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Fresenius SE & Co. KGaA

Investor Presentation • May 21, 2014

166_ip_2014-05-21_01b0fff6-cbfa-46f1-8275-a166ea840e88.pdf

Investor Presentation

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Health Care Worldwide

Bank of America Merrill Lynch –European High Yield Healthcare Conference May 21, 2014 – London

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
  • Financial Overview
  • Financing Facilities and Debt Structure
  • Summary and Outlook

Company Overview

Fresenius Group: Strong and Balanced Health Care Portfolio

Market Cap.5 €15.2 bn

  • 1 Before Fenwal integration costs of €54 million
  • 2 Based on market cap of FSE as of May 2, 2014
  • 3 Based on consolidated market capitalization of FSE and FME as of May 2, 2014 and consolidated net debt as of March 31, 2014
  • 4 Held by Fresenius ProServe GmbH, a wholly owned subsidiary of FSE
  • 5 Based on market cap of FMC as of May 2, 2014
  • 6 Before Fenwal integration costs

Fresenius Group: Sales Distribution by Region –2013

Fresenius Group: Financial Results

1 – Before special items

2 – 2013 excluding Fenwal integration costs of €54 million

2009 2010 2011 2012 20133 – Incl. attributable to non-controlling interest; 2013 excluding Fenwal integration costs of €40 million

Bank of America Merrill Lynch – High Yield Conference, May 21, 2014 © Copyright Page 7 4 – 2011 sales were adjusted by -€161m according to a U.S. GAAP accounting change. This solely relates to Fresenius Medical Care North America

Fresenius Group: Organic Growth 1999 –2013

Fresenius Group: Sustainable Organic Sales Growth in all Business Segments

Fresenius Medical Care

Fresenius Helios

Fresenius Kabi

Fresenius Vamed

Fresenius Group: Financial Results

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1- 2014 before Fenwal integration costs (€1 million) and the book gain from the divestment of two HELIOS hospitals (€22 million); 2013 before Fenwal integration costs (€7 million)

2- Net income including attributable to non-controlling interest, before Fenwal integration costs (€1 million) and the book gain from the divestment of two HELIOS hospitals (€21 million); 2013 before Fenwal integration costs (€5 million)

Fresenius Group: Financial Results by Business Segment

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1- before Fenwal integration costs

2- before €22 million of book gain from the divestment of two HELIOS hospitals

Q1 Business Update

Operations & Markets

Europe

  • 2% organic sales decline, mainly due to reduced HES sales and changes in Russian distribution model
  • Confirm 2% 5% 2014e organic sales growth

Asia-Pacific

  • 3% organic sales growth (10% excluding China) reflecting yoy price cut impact and discontinuation of HES200 solution in China, delayed tenders in Australia and Vietnam
  • Confirm >10% 2014e organic sales growth

HES blood volume replacement update

~€20 million sales decline Q1 yoy; €4 million sequential reduction

Q1 Business Update

Operations & Markets

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Q1 Business Update

Operations & Markets

Strong start into the year

€115 m order entry in Q1 – driven by hospital projects in emerging markets

Strategic Initiatives

Emerging markets expansion

  • Promising acquisition pipeline to expand presence in fastgrowing markets
  • Currently pursuing only small and midsize transactions

Business Segments

Fresenius Medical Care: Global Market Leader in Dialysis

    • World leader in dialysis products and services treating 270,122 patients in 3,250 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
    • Patient growth driven by age, life style and mortality reduction

Industry Dynamics

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

1 – As of December 31, 2013

Fresenius Medical Care: Key Figures 2013

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1– Before one-time items

2– 5% organic growth, 1% acquisitions

Fresenius Medical Care: Key Figures Q1/2014

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1 – 3% organic growth, 1% acquisitions , -1% 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: >€25 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

Emerging markets €1,421 m Europe €2,053 m 29%41%30%2013 Sales by Region €5.0 bn

North America€1,522 m

Fresenius Kabi: Profitability Improvement

1 – 2013 adjusted for Fenwal integration costs

Fresenius Kabi: Key Figures 2013

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2 – 5% organic growth, -4% currency effect, 9% net acquisitions

Fresenius Kabi: Key Figures Q1/2014

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2 – 1% organic growth, -5% currency effect

Fresenius Helios: Landmark Hospital Acquisition Provides Excellent Long-Term Growth Opportunities

    • Received antitrust approval, acquisition closed on February 27, 2014
    • Consolidated ~70% of the acquired business as of Jan 1; ~20% as of March 1; for one hospitals approval of municipal shareholders pending
  • Focus on integration
  • 1st steps: integrate clinics into HELIOS' regional organization; e.g. combine procurement
  • Synergies of ~€85 million p.a. by 2015; starting 2014
  • Integration costs of ~€80 million; vast majority in 2014

Largest German network – 110 hospitals1 Majority of population has access to a HELIOS hospital within one hour's drive

Fresenius Helios: Key Figures 2013

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1 – 3% organic growth, 3% net acquisitions

2- Bad debt level of German hospitals extremely low, e.g. 0,2% bad debt of Fresenius Helios 2013 in % of sales

Fresenius Helios: Key Figures Q1/2014

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1 – Excluding €22 million of book gain from the divestments of two Helios hospitals

2 – 4% organic growth, 44% 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:

    • 600 health care projects in 70 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: Achievements 2013

    • Outstanding year with 21% sales growth, exceeding €1 billion sales target one year ahead of plan
    • Project business: 5-year sales CAGR of 12%; 2013 order entry (€744 m) at all-time high – driving further growth
  • Service business: expansion with long-term contracts, creating a more balanced portfolio

Fresenius Vamed: Key Figures 2013

€
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1 – 13% organic growth, 8% acquisitions

2 – project business only

Fresenius Vamed: Key Figures Q1/2014

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B
I
T		 6 5 2
0
%
+
E
B
I
T
i
m
a
r
g
n		 %
3
1		 %
2
7
N
i
t
e
n
c
o
m
e		 4 3 %
3
3
+
d
k
O
i
t
e
n
a
e
r
r
d
b
k
l
O
r
e
r
a
c
o
g		 1
1
5
1
1
7
0
,		 9
3
2
1
1
3
9
,		 2
4
%
+
3
%
+

1 – -2% organic growth, acquisitions 6%

2 – as of December 31, 2013

Financial Overview

Fresenius Group: Demonstrated Strong Sales and EBITDA Growth

Sales in € bn

EBITDA in € bn 1

1 – Before special items

2 – Before Fenwal integration costs of €54 million

Fresenius Group: Key Figures 2013

€
m		 2
3
0
1		 2
2
0
1		 C
h
a
n
g
e
l
t
a
c
u
a
F
X
t
r
a
e
s		 C
h
a
n
g
e
t
t
c
o
n
s
a
n
F
X
t
r
a
e
s
S
l
a
e
s		 2
0
3
3
1
,		 9
2
9
0
1
,		 %
5		 1
8
%
E
B
I
T
D
A		 2
3
8
8
8
,		 3
8
5
1
,		 %
1		 %
3
E
B
I
T		 2
3
0
4
5
,		 3
3
0
7
5
,		 %
1
-		 %
1
I
t
t,
t
n
e
e
s
n
e
r		 8
5
4
-		 6
6
6
-		 2
%
1		 0
%
1
E
B
T		 2
4
6
1
,		 3
2
4
0
9
,		 %
2		 %
5
T
a
e
s
x		 6
8
3
-		 7
0
2
-		 3
%		 0
%
4
N
i
t
e
n
c
o
m
e		 5
8
1
7
7
,		 3
0
1
7
7
,		 %
4		 %
7

Employees 178,3376 169,324

4 – Incl. attributable to non-controlling interest

5 – Before Fenwal integration costs of €40 million

6 – as of December 31,2013

1 – 4% Organic sales growth, 5% acquisitions, -1% divestitures

2 – Before Fenwal integration costs of €54 million

3 – Excl. one-time costs related to the offer to the shareholders of RHÖN-KLINIKUM AG as well as other one-time costs at FMC

Fresenius Group: Key Figures Q1/2014

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

1 – 2% organic growth, 9% acquisitions, -4 % currency effect

2 – 2014 before Fenwal integration costs (€1 million) and book gain from the divestment of two Helios hospitals (€22 million); 2013 before Fenwal integration costs (€7 million)

Bank of America Merrill Lynch – High Yield Conference, May 21, 2014 © Copyright Page 33 3 – 2014 before Fenwal integration costs (€1 million) and book gain from the divestment of two Helios hospitals (€21 million). 2013 before Fenwal integration costs (€5 million)

4 – as of December 31, 2013

5 – incl. attributable to non-controlling interest

Fresenius Group: Cash Flow 2013

€
m		 2
0
1
3		 M
i
a
r
g
n		 2
0
1
2		 M
i
a
r
g
n		 G
h Y
t
r
o
w
Y
o
O
i
C
h
F
l
t
p
e
r
a
n
g
a
s
o
w		 2
3
2
0
,		 %
1
1
4		 2
3
8
4
,		 2
%
1
6		 %
5
-
C
(
)
t
a
p
e
x
n
e		 1,
0
4
7
-		 5
1
%
-		 9
5
2
-		 4
9
%
-		 1
0
%
-
C
h
l
F
F
r
e
e
a
s
o
w
(
b
f
d
d
d
d
)
i
i
i
i
i
t
e
o
e
a
c
q
s
o
n
s
a
n
e
n
s
r
u
v		 1
2
7
3
,		 %
6
3		 1
4
8
6
,		 %
7
7		 %
1
4
-
A
i
i
t
i
(
)
t
c
q
u
s
o
n
s
n
e		 2
6
5
5
-
,		 2
2
9
9
-
,		 %
1
1
-
d
d
D
i
i
e
n
s
v		 9
4
1
-		 6
4
4
-		 0
%
1
-
C
h
l
F
F
r
e
e
a
s
o
w
(
f
d
d
d
d
)
i
i
i
i
i
t
t
a
e
a
c
q
s
o
n
s
a
n
e
n
s
r
u
v		 1
7
7
4
-
,		 %
8
7
-		 1
2
5
9
-
,		 %
6
5
-		 %
4
1
-

Cash Flow Development 2013

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

1 - Before acquisitions and dividends

2 - Incl. FMC dividend

3 - 3.7% excluding €35 million of capex commitments from acquisitions

Fresenius Group: Proven Track Record of Deleveraging

  • 1 Pro forma incl. Renal Care Group
  • 2 Pro forma incl. APP Pharmaceuticals Inc., before APP-transaction related special items
  • 3 Pro forma incl. Damp Group, Liberty Dialysis Holdings, Inc. and Fenwal, adjusted for €6 million one-time costs related to the 2012 offer to Rhön-Klinikum AG shareholders as well as for €86 million other one-time costs at FME
  • 4 Pro forma excluding advances made for the acquisition of hospitals and outpatient facilities of Rhön-Klinikum AG; before Fenwal integration costs
  • 5 Pro forma acquired hospitals from Rhön-Klinikum. Before integration costs for Fenwal (€1 million) and the book gain from the divestment of two HELIOS hospitals (€22 million)

Fresenius Group: Debt and Interest Ratios

1- 2014 before integration costs for Fenwal (€1 million) and the book gain from the divestment of two HELIOS hospitals (€22 million)

2- Pro forma acquired hospitals from Rhön-Klinikum

3- 2013 before integration costs for Fenwal (€54 million); debt excluding advances of €2.18 bn for the acquisition of hospitals from Rhön-Klinikum

Financing Facilities and Debt Structure

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

  • 1 External debt as of March 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 Medical Care: Debt Maturity Profile 1 March 31, 2014

1 – based on utilization of major financing instruments

Fresenius Group excluding FMC: Debt Maturity Profile 1 March 31, 2014

1 – based on utilization of major financing instruments

Fresenius Group: Debt Maturity Profile 1 March 31, 2014

1 – based on utilization of major financing instruments

Summary and Outlook

Fresenius Medical Care: Financial Outlook

R
d
t
e
p
o
r
e
2
0
1
3		 G
i
d
u
a
n
c
e
2
0
1
4
S
l
a
e
s		 \$
1
4
6
0
0
,		 \$
1
5
2
0
0
,
E
B
I
T		 \$
2
2
6
5
,		 \$
2
2
b
n
N
I
t
e
n
c
o
m
e		 \$
1,
1
1
0		 \$
b
1
0
1
0
5
n
-
  • Outlook excludes potential net cost savings from the global efficiency program for 2014
  • Potential acquisitions not included
  • Adequate assumptions on commercial payor mix and pricing
  • Adequate assumptions on drug usage and pricing
  • Investments in quality / compliance systems to continue to comply with standards

Fresenius Kabi:Financial Outlook

G
i
d
u		 (
2
0
1
4
i
a
n
c
e
r
e
v		 )
d
s
e
S
l
a
e
s		 O
i
G
h
t
r
g
a
n
c
r
o
w		 %
4		 6 %
E
B
I
T		 M
i
a
g
n
r		 1
6		 5
%		 1
8
%
f
S
i
i
i
t
g
n
n
c
a
e
a
s
e		 S
d
U
I.
V.
r
u
g
k
h
t
t
m
a
r
e
s
o
r
a
g
e
t
i
t
u
n
c
e
r
a
n
y		 O
i
n
g
o
n
g

Guidance reflects

  • Uncertainty about U.S. I.V. drug market shortages
  • Full-year effect from restricted use of HES blood volume substitutes
  • Full-year effect from prior year price cuts in China

Guidance excludes €40 – €50 million Fenwal integration costs

Fresenius Helios & Fresenius Vamed: Financial Outlook

F
i
H
l
i
l.
r
e
s
e
n
s
e
o
s
e
c
u
x
i
d
R
h
h
i
l
ö
t
a
c
q
u
r
e
n
o
s
p
a
s		 G
i
d
2
0
1
4
u
a
n
c
e
S
l
a
e
s		 h
O
i
t
g
a
n
c
g
o
r
r
w		 3
%
5
%
–
E
B
I
T		 l
l
l
l
€
3
9
0
i
i
€
4
1
0
i
i
m
o
n
m
o
n
–

Guidance excludes integration costs for acquired hospitals from Rhön Klinikum (total ~€80 million; thereof vast majority in 2014)

i
d
F
V
r
e
s
e
n
u
s
a
m
e		 G
i
d
2
0
1
4
u
a
n
c
e
S
l
a
e
s		 h
O
i
t
g
a
n
c
g
o
r
r
w		 5
%
1
0
%
–
E
B
I
T		 h
t
g
r
o
w		 %
0
%
5
1
–

Fresenius Group: Financial Outlook

1
G
i
d
2
0
1
4
a
n
c
e
u
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		 1
2
%
1
5
%
‒
2
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		 2
%
5
%
‒

2014 guidance reflects

  • -U.S. Medicare dialysis reimbursement cut
  • -Uncertainty about U.S. I.V. drug market shortages
  • -Full-year effects from restricted use of HES and prior year price cuts in China

1 - Guidance includes acquired Rhön hospitals

2 - Net income attributable to shareholders of Fresenius SE& Co.KGaA before integration costs for Fenwal (€30-40 m after tax) and hospitals acquired from Rhön-Klinikum (vast majority of ~€65 m in total)

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. \$18 bn branded IV drug sales (base: 2011) go off-patent in the U.S. by 2022

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

New Stretch Target

~€30 billion sales€1.4 to €1.5 billion net income

by 2017

Strong and Balanced Health Care Portfolio

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

Health Care Worldwide

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