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Fresenius SE & Co. KGaA

Investor Presentation • Mar 3, 2016

166_ip_2016-03-03_fec3acf7-5940-4a2b-8a03-25b41a528212.pdf

Investor Presentation

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A LEADING GLOBAL HEALTHCARE COMPANY

Roadshow New York – March 3, 2016

Frankfurt stock exchange (DAX30): FRE │ US ADR program (OTC): FSNUY │ www.fresenius.com/investors

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.

A GLOBAL LEADER IN HEALTHCARE PRODUCTS AND SERVICES

Roadshow New York, Fresenius SE & Co. KGaA, Investor Relations © Copyright, March 3, 2016

STRONG, DIVERSIFIED PRODUCT AND SERVICE PORTFOLIO

FRESENIUS MEDICAL CARE: GLOBAL DIALYSIS MARKET LEADER

  • The world's leading provider of dialysis products and services treating >290,000 patients in 3,418 clinics1
  • Provide highest standard of product quality and patient care

Expansion in Care Coordination and global dialysis service opportunities; enter new geographies

Market Dynamics

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

1 As of Dec 31, 2015

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 2015: >€33 bn

Growth Drivers: Patent expirations, rising demand for health care services, higher health care spending in Emerging Markets

FRESENIUS HELIOS: LEADING GERMAN HOSPITAL OPERATOR

  • ~6% share in German acute care hospital market
  • Strong track record in hospital acquisitions and operations
  • High-quality medical care, e.g., mortality rate for heart failure and pneumonia below German average
  • Comprehensive healthcare services coverage

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

1 As of Dec 31, 2015

  • 111 hospitals

  • 34,000 beds

  • ~1.3 million inpatient admissions
  • ~3.4 million outpatient admissions

FRESENIUS VAMED:

LEADING GLOBAL HOSPITAL PROJECTS AND SERVICES SPECIALIST

Manages hospital construction/expansion projects (51% of sales) and provides services (49% of sales) for health care facilities worldwide

  • Offers project development, planning, turnkey construction, maintenance as well as technical management, and total operational management
  • Strong track record: More than 760 projects in 78 countries completed

Market Dynamics

Growth Drivers:

Emerging Market demand for building and developing hospital infrastructure

Outsourcing of non-medical services from public to private operators

Dividend Development and Total Shareholder Return TOTAL SHAREHOLDER RETURN CAGR, ROUNDED

Source: Bloomberg; dividends reinvested

INVESTMENT HIGHLIGHTS

FINANCIALS FY/15

FRESENIUS GROUP: FINANCIAL RESULTS

Q
4
/
2
0
1
5		 F
Y
/
2
0
1
5
S
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s		 €
7,
2
5
7
m		 €
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7,
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2
6
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G
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5		 9
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G
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%		 3
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Before special items

Roadshow New York, Fresenius SE & Co. KGaA, Investor Relations © Copyright, March 3, 2016

FRESENIUS GROUP:

DIVIDEND DEVELOPMENT AND TOTAL SHAREHOLDER RETURN

1Proposal Source: Bloomberg; dividends reinvested

%

FRESENIUS GROUP:

FINANCIAL RESULTS BY BUSINESS SEGMENT

F
Y
/
2
0
1
5		 G
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Y
Y
Y
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%
3
%
S
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B
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T		 €
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8
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%
3
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%
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1
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T		 8
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€
6
0
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%
1
6
%
l
S
a
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s
E
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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.

FRESENIUS KABI: 2016 GROWTH OUTLOOK BY REGION

FRESENIUS HELIOS:

INTEGRATION PROCESS COMPLETED, TARGETING CONTINUED GROWTH

Growth

  • 4% organic sales increase in Q4/15, driven by solid admission growth
  • Continued favorable reimbursement environment; DRG inflator set at 2.95%
  • Hospital network "Wir für Gesundheit" with more than 5,000 PlusCards in place as of Jan 31, 2016
  • Privatization trend ongoing; acquisition of 500-bed hospital in Feb 2016

Largest network with 111 hospitals1

FRESENIUS VAMED:

BALANCED PORTFOLIO PROVIDES STABLE GROWTH

Growth

  • €904 m order intake at all-time high, providing a solid basis for FY/2016
  • Further expansion of geographic presence primarily in emerging and developing countries
  • Revenue share of service business expected to increase mid to long-term

Expansion of Service Business

Roadshow New York, Fresenius SE & Co. KGaA, Investor Relations © Copyright, March 3, 2016

FRESENIUS GROUP:

2016 FINANCIAL OUTLOOK BY BUSINESS SEGMENT

i
F
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e
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%
%
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i
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%
1
0
%
–
%
0
%
5
1
–

FRESENIUS GROUP: 2016 FINANCIAL GUIDANCE

l
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S
t
a
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g
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r
w
t
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c
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s
a
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%
8
%
‒
1
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N
i
t
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c
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t
t
c
o
n
s
a
n
c
e
n
c
u
r
r
y		 8
%
1
2
%
‒

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

FRESENIUS GROUP: NEW MID-TERM GROWTH TARGETS

FY 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

ATTACHMENTS

FRESENIUS GROUP: PROFIT AND LOSS STATEMENT

G h
Q
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4
Y
Y
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Y
Y
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1
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1
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x		 -2
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%		 2
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4		 3
1
%		 2
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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.

FRESENIUS GROUP:

FINANCIAL RESULTS BY BUSINESS SEGMENT Q4

/
Q
4
2
0
1
5		 h
G
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o
r
w
Q
4
Y
Y
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\$
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6
6
2
m		 1
%
0
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1
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1,
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€
3
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%
3
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1
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B
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T		 €
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1
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€
1
6
8
m		 4
%
8
%
S
l
a
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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.

FRESENIUS KABI:

STRONG ORGANIC SALES GROWTH IN Q4

€
m		 Q
/
2
0
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1
5		 O
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1,
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%		 9
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5,
5		 8
%

FRESENIUS KABI:

STRONG ORGANIC SALES GROWTH IN Q4

€
m		 Q
/
2
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4
1
5		 O
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FRESENIUS KABI:

EBIT MARGIN FULLY IN LINE WITH GUIDANCE

€
m		 Q
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1

EBIT before special items

For a detailed overview of special items please see the reconciliation tables on slides 36 – 37.

FRESENIUS HELIOS:

ORGANIC SALES GROWTH FULLY IN LINE WITH GUIDANCE

€
m		 /
Q
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FRESENIUS HELIOS: STRONG EBIT MARGIN INCREASE DUE TO SUCCESSFUL INTEGRATION OF RHÖN HOSPITALS

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s

EBIT before special items

For a detailed overview of special items please see the reconciliation tables on slides 36 – 37.

FRESENIUS HELIOS: PERFORMANCE INDICATORS

2
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%
O
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-		 8
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%		 8
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f
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(
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A
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a
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6
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5
d
d
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f
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B
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%
t
a
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o
s
a
e
s		 0
2
%		 0
3
%

Roadshow New York, Fresenius SE & Co. KGaA, Investor Relations © Copyright, March 3, 2016

FRESENIUS HELIOS: 2015 CLINIC DEVELOPMENT PLAN

f
l
Y
i
P
t
i
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a
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<		 1 2 3 4 1
5		 6 6
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s		 1 - - 1
2		 3 4
0		 - 5
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1
(
€
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4
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7
(
€
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E
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1 Includes all hospitals acquired from Rhön Klinikum, €12 m integration costs allocated to individual hospitals.

FRESENIUS VAMED:

SALES AND EBIT IN LINE WITH EXPECTATIONS

€
m		 /
Q
4
2
0
1
5		 G
h
t
r
o
w
Q
4
Y
Y
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F
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-		 5
7
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b
S
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%		 5
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8
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%
0
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5
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5.
7		 8
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0
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1
d
k
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t
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a
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r
r		 4
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8		 1
6
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4		 8
%
1
O
d
b
k
l
r
e
r
a
c
o
g		 6
0
1,
5		 8
%
1

1Project business only

FRESENIUS GROUP: LEVERAGE RATIO

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

Roadshow New York, Fresenius SE & Co. KGaA, Investor Relations © Copyright, March 3, 2016

CASH FLOW DEVELOPMENT 2015

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

FRESENIUS GROUP: CONSISTENT CASH GENERATION AND PROVEN TRACK RECORD OF DELEVERAGING

1 2011-2015 adjusted due to debt issuance cost restatement (U.S. GAAP standard ASU 2015-03)

Roadshow New York, Fresenius SE & Co. KGaA, Investor Relations © Copyright, March 3, 2016

FRESENIUS GROUP: SOLID BALANCE SHEET STRUCTURE

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

RECONCILIATION ACCORDING TO U.S. GAAPQ4 2015 / Q4 2014

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 Q
4/
20
15
be
for
e
ial
ite
sp
ec
ms		 eff
icie
ncy
pro
gra
m		 4/
Q
20
15
ord
ing
to
acc
U.S
. G
AA
P (
inc
l.
ial
ite
)
sp
ec
ms		 Q
4/
20
14
be
for
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ial
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sp
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ms		 Fe
al
nw
int
ion
rat
eg
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rat
ion
eg
fo
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ire
d R
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Q
20
14
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ing
to
acc
U.S
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AA
P (
inc
l.
ial
ite
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sp
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ms
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le
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5
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7,
5
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2
0
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2
0
5
E
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T
In
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9
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1
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3
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1,
5
4
-1
3
7		 9
3
5
-1
7
1		 -4
4		 3
9
-		 8
2
5
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7
1
in
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fo
Ne
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ta
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m
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re
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In
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0		 -5
5
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1
7
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8
0		 7
6
4
9
6
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4
1
5		 -3
9
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0
in
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de
f
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S
to
Fr
E
s
re
rs
o
es
en
s
&
Co
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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.

RECONCILIATION ACCORDING TO U.S. GAAP FY 2015 / FY 2014

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
ion
rat
eg
fo
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co
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ed
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acq
Rh
ön
ho
ita
ls
sp		 dis
l
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sa
fr
ins
ga
om
tw
o
HE
LIO
S
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sp		 FY/
20
15
ord
ing
acc
to
U.S
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(
l.
inc
ial
sp
ec
ite
)
ms		 FY/
20
14
be
for
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ec
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ms		 al
Fe
nw
int
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rat
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sp		 dis
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HE
LIO
S
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sp		 dis
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Rh
ön
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sta		 FY/
20
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ing
acc
to
U.S
. G
AA
P
(
l.
inc
ial
sp
ec
ite
)
ms
Sa
le
s		 2
7,
6
2
6		 2
7,
6
2
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2
3
1		 2
3,
2
3
1
E
B
I
T
In
l
te
t r
t
re
s
es
u		 3,
9
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-6
1
3		 -1
0
5		 1
2
-		 3
4		 3,
8
7
5
-6
1
3		 3,
1
8
5
-6
0
2		 -5
0		 5
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2		 3
5		 3,
1
1
4
-6
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2
in
be
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ta
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m
e
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In
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3
4
5
-9
8
3		 -1
0
5
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1		 -1
2
2		 3
4		 3,
2
6
2
-9
6
5		 2,
5
5
6
2
-7
5		 -5
0
1
7		 -5
1
1
0		 2
2
-1		 3
5
-1		 2,
5
1
2
0
0
-7
in
Ne
t
co
m
e
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
Fr
iu
S
E
&
Co
K
Ga
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.

SHARE INFORMATION

Share key facts

Number of shares1 545,727,950 Ticker symbol FRE Bloomberg symbol FRE GR Reuters symbol FREG.de

WKN / ISIN 578560 / DE0005785604

ADR key facts

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

Roadshow New York, Fresenius SE & Co. KGaA, Investor Relations © Copyright, March 3, 2016

FINANCIAL CALENDAR 2016

0
3
0
5
2
0
1
6		 t
R
1
2
0
1
6
t
t
s
e
p
o
o
n
q
a
e
r
u
r
r
1
3
0
5
2
0
1
6		 l
l
k
f
/
A
G
M
i
F
M
i
t
t
n
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a
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n
e
a
e
e
n
g
a
n
a
n
u
r
r
u
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,
0
2
0
8
2
0
1
6		 d
2
2
0
1
6
R
t
t
n
e
p
o
o
n
q
a
e
r
u
r
r
2
1
0
2
0
1
6
7		 d
3
2
0
1
6
R
t
t
r
e
p
o
o
n
q
a
e
r
u
r
r

Please note that these dates could be subject to change.

CONTACT

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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