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Fresenius SE & Co. KGaA

Investor Presentation • Oct 5, 2013

166_ip_2013-10-05_a35f1941-d57a-4e7b-9cc3-74bc1474ef3b.pdf

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Sanford C. Bernstein's 10th Annual Pan-European Strategic Decisions Conference

October 1, 2013

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.

Strong and Balanced Health Care Portfolio

Dialysis products and services

Ownership: 31% Ownership: 100% Ownership: 100% Ownership: 77%

Hospital supply Hospital operations Hospital projects and services

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Acquiring 43 Hospitals from Rhön-Klinikum AG Compelling Strategic Rationale

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Perfect Geographic Fit – HELIOS Hospital Network Pro Forma

  • Creating Europe's largest hospital operator with ~€5.51 bn sales and >€750 m1 EBITDA
  • Majority of the German population have access to a HELIOS hospital within one hour's drive
  • 7 maximum-care hospitals
  • 84 advanced-care / basic-care hospitals
  • 26 rehabilitation clinics
  • 50 outpatient facilities
  • University hospital Giessen/Marburg, and hospitals in Bad Neustadt, Bad Berka, Frankfurt/Oder not part of the acquisition

1Pro forma 2013e

Substantial Synergies and Operating Efficiencies

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Perfect Strategic Fit – Sources for Future Growth

German-wide Hospital Presence as a Key Prerequisite

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Additional growth opportunities – not included in financial model

Fresenius Group: Financial Results H1/13

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1Before one-time items

Q2 Business Update

Operations & Markets

FDA inspections

  • Significant remediation efforts ongoing; Kalyani plant start-up underway
  • Confirm previous estimate of up to €50 million net one-time charges1 to remediate manufacturing issues

U.S. drug shortages / Propofol

  • Shortage list mid-July: 101 I.V. drugs; 31 marketed by Kabi (end of April: 98 I.V. drugs; 28 marketed by Kabi)
  • Propofol: June shipments 20% above May volumes; expect July shipments similar to June

Fenwal integration on track

  • European operations fully integrated into Kabi organization
  • APP und Fenwal U.S. headquarters combined

1 After Calea investment gain

Q2 Business Update

Operations & Markets

Additional funding for German hospitals

  • Expect ~€10 – 15 million earnings upside for 2013 and ~€20 million upside for 2014

Clinic development plan – new, ambitious target

    • 12 – 15% EBIT margin vs. 15% EBITDA previously; FY 2012 D&A was 3.4%
  • -Acute care and post-acute care clinics included
  • -Implementation period: 6 yrs vs. 5 yrs

€173 million turnkey hospital project in Austria

Largest single order in VAMED history

Q2 Business Update

Strategic Initiatives

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Fresenius Group: Financial Outlook by Business Segment Raised or Fully Confirmed

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2013 Fresenius Kabi EBIT guidance excluding Fenwal integration costs (~€50 million).

Fresenius Group: Earnings Outlook Raised

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1 Net income attributable to shareholders of Fresenius SE& Co.KGaA; 2013 adjusted for Fenwal integration costs (~€50 million pre-tax); 2012 adjusted for a non-taxable investment gain of €34 million and other one-time costs of €17 million at Fresenius Medical Care and for one-time costs of €29 million related to the offer to RHÖN-KLINIKUM AG shareholders.

Attachments

Fresenius Group: Profit and Loss Statement

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1 2013 adjusted for Fenwal integration costs (Q2: €20 million; H1: €27 million)

2Net income attributable to shareholders of Fresenius SE & Co. KGaA, 2013 adjusted for Fenwal integration costs (Q2: €15 million; H1: €20 million)

2012 adjusted for investment gain of €34 million at Fresenius Medical Care (Q2: €4 million; H1: €34 million ) and for one-time costs related to the offer to RHÖN-KLINIKUM AG shareholders (Q2: €26 million).

Fresenius Group: Financial Results by Business Segment

/
H
1
1
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7
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7
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,
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%		 €
2
9
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,
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%
1		 €
6
9
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,
%
1
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2
4
1
m
2
%
1
E
B
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8
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1
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%
-		 €
6
9
4
m
%
4		 €
9
1
7
m
9
%
1		 €
1
5
m
%
7

Fresenius Kabi: Organic Sales Growth Fully in Line with Guidance

€
m		 /
H
1
1
3		 /
H
1
1
2		 O
i
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g
a
n
c
G
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E
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r		 1
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0
,		 9
7
4		 2
%
h
N
A
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r
m
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r
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a		 8
7
4		 6
0
9		 6
%
f
A
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P
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s
a
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c
c
-		 6
4
5		 4
1
5		 6
%
/
f
i
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L
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A
A
a
n
m
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r
r		 2
9
4		 2
3
6		 9
%
T
l
l
t
o
a
s
a
e
s		 2
5
1
9
,		 2
2
3
4
,		 4
%

Fresenius Kabi: Organic Sales Growth Fully in Line with Guidance

€
m		 /
H
1
1
3		 /
H
1
1
2		 O
i
r
g
a
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c
G
h
t
r
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w
f
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I
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a
p
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r
y		 5
0
0		 5
0
0		 4
%
I.
V
D
g
s
r
u		 8
9
3		 8
4
7		 %
7
l
l
C
i
i
N
i
i
t
t
n
c
a
o
n
u
r		 6
6
3		 6
4
8		 4
%
d
l
/
M
i
D
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f
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9		 0
%
l
l
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o
a
s
a
e
s		 2
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1
9
,		 2
2
3
4
,		 %
4

Fresenius Kabi: EBIT Margin Fully in Line with Guidance

€
m		 /
H
3
1
1		 /
H
2
1
1		 G
h
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w
E
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%		 1
9
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9
7
%		 7
%
-
h
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i
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9
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7.
1
%		 2
5
0
4
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%		 1
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%
f
f
i
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/
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-
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7.		 3
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-
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&
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-		 1
%
(
)
T
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I
T
i
l.
F
l
t
o
a
n
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M
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r
g
n		 4
6
9
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1
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2
2
0
2
%		 %
4
(
)
l
l.
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E
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T
F
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M
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r
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n		 4
5
1
1
9
8
%		 4
5
2
2
0
2
%		 %
0

H1/13 EBIT excluding Fenwal integration costs of €27 million.

Fresenius Helios: Excellent Sales and EBIT Growth

€
m		 /
H
1
1
3		 /
H
1
1
2		 G
h
t
r
o
w
l
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s
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s		 1
6
9
5
,		 1
5
2
5
,		 %
1
1
E
B
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%
1
1.		 1
5
2
0.
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%
1		 1
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%
/
A
i
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D
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(
l
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/
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r		 4 2
-
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7
9		 1
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1
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a
r
g
n		 1
0
6
%		 9
8
%

2012 adjusted for post-acute care clinic Zihlschlacht – transferred to Fresenius Vamed as per January 1, 2013.

Fresenius Vamed: Excellent Sales and EBIT Growth

€
m		 /
H
1
1
3		 /
H
1
1
2		 G
h
t
r
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w
b
j
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8
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6
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3
%
3
0
%
T
l
l
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a
s
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s		 4
2
1		 3
4
8		 2
1
%
l
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n		 1
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%		 1
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%		 %
7
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1
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b
k
l
r
e
r
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g		 3
1
1
1
0
8
9
,		 1
6
5
2
9
8
7		 9
9
%
1
0
%

1Project business only

December 31, 2012

2012 adjusted for post-acute care clinic Zihlschlacht

Fresenius Group: Cash Flow

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

Cash Flow Development LTM

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

1 Before Acquisitions and Dividends

2 Incl. FMC dividend

3 Understated: 3.0% excluding €28 million of capex commitments from acquisitions

Margin = in % of sales

Fresenius Group: Debt and Interest Ratios

1Pro forma Fenwal

  • Adjusted for one-time costs (-€1 million) related to the offer to the shareholders of RHÖN-KLINIKUM AG, for other one-time costs (€86 million) at Fresenius Medical Care as well as one-time integration costs (€27 million) at Fenwal
  • 3Pro forma including Liberty Dialysis Holdings, Inc., Damp Group, and Fenwal
  • 4Adjusted for one-time costs (€6 million) related to the offer to the shareholders of RHÖN-KLINIKUM AG and for other one-time costs (€86 million) at Fresenius Medical Care.

Acquiring 43 Hospitals from Rhön-Klinikum AG Financially Sound Acquisition

l
T
t
o
a
d
i
i
t
c
o
n
s
e
r
a
o
n
  • -€3,070 m (debt-free)

  • -Approx. 12x EBITDA 2013e

  • Financing 100% debt-financing

  • No financing through capital increase or FMC shares
N
t
e
d
b
/
E
B
I
T
D
A
t
e
  • -2013: pro forma: 3.0-3.5x
  • -2014: upper end of 2.5-3.0x range

Earnings per Share

Acquisition expected to be EPS accretive in the first year (excl. one-time costs) and clearly accretive from the second year onwards (incl. one-time costs)

Share Information

Share key facts

Number of shares1 178,432,957 Ticker symbol FRE Bloomberg symbol FRE GR Reuters symbol FREG.de

WKN / ISIN 578560 / DE0005785604

ADR key facts

Ticker symbol FSNUY Exchange OTC-market Depositary bank Deutsche Bank

Ratio 8 ADRs = 1 ordinary share ADR CUSIP / ISIN 35804M105 / US35804M1053 Structure Sponsored Level I ADR

1As of June 30, 2013

Financial Calendar 2013

05.11.2013 Report on 1st – 3rd quarter 2013

Contact

Birgit Grund SVP Investor Relations Fresenius SE & Co. KGaA

Telephone: +49 6172 608-2485 e-mail: [email protected]

For further information and current news: http://www.fresenius.com

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