in Q3/16
  • • On track to meet outlook of low to mid single-digit organic sales growth for FY/16

Fresenius Kabi (2/2)

Emerging Markets

China

  • •9% organic sales growth in Q3/16
  • • New tender rules:
  • 10 out of 31 provinces have finalized tender process
  • Expect low single-digit price impact in FY16
  • • Sustainable double-digit volume growth expected

Asia-Pacific ex China

•10% organic sales growth in Q3/16

Latin America/Africa

•7% organic sales growth in Q3/16

Emerging Markets overall

• On track to meet FY/16 outlook of likely low double-digit organic sales growth

China tender situation: Applicable to Kabi's Pharmaceutical and Nutrition business

Disclaimer: This update is only intended to give a general picture of the drug purchase tendering status of each province / direct-controlled city in China. The status may vary between type of drugs, specific products or specific area /hospital.

Fresenius Kabi: EBIT

€
m		 Q
3
/
2
0
1
6		 1
∆
Q
3
Y
Y
o		 Q
1–
3
/
2
0
1
6		 1
∆
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1–
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Y
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1
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4
%		 2
%
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0.
6
%		 7
%
b
9
0
p
s

Constant currency growth rates

2015 before special items Margin growth at actual rates For a detailed overview of special items please see the reconciliation tables on slides 27–28.

Fresenius Helios

Germany

  • • 4% organic sales growth in Q3/16 driven by admissions increase
  • • Ongoing favorable reimbursement environment: 2017 DRG inflator set at 2.50%

Quirónsalud

  • • Closing process and debt financing progressing
  • • On track to meet FY/16 outlook:
  • Sales of €2.5 bn
  • EBITDA of €460 to 480 m

1 Organic sales growth

Fresenius Helios: EBIT

€
m		 Q
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/
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0
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1		 Q
3
∆
Y
Y
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∆
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1.		 0
b
1
p
s		 6
%
1
1.		 3
0
b
p
s

2015 before special items

For a detailed overview of special items please see the reconciliation tables on slides 27–28.

Fresenius Vamed

  • • 1% organic sales growth in Q3/16 reflects typical quarterly fluctuations of project business
  • • Continued strong order intake with good regional diversification
€
m		 /
Q
3
2
0
6
1		 ∆ /
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1–
3
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6
1		 ∆
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1Project business only

2Versus December 31, 2015

Fresenius Group: Cash Flow

O
t
p
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a		 i
C
F
n
g		 (
)
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-		 %
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%
9
2
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2
0
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7
2
-		 5
5
%
-		 5
5
7		 6
5
%

1Before acquisitions and dividends

2Margin incl. FMC dividend

3Understated: 7.1% excluding €51 million of capex commitments from acquisitions

Fresenius Group: 2016 Financial Outlook by Business Segment

O
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d		 N
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S
i
t
a
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a
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(
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1
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–		 h
d
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Fresenius Group: 2016 Financial Guidance

2
0
1
5		 2
0
6
1
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–		 h
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1 Net income attributable to shareholders of Fresenius SE&Co.KGaA; 2015 before special items

Attachments

Financial results by business segment

/
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1 2015 before special items

For a detailed overview of special items please see the reconciliation tables on slides 27-28.

Fresenius Group: Overview – Calculation of Noncontrolling Interest

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Fresenius Group: Cash Flow

€
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Fresenius Group: Cash Flow

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

1Before acquisitions and dividends

2Margin incl. FMC dividend

3Understated: 7.1% excluding €51 million of capex commitments from acquisitions

Fresenius Group: Leverage Ratio

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

52015 before special items

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,
5
1
1		 5
%		 4
4
5
7
,		 6
%
f
h
l
T
i
T
a
n
s
s
o
n
e
c
n
o
o
g
r
u
y
d
l
/
M
i
D
i
e
c
a
e
v
c
e
s		 2
7
1		 %
7		 7
7
7		 %
5
l
l
C
i
i
N
i
i
t
t
n
c
a
u
r
o
n		 0
3
4		 %
7		 3
1,
1
7		 %
7
f
h
I
i
T
n
s
o
n
e
a
p
u
r
y		 2
1
7		 3
%		 6
3
6		 %
5
I
V
D
g
s
r
u		 6
2
0		 2
%		 1,
8
7
1		 5
%
€
m		 /
Q
3
2
0
1
6		 O
i
g
a
n
c
r
h
G
t
r
o
w		 /
Q
1–
3
2
0
1
6		 O
i
g
a
n
c
r
h
G
t
r
o
w

Fresenius Kabi: Organic Sales Growth by Regions

l
l
T
t
o
a
s
a
e
s		 1,
5
1
1		 %
5		 4
4
5
7
,		 6
%
/
f
L
i
A
i
A
i
t
a
n
m
e
c
a
c
a
r
r		 1
5
8		 7
%		 4
3
9		 1
6
%
f
A
i
P
i
i
s
a
a
c
c
-		 2
9
0		 9
%		 8
2
1		 8
%
h
N
A
i
t
o
m
e
c
a
r
r		 5
4
2		 2
%		 1,
6
2
8		 5
%
E
u
r
o
p
e		 2
5
1		 3
%		 9
1,
5
6		 2
%
€
m		 Q
3
/
2
0
6
1		 O
i
r
g
a
n
c
G
h
t
r
o
w		 Q
3
/
2
0
6
1–
1		 O
i
r
g
a
n
c
G
h
t
r
o
w

Fresenius Helios: Strong Sales Growth

l
l
T
S
t
o
a
a
e
s		 1,
4
7
0		 6
%		 4
3
8
2
,		 5
%
A
i
i
i
t
c
q
s
o
n
s
u
(
l
d
)
i
i
1
t
<
c
o
n
s
o
a
o
n
y
r		 1
6		 n
a		 3
0		 n
a
b
l
h
d
l
f
l
E
i
i
i
i
t
t
s
a
s
e
c
n
c
p
o
r
o
o		 1,
4
5
4		 %
4		 3
2
4
5
,		 %
4
€
m		 Q
3
/
2
0
6
1		 ∆
Q
3
Y
Y
o		 Q
3
/
2
0
6
1–
1		 ∆
Q
3
1–
Y
Y
o

2015 before special items

For a detailed overview of special items please see the reconciliation tables on slides 27–28.

Fresenius Helios: Performance Indicators

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

1 December 31, 2015

2 German average (2015): 7.3

Fresenius Group: Key Figures According to IFRS

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

1 Before special items relating to Fresenius Kabi's efficiency program of €13 million according to IFRS

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

3Net income attributable to shareholders of Fresenius SE & Co. KGaA after special items (IFRS)

Reconciliation according to U.S. GAAP Q3 2016 / Q3 2015

The Group's U.S. GAAP financial results as of September 30, 2016 do not include special items, whereas the U.S. GAAP financial results as of September 30, 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
to
Fr
S
E
&
Co
K
Ga
A
s
re
rs
o
es
en
s		 3
6
7		 6
-		 4
-		 0 3
5
7
No
l
l
in
in
tr
te
t
nc
on
o
g
re
s		 -2
5
2		 -2
5
2
Ne
in
t
co
m
e		 6
1
9		 -6 4
-		 0 6
0
9
In
ta
co
m
e
xe
s		 -2
6
2		 4 -2
5
8
in
be
fo
Ne
t
ta
co
m
e
re
xe
s		 8
8
1		 0
-1		 -4 0 8
6
7
E
B
I
T
l
In
te
t r
t
re
s
es
u		 1,
0
2
7
-1
4
6		 -1
0		 4
-		 0 1,
0
1
3
-1
4
6
le
Sa
s		 6,
9
4
0		 6,
9
4
0
€m /
Q
3
2
0
1
5
be
fo
ia
l
re
s
p
ec
i
te
m
s		 f
f
ic
ie
e
nc
y
p
ro
g
ra
m
K
A
B
I		 in
io
te
t
g
ra
n
fo
ts
co
s
r
ire
d
h
ön
R
ac
q
u
ho
ls
i
ta
sp		 d
isp
l g
in
os
a
a
s
fro
tw
m
o
O
S
H
E
L
I
ho
ls
i
ta
sp		 /
Q
3
2
0
1
5
d
in
to
ac
co
r
g
U.
S.
G
A
A
P
(
in
l.
ia
l
c
sp
ec
)
i
te
m
s

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

Reconciliation according to U.S. GAAP Q1–3 2016 / Q1–3 2015

The Group's U.S. GAAP financial results as of September 30, 2016 do not include special items, whereas the U.S. GAAP financial results as of September 30, 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
e
m
a
ha
ho
l
de
f
iu
to
Fr
S
E
&
Co
K
Ga
A
s
re
rs
o
es
en
s		 0
0
9
1,		 3
4
-		 0
1
-		 3
4		 9
9
9
l
l
No
in
in
tr
te
t
nc
on
o
g
re
s		 -6
6
1		 -6
6
1
in
Ne
t
co
m
e		 1,
6
7
0		 -3
4		 1
0
-		 3
4		 1,
6
6
0
In
ta
co
m
e
xe
s		 -7
0
3		 1
6		 2 -6
8
5
Ne
in
be
fo
t
ta
co
m
e
re
xe
s		 2,
3
7
3		 -5
0		 -1
2		 3
4		 2,
3
4
5
In
l
te
t r
t
re
s
es
u		 -4
7
6		 -4
7
6
E
B
I
T		 2,
8
4
9		 -5
0		 1
2
-		 3
4		 2,
8
2
1
Sa
le
s		 2
0,
3
6
9		 2
0,
3
6
9
€m Q
1–
3
/
2
0
1
5
be
fo
l
ia
re
s
p
ec
i
te
m
s		 f
f
ic
ie
e
nc
y
p
ro
g
ra
m
K
A
B
I		 in
te
t
io
g
ra
n
fo
ts
co
s
r
d
h
ire
R
ön
ac
q
u
ho
i
ls
ta
sp		 d
l g
isp
in
os
a
a
s
fro
tw
m
o
O
H
E
L
I
S
ho
i
ls
ta
sp		 /
Q
1–
3
2
0
1
5
d
in
to
ac
co
g
r
U.
S.
G
A
A
P
(
l.
l
in
ia
c
sp
ec
i
)
te
m
s

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

Financial Calendar / Contact

Financial Calendar 2017

2
2
0
2
2
0
1
7		 l
2
0
6
R
F
i
Y
1
t
e
p
o
r
o
n
s
c
a
e
a
r
0
3
0
5
2
0
1
7		 t
R
1
2
0
1
7
t
t
s
e
p
o
o
n
q
a
e
r
u
r
r
2
0
2
0
1
5
1
7		 l
G
l
k
f
/
A
M
t
i
F
t
M
i
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
o
n
q
a
e
r
u
r
r
0
2
2
0
1
1
1
7		 d
3
2
0
R
t
t
1
7
r
e
p
o
r
o
n
q
u
a
r
e
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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