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Fresenius SE & Co. KGaA

Investor Presentation • Sep 27, 2016

166_ip_2016-09-27_ee99a061-439a-47f4-a053-facc44be7459.pdf

Investor Presentation

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A Leading Global Health Care Group

Deutsche Bank – Leveraged Finance Conference September 27, 2016 – Scottsdale/Arizona

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 Vamed
  • Fresenius Helios
  • 3 Acquisition of Quirónsalud
  • 4 Financial Overview
  • 5 Financing Facilities and Debt Structure
  • 6 Summary and Outlook

Company Overview

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

  • Sales €28.2 bn, net income1 €2.5 bn in LTM June 30, 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, 2015 before special items

Fresenius Group: Strong and Balanced Health Care Portfolio

  • 1 LTM June 30, 2016
  • 2 2015 before special items
  • 3 Based on market capitalization of FSE as of August 31, 2016
  • 4 Based on consolidated market capitalization of FSE and FME as of August 31, 2016 and consolidated net debt as of June 30, 2016
  • 5 Held by Fresenius ProServe GmbH, a wholly owned subsidiary of FSE
  • 6 Based on market capitalization of FME as of August 31, 2016

Fresenius Group: Financial Results

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: Sustainable Organic Sales Growth in all Business Segments

1 – LTM June 30, 2016

2 – Due to project delays in Russia and Ukraine

Fresenius Group: Key Financials H1/2016

Sales Net Income 2 EBIT 1 +4% (+6% cc) Q2/15 Q2/16 Q2/15 Q2/16 +10% (+11% cc) 17% (+17% cc) 1,822 2,010 H1/15 H1/16 € million H1/15 H1/16 13,429 14,006 H1/15 H1/16 H1/15 H1/16 1,051 1,228 H1/15 H1/16

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 301,548 patients in 3,504 clinics worldwide 1
  • Provide 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 2020
  • Patient growth driven by age, life style and mortality reduction
  • Growth opportunities in emerging markets

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

1 – As of June 30, 2016

Fresenius Medical Care: Market Leader in All Regions 1

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1 – Company data and internal estimates, as of June 30, 2015

Fresenius Medical Care: Key Figures H1/2016

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1 – 7% organic growth, 1% acquisitions, 0% divestitures, -2% currency effects

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

Fresenius Medical Care: Leverage Ratio and Ratings

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

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

€6.0 bnLTM June 30, 2016 Sales by Region Emerging Markets €1,692 m 28%Europe €2,119 m 36%

North America€2,153 m

36%

Fresenius Kabi: Strong Growth Track Record & High Profitability

1 – Before special items

2 – LTM June 30, 2016

Fresenius Kabi: Key Figures H1/2016

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1 – 6% organic growth, 0% acquisitions, -2% divestitures, -4% currency effects

2 – 2015 before special items

3 – Net income attributable to shareholders of Fresenius Kabi AG, 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

LTM June 30, 2016 Sales by Business

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 June 30, 2016

Fresenius Helios: Strong Growth Track Record & High Profitability

Sales in € m

1 – Before special items

2 – LTM June 30, 2016

Fresenius Helios: Key Figures H1/2016

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1 – 4% organic growth, 1% acquisitions, 0% divestitures, 0% currency effects

2 – 2015 before special items

3 – Net income attributable to shareholders of HELIOS Kliniken GmbH, 2015 before special items

Acquisition of Quirónsalud

Transaction Highlights

Strong management team with proven track and ongoing commitment to Fresenius

Combination forms powerful platform for knowledge & best practice transfer

Highly accretive from 2017 – leverage back to current levels after 1.5 years

New mid-term targets for Fresenius Group as part of its FY 2016 reporting

Excellent Reputation in the Spanish Hospital Market

Hospital Network With Clear Focus on Large Metropolitan Areas

Spanish Health Care Market – Key Facts

Total health care expenditure

Average length of stay

Hospital discharges

Hospital beds

Private Health Care System in Spain

NHS = National Health Care System; HIC = Health Insurance Companies

* Expectation: mid-term CAGR +1.5%

Broad Revenue Base of Quirónsalud Driven by Diversified Payor and Patient Split

34%12%8%43%3%Other€2,372m RevenuesTotal 2015 Private - HIC• Agreements with all relevant HICs • Full reimbursement of all medical services Self pay • Treatments not covered by HIC/NHS (e.g. plastic surgery, dental and drugs) • Medical tourismPublic – NHS (PPPs) • 5 long-term concession hospitals 4 in Madrid and 1 in Barcelona• Remuneration per capita within assigned coverage area, additional remuneration for "free-choice" patients Occupational Risk Prevention • Only private hospital provider with ORP services in Spain ~300 centers:>4m employees contracted; >1.7m check-ups p.a. •Cross-selling opportunities

HIC = Health Insurance Companies; NHS = National Health Care System

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

Financial Outlook

Financially Sound Acquisition (I)

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Financially Sound Acquisition (II)

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1 – based on mid-point of projected 2017 EBITDA range of €520 ‒ €550m

Financial Overview

Fresenius Group: Key Figures H1/2016

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1 – 6% organic growth, 1% acquisitions, -1% divestitures, -2% currency effects

2 – 2015 before special items

3 – Net income incl. attributable to non-controlling interest, 2015 before special items

Fresenius Group: Cash Flow Development LTM June 30, 2016

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1 – Before acquisitions and dividends

2 – Margin incl. FMC dividend

3 – Understated: 6.6% excluding €55 million of capex commitments from acquisitions

Fresenius Group: Proven Track Record of Deleveraging

Net Debt/EBITDA

  • 1 Pro forma acquisitions, before special items
  • 2 Before special items
  • 3 Adjusted due to debt issuance cost restatement (U.S. GAAP standard ASU 2015 03)
  • 4 Pro forma excluding advances made for the acquisition of hospitals from Rhoen-Klinikum AG, before special items
  • 5 At annual average FX rates for both EBITDA and net debt, excluding potential acquisitions

Fresenius Group: Debt and Interest Ratios

  • 1 At annual average FX rates for both EBITDA and net debt
  • 2 Pro forma acquisitions; before special items
  • 3 Pro special items
  • 4 2011 2014 adjusted due to debt issuance cost restatement (U.S. GAAP standard ASU 2015-03)
  • 5 At annual average FX rates for both EBITDA and net debt, without large unannounced acquisitions

Fresenius Group: Capitalization – June 30, 2016

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7
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l
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%
O
he
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l
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t
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t
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r
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9
%
l
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(
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(
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7
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To
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%
5
l
de
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F
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%
Co
l
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A
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t
tm
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1
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on
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l
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To
l c
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F
S
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up		 5,
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5

1 – Based on market capitalization for FSE and FMC as of August 31, 2016

2 – 2015 before special items; pro forma acquisitions

3 – Exchange rate as of as of June 30, 2016, except for market capitalization which uses exchange rate as of as of August 31, 2016

Fresenius Medical Care: Debt Maturity Profile1 - June 30, 2016

1 – Based on utilization of major financing instruments

Fresenius Group ex. Fresenius Medical Care: Debt Maturity Profile 1- June 30, 2016

Senior NotesSchuldschein Loans Credit Agreement Equity-neutral convertible bonds Commercial Papers

1 – Based on utilization of major financing instruments

Fresenius Group: Debt Maturity Profile1 - June 30, 2016

Fresenius Medical Care

Fresenius excl. Fresenius Medical Care

1 – Based on utilization of major financing instruments

Summary and Outlook

Fresenius Medical Care: 2016 Financial Outlook

h
R
t
e
v
e
n
u
e
g
r
o
w
t
t
t
a
c
o
n
s
a
n
c
u
r
r
e
n
c
y		 7
%
1
0
%
+
-
h
N
I
t
t
e
n
c
o
m
e
g
o
r
w
h
t
t
t
a
c
e
n
e
c
a
n
g
e
a
e
u
r
r
x
r		 %
2
0
%
1
5
+
-
  • Including savings from the Global Efficiency Program
  • Acquisitions 2015/2016 are not included
  • Net income growth based on \$1,057 million in 2015 1

1 – Net income attributable to shareholders of Fresenius Medical Care AG & Co. KGaA (\$1,029 million), including GranuFlo®/NaturaLyte® agreement in principle (+\$37 million) and excluding acquisitions in 2015 of \$9 million

Fresenius Group: 2016 Financial Outlook by Business Segment

l
d
O		 N
e
w
S
l
h
t
i
a
e
s
g
r
o
w
o
r
g
a
n
c		 l
l
d
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i
i
t
o
w
s
n
g
e
g
-		 3
%
%
5
–
E
B
I
T
t
t
c
o
n
s
a
n
c
e
n
c
u
r
r
y		 h
l
f
l
t
o
g
a
r
u
y		 3
%
5
%
–
l
h
S
i
t
a
e
s
g
r
o
w
o
g
a
n
c
r		 3
%
5
%
–		 h
d
u
n
c
a
n
g
e
E
B
I
T		 €
6
0
0
0
7
7
m
–		 h
d
u
n
c
a
n
g
e
l
h
S
i
t
a
e
s
g
o
o
g
a
n
c
r
w
r		 5
%
1
0
%
–		 h
d
n
c
a
n
g
e
u
h
E
B
I
T
t
g
r
o
w		 0
5
%
1
%
–		 h
d
u
n
c
a
n
g
e

Fresenius Group: 2016 Financial Guidance

2
0
1
5		 2
0
6
1
l
A
t
c
a
u		 l
d
O		 N
e
w
l
h
S
t
a
e
s
g
r
o
w
t
t
o
n
s
a
n
e
n
c
c
u
r
r
c
y		 b
€
2
7
6
n		 6
%
8
%
–		 h
d
u
n
c
a
n
g
e
i
1
N
t
e
n
c
o
m
e
h
t
g
r
o
w		 €
1,
4
2
3
m		 8
%
1
2
%
–		 1
1
%
1
4
%
–
t
t
o
n
s
a
n
e
n
c
c
u
r
r
c
y

1 – Net income attributable to shareholders of Fresenius SE &Co.KGaA; 2015 before special items

Fresenius Group: Confirming mid-term growth targets

2019: €36 - 40 billion in sales€2.0 - 2.25 billion in net income

At comparable exchange rates

Includes small and mid-size acquisitions

EAT CAGR at mid-point of mid-term target: 10.5% (Previous implied EAT CAGR of mid-term target: 8.4%)

Net income attributable to shareholders of Fresenius SE &Co.KGaA; 2015 before special items

Fresenius Group: Ideal Strategic Posture to Benefit from Major Healthcare Trends

• 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 US\$9,403 (+147%), China: US\$420 (+592%), India: US\$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

Investment Highlights

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