Investor Presentation • Sep 17, 2015
Investor Presentation
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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.
1 – Net income incl. attributable to non-controlling interest, before one-time items
Market Cap.5 €21.3 bn
Sales 5-year CAGR: 10%
EBIT1 5-year CAGR: 8%
Net Income1,2 5-year CAGR: 11%
2 – Incl. attributable to non-controlling interest
20153 – 2011 sales were adjusted by -€161m according to a U.S. GAAP accounting change. This solely relates to Fresenius Medical Care North America.
Fresenius Medical Care
Fresenius Vamed
| / H 1 1 5 |
/ H 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 |
€ 1 3 4 2 9 m , 3 % 1 2 5 % |
€ 1 0 7 3 3 m , |
| 1 E B I T |
h G t r o w c c G h l t t t o a c a a e s r w u r |
€ 1 8 2 2 m , % 1 5 3 0 % |
€ 1 4 0 3 m , |
| 1, 2 N i 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 |
€ 0 1 5 1 m , 1 8 % 3 3 % |
€ 8 8 7 m |
1 – Before special items
2 – Incl. attributable to non-controlling interest
| / 2 0 H 1 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 o r w |
\$ 8 1 5 9 m , 1 0 % |
€ 2 9 3 2 m , 1 9 % |
€ 2 7 7 4 m , 1 0 % |
€ 6 3 4 m 1 6 % |
| 1 E B I T h G t r o w |
\$ 1 0 5 1 m , 5 % |
€ 5 7 1 m 3 9 % |
€ 3 0 7 m 2 3 % |
€ 1 6 m 7 % |
1 – Before special items
~6% global patient growth p.a. ~3.8 million patients by 2020 expected
1 – As of June 30, 2015
| E M u r o p e, |
i d d l E e a |
f i t, A s r c a |
||||
|---|---|---|---|---|---|---|
| h A t r |
i m e r c a |
Pr i de ov r |
Pa ie t ts n |
Co ie tr un s |
||
| i de r |
Pa t ie ts n |
Co tr ie un s |
5 3, 5 5 0 |
2 5 |
||
| 1 7 7, 7 2 0 |
2 | 2 1, 3 0 0 |
1 5 |
|||
| 1 7 6, 2 0 0 |
1 | 8, 8 0 0 1 |
1 | |||
| 1 6, 0 5 0 |
1 | 1 3, 9 0 0 |
1 8 |
|||
| 1 4, 8 0 0 |
1 | 6, 9 0 0 |
1 | |||
| 1 2, 2 5 0 |
1 | O h t |
3, 5 9 0 |
4 | ||
| 7, 4 3 0 |
1 | 7 | e r 2, 6 6 0 % |
3 | ||
| i L t A a n m |
i e r c a |
A | i i P s a a c |
f i c |
||
| Pr i de ov r |
Pa ie t ts n |
Co ie tr un s |
Pr i de ov r |
Pa ie t ts n |
||
| 3 2, 3 2 0 |
8 | 2 2 6, 0 0 |
||||
| 8, 9 9 0 |
2 | 0 0 5, 1 |
||||
| 4, 4 0 0 |
3 | 4, 0 0 0 |
||||
| 2, 3 0 7 |
1 | 3, 8 8 0 |
||||
| 9 3 0 |
1 | 1, 8 3 0 |
||||
| 3 0 4 |
1 – Company data and estimates, as of June 30, 2015
| € \$ i l l i i l l i m o n m o n |
/ Q / H 1 1 2 2 0 0 1 1 5 3 |
/ Q / H 1 1 2 0 2 1 0 4 1 2 |
G h G t h t r o r o w w |
|---|---|---|---|
| l S l T t o a a e s |
8 1 5 9 , |
7 3 9 8 , |
1 % 1 0 + |
| E B I T D A |
1 4 0 8 , |
1 3 3 7 , |
% 5 + |
| E B I T D A i m a r g n |
1 7 3 % |
1 8 1 % |
|
| E B I T |
1 0 5 1 , |
1 0 0 1 , |
% 5 + |
| E B I T i m a r g n |
2 9 % 1 |
3 % 1 5 |
|
| 2 N i t e n c o m e |
4 5 0 |
4 3 9 |
% 3 + |
1 – 8% organic growth, 9% acquisitions, -1% divestitures, -6% currency effects
2 – Net Income attributable to shareholders of Fresenius Medical Care AG & Co. KGaA
| \$ i l l i m o n |
/ H 1 2 0 1 5 |
/ H 1 2 0 1 4 |
|---|---|---|
| O i C h F l t p e r a n g a s o w |
8 3 2 |
5 6 2 |
| C O i h F l M i t p e r a n g a s o w a r g n |
% 1 0 2 |
% 7 6 |
| C ( ) t a p e x n e |
4 1 1 - |
4 1 5 - |
| F C h F l r e e a s o w ( b f i i i d d i i d d ) t e o r e a c q u s o n s a n v e n s |
4 2 1 |
1 4 7 |
| C h l i F F M r e e a s o w a r g n |
% 5 2 |
% 2 0 |
| C h l F F r e e a s o w ( f d ) i i i i t t t t a e a c q s o n s a n n e s m e n s r u v |
3 5 5 |
2 8 5 - |
| i l l i € m o n |
/ H 1 2 0 1 5 |
/ H 1 2 0 1 4 |
G h t r o w |
|---|---|---|---|
| S l a e s |
2 9 3 2 , |
2 4 6 6 , |
1 9 % 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 u s o n e r a p y - d l / M i D i e c a e v c e s - f i h l T T n o n e n o o g r a s u s c y |
1, 1 9 1 7 7 2 6 8 4 0 1 5 |
8 6 8 6 6 2 6 4 7 6 0 4 |
3 7 % + 1 7 % + 2 % - 9 % + |
| 2 E B I T D A E B I T D A i m a r g n |
6 9 1 2 3 6 % |
5 1 3 2 0 8 % |
% 3 5 + |
| 2 E B I T E B I T i m a r g n |
5 7 1 9 % 1 5 |
4 1 1 % 1 6 7 |
3 9 % + |
| 3 N i t e n c o m e |
3 0 9 |
2 1 7 |
2 % 4 + |
1 – 8% organic growth, 1% acquisitions, -1% divestitures, 11% currency effects
2 – Before special items
3 – Net income attributable to shareholders of Fresenius Kabi AG; before special items
| € i l l i m o n |
/ H 2 0 1 1 5 |
/ H 2 0 1 1 4 |
G h t r o w |
|---|---|---|---|
| S l a e s |
2 7 7 4 , |
2 2 5 1 , |
1 0 % 1 + |
| 2 E B I T D A |
3 9 9 |
3 4 4 |
% 1 6 + |
| E B I T D A i m a r g n |
1 4 4 % |
1 3 6 % |
|
| 2 E B I T |
3 0 7 |
2 5 0 |
% 2 3 + |
| E B I T i m a r g n |
% 1 1 1 |
9 9 % |
|
| 3 N i t e n c o m e |
2 2 6 |
1 7 9 |
2 6 % + |
1 – 3% organic growth, 8% acquisitions, -1% divestitures
2 – Before special items
3 – Net income attributable to shareholders of HELIOS Kliniken GmbH; before special items
710 health care projects in 77 countries successfully completed
| € i l l i m o n |
/ H 1 2 0 1 5 |
/ H 1 2 0 1 4 |
C h a n g e l t a c u a 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 |
1 3 4 2 9 , |
1 0 7 3 3 , |
% 2 5 + |
1 % 1 3 + |
| 2 E B I T D A |
2 3 6 4 , |
1 8 5 4 , |
2 8 % + |
1 3 % + |
| 2 E B I T |
8 1 2 2 , |
1 4 0 3 , |
% 3 0 + |
% 1 5 + |
| I t t, t n e r e s n e |
3 3 0 - |
2 8 3 - |
1 7 % - |
4 % - |
| 2 E B T |
1 4 9 2 , |
1 1 2 0 , |
3 3 % + |
1 8 % + |
| 2 T e a x s |
4 4 1 - |
3 3 2 - |
3 3 % - |
6 % 1 - |
| 3, 4 i N t e n c o m e |
1 0 5 1 , |
7 8 8 |
% 3 3 + |
% 1 8 + |
| E l m p o e e s y |
2 2 0 3 3 9 , |
2 0 9 9 3 3 , |
| i l l i € m o n |
O p e r a / L T M H 1 1 5 |
i C F t n g L T M M in a rg |
C a p e x / L T M H 1 1 5 |
( ) t n e / L T M H 1 1 5 |
F C r e e a / L T M H 1 1 5 |
1 h F l s o w L T M M in a rg |
|---|---|---|---|---|---|---|
| 8 0 7 |
3 9 % 1 |
3 5 4 - |
6 3 % - |
2 6 4 |
6 % 7 |
|
| 5 8 4 |
1 0 6 % |
2 6 1 - |
4 7 % - |
3 2 3 |
3 5 9 % |
|
| 9 | 0 8 % |
2 1 - |
% 1 1 - |
3 - |
0 3 % - |
|
| / Co te rp or a O he t r |
2 4 - |
n a |
1 1 - |
n a |
3 5 - |
n a |
| l. F M C ex c |
3 9 1 4 , |
2 % 1 1 7 |
3 8 6 - |
2 % 5 - |
7 1 1 |
2 % 6 5 |
| 1 7 3 7 , |
1 2 9 % |
7 5 8 - |
5 6 % - |
9 7 9 |
7 3 % |
|
| Gr ou p |
3 0 8 6 , |
% 1 1 9 |
1 3 9 6 - , |
% 5 4 - |
1 6 9 0 , |
% 6 5 Ma in in % f s rg o = |
1 – Before acquisitions and dividends 3 – Understated: 6.8% excluding €53 million of capex commitments from acquisitions
2 – Margin incl. FMC dividend
1 – Pro forma acquisitions; before special items
2 – At annual average exchange rates for both net debt and EBITDA; without major acquisitions; before special items
1 - Pro forma including Fresenius Medical Care acquisitions; excluding two HELIOS hospitals
1 – External debt as of June 30, 2015
5 – Incl. subsidiaries
| € 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 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 5 8 |
2, 0 7 9 |
2. 9 % |
|
| d F S E 2 0 1 3 C i A T L B t t r e g r e e m e n : e r m o a n |
4 3 9 |
4 9 1 |
0. 7 % |
|
| S i N t e n o o e s r |
3, 1 8 7 |
3, 5 6 6 |
5. 0 % |
|
| C i b l B d t o n e e o n s v r |
4 6 2 |
5 1 7 |
0. 7 % |
|
| E N t o o e s u r |
9 1 7 |
1, 0 2 6 |
1. 4 % |
|
| C l i P o m m e r c a a p e r |
3 0 1 |
1 4 5 |
0. 2 % |
|
| O h d b t t, e r e g r o s s |
3 8 3 |
2 9 4 |
0. 6 % |
|
| ( ), l b S l. C To t D t F E F M a e ex c g ro s s |
7, 3 7 6 |
8, 2 5 3 |
% 1 1. 5 |
|
| C h ( l. C ) F M a s e x c |
3 9 7 |
4 4 4 |
0. 6 % |
|
| ( ), l d b S l. C To t t F E F M t a e ex c n e |
6, 9 7 9 |
7, 8 0 9 |
% 1 0. 9 |
|
| T l F M C d b 1 t t, t o a e n e |
7, 7 6 5 |
8, 6 8 8 |
1 2. 1 % |
|
| To l c l i d d d b t t t, t a o ns o a e e ne |
1 4, 7 4 4 |
9 1 6, 4 7 |
2 3. % 0 |
3 3. 2x |
| M k i l i i 2 t t t a e c a p a a o n r z |
4 9, 2 2 5 |
5 5, 2 0 6 |
7 7. 0 % |
1 0. 7 x |
| To l c i l iz io t t t a a p a a n |
3, 9 9 6 6 |
0 3 7 1, 7 |
0 0. 0 % 1 |
3. 9x 1 |
| 3 S G F E E B I T D A ro u p |
4, 6 0 5 |
1 - Net of Cash and intercompany adjustments
2 - Based on market capitalization for FSE and FMC as of August 31, 2015
3 - Before special items
4 - Exchange rate as of June 30, 2015, except for market capitalization which uses exchange rate as of August 31, 2015
1 – Based on utilization of major financing instruments
1 – Based on utilization of major financing instruments
1 – Based on utilization of major financing instruments
| 2 0 1 5 E |
2 0 1 6 P j i t r o e c o n |
|
|---|---|---|
| 5 7 % 7 1 0 % c - - S l a e s 0- 2 % 1 1 cc |
c | |
| N I t e n c o m e |
0 5 % - |
1 5 2 0 % - |
| O l d |
N e w |
||
|---|---|---|---|
| F i r e s e n s u K b i a |
S l h t i a e s g r o w o g a n c r h E B I T t t t g o r w c o n s a n c u r r e n c y |
% % 4 7 – 1 1 % 1 4 % – |
6 % 8 % – 1 8 % 2 1 % – |
| F i r e s e n u s l i H e o s |
S l h t i e g o a s r w o r g a n c l h S t d t a e s g r o w e p o e r r E B I T |
3 % % 5 – 9 6 % % – € 6 3 0 6 5 0 m – |
|
| F i r e s e n u s V d a m e |
S l h t i a e s g r o w o g a n c r h E B I T t g o r w |
l d % i i i t s n g e g – 5 % 1 0 % – |
| O l d |
N e w |
|
|---|---|---|
| h R t e e n e g o v u r w t t t a c o n s a n c u r r e n c y |
% 0 % 7 1 ‒ |
8 % 0 % 1 ‒ |
| 1 h N i t t e n o m e g o c r w t t t a c o n s a n c u r r e n c y |
3 % 6 % 1 1 – |
8 % 2 % 1 1 – |
1 - Net income attributable to shareholders of Fresenius SE& Co.KGaA; 2015 before integration costs for hospitals of Rhön-Klinikum AG (~€10 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
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 coverage and per capita spending (e.g. India: \$157, China: \$480, vs. USA: \$8,895; WHO)
Approx. \$19 bn branded IV drug sales (base: 2013) go off-patent in the U.S. by 2023
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
Strong and Balanced Health Care Portfolio
1 – Excl. attributable non-controlling interest
Fresenius Group: Investment Highlights
Leading market positions
Diversified revenue base with four strong business segments
Global presence in growing, non-cyclical markets
Proven ability to integrate acquisitions
Clear track record of and commitment to de-leveraging
Strong financial performance and cash flow generation
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