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Fresenius SE & Co. KGaA

Investor Presentation • Mar 3, 2015

166_ip_2015-03-03_c6d24d93-5ad3-4a26-ab95-f09e55ea0122.pdf

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Health Care Worldwide

Goldman Sachs - Leveraged Finance Conference

March 3, 2015 – New York

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
  • Summary and Outlook
  • Business Segments
  • Fresenius Medical Care
  • Fresenius Kabi
  • Fresenius Helios
  • Fresenius Vamed

Appendix

Company Overview

A Global Leader in Health Care Products and Services

  • Sales €23.2bn, net income 1€1.8bn for FY 2014
  • Strong and well-diversified portfolio
  • Global presence in approx. 100 countries
  • Long-term opportunities in growing markets
  • Leading market positions

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

Fresenius Group: Strong and Balanced Health Care Portfolio

Market Cap. €21.4 bn

1 – Before special items

2 – Based on market cap as of February 25, 2015

Fresenius Group: Sales Distribution by Region – 2014

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: \$59, China: \$278, vs. USA: \$8,608; 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: Organic Growth 1999 – 2014

Fresenius Group:

Sustainable Organic Sales Growth in all Business Segments

Fresenius Medical Care

Fresenius Helios

Goldman Sachs - Leveraged Finance Conference, March 3, 2015 © Copyright Page 10

15% 15%4% 5% 13%0%Fresenius Vamed

2008 2009 2010 2011 2012 2013 2014

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

Net Debt / EBITDA (at annual avg. FX rates)

Fresenius SE & Co. KGaARating Development over time

Summary and Outlook

Fresenius Medical Care: Financial Outlook 2015 and beyond

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  • -The outlook is based on exchange rates prevailing at the beginning of 2015
  • -Information includes savings from the Global Efficiency Program
  • Potential acquisitions are not included
  • The outlook is based on the execution and the operating cost investments within the Care Coordination business – in line with FMC's 2020 strategy

Fresenius Group: 2015 Financial Outlook by Business Segment

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Fresenius Group: 2015 Financial Outlook

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‒
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1
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‒

1- Net income attributable to shareholders of Fresenius SE& Co.KGaA; 2015 before integration costs (hospitals of Rhön-Klinikum AG ~€10 million before tax), before costs for efficiency program at Fresenius Kabi (~€100 million before tax) and gain from the divestment of two HELIOS hospitals (€34 million before tax); 2014 before special items

Fresenius Group: Attractive Mid-Term Growth Prospects

Mid-Term Target ~ €30 billion sales€1.4 to €1.5 billion net income1by 2017

Strong and Balanced Health Care Portfolio

1 – excl. attributable to non-controlling interest

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

Business Segments

Fresenius Medical Care: Global Market Leader in Dialysis

  • World leader in dialysis products and services treating 286,312 patients in 3,361 clinics worldwide1

Industry Dynamics

~6% global patient growth p.a. ~3.8 million patients by 2020 expected

    • 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
  • Patient growth driven by age, life style and mortality reduction

Patients in million

Fresenius Medical Care: Key Figures 2014

\$
€
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1 – 5% organic growth, 5% acquisitions , -2% currency effect,

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

29%2014 Sales by Region €5.1 bn

Fresenius Kabi: Strong Growth Track Record & High Profitability

Goldman Sachs - Leveraged Finance Conference, March 3, 2015 © Copyright Page 23

Fresenius Kabi: Key Figures 2014

€
i
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Y
2
0
1
4		 F
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3		 G
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-

1 – Before integration costs (Fenwal)

2 – 4% organic growth, -2% currency effect, 1% acquisitions

Fresenius Helios: Leading Private Hospital Operator in Germany

  • Acute and post-acute care in 110 proprietary hospitals1
  • High-quality medical care (e.g., mortality rate for heart failure and pneumonia >30% below German average)
  • Strong track record in hospital operations and acquisitions: targeting 12 − 15% EBIT margin within 6 years per individual clinic location
  • Landmark acquisition of 41 hospitals from Rhön-Klinikum provides excellent long-term growth opportunities

Majority of population has access to a HELIOS hospital within one hour's drive

2014 Sales: €5,244 m; EBIT: €553 m

Fresenius Helios: Strong Growth Track Record & Increased Profitability

1 – Before special items

Fresenius Helios: Key Figures 2014

i
l
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i
€
m
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Y
2
0
1
4		 F
Y
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1
3		 G
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%
5
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+
1
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A		 7
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2		 5
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8		 4
4
%
+
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1
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7
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4
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+

1 – 2014 before integration costs (€51 million) and disposal gains (two Helios hospitals: €22 million; Rhoen stake: €35 million)

2 – 2014 before integration costs (€41 million) and disposal gains (two Helios hospitals: €21 million; Rhoen stake: €34 million)

3 – 4% organic growth, 53% acquisitions, -2% divestitures

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:

    • 650 health care projects in 72 countries successfully completed

    • Services provided to 140 hospitals and 50,000 beds globally
  • Continuous demand for hospital infrastructure and operating efficiency; key markets Europe, Asia-Pacific, Africa

Fresenius Vamed: Key Figures 2014

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1 – 2% acquisitions

2 – project business only

Appendix

Fresenius Group: Financial Results

Q
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%
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%
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,
%
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1-Before special items

Fresenius Group: Financial Results by Business Segment 2014

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4

1- Before special items

Fresenius Group: Demonstrated Strong Sales and EBITDA Growth

1 – Before special items

Goldman Sachs - Leveraged Finance Conference, March 3, 2015 © Copyright Page 33

4.1

Fresenius Group: Key Figures 2014

€
i
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+
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,

1 – 4% organic growth, 12% acquisitions,

2 – 2014 before integration costs (Fenwal: €50 million; acquired Rhoen hospitals: €51 million) and disposal gains (two Helios hospitals: €22 million; Rhoen stake: €35 million); 2013 before integration costs (Fenwal: €54 million)

3 – 2014 before integration costs (Fenwal: €33 million; acquired Rhoen hospitals: €41 million) and disposal gains (two Helios hospitals: €21 million; Rhoen stake: €34 million); 2013 before integration costs (Fenwal: €40 million)

4 – incl. attributable to non-controlling interest

Cash Flow Development 2014

€
m		 C
O
i
F
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a
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)
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-		 6
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5
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0
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5		 3
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%
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-		 0
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%
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%
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5
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Gr
ou
p		 2
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,		 1
1
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%		 1
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2
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-
,		 %
5
7
-		 1
2
6
2
,		 5
4
%

1- Before acquisitions and dividends

2- Margin incl. FMC dividend

3- Understated: 6.8% excluding €62 million of capex commitments from acquisitions

Goldman Sachs - Leveraged Finance Conference, March 3, 2015 © Copyright Page 35

Margin = in % of sales

Financing Facilities and Debt Structure

Fresenius Group: Current Debt and Cash Flow Structure as of Dec 31, 2014

  • 1 External debt as of December 31, 2014
  • 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: Debt Maturity Profile1 December 31, 2014 – Pro Forma FSE Amend & Extend

Health Care Worldwide

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