Investor Presentation • Jan 19, 2015
Investor Presentation
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For detailed financial information please see our annual/quarterly reports and/or conference call materials on www.fresenius.com/ir.
Frankfurt stock exchange (DAX30): FRE US ADR program (OTC): FSNUY
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.
Dialysis products and services
Ownership: 31% Ownership: 100% Ownership: 100% Ownership: 77%
Hospital supply Hospital operations Hospital projects and services
| i b i 2 0 3 G C 1 N t I t t o p e n c o m e o n o n r u r u |
||||||
|---|---|---|---|---|---|---|
| 2 % 5 |
6 % 4 |
2 6 % |
3 % |
Aging population and higher incidence of chronic diseases World population age 60+ will more than double by 2050 to >2 bn (OECD)
Increasing health care coverage and per capita spending (e.g. India: US\$59, China: US\$278, vs. USA: US\$8,608; WHO)
Approx. US\$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)
Before special items
| Q 3 / 1 4 |
Q 3 / 1 1 4 - |
||
|---|---|---|---|
| S l a e s |
G h t o r w c c h l G t t t o a c a a e s r w u r |
€ 5 9 7 8 m , 2 0 % 1 8 % |
€ 1 6 7 1 1 m , % 1 4 1 1 % |
| 1 E B I T |
h G t o c c r w h l G t t t r o w a c u a r a e s |
€ 8 2 0 m 1 0 % 9 % |
€ 2 2 2 3 m , 3 % 1 % |
| 1 i N t e n c o m e |
G h t o r w c c h l G t t t o a c a a e s r w u r |
€ 2 8 1 m % 5 % 4 |
€ 7 6 8 m % 4 2 % |
Before one-time items
| / Q 3 1 4 |
G h t o r w Q 3 Y Y o |
/ Q 1 3 1 4 - |
G h t o r w Q 3 1 Y Y o - |
|
|---|---|---|---|---|
| S l a e s E B I T |
\$ S 3 U 4 1 1 m , \$ U S 5 9 0 m |
2 % 1 6 % |
\$ S U 1 1, 5 1 1 m \$ U S 1, 5 9 1 m |
% 7 0 % |
| S l a e s E B I T |
€ 2 9 1, 4 m € 2 2 3 m |
6 % 1 % - |
€ 3 6 0 7 m , € 6 3 4 m |
0 % 9 % - |
| S l a e s E B I T |
€ 3 6 2 1, m € 1 4 7 m |
6 2 % 4 3 % |
€ 3 8 8 3 m , € 3 9 7 m |
3 % 5 4 1 % |
| S l a e s E B I T |
€ 2 5 7 m € 1 2 m |
0 % 1 2 0 % |
€ 6 5 5 m € 2 7 m |
0 % 8 % |
Grand Island, N.Y., plant achieved "VAI" status (voluntary action indicated) in Jan 2015 following an Oct 2014 inspection
New "VAI" classification permits FDA approval of new products at the plant
-€8 m single quarter sales decline yoy
| l d d H i i i i t t o s p a a m s s o n s p o g e s s n g a s e p e c e r r x d b l h d d d h l 2 % i i i i i i t t t a m s s o n n c e a s e a e s a s e a n a c q e o s p a s, r u r - l h l h i i i 3 5 % 2 0 1 4 i t t t t t n n e o o g a n c s a e s g o a g e w r r w r f h l k h l I i R ö K i i i t t t n e g a o n o n n m o s p a s r u - d d I i € 6 0- 8 0 t t t t n e g a o n c o s e c e o m r r u ; - / l / 5 0 5 0 i 2 0 1 4 2 0 1 5 t a p p o s p r x. f b f l l f d S i € 8 5 2 0 1 5 i n e g e o m p. o n m e y r s a. y u y c r - |
ls Hea Hos pita dqu arte rs |
|---|---|
| f G h l M j j i i i i t t t a o p o e c n o e m a n n e s o s p a r r w r r u v r y b f d d € 1. 7 V i t t t t n o n o m e n o n o m p n e c r a c r a a c s r u a r r – - l d / d ( ) d i i i i j € 5 2 0 t t t t n e o n o n m o e n o n p o e m n c u s c s r u c r z a r c a h l 3 0 i i t t t t e n m n g e m e n e e- o n y r c c a a a s r v c c r a c d l k P j i R i U i t o e e a s n s s a a n e r c y u r , l h L 2 0 1 4 i i t t t o w e r o r g a n c s a e s g r o w e x p e c a o n s, - h f d E B I T i i t t t g r o w e x p e c a o n s c o n r m e |
| O l d |
N e w |
||
|---|---|---|---|
| i F e s e n s r u b i K a |
S l h t i a e s g r o w o r g a n c E B I T i m a r g n |
% 6 % 4 – 1 6 5 % 1 8 % – |
1 7 % ~ |
| i F r e s e n u s 1 l i H e o s |
S l h t i a e s g r o w o r g a n c l b d S i i i t t a e s c o n o n a c q e r u u r h l i t o s p a s l h d h l S i i t t a e s g o a c q e o s p a s r w u r i o r g a n c l h h l E B I T H i R ö i t + e o s n o s p a s |
3 % % 5 – b € 1 8 n ~ 3 % 5 % – € 5 4 0 5 6 0 m – |
|
| i F r e s e n u s d V a m e |
l h S 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 |
% 0 % 5 1 – 5 % 1 0 % – |
0 % ~ |
1 Before integration costs for acquired hospitals and disposal gains (two HELIOS hospitals; Rhön stake)
| l d O |
f i d C o n r m e |
|
|---|---|---|
| h R t e e n e g o v u r w t t t a c o n s a n c e n c u r r y |
1 % 1 6 % 4 ‒ |
|
| 1 h N i t t e n c o m e g o r w t t t a c o n s a n c u r r e n c y |
2 % % 5 ‒ |
1 Net income attributable to shareholders of Fresenius SE&Co.KGaA before integration costs (Fenwal; acquired Rhön hospitals) and disposal gains (two HELIOS hospitals; Rhön stake)
Guidance includes acquired Rhön hospitals and acquisitions at Fresenius Medical Care
Strong and Balanced Health Care Portfolio
| h G t r o w |
Q 3 Y Y o |
h G Q 1 3 Y Y t r o w o - |
||||
|---|---|---|---|---|---|---|
| € m |
Q 3 / 1 4 |
l t a c u a t a e s r |
t t c o n s a n t a e s r |
Q 3 / 1 1 4 - |
l t a c u a t a e s r |
t t c o n s a n t a e s r |
| l S a e s |
5 9 7 8 , |
1 8 % |
2 0 % |
1 6 7 1 1 , |
1 1 % |
1 4 % |
| 1 E B I T |
8 2 0 |
9 % |
0 % 1 |
2 2 2 3 , |
% 1 |
3 % |
| N i t t t e n e e s r |
1 4 8 - |
9 % - |
1 0 % - |
4 3 1 - |
4 % |
1 % |
| I t n c o m e a x e s |
1 9 7 - |
1 4 % - |
1 6 % - |
5 2 9 - |
7 % - |
1 0 % - |
| 2 N i t e n o m e c |
2 8 1 |
% 4 |
% 5 |
6 8 7 |
2 % |
% 4 |
1 2014 before integration costs (Fenwal – Q3: €3 m / Q1-3: €6 m; acquired Rhön hospitals – Q3: €4 m / Q1-3: €12 m) and disposal gains (two HELIOS hospitals – Q3: n.a. / Q1-3: €22 m; Rhön Stake – Q3: n.a. / Q1-3: €35 m); 2013 before integration costs (Fenwal – Q3: €7 m; Q1-3: €34 m)
2 Net income attributable to shareholders of Fresenius SE & Co. KGaA; 2014 before integration costs (Fenwal Q3: €2 m / Q1-3: €4 m; acquired Rhön hospitals Q3: €3 m / Q1-3: €9 m) and disposal gains (two HELIOS hospitals – Q3: n.a. / Q1-3: €21 m; Rhön Stake – Q3: n.a. / Q1-3: €34 m); 2013 before integration costs (Fenwal – Q3: €6 m; Q1-3: €26 m)
| € m |
Q 3 / 1 4 |
O i r g a n c h G t r o w Q 3 Y Y o |
Q 3 / 1 1 4 - |
O i r g a n c h G t r o w Q 1 3 Y Y o - |
|---|---|---|---|---|
| f h I i T n s o n e a p u r y |
2 8 4 |
3 % |
2 7 4 |
2 % |
| I. V D r u g s |
4 4 4 |
3 % |
3 2 1 1 , |
2 % |
| C l l i i N i i t t n o n c a u r |
3 8 5 |
9 % |
0 2 0 1 , |
6 % |
| d l / i i M D e c a e c e s v f h l T i T n o n e n o o g r a s u s c y |
2 4 4 |
% 4 |
0 7 4 |
3 % |
| l l T t o a s a e s |
2 9 1 4 , |
% 5 |
3 6 0 7 , |
3 % |
| € m |
/ Q 3 1 4 |
i O g a n c r G h t o r w Q 3 Y Y o |
/ Q 1 3 1 4 - |
i O g a n c r G h t o r w Q 3 1 Y Y o - |
|---|---|---|---|---|
| E o p e u r |
5 1 4 |
4 % |
1 5 3 8 , |
2 % |
| h N A i t o r m e r c a |
3 7 1 |
1 % - |
1 1 1 8 , |
0 % |
| f A i P i i s a a c c - |
2 9 5 |
9 % |
2 3 7 |
7 % |
| / f L i A i A i t n m e a r c a r c a |
0 1 5 |
% 1 7 |
3 8 1 |
3 % 1 |
| l l T t o a s a e s |
2 9 1 4 , |
% 5 |
3 6 0 7 , |
3 % |
| € m |
Q 3 / 1 4 |
h G t o r w Q 3 Y Y o |
Q 3 / 1 1 4 - |
h G t o r w Q 3 1 Y Y o - |
|---|---|---|---|---|
| E o p e u r M i a r g n |
7 7 1 5. 0 % |
0 % b -6 0 p s |
2 2 7 1 4 8 % |
1 1 % - b -1 9 0 p s |
| h i N t A o m e c a r r M i a r g n |
1 3 3 3 5. 8 % |
% 4 - -1 4 0 b p s |
1 9 4 3 7. 5 % |
3 % - 4 0 b p 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 - M i a r g n |
2 7 6 % 1 7. |
2 0 % 0 b 7 p s |
8 0 1 6. 3 % 1 |
0 % 0 b -7 p s |
| d C C R & D t t o p o a e a n o p o a e r r r r |
5 9 - |
1 8 % - |
1 9 2 - |
1 3 % - |
| l T t E B I T o a |
2 2 3 |
% 1 - |
6 3 4 |
9 % - |
| M i a r g n |
2 % 1 7. |
% 1 c c -1 3 0 b p s |
6. 9 % 1 |
-6 % c c -1 7 0 b p s |
EBIT excluding integration costs (Fenwal – Q3: €3million / Q1-3: €6 million)
| € m |
/ Q 3 1 4 |
h G t r o w Q 3 Y Y o |
/ Q 1 3 1 4 - |
h G t r o w Q 1 3 Y Y o - |
|---|---|---|---|---|
| l l T t o a s a e s |
3 6 2 1 , |
6 2 % |
3 8 8 3 , |
3 % 5 |
| 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 r o o M i a r g n |
0 3 1 8 % 1 1. |
3 % 0 b -4 p s |
2 8 7 % 1 1. 1 |
% 4 0 b p s |
| / A i i i D i i t t t c q u s o n s v e s u r e s |
4 4 |
0 1 1 |
||
| ( l d / d l d ) i i i i 1 t t < c o n s o a o n e c o n s o a o n y r M i a g n r |
8. 9 % |
8. 5 % |
||
| l T t E B I T o a |
1 4 7 |
4 3 % |
3 9 7 |
4 1 % |
| i M a g n r |
1 0 8 % |
b -1 4 0 p s |
1 0 2 % |
b -9 0 p s |
Before integration costs (acquired Rhön hospitals: €12 million) and disposal gains (two HELIOS hospitals: €22 million; Rhön stake: €35 million)
| Q 3 / 1 1 4 - |
Q 3 / 3 1 1 - |
h C a n g e |
|
|---|---|---|---|
| 1 f h l N i t o o o s p a s l A t i i 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 |
7 4 5 1 2 3 |
5 0 % % 7 1 % 4 |
| 1 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 t- t i i o s a c u e c a r e c n c s - |
3 4 2 7 6 , 2 9, 0 1 7 0 6 5, 1 |
2 3 5 0 2 , 8, 8 8 1 5 6 4, 1 7 |
4 6 % % 5 4 % 1 1 |
| d A i i m s s o n s ( ) A t i t i t c u e c a r e n p a e n - |
8 0, 5 7 7 5 |
6 8, 3 0 5 7 |
0 % 5 |
| O c c u p a n c y P t- t o s a c u e c a r e - |
8 % 4 |
8 % 4 |
|
| l h f ( d ) A t t v e r a g e e n g o s a y a y s A t c u e c a r e - P t- t o s a c e c a e u r - |
6. 6 2 6. 6 |
6. 6 2 6. 8 |
December 31, 2013
Page 19 UniCredit & Kepler Cheuvreux - 14th German Corporate Conference, Fresenius SE & Co. KGaA, Investor Relations © Copyright, January 19, 2015
| i f l i Y P t e a r s n o r o o |
|||||||||
|---|---|---|---|---|---|---|---|---|---|
| 1 < |
1 | 2 | 3 | 4 | 5 | 6 | 6 > |
l T t o a |
|
| N f l i i o. o c n c s |
- | 1 2 |
3 | 1 | - | 6 | 4 | 4 8 |
7 4 |
| ( € ) R e v e n u e m |
- | 3 9 0 |
1 5 5 |
3 8 |
- | 9 6 1 |
3 2 1 |
2, 9 8 1 |
3, 2 8 9 |
| T t a r g e |
|||||||||
| E B I T i ( % ) m a r g n |
- | 2. 0 |
4 0 |
6. 0 |
8. 0 |
1 0. 0 |
1 2. 0 |
1 2. 0- 1 5. 0 |
|
| ( ) E B I T € m |
- | 7. 8 |
6. 2 |
2. 3 |
- | 1 9 6 |
3 7. 4 |
2 6 3. 8 |
3 3 7. 1 |
| d R t e p o r e |
|||||||||
| ( ) E B I T i % m a g n r |
- | 1 1. 4 |
0. 5 |
3. 4 |
- | 7. 5 |
1 2. 8 |
1 3. 0 |
1 1. 8 |
| ( ) E B I T € m |
- | 4 4 6 |
0. 8 |
1. 3 |
- | 1 4 7 |
3 9 9 |
2 8 5. 9 |
3 8 7. 2 |
| f l N i i t t > o. o c n c s a g e r |
- | 9 | 1 | - | - | 2 | 2 | 1 7 |
3 1 |
| f l N i i t t < o. o c n c s a g e r IFR S |
- | 3 | 2 | 1 | - | 4 | 2 | 3 1 |
4 3 |
Page 20 UniCredit & Kepler Cheuvreux - 14th German Corporate Conference, Fresenius SE & Co. KGaA, Investor Relations © Copyright, January 19, 2015
| € m |
/ Q 3 1 4 |
G h t r o w Q 3 Y Y o |
/ Q 1 3 1 4 - |
G h t r o w Q 3 1 Y Y o - |
|---|---|---|---|---|
| b P j i t o e c s n e s s r u b S i i e c e s n e s s r v u |
1 3 3 1 2 4 |
7 % 1 4 % |
3 0 6 3 4 9 |
8 % - 8 % |
| l l T t o a s a e s |
2 5 7 |
1 0 % |
6 5 5 |
0 % |
| l T E B I T t o a M i a r g n |
2 1 4 7 % |
2 0 % 4 0 b p s |
2 7 4 1 % |
8 % 3 0 b p s |
| 1 O d k i t r e r n a e 1 O d b k l r e r a c o g |
3 8 7 |
n a |
6 8 7 0 1 5 4 , |
8 % 7 2 3 2 % |
Project business only
2December 31, 2013
| € m |
i O C F t p e r a n g |
( ) C t a p e x n e |
1 h l F C F r e e a s o w |
|||
|---|---|---|---|---|---|---|
| Q 3 / L T M 1- 1 4 |
i L T M M a r g n |
Q 3 / L T M 1- 1 4 |
i L T M M a r g n |
Q 3 / L T M 1- 1 4 |
i L T M M a r g n |
|
| 6 1 7 |
2 3 % 1 |
3 4 5 - |
6 9 % - |
2 2 7 |
% 5 4 |
|
| 4 7 6 |
1 0 0 % |
2 2 9 - |
4 8 % - |
2 4 7 |
3 5 2 % |
|
| 0 | 0 % |
9 - |
0 9 % - |
9 - |
0 9 % - |
|
| Co / te rp or a O he t r |
8 1 - |
n a |
9 - |
n a |
2 7 - |
n a |
| l. F M C ex c |
1 0 7 5 , |
2 1 0 7 % |
5 9 2 - |
5 5 % - |
4 8 3 |
2 5 2 % |
| G ro up |
2 9 4 4 , |
% 1 1 1 |
2 3 6 1 - , |
6 % 5 - |
2 3 1 1 , |
% 5 5 |
1 Before acquisitions and dividends
2 Margin incl. FMC dividend
3 Understated: 6.6% excluding €66 million of capex commitments from acquisitions
Page 23 UniCredit & Kepler Cheuvreux - 14th German Corporate Conference, Fresenius SE & Co. KGaA, Investor Relations © Copyright, January 19, 2015
Margin = in % of sales
1Before integration costs (Fenwal; acquired Rhön hospitals) and disposal gains (two HELIOS hospitals; Rhön stake)
2Pro forma including Rhön hospitals, Sound Inpatient Physicians, Inc. and excluding two HELIOS hospitals
4Before integration costs (Fenwal: €6 million; acquired Rhön hospitals: €12 million) and disposal gains (two HELIOS hospitals: €22 million; Rhön stake: €35 million); 2013 before integration costs (Fenwal: €54 million)
Page 24 UniCredit & Kepler Cheuvreux - 14th German Corporate Conference, Fresenius SE & Co. KGaA, Investor Relations © Copyright, January 19, 2015
32013 before integration costs (Fenwal: €54 million); pro forma excluding advances made for the acquisition of hospitals from Rhön-Klinikum AG (€2.18 bn)
Number of shares1 541,389,079 Ticker symbol FRE Bloomberg symbol FRE GR Reuters symbol FREG.de
WKN / ISIN 578560 / DE0005785604
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 October 31, 2014
| 2 0 2 2 0 5 1 5 |
2 0 R F Y 1 4 t e p o o n r |
|---|---|
| 3 0 0 2 0 4 1 5 |
t Q 2 0 R 1 1 5 t t s e p o o n a e r u r r |
| 2 0 0 2 0 5 1 5 |
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 , |
| 3 0 0 2 0 7 1 5 |
d 2 2 0 R 1 5 t t n e p o o n q e r u a r r |
| 2 9 0 2 0 1 1 5 |
d 3 2 0 R 1 5 t t r e p o o n q e r u a r r |
Please note that these dates could be subject to change.
| d B i i G t g n r r u |
l S V P I R i F i S E & C K G A t t n e s o e a o n s e s e n s o a v r r u |
|---|---|
| l h T e e p o n e : l i e -m a : |
4 9 6 1 7 2 6 0 8 2 4 8 5 + - d f B i i G @ i t. r g r u n r e s e n u s c o m |
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