AI Terminal

MODULE: AI_ANALYST
Interactive Q&A, Risk Assessment, Summarization
MODULE: DATA_EXTRACT
Excel Export, XBRL Parsing, Table Digitization
MODULE: PEER_COMP
Sector Benchmarking, Sentiment Analysis
SYSTEM ACCESS LOCKED
Authenticate / Register Log In

Fresenius SE & Co. KGaA

Investor Presentation Feb 24, 2016

166_ip_2016-02-24_b0e39e17-c874-463e-900d-fb714d6f16d2.pdf

Investor Presentation

Open in Viewer

Opens in native device viewer

CONFERENCE CALL – 2015 RESULTS

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.

FRESENIUS GROUP: FINANCIAL RESULTS

Q
4
/
2
0
1
5
F
Y
/
2
0
1
5
l
S
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
o
e
r
w
a
c
u
a
r
a
s
1
1
%
1
9
%
1
E
B
I
T

0
9
1,
1
m

3,
9
8
5
m
G
h
t
r
o
w
c
c
1
0
%
1
3
%
h
l
G
t
t
t
o
a
c
a
a
e
s
r
w
u
r
1
9
%
2
5
%
i
1
N
t
e
n
c
o
m
e

4
1
4
m

1,
4
2
3
m
G
h
t
r
o
w
c
c
2
%
4
2
%
1
h
l
G
t
t
t
r
o
w
a
c
u
a
r
a
e
s
3
0
%
3
1
%

1Before special items

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
h
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
%
S
l
a
e
s
1
E
B
I
T

5,
5
7
8
m

6
4
0
m
6
%
1
6
%
l
S
a
e
s
E
B
I
T

8
1,
1
1
m

6
4
m
7
%
8
%

Before special items

For a detailed overview of special items please see the reconciliation tables on slides 43 – 44.

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

1 As of Dec 31, 2015

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

Conference Call – 2015 Results, Fresenius SE & Co. KGaA, Investor Relations © Copyright, February 24, 2016

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

Conference Call – 2015 Results, Fresenius SE & Co. KGaA, Investor Relations © Copyright, February 24, 2016

GROUP FINANCIALS Q4/FY 2015 OUTLOOK 2016

FRESENIUS GROUP: PROFIT AND LOSS STATEMENT

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
1,
1
0
9
1
9
%
1
0
%
3,
9
5
8
2
5
%
1
3
%
N
i
t
t
t
e
n
e
e
s
r
-1
3
7
2
0
%
2
5
%
-6
1
3
-2
%
8
%
1
I
t
n
c
o
m
e
a
x
e
s
-2
8
0
3
%
-4
3
3
%
-
-9
8
3
-3
6
%
2
%
1
-
2
N
i
t
e
n
c
o
m
e
4
1
4
3
0
%
2
4
%
1,
4
2
3
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 43 – 44.

FRESENIUS KABI:

EBIT MARGIN FULLY IN LINE WITH GUIDANCE


m
Q
/
2
0
4
1
5
h
G
t
o
r
w
Q
4
Y
Y
o
/
2
0
F
Y
1
5
h
G
t
o
r
w
F
Y
Y
Y
o
E
o
p
e
u
r
Ma
in
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
r
p
o
r
a
e
a
n
o
r
p
o
r
a
e
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
%
1,
1
8
9
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 43 – 44.

FRESENIUS HELIOS: STRONG EBIT MARGIN INCREASE DUE TO SUCCESSFUL INTEGRATION OF RHÖN HOSPITALS


m
Q
/
2
0
4
1
5
G
h
Q
t
4
Y
Y
r
o
w
o
/
2
0
F
Y
1
5
G
h
t
F
Y
Y
Y
r
o
w
o
l
l
T
t
o
a
s
a
e
s
1,
1
1
4
%
4
8
5
5
7
,
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
1
1.
9
%
8
%
bp
4
0
s
6
3
1
1
1.
7
%
1
5
%
bp
1
1
0
s
i
i
i
/
i
i
A
t
D
t
t
q
o
n
e
e
c
u
s
s
v
s
u
r
s
(
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
t
E
B
I
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 43 – 44.

CASH FLOW DEVELOPMENT

O
i
C
F
t
p
e
r
a
n
g
(
)
C
t
a
p
e
x
n
e
h
F
C
r
e
e
a
s

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

1Before acquisitions and dividends

2Margin incl. FMC dividend

3Understated: 7.0% excluding €44 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

at annual average FX rates for both EBITDA and net debt

Conference Call – 2015 Results, Fresenius SE & Co. KGaA, Investor Relations © Copyright, February 24, 2016

FRESENIUS GROUP:

2016 FINANCIAL OUTLOOK BY BUSINESS SEGMENT

i
F
e
s
e
n
s
r
u
b
i
K
a
l
h
S
t
a
e
s
g
r
o
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
w
s
n
g
e
g
-
h
l
f
l
t
o
g
a
r
u
y
i
F
e
s
e
n
s
r
u
l
i
H
e
o
s
l
h
S
t
a
e
s
g
o
r
w
i
o
g
a
n
c
r
E
B
I
T
3
%
%
5


6
0
0
0
7
7
m
i
F
r
e
s
e
n
s
u
d
V
a
m
e
l
h
S
t
e
g
o
a
s
r
w
i
o
r
g
a
n
c
h
E
B
I
T
t
g
r
o
w
5
%
1
0
%

5
%
1
0
%

FRESENIUS GROUP: 2016 FINANCIAL GUIDANCE

S
l
h
t
a
e
s
g
o
r
w
t
t
c
o
n
s
a
n
c
u
r
r
e
n
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
%
1
2
%

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

ATTACHMENTS

FRESENIUS GROUP:

FINANCIAL RESULTS BY BUSINESS SEGMENT Q4

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
\$
U
S
6
6
2
m
1
%
0
%
S
l
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 43 – 44.

FRESENIUS GROUP:

OVERVIEW – CALCULATION OF NONCONTROLLING INTEREST


m
/
F
Y
2
0
1
5
/
F
Y
2
0
1
4
b
f
d
l
l
E
i
i
i
t
t
t
t
a
n
n
g
s
e
o
e
a
a
n
n
o
n
c
o
n
o
n
g
n
e
e
s
r
r
x
r
r
3
2
6
2
,
2
5
1
2
,
T
a
x
e
s
9
6
5
-
0
0
7
-
l
l
h
f
N
i
i
t
t
t,
t
o
n
c
o
n
o
n
g
n
e
e
s
e
e
o
r
r
r
9
3
9
-
7
4
5
-
d
l
b
b
l
F
i
M
i
C
i
i
F
i
t
t
t
t
t
t
e
e
n
e
e
n
e
n
o
m
e
n
o
e
o
e
e
n
r
s
u
s
c
a
a
r
c
a
r
u
a
r
s
u
s
(
F
Y
/
1
5
6
9
%
)
:
~
-6
4
1
-5
4
2
l
l
h
l
d
d
l
N
i
i
i
F
i
M
i
C
t
t
t
o
n
c
o
n
r
o
n
g
n
e
r
e
s
o
e
r
s
n
r
e
s
e
n
u
s
e
c
a
a
r
e
(
/
\$
d
d
l
's
F
Y
1
5
U
S
2
8
4
i
F
i
M
i
C
t
:
m
a
c
c
o
r
n
g
o
r
e
s
e
n
u
s
e
c
a
a
r
e
F
i
i
l
S
)
t
t
t
n
a
n
c
a
a
e
m
e
n
s
-2
5
6
-1
6
1
N
l
l
i
i
h
l
d
i
F
i
K
b
i
(
-€
3
0
),
t
t
t
o
n
c
o
n
r
o
n
g
n
e
r
e
s
o
e
r
s
n
r
e
s
e
n
u
s
a
m
F
i
H
l
i
(
-€
1
),
F
i
V
d
(
-€
1
)
d
d
t
r
e
s
e
n
u
s
e
o
s
m
r
e
s
e
n
u
s
a
m
e
m
a
n
u
e
o
i
d
's
2
3
%
l
h
i
(
-€
0
)
F
V
t
1
r
e
s
e
n
u
s
a
m
e
e
x
e
r
n
a
o
w
n
e
r
s
p
m
-4
2
-4
2
b
b
l
N
i
i
F
i
S
E
&
C
K
G
A
t
t
t
t
t
e
n
c
o
m
e
a
a
e
o
e
s
e
n
s
o
a
r
u
r
u
1,
3
5
8
1,
0
6
7

FRESENIUS GROUP: CASH FLOW


m
2
0
1
5
M
i
a
g
n
r
2
0
1
4
M
i
a
g
n
r
h
G
Y
Y
t
o
o
r
w
O
i
C
h
l
t
F
p
e
r
a
n
g
a
s
o
w
3
3
2
7
,
2
0
%
1
2
8
5
5
,
%
1
1
1
2
9
%
C
(
)
t
a
p
e
x
n
e
1,
4
6
2
-
5
2
%
-
1,
3
2
3
-
5
7
%
-
1
1
%
-
C
h
l
F
F
e
e
a
s
o
r
w
(
be
fo
d
d
de
ds
)
is
i
io
iv
i
t
re
a
cq
u
ns
a
n
n
8
6
1,
5
6
8
%
2
6
2
1,
%
5
4
8
%
4
A
i
i
i
t
(
)
t
c
q
s
o
n
s
u
n
e
3
2
-
2
0
2
8
-
,
9
8
%
d
d
D
i
i
e
n
s
v
6
3
9
-
5
8
2
-
1
0
%
-
C
h
l
F
F
r
e
e
a
s
o
w
f
(
is
i
io
d
d
iv
i
de
ds
)
te
t
a
r a
cq
u
ns
a
n
n
9
1,
1
4
3
%
4
3
8
1,
4
-
8
%
5
-
8
9
%
1

CASH FLOW DEVELOPMENT 2015

O
i
C
F
t
p
e
a
n
g
r
(
)
C
t
a
p
e
n
e
x
h
l
1
C
F
e
e
a
s
o
w

m
/
2
0
1
F
Y
5
i
M
a
r
g
n
/
2
0
1
F
Y
5
i
M
a
r
g
n
/
2
0
1
F
Y
5
i
M
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
2
%
5
3
4
7
%
1
1
-
0
9
%
-
4
2
3
8
%
/
h
C
O
t
t
o
r
p
o
r
a
e
e
r
2
4
-
n
a
1
2
-
n
a
3
6
-
n
a
l.
C
F
M
ex
c
2
1,
6
3
4
2
1
3
0
%
6
1
8
-
9
%
4
-
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

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)

Conference Call – 2015 Results, Fresenius SE & Co. KGaA, Investor Relations © Copyright, February 24, 2016

FRESENIUS GROUP: SOLID BALANCE SHEET STRUCTURE

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

FRESENIUS GROUP: DEBT MATURITY PROFILE1 DEC 31, 2015

Based on utilization of major long-term financing instruments

FRESENIUS KABI:

STRONG ORGANIC SALES GROWTH IN Q4


m
Q
/
2
0
4
1
5
O
i
r
g
a
n
c
h
G
t
o
r
w
Q
4
Y
Y
o
/
2
0
F
Y
1
5
O
i
r
g
a
n
c
h
G
t
o
r
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
1
0
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
n
o
n
e
n
o
o
g
r
a
s
u
s
c
y
2
8
9
3
%
1,
0
4
7
0
%
T
l
l
t
o
a
s
a
e
s
1,
5
1
9
8
%
5,
9
5
0
8
%

FRESENIUS KABI:

STRONG ORGANIC SALES GROWTH IN Q4


m
Q
/
2
0
1
4
5
O
i
g
a
n
c
r
G
h
t
r
o
w
Q
4
Y
Y
o
/
2
0
1
F
Y
5
O
i
g
a
n
c
r
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
r
m
e
r
c
a
5
3
8
1
5
%
2,
0
9
3
1
6
%
f
A
i
P
i
i
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
%

FRESENIUS KABI: PROFIT AND LOSS STATEMENT


m
2
0
1
5
2
0
1
4
k
R
2
0
1
5
e
m
a
s
r
l
S
a
e
s
5,
9
5
0
5,
1
4
6
8
h
%
ic
t
o
rg
an
g
ro
w
E
B
I
T
D
A
in
%
m
ar
g
1,
4
4
6
2
4.
3
1,
0
8
4
2
1.
1
E
B
I
T
in
%
m
ar
g
1,
1
8
9
2
0.
0
8
7
3
1
7.
0
N
i
t
t
t
e
n
e
e
s
r
8
-1
4
-1
9
6
b
f
E
i
t
a
n
n
g
s
e
o
e
a
e
s
r
r
x
d
l
l
t
i
i
t
t
a
n
n
o
n
c
o
n
o
n
g
n
e
e
s
r
r
0
0
1,
5
6
7
7
I
t
n
c
o
m
e
a
x
e
s
Ta
%
te
x
ra
-3
0
6
3
0.
4
8
9
-1
2
7.
9
l
l
N
i
i
t
t
t
o
n
c
o
n
o
n
g
n
e
e
s
r
r
-3
0
-2
0
1
i
N
t
e
n
c
o
m
e
6
6
9
6
8
4

Before special items 1Attributable to shareholders of Fresenius Kabi AG

FRESENIUS KABI: CASH FLOW STATEMENT


m
2
0
1
5
2
0
1
4
k
2
0
R
1
5
e
m
a
r
s
1
N
i
t
e
n
c
o
m
e
(
in
l.
l
l
in
in
)
tr
te
t
c
no
nc
on
o
g
re
s
0
6
1
1
4
5
5
1
/
D
i
i
i
i
t
t
t
e
p
e
c
a
o
n
a
m
o
a
o
n
r
r
z
2
5
7
2
1
1
C
h
i
k
i
i
l
t
a
n
g
e
n
w
o
r
n
g
c
a
p
a
4
6
-2
5
C
h
f
l
f
i
t
a
s
o
w
r
o
m
o
p
e
r
a
o
n
s
Ma
in
%
rg
9
3
1
1
5.
3
6
4
1
1
2.
5
C
A
P
E
X
t
n
e
,
-3
2
4
-3
5
2
d
(
)
6
7
%
isc
t
io
2
0
1
4:
7
6
%
re
na
ry
3
3
%
-d
isc
io
t
n
on
re
na
ry
(
)
2
0
1
4:
2
4
%
h
f
l
C
o
a
s
w
be
fo
d
d
de
ds
is
i
t
io
iv
i
re
cq
ns
n
n
a
u
a
5
8
9
2
8
9
A
i
i
i
t
t
c
q
u
s
o
n
s,
n
e
1
6
1
0
0
h
f
l
F
r
e
e
c
a
s
o
w
fo
(
be
d
iv
i
de
ds
)
re
n
3
5
7
8
9
1

1After special items

FRESENIUS KABI: BALANCE SHEET


m
2
0
1
5
1
2
0
1
4
k
2
0
R
1
5
e
m
a
r
s
b
l
A
t
i
c
c
o
u
n
s
r
e
c
e
v
a
e
7
4
7
8
8
7
S
O
2
0
1
6
da
(
2
0
1
6
)
D
5:
4
4:
5
y
s
I
i
t
n
e
n
o
e
s
v
r
1,
2
0
2
1,
0
3
8
da
(
)
S
O
I
2
0
1
5:
1
3
5
2
0
1
4:
1
2
6
y
s
i
d
F
t
x
e
a
s
s
e
s
2
7,
7
7
6,
1
1
7
Go
dw
i
l
l
(
De
3
1,
2
0
1
5
)

5.
0
bn
o
c
:
h
O
t
t
e
a
s
s
e
s
r
1,
2
2
5
1
1,
1
0
5
l
T
t
t
o
a
a
s
s
e
s
1
0,
1
4
5
1
9,
6
2
4
D
b
t
e
5,
2
3
4
1
5,
1
9
2
O
h
l
i
b
i
l
i
i
t
t
e
r
a
e
s
2,
1
0
9
1,
8
6
2
E
i
t
(
l.
l
l
)
in
in
in
q
tr
t.
u
y
c
no
nc
on
o
g
8
3,
1
0
8
8
2,
5
T
l
l
i
b
i
l
i
i
d
t
t
o
a
a
e
s
a
n
h
h
l
d
'
i
t
s
a
e
o
e
s
e
q
r
r
u
y
1
0,
4
5
1
1
9,
6
4
2

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

FRESENIUS HELIOS: 2015 CLINIC DEVELOPMENT PLAN

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
N
f
l
i
i
o.
o
c
n
c
s
1 - - 1
2
3 4
0
- 5
5
1
1
1
(
)
R

e
e
n
e
m
v
u
7 - - 0
4
1
3
1
7
2,
0
0
2
- 2,
8
3
7
2
9
5,
4
T
t
a
r
g
e
(
%
)
E
B
I
T
i
m
a
r
g
n
- 2.
0
0
4
6.
0
8.
0
0.
0
1
2.
0
1
2.
0
0
1
1
5.
(
)
E
B
I
T

m
- - - 2
4
6
1
3.
8
2
0
0.
2
- 3
4
0.
5
5
7
9
1
d
R
t
e
p
o
r
e
(
)
E
B
I
T
i
%
m
a
g
n
r
6.
2
- - 9
8
6.
9
1
0.
4
- 1
3.
2
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
g
e
r
- - - 8 1 1
9
- 2
5
5
3
f
l
N
i
i
t
t
<
o.
o
c
n
c
s
a
r
g
e
- - - 4 2 2
1
- 3
0
5
7

1 Includes all hospitals acquired from Rhön Klinikum, €12 m integration costs allocated to individual hospitals.

FRESENIUS HELIOS:

ORGANIC SALES GROWTH FULLY IN LINE WITH GUIDANCE


m
Q
/
2
0
4
1
5
h
G
t
o
r
w
Q
4
Y
Y
o
/
2
0
F
Y
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
o
o
r
0
9
1,
4
4
%
3
9
5,
7
3
%
A
i
i
i
t
c
q
u
s
o
n
s
(
l
da
)
i
t
io
1
co
ns
o
n
<
y
r
2 1
9
9
l
l
T
t
o
a
s
a
e
s
1,
4
1
1
4
%
5,
5
7
8
6
%

FRESENIUS HELIOS: PERFORMANCE INDICATORS

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

Conference Call – 2015 Results, Fresenius SE & Co. KGaA, Investor Relations © Copyright, February 24, 2016

FRESENIUS HELIOS:

ACQUISITIONS / DIVESTITURES – CONSOLIDATION EFFECTS

A
i
i
i
t
c
q
u
s
o
n
s
A
l
i
d
l
n
n
u
a
z
e
s
a
e
s
k
h
l
D
i
e
o
z
e
n

8
m
~
l
d
d
f
l
2
0
i
t
A
i
1,
1
5
c
o
n
s
o
a
e
a
s
o
p
r
d
b
N
i
e
e
e
g
r
r
(
)

6
7
2
0
1
4
m
~
l
d
d
/
i
i
i
Q
2
2
0
1
6
t
t
c
o
n
s
o
a
o
n
e
p
e
c
e
n
x

FRESENIUS HELIOS: PROFIT & LOSS STATEMENT


m
2
0
1
5
2
0
1
4
k
R
2
0
1
5
e
m
a
s
r
l
S
a
e
s
5,
5
7
8
5,
2
4
4
les
h
3
%
ic
t
o
rg
an
sa
g
ro
w
E
B
I
T
D
A
Ma
in
%
rg
8
3
1
1
4.
9
7
3
2
1
4.
0
/
D
i
i
i
i
t
t
t
e
p
e
c
a
o
n
a
m
o
a
o
n
r
r
z
-1
9
1
-1
7
9
E
B
I
T
%
Ma
in
rg
6
4
0
1
1.
5
5
5
3
0.
1
5
N
i
t
t
t
e
n
e
e
s
r
8
-4
-5
6
f
E
i
b
d
t
a
r
n
n
g
s
e
o
r
e
a
x
e
s
a
n
l
l
i
i
t
t
t
n
o
n
c
o
n
r
o
n
g
n
e
r
e
s
5
9
2
4
9
7
I
t
n
c
o
m
e
a
x
e
s
0
8
-1
-8
6
Ta
%
te
x
ra
1
8.
2
1
7.
3
l
l
N
i
i
t
t
t
o
n
c
o
n
o
n
g
n
e
e
s
r
r
-1 -1
1
f 4
Pu
ha
9
%
mi
rity
ha
Go
t
ha
rc
se
o
no
s
re
1
N
i
t
e
n
c
o
m
e
4
8
3
4
0
0

Before special items

1Attributable to shareholders of HELIOS Kliniken GmbH

FRESENIUS HELIOS: CASH FLOW


m
2
0
1
5
2
0
1
4
k
2
0
R
1
5
e
m
a
s
r
1
N
i
t
e
n
c
o
m
e
(
in
l.
l
l
in
in
)
tr
te
t
c
no
nc
on
o
g
re
s
8
5
0
3
9
1
i
i
/
i
i
D
t
t
t
e
p
r
e
c
a
o
n
a
m
o
r
z
a
o
n
9
1
1
9
1
7
h
k
l
C
i
i
i
t
a
n
g
e
n
o
n
g
c
a
p
a
w
r
-8
0
-1
2
f
f
C
h
l
i
t
a
s
o
w
r
o
m
o
p
e
r
a
o
n
s
Ma
in
%
rg
6
1
8
1
1.
1
5
5
8
1
0.
6
C
A
P
E
X
t
n
e
,
-2
7
1
-2
6
3
C
h
f
l
a
s
o
w
be
fo
is
i
io
d
d
iv
i
de
ds
t
re
a
cq
u
ns
a
n
n
3
4
7
2
9
5
i
i
i
A
t
t
c
q
u
s
o
n
s,
n
e
4
7
0
-7
5
Div
f
ho
ita
ls
d Z
ka
tm
t o
Bo
es
en
sp
rna
a
n
we
n
u
Fin
l p
ha
ice
R

a
urc
se
pr
n
Pu
ha
f 4
9
%
mi
rity
ha
Go
ha
t
rc
se
o
no
s
re
h
f
l
F
fo
(
be
d
iv
i
de
ds
)
e
e
c
a
s
o
r
w
re
n
3
9
4
-4
5
5

1After special items

FRESENIUS HELIOS: BALANCE SHEET


m
2
0
1
5
2
0
1
4
k
2
0
R
1
5
e
m
a
r
s
b
l
A
t
i
c
c
o
u
n
s
r
e
c
e
v
a
e
6
5
4
6
2
6
D
S
O
2
0
1
5:
4
3
da
(
2
0
1
4:
4
2
)
y
s
l
d
P
i
t
t
t
(
)
o
p
e
p
a
n
a
n
e
q
p
m
e
n
t
r
r
y,
u
ne
2,
5
3
8
2,
4
7
3
G
d
l
l
i
o
o
w
3
4,
4
4
3
8
6
4,
h
O
t
t
e
a
s
s
e
s
r
7
9
5
8
6
7
T
l
t
t
o
a
a
s
s
e
s
8,
4
3
0
8,
3
5
2
b
D
t
e
1,
2
8
2
1,
3
9
4
l.
de
b
fro
In
2
0
0
5
H
E
L
I
O
S
t
c
m
(

6
0
0
)
is
i
t
io
ac
q
n
m
u
h
l
b
l
O
i
i
i
i
t
t
e
a
e
s
r
1,
5
1
4
1,
5
0
7
E
i
t
(
in
l.
l
l
in
in
)
tr
te
t
q
u
y
c
no
nc
on
o
g
re
s
6
3
5,
4
1
5,
4
5
l
l
i
b
i
l
i
i
d
T
t
t
o
a
a
e
s
a
n
h
h
l
d
'
i
t
s
a
r
e
o
e
r
s
e
q
u
y
8,
4
3
0
8,
3
5
2

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
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
%
l
l
T
t
o
a
s
a
e
s
3
8
7
0
%
1,
1
1
8
7
%
l
T
t
E
B
I
T
o
a
Ma
in
rg
3
4
8.
8
%
6
%
5
0
bp
s
6
4
5.
7
%
8
%
0
bp
s
1
O
d
k
i
t
r
e
r
n
a
e
2
8
4
6
%
1
4
9
0
4
8
%
1
d
b
k
l
O
e
a
c
o
g
r
r
1,
6
5
0
1
8
%

1Project business only

Conference Call – 2015 Results, Fresenius SE & Co. KGaA, Investor Relations © Copyright, February 24, 2016

FRESENIUS VAMED:

PROFIT & LOSS STATEMENT


m
2
0
1
5
2
0
1
4
k
R
2
0
1
5
e
m
a
s
r
l
S
a
e
s
1,
1
1
8
1,
0
4
2
6
%
ic
h
t
o
rg
an
g
ro
w
E
B
I
T
D
A
7
5
7
1
Ma
in
%
rg
6.
7
6.
8
E
B
I
T
6
4
9
5
Ma
in
%
rg
5.
7
5.
7
N
i
t
t
t
e
n
e
e
s
r
-3 -1
i
b
f
E
t
a
r
n
n
g
s
e
o
r
e
a
x
e
s
d
l
l
t
i
i
t
t
a
n
n
o
n
c
o
n
r
o
n
g
n
e
r
e
s
6
1
8
5
I
t
n
c
o
m
e
a
x
e
s
-1
6
-1
6
Ta
%
t
ra
e
x
2
6.
2
2
1
7.
l
l
N
i
i
t
t
t
o
n
o
n
o
n
g
n
e
e
c
r
r
s
-1 -1
1
N
t
i
e
n
c
o
m
e
4
4
4
1
(
b
f
)
R
O
E
%
t
e
o
e
a
e
s
r
x
1
9
4
2
0.
4

Attributable to shareholders of Vamed AG

Conference Call – 2015 Results, Fresenius SE & Co. KGaA, Investor Relations © Copyright, February 24, 2016

FRESENIUS VAMED: CASH FLOW


m
2
0
1
5
2
0
1
4
k
R
2
0
1
5
e
m
a
s
r
i
N
t
e
n
c
o
m
e
(
l.
l
l
)
in
tr
in
in
te
t
c
no
nc
on
o
g
re
s
4
5
2
4
/
D
i
i
i
i
t
t
t
e
p
r
e
c
a
o
n
a
m
o
r
z
a
o
n
1
1
1
2
C
h
i
k
i
i
l
t
a
n
g
e
n
w
o
r
n
g
c
a
p
a
-3 -6
3
h
f
l
f
C
i
t
a
s
o
o
m
o
p
e
a
o
n
s
w
r
r
Ma
in
%
rg
5
3
4.
7
-9
-0
9
C
A
P
E
X
t
n
e
,
-1
1
-9
h
f
l
C
o
a
s
w
(
be
fo
is
i
io
d
d
iv
i
de
ds
)
t
re
a
cq
u
ns
a
n
n
4
2
-1
8
A
i
i
t
i
t
c
q
s
o
n
s,
n
e
u
-4 0
-1
h
f
l
F
r
e
e
c
a
s
o
w
(
be
fo
d
iv
i
de
ds
)
re
n
3
8
-2
8

FRESENIUS VAMED: BALANCE SHEET


m
2
0
1
5
2
0
1
4
R
k
2
0
1
5
e
m
a
r
s
b
l
A
i
t
c
c
o
n
s
e
c
e
a
e
u
r
v
8
1
9
2
0
1
da
D
S
O
2
0
1
5:
6
5
y
s
(
)
2
0
1
4:
7
0
l
d
i
P
t
t
t
r
o
p
e
r
y,
p
a
n
a
n
e
q
u
p
m
e
n
7
1
6
8
b
l
I
i
t
t
n
a
n
g
e
a
s
s
e
s
1
0
4
1
0
5
h
O
t
t
e
a
s
s
e
s
r
6
1
5
5
1
7
T
l
t
t
o
a
a
s
s
e
s
8
8
9
8
9
1
b
D
t
e
1
6
1
9
1
5
h
l
b
l
O
i
i
i
i
t
t
e
a
e
s
r
5
1
3
4
4
7
E
i
t
q
u
y
(
l.
l
l
)
i
i
i
t
t
t
n
c
n
o
n
c
o
n
o
n
g
n
e
e
s
r
r
3
1
4
2
8
5
l
l
i
b
i
l
i
i
d
T
t
t
o
a
a
e
s
a
n
h
h
l
d
'
i
t
s
a
e
o
e
s
e
q
r
r
u
y
9
8
8
8
9
1

FRESENIUS GROUP: KEY FIGURES ACCORDING TO IFRS

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

1Before special items

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

3Net 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 43 – 44.

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
be
for
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
Q
4/
20
be
for
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

ire
ac
qu
n
ho
ls
ita
sp
Q
4/
20
14
ord
ing
to
acc
P (
l.
U.S
. G
AA
inc
ial
)
ite
sp
ec
ms
le
Sa
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
3
-1
7
-5
5
1,
0
5
4
3
-1
7
9
3
5
-1
7
1
-4
4
3
9
-
8
5
2
-1
7
1
Ne
in
be
fo
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
7
6
4
-1
9
6
-4
4
1
5
-3
9
7
6
8
1
-1
7
4
Ne
in
t
co
m
e
l
l
Le
tro
ing
in
te
t
ss
no
nc
on
re
s
6
9
2
-2
7
8
-5
5
6
3
7
-2
7
8
5
6
8
-2
5
0
-2
9
3
2
-
5
0
7
-2
5
0
in
i
bu
b
le
Ne
t
t
tr
ta
co
m
e
a
ha
ho
l
de
f
iu
S
to
Fr
E
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.

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

1As of December 31, 2015

FINANCIAL CALENDAR 2016

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

Talk to a Data Expert

Have a question? We'll get back to you promptly.