Investor Presentation • Mar 17, 2016
Investor Presentation
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Barclays Global Healthcare Conference – March 17, 2016
Frankfurt stock exchange (DAX30): FRE │ US ADR program (OTC): FSNUY │ www.fresenius.com/investors
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.
Expansion in Care Coordination and global dialysis service opportunities; enter new geographies
Global Dialysis Market 2015: ~US\$73 bn; ~6% patient growth p.a.
Growth Drivers: Aging population, increasing incidence of diabetes and high blood pressure, treatment quality improvements
Focus on organic growth through geographic product rollouts and new product launches
Global Addressable Market 2015: >€33 bn
Growth Drivers: Patent expirations, rising demand for health care services, higher health care spending in Emerging Markets
1 German Federal Statistical Office 2015; total costs, gross of the German hospitals less academic research and teaching
Market Dynamics
German Acute Care Hospital Market: ~€91 bn1
Growth Drivers: Aging population leading to increasing hospital admissions, further market consolidation
Majority of population has access to a HELIOS hospital within one hour's drive1
34,000 beds
1 As of Dec 31, 2015
Manages hospital construction/expansion projects (51% of sales) and provides services (49% of sales) for health care facilities worldwide
Emerging Market demand for building and developing hospital infrastructure
Outsourcing of non-medical services from public to private operators
| Q 4 / 2 0 1 5 |
F Y / 2 0 1 5 |
|
|---|---|---|
| S l a e s |
€ 7, 2 5 7 m |
€ 2 7, 6 2 6 m |
| G h t r o w c c |
% 5 |
9 % |
| h l G t t t r o w a c u a r a e s |
1 1 % |
1 9 % |
| 1 E B I T |
€ 1, 1 0 9 m |
€ 3, 9 5 8 m |
| G h t r o w c c |
0 % 1 |
3 % 1 |
| G h l t t t r o w a c u a r a e s |
1 9 % |
2 5 % |
| 1 N i t e n c o m e |
||
| € 4 1 4 m |
€ 2 3 1, 4 m |
|
| G h t r o w c c |
2 4 % |
2 1 % |
| h l G t t t o a c a a e s r w u r |
3 0 % |
3 1 % |
Before special items
1Proposal Source: Bloomberg; dividends reinvested
| / F Y 2 0 1 5 |
h G t r o w F Y Y Y o |
|
|---|---|---|
| S l a e s E B I T |
S \$ 6, 3 8 U 1 7 m \$ U S 2, 3 2 7 m |
6 % 3 % |
| l S a e s 1 E B I T |
9 0 € 5, 5 m € 1, 1 8 9 m |
1 6 % 3 6 % |
| l S a e s 1 E B I T |
€ 8 5, 5 7 m € 6 4 0 m |
6 % 6 % 1 |
| S l a e s E B I T |
€ 1, 1 1 8 m € 6 4 m |
% 7 8 % |
Before special items
For a detailed overview of special items please see the reconciliation tables on slides 36 – 37.
1 As of Dec 31, 2015
| i F r e s e n u s b i K a |
l h S t a e s g o r w i o r g a n c E B I T t t c o n s a n c u r r e n c y |
l l d i i i t o s n g e g w - h l f l t r o u g y a |
|---|---|---|
| l h S t a e s o r w |
3 % % 5 – |
|
| i F e s e n s r u l i H e o s |
g i o g a n c r E B I T |
€ 6 0 0 0 7 7 m – |
| i F e s e n s r u d V a m e |
l h S t a e s g r o w i o r g a n c h E B I T t g o r w |
5 % 1 0 % – % 0 % 5 1 – |
| l h S t a e s g o r w t t o n n e n c s a c u r r c y |
6 % 8 % ‒ |
|---|---|
| 1 h N i t t e n o m e g o c r w t t c o n s a n c u r r e n c y |
8 2 % 1 % ‒ |
1 Net income attributable to shareholders of Fresenius SE&Co.KGaA; 2015 before special items
Net income attributable to shareholders of Fresenius SE &Co.KGaA; 2015 before special items
| G | h Q t 4 Y Y r o w o |
G h t F Y Y Y r o w o |
|||||
|---|---|---|---|---|---|---|---|
| € m |
Q / 2 0 4 1 5 |
l t a c a u t r a e s |
t t c o n s a n t r a e s |
/ 2 0 F Y 1 5 |
l t a c a u t r a e s |
t t c o n s a n t r a e s |
|
| l S a e s |
7, 2 5 7 |
1 1 % |
5 % |
2 7, 6 2 6 |
1 9 % |
9 % |
|
| 1 E B I T |
0 9 1, 1 |
9 % 1 |
0 % 1 |
3, 9 8 5 |
2 % 5 |
3 % 1 |
|
| N i t t t e n e r e s |
-1 3 7 |
2 0 % |
2 5 % |
-6 1 3 |
-2 % |
8 % |
|
| 1 I t n c o m e a e s x |
-2 8 0 |
-4 3 % |
3 3 % - |
-9 8 3 |
-3 6 % |
2 1 % - |
|
| 2 i N t e n c o m e |
1 4 4 |
3 0 % |
2 % 4 |
1, 2 3 4 |
3 1 % |
2 1 % |
1 Before special items
2Net income attributable to shareholders of Fresenius SE & Co. KGaA; before special items
For a detailed overview of special items please see the reconciliation tables on slides 36 – 37.
| Q / 2 0 4 1 5 |
h G t o r w Q 4 Y Y o |
|
|---|---|---|
| l S a e s E B I T |
\$ U S 4, 3 4 8 m \$ 2 U S 6 6 m |
1 % 0 % |
| l S a e s 1 E B I T |
9 € 1, 5 1 m € 3 1 7 m |
0 % 1 3 3 % |
| S l a e s 1 E B I T |
€ 1, 4 1 1 m € 1 6 8 m |
% 4 8 % |
| l S a e s E B I T |
€ 3 8 7 m € 3 4 m |
0 % 6 % |
Before special items
For a detailed overview of special items please see the reconciliation tables on slides 36 – 37.
| € m |
Q 4 / 2 0 1 5 |
O i g a n c r G h t r o w Q 4 Y Y o |
F Y / 2 0 1 5 |
O i g a n c r G h t r o w F Y Y Y o |
|---|---|---|---|---|
| I. V. D g s r u |
6 2 7 |
1 6 % |
2, 4 2 9 |
1 8 % |
| f h I i T n s o n e a p u r y |
2 0 1 |
% 1 |
9 1 4 |
% 1 |
| C l l i i N t i t i n c a u r o n |
3 9 3 |
% 5 |
6 0 1, 5 |
% 7 |
| d l / M i D i e c a e v c e s f h l T i T r a n s u s o n e c n o o g y |
2 8 9 |
3 % |
0 1, 4 7 |
0 % |
| T l l t o a s a e s |
1, 5 1 9 |
8 % |
5, 9 5 0 |
8 % |
| € m |
/ Q 4 2 0 1 5 |
O i r g a n c G h t r o w Q 4 Y Y o |
/ F Y 2 0 1 5 |
O i r g a n c G h t r o w F Y Y Y o |
|---|---|---|---|---|
| E u r o p e |
5 5 7 |
2 % |
2, 2 3 1 |
% 4 |
| h N A i t o m e c a r r |
5 3 8 |
1 5 % |
2, 0 9 3 |
1 6 % |
| i i f i A P s a- a c c |
2 9 7 |
% 7 |
1, 1 4 1 |
% 5 |
| / f L i A i A i t a n m e c a c a r r |
1 4 5 |
1 4 % |
5 9 3 |
1 3 % |
| l l T t o a s a e s |
9 1, 5 1 |
8 % |
9 0 5, 5 |
8 % |
| € m |
Q 4 / 2 0 1 5 |
G h t r o w Q 4 Y Y o |
F Y / 2 0 1 5 |
G h t r o w F Y Y Y o |
|---|---|---|---|---|
| E u r o p e in Ma rg |
9 5 % 1 7. 1 |
1 9 % - -3 8 0 bp s |
3 5 2 6. 6 % 1 |
2 % 2 0 bp s |
| h N A i t o m e c a r r Ma in rg |
1 9 3 3 9 % 5. |
4 0 % 2 0 bp 5 s |
7 9 8 3 8. % 1 |
4 3 % 0 bp 1 7 s |
| f / / f A i P i i L i A i A i t s a a c c a n m e r c a r c a - in Ma rg |
8 9 2 0 % 1. |
5 1 % 6 6 0 bp s |
3 1 4 8. % 1 1 |
3 1 % 2 3 0 bp s |
| d C C R & D t t o p o a e a n o p o a e r r r r |
6 0 - |
2 1 % |
2 7 5 - |
3 % - |
| l T t E B I T o a t c ta t c a on s n ur re nc y Ma in rg |
3 1 7 2 0. 9 % |
3 3 % 2 6 % |
8 9 1, 1 2 0. 0 % |
3 6 % 2 1 % |
EBIT before special items
For a detailed overview of special items please see the reconciliation tables on slides 36 – 37.
| € m |
/ Q 4 2 0 1 5 |
h G t o r w Q 4 Y Y o |
/ F Y 2 0 1 5 |
h G t o r w F Y Y Y o |
|---|---|---|---|---|
| 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 0 9 |
4 % |
5, 3 7 9 |
3 % |
| A i i t i c q u s o n s ( l i da io 1 ) t < co ns o n y r |
2 | 9 9 1 |
||
| l l T t o a s a e s |
1, 4 1 1 |
% 4 |
8 5, 5 7 |
6 % |
| € m |
/ Q 4 2 0 1 5 |
h G Q 4 Y Y t r o w o |
/ F Y 2 0 1 5 |
h G F Y Y Y t r o w o |
|---|---|---|---|---|
| l l T t o a s a e s |
1, 4 1 1 |
4 % |
5 5 7 8 , |
6 % |
| E B I T b l h d l f l E i i i i t t s a s e c n c p o o o r Ma in rg |
1 6 8 9 1 1. % |
8 % 0 bp 4 s |
6 3 1 1 1. 7 % |
1 5 % 0 bp 1 1 s |
| / A i i i D i i t t t q s o n s e s e s c u v u r ( l da / de l da i io i io t t co ns o n co ns o n 1 ) Ma in < y r rg |
0 0. 0 % |
9 4. 5 % |
||
| l T E B I T t o a Ma in rg |
6 8 1 1 1. 9 % |
8 % 4 0 bp s |
6 0 4 1 1. 5 % |
6 % 1 1 0 0 bp s |
EBIT before special items
For a detailed overview of special items please see the reconciliation tables on slides 36 – 37.
| 2 0 1 5 |
2 0 1 4 |
C h a n g e |
|
|---|---|---|---|
| f h l N i t o o o s p a s l A i i t c e c a e c n c s u r - l P i i t- t o s a c u e c a r e c n c s - |
1 1 1 8 7 2 4 |
1 1 0 8 6 2 4 |
1 % 1 % 0 % |
| f b d N o o e s A l i i t c u e c a r e c n c s - l P t- t i i o s a c u e c a r e c n c s - |
3 0 6 4 7 , 2 8, 9 1 4 6 2 5, 1 |
3 8 8 4 1 , 2 9, 0 6 8 2 0 5, 1 |
0 % -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 3, 2 3 1, 1 4 |
8, 3 1, 1 4 4 7 |
% 4 |
| O c c p a n c u y P t- t o s a c u e c a r e - |
8 2 % |
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 A t c u e c a r e - P t- t o s a e a e c u c r - |
6. 4 2 6. 4 |
6. 6 2 6. 5 |
|
| d d b % f l B i t a e n o s a e s |
0 2 % |
0 3 % |
| f l Y i P i t e a s n o o o r r |
|||||||||
|---|---|---|---|---|---|---|---|---|---|
| 1 < |
1 | 2 | 3 | 4 | 1 5 |
6 | 6 > |
1 l T t o a |
|
| f l N i i o. o c n c s |
1 | - | - | 2 1 |
3 | 0 4 |
- | 5 5 |
1 1 1 |
| ( ) R € e e n e m v u |
7 | - | - | 4 1 0 |
1 7 3 |
2, 0 0 2 |
- | 2, 8 3 7 |
5, 4 2 9 |
| T t a r g e |
|||||||||
| ( ) E B I T i % m a g n r |
- | 2. 0 |
4 0 |
6. 0 |
8. 0 |
1 0. 0 |
1 2. 0 |
1 2. 0 1 5. 0 – |
|
| ( € ) E B I T m |
- | - | - | 2 6 4 |
3. 8 1 |
2 0 0. 2 |
- | 3 0. 4 5 |
9 5 7 1 |
| d R t e p o e r |
|||||||||
| ( % ) E B I T i m a r g n |
6. 2 |
- | - | 9 8 |
6. 9 |
0. 1 4 |
- | 3. 2 1 |
1 1. 7 |
| ( ) E B I T € m |
0. 4 |
- | - | 4 0. 1 |
1 1. 9 |
2 0 7. 9 |
- | 3 7 3. 3 |
6 3 3. 6 |
| f l N i i t t > o. o c n c s a r g e |
- | - | - | 8 | 1 | 9 1 |
- | 2 5 |
3 5 |
| f l N i i t t < o. o c n c s a g e r |
- | - | - | 4 | 2 | 2 1 |
- | 3 0 |
5 7 |
1 Includes all hospitals acquired from Rhön Klinikum, €12 m integration costs allocated to individual hospitals.
| € m |
/ Q 4 2 0 1 5 |
G h t r o w Q 4 Y Y o |
/ F Y 2 0 1 5 |
G h t r o w F Y Y Y o |
|---|---|---|---|---|
| P j b i t r o e c u s n e s s |
2 4 2 |
4 % - |
5 7 5 |
3 % |
| b S i i e c e s n e s s r v u |
1 4 5 |
7 % |
5 4 3 |
1 2 % |
| T l l t o a s a e s |
3 8 7 |
0 % |
1, 1 1 8 |
7 % |
| l T E B I T t o a in Ma rg |
3 4 8. 8 % |
6 % 0 bp 5 s |
6 4 % 5. 7 |
8 % 0 bp s |
| 1 d k O i t e n a e r r |
4 2 8 |
1 6 4 % |
9 0 4 |
8 % |
| 1 O d b k l r e r a c o g |
6 0 1, 5 |
8 % 1 |
1Project business only
Pro 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
Before special items
at annual average FX rates for both EBITDA and net debt
| O i C F t p e r a n g |
C ( ) t a p e x n e |
1 F C h F l r e e a s o w |
|||||
|---|---|---|---|---|---|---|---|
| € m |
/ F Y 2 0 1 5 |
M i a g n r |
/ F Y 2 0 1 5 |
M i a g n r |
/ F Y 2 0 1 5 |
M i a g n r |
|
| 9 3 1 |
3 % 1 5 |
3 2 4 - |
% 5 4 - |
8 9 5 |
9 9 % |
||
| 6 1 8 |
1 1 1 % |
2 7 1 - |
4 9 % - |
3 4 7 |
3 6 2 % |
||
| 5 3 |
4 7 % |
1 1 - |
0 9 % - |
4 2 |
3 8 % |
||
| C / O h t t o r p o r a e e r |
2 4 - |
n a |
2 1 - |
n a |
3 6 - |
n a |
|
| l. C F M ex c |
2 1, 6 3 4 |
2 1 3 0 % |
6 1 8 - |
4 9 % - |
2 1, 0 1 6 |
2 8 1 % |
|
| Gr ou p |
3 3 2 7 , |
1 2 0 % |
1, 4 6 2 - |
5 2 % - |
1, 8 6 5 |
6 8 % |
1 Before acquisitions and dividends
2 Incl. FMC dividend
3 Understated: 7.0% excluding €44 million of capex commitments from acquisitions
1 2011-2015 adjusted due to debt issuance cost restatement (U.S. GAAP standard ASU 2015-03)
1 Adjusted due to debt issuance cost restatement (U.S. GAAP standard ASU 2015-03)
The Group's U.S. GAAP financial results as of December 31, 2015 and December 31, 2014 comprise 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.
| €m | 4/ be for Q 20 15 e ial ite sp ec ms |
eff icie ncy pro gra m |
Q 4/ 20 15 ord ing to acc P ( l. U.S . G AA inc ial ite ) sp ec ms |
4/ be for Q 20 14 e ial ite sp ec ms |
al Fe nw int rat ion eg sts co |
int ion rat eg fo sts co r d R hö ire ac qu n ho ita ls sp |
Q 4/ 20 14 ord ing to acc P ( l. U.S . G AA inc ial ite ) sp ec ms |
|---|---|---|---|---|---|---|---|
| Sa le s |
7, 2 5 7 |
7, 2 5 7 |
6, 5 2 0 |
6, 5 2 0 |
|||
| E B I T l In te t r t re s es u |
1, 1 0 9 -1 3 7 |
-5 5 |
1, 0 5 4 -1 3 7 |
9 3 5 -1 7 1 |
-4 4 |
3 9 - |
8 5 2 -1 7 1 |
| in be fo Ne t ta co m e re xe s In ta co me xe s |
9 7 2 -2 8 0 |
-5 5 0 |
9 1 7 -2 8 0 |
6 7 4 -1 9 6 |
-4 4 1 5 |
-3 9 7 |
6 8 1 -1 7 4 |
| in Ne t co m e l l ing in Le tro te t ss no nc on re s |
6 9 2 -2 8 7 |
-5 5 |
6 3 7 -2 8 7 |
5 6 8 -2 0 5 |
-2 9 |
3 2 - |
5 0 7 -2 0 5 |
| in i bu b le Ne t t tr ta co m e a ha ho l de f Fr iu S E to s re rs o es en s & Co K Ga A |
4 1 4 |
5 5 - |
3 5 9 |
3 1 8 |
2 9 - |
3 2 - |
2 5 7 |
The special items are reported in the Group Corporate/Other segment.
The Group's U.S. GAAP financial results as of December 31, 2015 and December 31, 2014 comprise 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.
| €m | FY/ 20 15 be for e ial sp ec ite ms |
eff icie ncy pro gra m |
int rat ion eg fo sts co r uir ed acq Rh ön ho ls ita sp |
dis l po sa fr ins ga om tw o HE LIO S ho ls ita sp |
FY/ 20 15 ord ing acc to U.S . G AA P ( inc l. ial sp ec ) ite ms |
FY/ 20 14 be for e ial sp ec ite ms |
Fe al nw int ion rat eg sts co |
int rat ion eg fo sts co r uir ed acq Rh ön ho ls ita sp |
dis l po sa fr ins ga om tw o HE LIO S ho ls ita sp |
dis l po sa in fro ga m Rh ön ke sta |
FY/ 20 14 ord ing acc to U.S . G AA P ( inc l. ial sp ec ) ite ms |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Sa le s |
2 6 2 6 7, |
2 6 2 6 7, |
2 3, 2 3 1 |
2 3, 2 3 1 |
|||||||
| E B I T In l te t r t re s es u |
8 3, 9 5 -6 1 3 |
0 -1 5 |
2 1 - |
3 4 |
8 3, 7 5 -6 1 3 |
8 3, 1 5 -6 0 2 |
0 -5 |
5 1 - |
2 2 |
3 5 |
3, 1 1 4 -6 0 2 |
| Ne in be fo t ta co m e re xe s In ta co me xe s |
3, 3 4 5 -9 8 3 |
-1 0 5 1 6 |
-1 2 2 |
3 4 |
3, 2 6 2 -9 6 5 |
2, 5 5 6 -7 2 5 |
-5 0 1 7 |
-5 1 1 0 |
2 2 -1 |
3 5 -1 |
2, 5 1 2 -7 0 0 |
| Ne in t co e m l l Le tro ing in te t ss no nc on re s |
2, 3 6 2 -9 3 9 |
-8 9 |
1 0 - |
3 4 |
2, 2 9 7 -9 3 9 |
1, 8 3 1 -7 4 5 |
-3 3 |
4 1 - |
2 1 |
3 4 |
1, 8 1 2 -7 4 5 |
| in i bu b le Ne t t tr ta co m e a ha ho l de f to s re rs o iu S & Co Ga Fr E K A es en s |
1, 4 2 3 |
8 9 - |
1 0 - |
3 4 |
1, 3 5 8 |
1, 0 8 6 |
3 3 - |
4 1 - |
2 1 |
3 4 |
1, 0 6 7 |
The special items are reported in the Group Corporate/Other segment.
Number of shares1 545,727,950 Ticker symbol FRE Bloomberg symbol FRE GR Reuters symbol FREG.de
WKN / ISIN 578560 / DE0005785604
Ticker symbol FSNUY Depositary bank Deutsche Bank
Ratio 4 ADRs = 1 ordinary share ADR CUSIP / ISIN 35804M105 / US35804M1053 Exchange OTCQX International Premier Structure Sponsored Level I ADR
As of December 31, 2015
| 0 3 0 2 0 6 5 1 |
t 2 0 6 R 1 1 t t s e p o o n q e r u a r r |
|---|---|
| 3 0 2 0 6 1 5 1 |
l G l k f / A M i F M i t t n n e n e e e n g n n u a r a r a u r a , |
| 0 2 0 8 2 0 6 1 |
d 2 2 0 6 R 1 t t n e p o o n q e r u a r r |
| 2 0 2 0 6 7 1 1 |
d 3 2 0 6 R 1 t t r e p o r o n q u a r e r |
Please note that these dates could be subject to change.
Investor RelationsFresenius SE & Co. KGaA
phone: +49 6172 608-2487 e-mail: [email protected]
For further information and current news: www.fresenius.com
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