Stop parsing PDFs. Get the API. Request Access

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 • Dec 3, 2015

166_ip_2015-12-03_876ec4a6-3dda-4cb7-b6d4-a9a345ddc1fd.pdf

Investor Presentation

Open in Viewer

Opens in native device viewer

A Leading Global Health Care Group

Bank of America Merrill Lynch - Leveraged Finance Conference December 3, 2015 – Boca Raton

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

  • Company Overview
  • Business Segments
  • Fresenius Medical Care
  • Fresenius Kabi
  • Fresenius Helios
  • Fresenius Vamed

Summary and Outlook

Appendix

Company Overview

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

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

Fresenius Group: Strong and Balanced Health Care Portfolio

Market Cap.6 €25.6 bn

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

Fresenius Group: Financial Results

2 – Incl. attributable to non-controlling interest

Bank of America Merrill Lynch - Leveraged Finance Conference, December 3, 2015 © Copyright Page 7 Sept 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: Organic Growth 1999 – 2015

Fresenius Group:

Sustainable Organic Sales Growth in all Business Segments

Fresenius Kabi

Fresenius Medical Care

1 – LTM September

Fresenius Group: Consistent Cash Generation and Proven Track Record of Deleveraging

1 – LTM September

Business Segments

Fresenius Medical Care: Global Market Leader in Dialysis

    • World leader in dialysis products and services treating 290,250 patients in 3,402 clinics worldwide1
  • 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
  • ~6% patient growth p.a. driven by age, life style and mortality reduction

1 – As of September 30, 2015

Fresenius Medical Care: Key Figures Q1-Q3/2015

\$
i
l
i
l
l
i
l
i
€
m
o
n
m
o
n		 /
Q
1
Q
Q
/
3
2
0
1
5
1
2
0
1
3
-		 /
Q
1
Q
Q
/
3
2
0
1
4
1
2
0
1
2
-		 G
G
h
h
t
t
r
o
w
r
o
w
T
l
S
l
t
o
a
a
e
s		 1
2
3
9
0
,		 1
1
5
1
1
,		 1
8
%
+
E
B
I
T
D
A		 2
2
0
2
,		 2
1
0
5
,		 5
%
+
E
B
I
T
D
A
i
m
a
r
g
n		 8
%
1
7		 8
%
1
3
E
B
I
T		 1
6
6
5
,		 9
1
5
1
,		 %
5
+
i
E
B
I
T
m
a
r
g
n		 %
1
3
4		 %
1
3
8
2
N
i
t
e
n
c
o
m
e		 3
7
1		 7
1
0		 %
0
+

1 – 7% organic growth, 7% acquisitions, -1% divestitures, -5% currency effects

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

Fresenius Kabi: A Worldwide Leading Hospital Supplier

    • Comprehensive product portfolio for critically and chronically ill patients
  • -IV Drugs
  • -Clinical Nutrition
  • -Infusion Therapy
  • -Medical Devices / Transfusion Technology
  • -Global addressable market: >€29 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

LTM September 2015 Sales by Region

Fresenius Kabi: Strong Growth Track Record & High Profitability

Fresenius Kabi: Key Figures Q1-Q3/2015

€
i
l
l
i
m
o
n		 /
Q
1
Q
3
2
0
1
5
-		 /
Q
1
Q
3
2
0
1
4
-		 G
h
t
r
o
w
S
l
a
e
s		 4
4
3
1
,		 3
7
6
0
,		 1
8
%
1
+
I.
V
D
g
s
r
u
-
l
l
C
i
i
N
i
i
t
t
n
c
a
o
n
u
r
-
f
h
I
i
T
n
s
o
n
e
a
p
u
r
y
-
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		 1,
8
0
2
1,
1
6
7
7
0
4
8
7
5		 1,
3
1
2
1,
0
2
0
7
2
4
0
7
4		 3
7
%
+
1
4
%
+
3
%
-
8
%
+
2
E
B
I
T
D
A
E
B
I
T
D
A
i
m
a
r
g
n		 1
0
6
0
,
2
3
9
%		 7
8
5
2
0
9
%		 3
5
%
+
2
E
B
I
T
i
E
B
I
T
m
a
r
g
n		 8
7
2
%
1
9
7		 6
3
4
%
1
6
9		 %
3
8
+
3
N
i
t
e
n
c
o
m
e		 4
7
9		 3
3
7		 %
4
2
+

1 – 9% organic growth, 1% acquisitions, -2% divestitures, 10% currency effects

2 – Before special items

3 – Net income attributable to shareholders of Fresenius Kabi AG; before special items

Fresenius Helios: Leading Hospital Operator in Germany

    • German Acute Care Hospital Market: ~€87 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 2014; total costs, gross of the German hospitals less academic research and teaching

Maximum care hospitals Acute care hospitals Acute care hospitals/ post-acute care clinics Post-acute care clinicsCompany headquarters

Largest Network with 111 Hospitals

Fresenius Helios: Strong Growth Track Record & Increased Profitability

Fresenius Helios: Key Figures Q1-Q3/2015

i
l
l
i
€
€
i
l
l
i
m
o
n
m
o
n		 /
Q
Q
/
1
Q
3
2
0
2
0
3
1
5
1
1
-		 /
Q
Q
/
1
Q
3
2
0
2
0
2
1
4
1
1
-		 G
h
G
h
t
t
r
o
r
o
w
w
T
l
S
l
t
o
a
a
e
s		 4
1
6
7
,		 3
8
8
3
,		 1
%
7
+
2
E
B
I
T
D
A		 6
1
2		 5
3
4		 %
1
5
+
E
B
I
T
D
A
i
m
a
r
g
n		 1
4
7
%		 1
3
8
%
2
E
B
I
T		 4
7
2		 3
9
7		 %
1
9
+
E
B
I
T
i
m
a
r
g
n		 1
1
3
%		 1
0
2
%
3
i
N
t
e
n
c
o
m
e		 3
5
2		 2
8
6		 2
3
%
+

1 – 3% organic growth, 5% acquisitions, -1% divestitures

2 – Before special items

3 – Net income attributable to shareholders of HELIOS Kliniken GmbH; 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:

  • 710 health care projects in 77 countries successfully completed

  • Services provided to 510 hospitals and 130,000 beds globally
  • Continuous demand for hospital infrastructure and operating efficiency; key markets Europe, Asia-Pacific, Africa

Fresenius Vamed: Key Figures Q1-Q3/2015

€
i
l
l
i
€
i
l
l
i
m
o
n
m
o
n		 /
Q
Q
/
1
Q
3
2
0
2
0
3
1
5
1
1
-		 /
Q
Q
/
1
Q
3
2
0
2
0
2
1
4
1
1
-		 G
h
G
t
h
t
r
o
r
o
w
w
T
l
S
l
t
o
a
a
e
s		 7
3
1		 6
5
5		 1
%
1
2
+
E
B
I
T
D
A		 3
8		 3
5		 9
%
+
i
E
B
I
T
D
A
m
a
r
g
n		 5
2
%		 5
3
%
E
B
I
T		 3
0		 2
7		 %
1
1
+
E
B
I
T
i
m
a
r
g
n		 4
1
%		 4
1
%
2
i
N
t
e
n
c
o
m
e		 2
0		 1
8		 %
1
1
+

1 – 9% organic growth, 2% acquisitions, 1% currency effect

2 – Net income attributable to shareholders of VAMED AG

Summary and Outlook

Fresenius Medical Care: Financial Outlook

E
2
0
1
5		 2
0
1
6
j
i
P
t
r
o
e
c
o
n
S
l
a
e
s		 5
7
%
-
1
0-
1
2
%
cc		 7
1
0
%
c
c
-
N
I
t
e
n
c
o
m
e		 0
5
%
-		 1
5
2
0
%
-
  • Based on current exchange rates
  • Including savings from the Global Efficiency Program
  • Potential acquisitions not included
  • Based on the execution and the operating cost investments within Care Coordination - in line with FMEꞌs 2020 strategy

Fresenius Group: New Outlook for Fresenius Kabi and Fresenius Vamed

i
P
r
e
v
o
u
s		 N
e
w
F
i
r
e
s
e
n
u
s
b
i
K
a		 S
l
h
t
i
a
e
s
g
r
o
w
o
r
g
a
n
c
h
E
B
I
T
t
t
t
g
r
o
w
c
o
n
s
a
n
c
e
n
c
u
r
r
y		 6
%
8
%
–
1
8
%
2
1
%
–		 8
%
~
1
9
%
2
2
%
–
F
i
r
e
s
e
n
u
s
H
l
i
e
o
s		 l
h
S
t
i
a
e
s
g
o
r
w
o
r
g
a
n
c
S
l
h
t
d
t
a
e
s
g
r
o
w
r
e
p
o
r
e
E
B
I
T		 3
%
5
%
–
6
%
9
%
–
€
6
3
0
6
5
0
m
–		 3
%
5
%
–
6
%
9
%
–
€
6
3
0
6
5
0
m
–
F
i
r
e
s
e
n
u
s
d
V
a
m
e		 S
l
h
t
i
a
e
s
g
r
o
w
o
r
g
a
n
c
h
E
B
I
T
t
g
r
o
w		 i
l
d
i
i
%
t
s
n
g
e
g
–
5
%
1
0
%
–		 %
0
%
5
1
–
5
%
1
0
%
–

Fresenius Group: Increased Earnings Guidance

P
i
r
e
v
o
u
s		 N
e
w
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		 8
%
1
0
%
‒		 8
%
1
0
%
‒
1
h
N
i
t
t
e
n
c
o
m
e
g
r
o
w
t
t
t
a
c
o
n
s
a
n
c
u
r
r
e
n
c
y		 1
8
%
2
1
%
–		 2
0
%
2
2
%
–

1 - Net income attributable to shareholders of Fresenius SE& Co.KGaA; 2015 before integration costs for hospitals of Rhön-Klinikum AG (€12 m before tax), before costs for efficiency program at Fresenius Kabi (~€100 m before tax) and disposal gains from the divestment of two HELIOS hospitals (€34 m before tax); 2014 before special items

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

Aging population and higher incidence of chronic diseases World population aged 60+ will more than double by 2050 to >2 bn (OECD)

Increasing health care spending in emerging markets

Increasing health care coverage and per capita spending (e.g. India: \$157, China: \$480, vs. USA: \$8,895; WHO)

Continuing growth of generics

Approx. \$19 bn branded IV drug sales (base: 2013) go off-patent in the U.S. by 2023

Rise of private providers in health care services

Further privatization of German hospital market Global opportunity to provide dialysis services (e.g. China, India)

Fresenius Group: Attractive Mid-Term Growth Prospects Exceeding Target at Current FX Rates

  • Mid-Term Target as released early 2014: ~ €30 billion sales, €1.4 to €1.5 billion net income1 by 2017
  • 2017 net income target will be reached 2 years ahead of schedule; new mid-term targets in February 2016

Strong and Balanced Health Care Portfolio

1 – Excl. attributable non-controlling interest

Fresenius Group: Investment Highlights

Diversified revenue base with four strong business segments

Global presence in growing, non-cyclical markets

Leading market positions

Proven ability to integrate acquisitions

Clear track record of and commitment to de-leveraging

Strong financial performance and cash flow generation

Appendix

Fresenius Group: Financial Results

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

1 – Before special items

2 – Incl. attributable to non-controlling interest

Fresenius Group: Financial Results by Business Segment

/
Q
1
Q
3
2
0
1
5
-		 F
i
r
e
s
e
n
u
s
M
d
i
l
C
e
c
a
a
r
e		 F
i
r
e
s
e
n
u
s
K
b
i
a		 F
i
r
e
s
e
n
u
s
H
l
i
e
o
s		 F
i
r
e
s
e
n
u
s
V
d
a
m
e
l
S
a
e
s
h
G
t
r
o
w		 \$
1
2
3
9
0
m
,
8
%		 €
4
4
3
1
m
,
1
8
%		 €
4
1
6
7
m
,
7
%		 €
7
3
1
m
1
2
%
E
B
I
T
G
h
t
r
o
w		 \$
1
6
6
5
m
,
%
5		 1
€
8
2
7
m
3
8
%		 1
€
2
4
7
m
9
%
1		 €
3
0
m
%
1
1

1 – Before special items

Fresenius Group: Demonstrated Strong Sales and EBITDA Growth

3.1

3.2

CAGR12%

3.9 3.9

4.1

4.9

Fresenius Group: Key Figures Q1-Q3/2015

€
i
l
l
i
m
o
n		 /
Q
1
Q
3
2
0
1
5
-		 /
Q
1
Q
3
2
0
1
4
-		 C
h
a
n
g
e
l
t
a
c
a
u
t
a
e
s
r		 C
h
a
n
g
e
t
t
c
o
n
s
a
n
t
a
e
s
r
S
l
a
e
s		 2
0
3
6
9
,		 1
6
7
1
1
,		 1
%
2
2
+		 %
1
1
+
2
E
B
I
T
D
A		 3
6
4
7
,		 2
9
0
5
,		 2
6
%
+		 1
3
%
+
2
E
B
I
T		 2
8
4
9
,		 2
2
2
3
,		 %
2
8
+		 %
1
4
+
I
t
t,
t
n
e
r
e
s
n
e		 4
7
6
-		 4
3
1
-		 1
0
%
-		 1
%
+
2
E
B
T		 2
3
3
7
,		 1
9
2
7
,		 3
2
%
+		 1
%
7
+
2
T
a
x
e
s		 0
3
7
-		 2
9
5
-		 3
3
%
-		 %
1
7
-
3
i
N
t
e
n
c
o
m
e		 1
6
7
0
,		 1
2
6
3
,		 3
2
%
+		 1
7
%
+
l
E
m
p
o
e
e
s
y		 2
2
0
8
5
3
,		 2
1
4
4
0
1
,
  • 1 6% organic growth, 5% acquisitions, 11% currency effects
  • 2 Before special items
  • 3 Net income incl. attributable to non-controlling interest; before special items

Fresenius Group: Cash Flow Development LTM September 30, 2015

i
l
l
i
€
m
o
n		 (
)
O
i
C
F
C
t
t
p
e
r
a
n
g
a
p
e
x
n
e		 1
F
C
h
F
l
r
e
e
a
s
o
w
9
8
7		 3
%
1
7		 3
3
7
-		 8
%
5
-		 6
4
1		 9
%
7
5
4
0		 9
8
%		 2
5
8
-		 4
7
%
-		 2
8
2		 3
5
1
%
9
-		 0
8
%
-		 1
1
-		 0
%
1
-		 2
0
-		 8
%
1
-
/
Co
te
rp
or
a
O
he
t
r		 1
6
-		 n
a		 9
-		 n
a		 2
5
-		 n
a
l.
F
M
C
ex
c		 3
3
1
1
,		 2
2
%
1
1		 6
1
5
-		 %
5
0
-		 9
8
6		 2
2
%
6
1
7
2
8
,		 1
2
0
%		 7
9
2
-		 5
5
%
-		 9
3
6		 6
5
%
Gr
ou
p		 3
0
4
1
,		 %
1
1
3		 1
4
0
7
-
,		 %
5
2
-		 1
6
3
4
,		 %
6
1
Ma
in
in
%
f s
les
rg
o
a
=

1 – Before acquisitions and dividends 3 – Understated: 5.8% excluding €37 million of capex commitments from acquisitions

2 – Margin incl. FMC dividend

Reconciliation according to U.S. GAAP Q1-3 2015 / Q1-3 2014

The Group's U.S. GAAP financial results as of September 30, 2015 and September 30, 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 -3/
Q1
20
15
be
for
e
ial
sp
ec
ite
ms		 eff
ici
en
cy
pro
gra
m		 int
rat
ion
eg
sts
fo
co
r
ire
d
ac
qu
Rh
ön
ho
ita
ls
sp		 dis
l
po
sa
ins
fr
ga
om
tw
o
LIO
S
HE
ho
ita
ls
sp		 -3/
Q1
20
15
rd
ing
ac
co
U.S
to
GA
(
inc
l.
AP
ial
sp
ec
ite
)
ms		 -3/
Q1
20
14
be
for
e
ial
sp
ec
ite
ms		 Fe
al
nw
int
rat
ion
eg
sts
co		 int
rat
ion
eg
sts
fo
co
r
ire
d
ac
qu
Rh
ön
ho
ita
ls
sp		 dis
l
po
sa
ins
fr
ga
om
tw
o
LIO
S
HE
ho
ita
ls
sp		 dis
l
po
sa
in
fro
ga
m
Rh
ön
ke
sta		 -3/
Q1
20
14
rd
ing
ac
co
to
U.S
. G
AA
P
(
inc
l.
ial
sp
ec
)
ite
ms
Sa
le
s		 2
0,
3
6
9		 2
0,
3
6
9		 1
6,
7
1
1		 1
6,
7
1
1
E
B
I
T		 2,
8
4
9		 -5
0		 -1
2		 3
4		 2,
8
2
1		 2,
2
2
3		 -6 -1
2		 2
2		 3
5		 2,
2
6
2
l
In
te
t r
t
re
s
es
u		 6
-4
7		 6
-4
7		 3
-4
1		 3
-4
1
Ne
in
be
fo
t
ta
co
m
e
re
xe
s		 2,
3
3
7		 0
-5		 2
-1		 3
4		 2,
3
4
5		 9
2
1,
7		 -6 2
-1		 2
2		 3
5		 8
3
1,
1
In
ta
co
me
xe
s		 -7
0
3		 1
6		 2 -6
8
5		 -5
2
9		 2 3 -1 -1 -5
2
6
Ne
in
t
co
m
e		 1,
6
7
0		 -3
4		 -1
0		 3
4		 1,
6
6
0		 1,
2
6
3		 -4 -9 2
1		 3
4		 1,
3
0
5
l
l
Le
ing
in
tro
te
t
ss
no
nc
on
re
s		 -6
6
1		 -6
6
1		 -4
9
5		 -4
9
5
Ne
t
in
t
tr
i
bu
ta
b
le
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		 9
1,
0
0		 -3
4		 -1
0		 3
4		 9
9
9		 8
7
6		 -4 -9 2
1		 3
4		 8
1
0

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

Financing Facilities and Debt Structure

Fresenius Group: Current Debt and Cash Flow Structure – September 30, 2015

  • 1 External debt as of September 30, 2015
  • 2 Incl. Fresenius Finance B.V. and other financing subsidiaries

  • 3 Controlling stake

  • 4 As held by Fresenius ProServe GmbH, a wholly owned subsidiary of Fresenius SE & Co. KGaA, which provides the guarantees

  • 5 Incl. subsidiaries

Fresenius Group: Capitalization – September 30, 2015

€
i
l
l
io
m
n		 4
\$
i
l
l
io
m
n		 f t
%
o
l c
t
o
a
a
p		 E
A L
B
I
T
D
T
M
x
d
l
(
\$
)
F
S
E
2
0
1
3
C
i
A
R
€,
t
t
e
g
e
e
m
e
n
e
o
e
r
r
:
v
v
r		 1
7
9		 2
0
0		 0.
3
%
d
(
\$
)
F
S
E
2
0
1
3
C
i
A
T
L
A
€,
t
t
r
e
g
r
e
e
m
e
n
:
e
r
m
o
a
n		 1,
8
0
6		 2,
0
2
3		 2.
6
%
d
(
\$
)
F
S
E
2
0
1
3
C
i
t
A
t
T
L
B
r
e
g
r
e
e
m
e
n
:
e
r
m
o
a
n		 4
3
7		 4
9
0		 0.
6
%
S
(
€,
\$
)
i
N
t
e
n
o
r
o
e
s		 2,
3
7
4		 3,
0
6
3		 0
%
4.
C
i
b
l
B
d
t
o
n
e
e
o
n
s
v
r		 4
6
7		 5
2
3		 0.
7
%
E
N
t
o
o
e
s
u
r		 9
1
7		 1,
0
2
7		 1.
3
%
l
C
i
P
o
m
m
e
r
c
a
a
p
e
r		 2
2
0		 2
4
6		 0.
3
%
h
d
b
O
t
t,
e
r
e
g
r
o
s
s		 4
2
6		 4
7
7		 0.
6
%
(
),
To
l
D
b
F
S
E
l.
F
M
C
t
t
a
e
ex
c
g
ro
s
s		 7,
1
8
6		 8,
0
5
0		 1
0.
5
%
h
(
l.
)
C
F
M
C
a
s
e
c
x		 4
2
0		 4
7
1		 0.
6
%
(
),
To
l
d
b
F
S
E
l.
F
M
C
t
t
t
a
e
ex
c
n
e		 6,
6
6
7		 9
7,
5
7		 9.
9
%
T
l
F
M
C
d
b
1
t
t,
t
o
a
e
n
e		 7,
4
9
6		 8,
3
9
8		 1
0.
9
%
l c
l
i
d
d
d
b
To
t
t
t,
t
a
o
ns
o
a
e
e
n
e		 1
4,
2
6
2		 1
5,
9
7
7		 %
2
0.
8		 3
2.
9x
k
l
2
M
t
i
t
i
t
i
a
r
e
c
a
p
a
z
a
o
n		 2
3
3
5
4,		 9,
8
5
7
4		 9.
2
%
7		 1
1.
1
x
To
t
l c
i
t
l
iz
t
io
a
a
p
a
a
n		 6
8,
4
9
4		 7
5,
7
2
6		 1
0
0.
0
%		 1
4.
1x
3
F
S
E
G
E
B
I
T
D
A
ro
p
u		 8
0
4,
7

1 - Net of Cash and intercompany adjustments 2 - Based on market capitalization for FSE and FMC as of October 30, 2015

3 - Before special items

Bank of America Merrill Lynch - Leveraged Finance Conference, December 3, 2015 © Copyright Page 38 4 - Exchange rate as of September 30, 2015, except for market capitalization which uses exchange rate as of October 30, 2015

Fresenius Group: Debt Maturity Profile1 – September 30, 2015

1 – Based on utilization of major financing instruments

Fresenius Medical Care:Debt Maturity Profile – September 30, 2015 1

1 – Based on utilization of major financing instruments

Fresenius Group excl. FMC: Debt Maturity Profile1 – September 30, 2015

Senior NotesEuro Notes (Schuldscheindarlehen) Credit Agreement Equity-neutral convertible bonds Commercial Papers

1 – Based on utilization of major financing instruments

Fresenius Group: Proven Track Record of Deleveraging

  • 1 Pro forma acquisitions; before special items
  • 2 At average exchange rates for the last twelve months for both net debt and EBITDA; without major unannounced acquisitions; before special items

Fresenius Group: Debt and Interest Ratios

YE/09 YE/10 YE/11 YE/12 YE/13 YE/14 Q1/15 Q2/15 Q3/15

  • 1 Pro forma including Fresenius Medical Care acquisitions
  • 2 Before integration costs, disposal gains (two HELIOS hospitals) and costs for Fresenius Kabi efficiency program
  • 3 Before integration costs and disposal gains (two HELIOS hospitals; Rhön stake)
  • 4 Pro forma including acquired Rhön hospitals and Fresenius Medical Care acquisitions; excluding two HELIOS hospitals
  • 5 At average exchange rates for the last twelve months for both net debt and EBITDA; without major unannounced acquisitions; before special items

Fresenius SE & Co. KGaA:Rating Development over Time

A Leading Global Healthcare Group

More from Fresenius SE & Co. KGaA

Declaration of Voting Results & Voting Rights Announcements 2025
Nov 17
Declaration of Voting Results & Voting Rights Announcements 2025
Nov 14
Report Publication Announcement 2025
Nov 6
Quarterly Report 2025
Nov 6
Interim / Quarterly Report 2025
Aug 6
Investor Presentation 2025
Aug 6
Declaration of Voting Results & Voting Rights Announcements 2025
Jul 4
Declaration of Voting Results & Voting Rights Announcements 2025
Jun 20
Governance Information 2025
May 23
Quarterly Report 2025
May 7
View all filings →

Talk to a Data Expert

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