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Fresenius SE & Co. KGaA

Investor Presentation • Jun 14, 2013

166_ip_2013-06-14_16721ac4-6f63-4d0f-8408-e9fa24394158.pdf

Investor Presentation

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Health Care Worldwide

Deutsche Bank – European Leveraged Finance Conference June 14, 2013 – 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
  • Fresenius Vamed
  • Financial Overview
  • Financing Facilities and Debt Structure
  • Summary and Outlook

Company Overview

Fresenius Group: Overview

1 – Based on market capitalization of FSE as of May 31, 2013

2 – Based on consolidated market capitalization of FSE and Fresenius Medical Care as of May 31, 2013 and consolidated net debt as of March 31, 2013

3 – As held by Fresenius ProServe GmbH, a wholly owned subsidiary of Fresenius SE & Co. KGaA

4 – Adjusted for other one-time costs of \$110 million related to the amendment of the agreement for Venofer and a donation to the American Society of Nephrology

5 – Based on market capitalization of FMC as of May 31, 2013

Leading Market Positions in Established and Emerging Markets

  • No. 1 in dialysis services worldwide
  • No. 1 in dialysis products worldwide
  • No. 1 in infusion and clinical nutrition therapy in Europe
  • No. 2 manufacturer in the U.S. I.V. generics market
  • Global leader in Transfusion Technology
  • Strong market positions in infusion and clinical nutrition therapy in Asia-Pacific and Latin America
  • One of the leading private hospital operators in Germany

Fresenius Group: Sustainable Organic Sales Growth in all Business Segments

Fresenius Medical Care

Fresenius Kabi

Fresenius Group: Historical Financial Performance

Fresenius Group: Financial Results

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2 – Incl. attributable to non-controlling interest, financial results before special items

Fresenius Group: Financial Results by Business Segment

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Business Segments

Fresenius Medical Care: Overview

    • World leader in dialysis products and services treating 261,646 patients in 3,180 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 \$100 bn by 2020
    • Patient growth driven by age, life style and mortality reduction

1 – As of March 31, 2013

Development of Dialysis Patient Population Worldwide

2020: Estimates suggest an increase to 3.8 million dialysis patients

Barclays High Yield Bond and Syndicated Loan Conference, May 22, 2013 © Copyright Page 13

Fresenius Medical Care: Global Leader in Dialysis Care 1

1 – Based on company statements and estimates

  • 2 U.S. market share only
  • 3 DaVita worldwide patient number ~ 155,000

Fresenius Medical Care: Key Figures 2012

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1 – Previous years' figures were adjusted according to a U.S. GAAP accounting change at Fresenius Medical Care

2 – 12% at constant currency, 5% organic growth, 8% acquisitions, -2% currency effects, -1% divestitures

3 – Adjusted for charges of \$110 million related to amendment of the agreement for Venofer and donation to the American Society of Nephrology

4 – Attributable to Fresenius Medical Care AG & Co. KGaA

5 – Adjusted for non-taxable investment gain of \$140 million as well as charges of \$71 million after tax

Fresenius Medical Care: Key Figures Q1/2013

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1 – 4% organic growth, 4% acquisitions, -1% divestitures

2 – Excluding investment gain of \$127 million

Fresenius Medical Care: Proven Track Record of Deleveraging

Fresenius Kabi: Overview

Clinical NutritionParenteral & Enteral Nutrition Products

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High quality and affordable products for the therapy and care of critically and chronically ill patients in hospital and outpatient care

Fresenius Kabi:Track Record of Strong Growth and Profitability

Fresenius Kabi: Update Q1/13

  • Excellent start into the year
  • 7% organic sales growth; 20.0% EBIT margin excl. Fenwal
  • Europe
  • 2% organic growth on shortage-inflated Q1/12 base; Clinical Nutrition growth expected to accelerate
  • I.V. drug launch schedule backloaded in 2013, frontloaded in 2012
  • Expect mid single-digit growth in FY/2013
  • Asia-Pacific
  • 9% organic growth on top of strongest 2012 quarter
  • Back to double-digit growth in FY/2013
  • North America
  • 14% organic growth strong start
  • Expect to maintain majority Propofol market share in 2013
  • Shortage situation unchanged gradual easing assumed
  • FY/2013: expect low to mid single-digit percent sales decrease – fully baked into Kabi 2013 guidance

Fresenius Helios: Achievements 2012

    • Excellent organic sales growth of 5%; admissions ~3%, price/mix ~2%
    • EBIT margin increase to 11.7% (+140bps) in established clinics; acquired clinics Duisburg and Damp Group on track
    • Further quality improvement – 91% of quality targets met or exceeded (2011: 85%); data transparency increased – new hospital hygiene report1
  • Hospital transaction market update: acquired hospital revenue reached €660 million in 2012

Deutsche Bank European Leveraged Finance Conference, June 14, 2013 © Copyright Page 21

Damp Acute Care Hospital Kiel HELIOS Hospital Network 72 hospitals, >23,000 beds

1 – www.helios-kliniken.de/hygiene

Fresenius Helios: Overview

Strong track record in hospital acquisitions: 15% EBITDA margin target within 5 years. HELIOS acquired 25 hospitals over the past 6 years (LTM1)

1 – Period from December 31, 2006 to December 31, 2012

Fresenius Helios: Update Q1/13

    • 5% organic sales growth – at upper end of guidance
    • Excellent EBIT margin increase to 11.2% (+140 bps) in established clinics
  • Wage contracts in place for >80% of HELIOS employees until end of 2013 and for ~40% until end of 2014; average increase of <3% p.a. fully in line with budget assumptions
  • Hospital transaction market awarded/acquired revenue YTD: ~€200 m; projects ~€120 million in revenue pending

HELIOS Endo Klinik Hamburg

Fresenius Vamed: Overview

  • Project and service business in health care facilities worldwide
  • Realization of approximately 600 health care projects in more than 70 countries since its foundation in 1982

  • Project business accounts for 60% of 2012 sales, service business for 40%

  • Project development

  • Planning

  • -Project management

  • Turnkey hospital projects

  • -Complete medical equipment

  • Service and maintenance of medical-technical installations

  • Facility management

  • Technical management
  • General management

Financial Overview

Fresenius Group: Sales Growth By Region

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Fresenius Group: Key Figures 2012

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1 – Restated

  • 3 Excl. one-time costs related to the offer to the shareholders of 4 Before special items due to MEB and CVR accounting RHÖN-KLINIKUM AG as well as other one-time costs at FMC
  • 5 Incl. attributable to non-controlling interest 6 As of December 31

Deutsche Bank European Leveraged Finance Conference, June 14, 2013 © Copyright Page 27

Employees6 169,324 149,351

2 – 6% organic growth, 8% acquisitions, -1% divestitures

Fresenius Group: A Decade of Consistent Growth

2 – After special items

Fresenius Group: Cash Flow 2012

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Cash Flow Development 2012

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1 – Before Acquisitions and Dividends

2 – Incl. FMC dividend

3 – Understated: 2.9% excluding €25 million of capex commitments from acquisitions

Margin = in % of sales

Fresenius Group: Key Figures Q1/2013

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1
5
-		 %
1
+		 0
%
3
N
i
t
e
n
c
o
m
e		 2
3
7
8		 2
3
5
8		 6
%
+		 6
%
+
E
l
m
p
o
y
e
e
s		 1
7
1
7
6
4
,		 0
2
9
1
6
4
,

1 – 5% organic growth, 8% acquisitions, -1% divestitures

2 – before special items

3 – incl. attributable to non-controlling interest

Fresenius Group: Debt and Interest Ratios

1- Pro forma Fenwal

  • 2- Adjusted for one-time costs (€6 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 (€7 million) at Fenwal
  • 3- Pro forma including Liberty Dialysis Holdings, Inc., Damp Group, and Fenwal
  • 4- Adjusted 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

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 adjusted for €6 million one-time costs related to the offer to the shareholders of RHÖN-KLINIKUM AG as well as for €86 million other one-time costs at Fresenius Medical Care

Financing Facilities and Debt Structure

Fresenius Group: Current Debt and Cash Flow Structure as of March 31, 2013

  • 1 External debt as of March 31, 2013
  • 3 Controlling stake
  • 5 Incl. subsidiaries

2 – Incl. Fresenius Finance B.V. and other financing subsidiaries

4 – As held by Fresenius ProServe GmbH, a wholly owned subsidiary of Fresenius SE & Co. KGaA, which provides the guarantees

Fresenius Medical Care: Debt Maturity Profile1 as of March 31, 2013

1 – Based on utilization of major financing instruments

Fresenius Group excluding FMC: Debt Maturity Profile1 as of March 31, 2013

1 – Based on utilization of major financing instruments: Debt maturity profile does not reflect the delayed draw syndicated credit agreement which will be used to refinance the existing syndicated credit agreement maturing in 2013/2014

Fresenius Group: Debt Maturity Profile1 as of March 31, 2013

1 – Based on utilization of major financing instruments. Debt maturity profile does not reflect the delayed draw syndicated credit agreement which will be used to refinance the existing syndicated credit agreement maturing in 2013/2014

Summary and Outlook

Fresenius Medical Care: Financial Outlook

R
e
v
e
n
u
e		 G
h
t
r
o
w		 \$
1
4
6
0
0
>
m
,
6
%
>
E
B
I
T		 h
G
t
o
r
w		 \$
\$
2
3
0
0
2
5
0
0
m
–
,
,
4
%
1
3
%
–
N
i
t
e
n
c
o
m
e
d
d
f
j
i
i
t
t
t
a
s
e
o
n
e
s
m
e
n
g
a
n
u
r
v		 h
G
t
r
o
w		 \$
\$
0
0
2
0
0
1,
1
1,
m
–
5
1
5
%
–
b
/
D
E
B
I
T
D
A
t
e		 3
0
≤

Guidance 2013

Fresenius Group: Financial Outlook

G
i
d
2
0
1
3
u
a
n
c
e
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		 7
%
1
0
%
‒
1
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
e
n
c
u
r
r
y		 7
%
1
2
%
‒
d
b
/
N
E
B
I
T
D
A
t
t
e
e		 2
2
5
3
0
t
o

2013 guidance reflects

  • one-time costs of €14 million due to early redemption of 2016 bond included
  • U.S. sequestration Medicare reimbursement cut approx. 1% effect on Group net income
  • Fenwal integration costs of ~€50 million (pre-tax) excluded

1 – Net income attributable to shareholders of Fresenius SE & Co.KGaA adjusted for one-time integration costs of Fenwal (~€50 million pre-tax) 2 – lower end of range

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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