Investor Presentation • Oct 31, 2012
Investor Presentation
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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.
| 1 S l a e s |
2 E B I T |
3 N i t e n c o m e |
|
|---|---|---|---|
| Q 3 / 2 1 1 - |
€ 0 0 1 4 1 m , |
€ 2 2 2 4 m , |
€ 6 8 2 m |
| G h t t t t o o n n r w a c s a t c e n c a e s u r r y r |
2 % 1 |
3 1 % |
1 5 % |
| h l G t t t o a a c a r w u t c e n c a e s u r r y r |
8 % 1 |
9 % 1 |
2 % 1 |
1Previous year's sales were adjusted according to a U.S. GAAP accounting change at Fresenius Medical Care.
2Adjusted for one-time costs of €7 million (non-financing expenses) related to the offer to the shareholders of RHÖN-KLINIKUM AG.
3 Net income attributable to shareholders of Fresenius SE & Co. KGaA ‒ adjusted for a non-taxable investment gain of €34 million at Fresenius Medical Care and for one-time costs of €31 million related to the offer to the shareholders of RHÖN-KLINIKUM AG. 2011 before special items due to MEB and CVR accounting.
| / Q 1 3 1 2 - |
F i r e s e n u s M d i l C e c a a r e |
F i r e s e n u s K b i a |
F i r e s e n u s H l i e o s |
F i r e s e n u s V d a m e |
|---|---|---|---|---|
| l S a e s h G t r o w |
\$ S 0 0 9 U 1 5 m , 1 8 % |
€ 3 3 6 3 m , 1 4 % |
€ 2 3 4 7 m , 2 0 % |
€ 5 3 6 m 1 2 % |
| E B I T h G t r o w |
\$ U S 1 6 5 9 m , % 1 1 |
€ 7 0 0 m 1 4 % |
€ 2 3 2 m 9 1 % |
€ 2 4 m 9 % |
1Previous year's sales were adjusted according to a U.S. GAAP accounting change at Fresenius Medical Care
| € m |
Q / Q / 3 1 2 1 3 1 - |
G h Q / 2 3 1 2 Y Y t r o w o |
|||
|---|---|---|---|---|---|
| l t a c u a t r a e s |
t t c o n s a n t r a e s |
||||
| 1 S l e a s |
8 6 4 4 , |
0 0 1 4 1 , |
2 0 % |
3 % 1 |
|
| 2 E B I T |
7 8 4 |
2 2 2 4 , |
2 0 % |
1 1 % |
|
| i N t t t e n e e s r |
6 1 7 - |
8 0 4 - |
3 % 4 - |
2 % 5 - |
|
| I t n c o m e a x e s |
1 7 8 - |
5 2 5 - |
9 % - |
0 % |
|
| 3 N i t e n c o m e |
2 8 4 |
6 8 2 |
2 3 % |
% 1 5 |
|
1Previous year's sales were adjusted according to a U.S. GAAP accounting change at Fresenius Medical Care.
2Adjusted for one-time costs of €7 million related to the offer to the shareholders of RHÖN-KLINIKUM AG.
3 Net income attributable to shareholders of Fresenius SE & Co. KGaA ‒ adjusted for a non-taxable investment gain of €34 million at Fresenius Medical Care and for one-time costs of €31 million related to the offer to the shareholders of RHÖN-KLINIKUM AG. 2011 before special items due to MEB and CVR accounting.
| € m |
Q / 1 3 1 2 - |
Q / 1 3 1 1 - |
G h t r o w |
|---|---|---|---|
| E o p e u r i M a r g n |
2 8 4 9 6 % 1 |
2 8 4 2 0. 9 % |
0 % |
| h N A i t o m e c a r r i M a r g n |
3 7 7 % 4 1. 4 |
2 8 8 3 8. % 1 |
3 % 1 |
| 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 g n r |
2 1 3 2 2 1. % |
1 6 9 2 0. 2 % |
2 6 % |
| d C C R & D t t o p o a e a n o p o a e r r r r |
1 7 4 - |
1 2 8 - |
3 6 % - |
| l T E B I T t o a |
7 0 0 |
6 1 3 |
% 1 4 |
| M i a r g n |
2 0 8 % |
2 0 8 % |
| € m |
/ Q 3 2 1 1 - |
/ Q 3 1 1 1 - |
G h t r o w |
|---|---|---|---|
| T l l t o a s a e s |
2 3 4 7 , |
1 9 5 0 , |
% 2 0 |
| 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 o o r M i a g n r |
2 3 5 6 % 1 1. |
1 9 5 0. 2 % 1 |
2 1 % |
| / A i i i D i i t t t c q u s o n s v e s u r e s ( 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 |
3 - |
0 | |
| l T E B I T t o a |
2 3 2 |
1 9 5 |
% 1 9 |
| M i a r g n |
9 9 % |
1 0 0 % |
2012 adjusted for the transfer of a post-acute care clinic from Fresenius Helios to Fresenius Vamed
Analyst Conference Call – Q1-3/2012 Results, Fresenius SE & Co. KGaA, Investor Relations © Copyright, October 31, 2012
| € m |
/ Q 1 3 1 2 - |
/ Q 1 3 1 1 - |
G h t r o w |
|---|---|---|---|
| b P j i t o e n e r c u s s s b S i i e c e s n e s s r v |
2 8 5 2 5 1 |
3 1 1 1 6 9 |
8 % - 4 9 % |
| u T l l t o a s a e s |
5 3 6 |
4 8 0 |
1 2 % |
| l T E B I T t o a |
2 4 |
2 2 |
% 9 |
| M i a r g n 1 O d i k t r e r n a e |
4 5 % 3 2 2 |
4 6 % 3 3 5 |
% 4 - |
| 1 O d b k l r e r a c o g |
8 8 7 |
2 8 4 5 |
% 4 |
1Project business only
2Dec 31, 2011
2012 adjusted for the transfer of a post-acute care clinic from Fresenius Helios to Fresenius Vamed
Analyst Conference Call – Q1-3/2012 Results, Fresenius SE & Co. KGaA, Investor Relations © Copyright, October 31, 2012
| € m |
O p e r a |
i C F t n g |
C a p e x |
( ) t n e |
F C r e e a |
1 h F l s o w |
|
|---|---|---|---|---|---|---|---|
| / Q 3 1 2 |
L T M M i a r g n |
/ Q 3 1 2 |
L T M M i a r g n |
/ Q 3 1 2 |
L T M M i a r g n |
||
| 6 1 4 |
2 9 % 1 |
( ) 4 1 |
( 3 % ) 4 |
2 3 1 |
8 6 % |
||
| 7 8 |
8 7 % |
( ) 3 0 |
( ) 5 1 % |
8 4 |
3 2 7 % |
||
| 0 1 |
% 4 5 |
( ) 2 |
( ) 0 % 1 |
8 | 3 % 5 |
||
| / Co te rp or a O he t r |
8 - |
/ n a |
( ) 1 |
/ n a |
9 - |
/ n a |
|
| l. F M C ex c |
2 4 4 |
2 0 8 % 1 |
( ) 7 4 |
( ) % 4 4 |
0 1 7 |
2 % 6 4 |
|
| Gr ou p |
6 7 1 |
1 2 7 % |
( ) 2 0 6 |
( ) 4 6 % |
4 6 5 |
8 1 % |
1Before Acquisitions and Dividends
2Incl. FMC dividend
3Understated: 3.6% excluding €26 million of capex commitments from acquisitions Margin = in % of sales
| P i r e v o u s |
N e w |
|||
|---|---|---|---|---|
| i F r e s e n u s K b i a |
1 l h S t a e s g r o w E B I T i m a g n r |
9 % ~ 2 0 5 % ~ |
f d i c o n r m e f d i c o n m e r |
|
| i F r e s e n u s H l i e o s |
1 l h S t a e s g r o w E B I T |
3 % 5 % – ( d ) € 3 1 0 € 3 2 0 m m p p e e n u r – |
f d i c o n r m e f d i o n m e c r |
|
| F i r e s e n u s V d a m e |
l h S t a e s g o r w h E B I T t g r o w |
5 % 1 0 % – % 0 % 5 1 – |
d p p e e n u r d u p p e r e n |
|
| F i r e s e n s u i h B t o e c |
E B I T |
€ 2 € 3 0 5 m m ~ - – - |
€ 2 5 m ~ - |
1 organic
| P i r e v o u s |
N e w |
||
|---|---|---|---|
| 1 h R t e e n e g o v u r w t t t a c o n s a n c u r r e n c y |
2 1 % 1 4 % – |
f d i o n m e c r |
|
| 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 |
1 4 % 1 6 % – |
f d i c o n r m e |
|
| C a p e x |
f l 5 % G o r o u p s a e s ~ |
f d i c o n r m e |
1Previous year's sales were adjusted according to a U.S. GAAP accounting change at Fresenius Medical Care.
2 Net income attributable to shareholders of Fresenius SE & Co. KGaA – adjusted for a non-taxable investment gain (€34 million) and potential special charges (up to €17 million) at Fresenius Medical Care as well as for one-time costs (€31 million) related to the offer to the shareholders of RHÖN-KLINIKUM AG.
Analyst Conference Call – Q1-3/2012 Results, Fresenius SE & Co. KGaA, Investor Relations © Copyright, October 31, 2012
Overview – Calculation of Noncontrolling Interest
| € m |
Q / 1 3 1 2 - |
/ F Y 1 1 |
|---|---|---|
| b f d l l E i i i t t t t a r n n g s e o r e a x a n n o n c o n r o n g n e r e s |
1 8 0 9 , |
1 9 3 2 , |
| T a e s x |
2 5 1 - |
6 0 4 - |
| l l h f N i i t t t, t o n c o n o n g n e e s e e o r r r |
6 1 2 - |
6 3 8 - |
| d l F i M i C i t t e s e n s e c a a e n e n c o m e n o r u r b b l ( Q 3 / 2 6 9 % ) i F i 1- 1 t t t t a r u a e o r e s e n u s a v e r a g e : ~ |
5 0 2 - |
5 1 4 - |
| l l h l d d l N i i i F i M i C t t t o n c o n o n g n e e s o e s n e s e n s e c a a e r r r r u r ( / \$ / \$ d F Y 2 0 1 1 U S 1 0 6 Q 1- 3 2 0 1 2 U S 9 6 i m m a o n g : : c c r , d l C 's l S ) F i M i F i i t t t t o r e s e n u s e c a a r e n a n c a a e m e n s |
7 5 - |
7 6 - |
| l l h l d b N i i i F i K i t t t o n c o n r o n g n e r e s o e r s n r e s e n u s a ( ), l ( ) d d € 2 6 F i H i € 5 t m e s e n s e o s m a n e o r u u - - d 's 2 3 % l h ( € ) F i V i 4 t r e s e n u s a m e e x e r n a o w n e r s p m - |
3 5 - |
4 8 - |
| b b l S & C G N i i F i E K A t t t t t e n c o m e a r u a e o r e s e n u s o a |
6 8 5 |
6 9 0 |
| € m |
/ Q 3 1 2 |
L T M 1 M i a r g n |
/ Q 3 1 1 |
L T M 1 M i a r g n |
G h t r o w Y Y o |
|---|---|---|---|---|---|
| O i C h l F t p e r a n g a s o w |
6 7 1 |
% 1 2 7 |
5 0 6 |
% 1 0 7 |
% 3 3 |
| C ( ) t a p e x n e |
2 0 6 - |
6 % 4 - |
8 3 1 - |
% 4 5 - |
3 % 1 - |
| F C h F l r e e a s o w ( b f 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 |
4 6 5 |
8 1 % |
3 2 3 |
6 2 % |
4 4 % |
| i i i ( ) A t t c q s o n s n e u |
9 7 - |
3 5 - |
1 7 7 % - |
||
| d d D i i v e n s |
3 7 - |
3 5 - |
6 % - |
||
| F C h F l r e e a s o w ( f i i i d d i i d d ) t t a e r a c q u s o n s a n v e n s |
3 3 1 |
6 % 5 - |
2 3 5 |
3 4 % - |
3 1 % |
1Previous year's sales were adjusted according to a U.S. GAAP accounting change at Fresenius Medical Care
| € m |
O t p e r a |
i C F n g |
C a p e x |
( ) t n e |
1 F C h F l r e e a s o w |
||
|---|---|---|---|---|---|---|---|
| L T M Q 3 / 2 1- 1 |
L T M M in a rg |
L T M Q 3 / 2 1- 1 |
L T M M in a rg |
L T M Q 3 / 2 1- 1 |
L T M M in a rg |
||
| 6 5 4 |
2 9 % 1 |
( ) 8 1 7 |
( ) 3 % 4 |
3 7 7 |
8 6 % |
||
| 2 0 4 |
8 % 7 |
( 6 ) 1 5 |
( % ) 5 1 |
8 4 |
3 2 % 7 |
||
| 3 6 |
4 5 % |
( ) 8 |
( ) 1 0 % |
2 8 |
3 5 % |
||
| Co / te rp or a O he t r |
0 1 - |
/ n a |
( 3 ) 1 |
/ n a |
2 3 - |
/ n a |
|
| l. F M C ex c |
8 3 0 |
2 0 8 % 1 |
( ) 3 6 4 |
( ) % 4 4 |
4 6 6 |
2 % 6 4 |
|
| Gr ou p |
2 3 4 0 , |
% 1 2 7 |
( ) 8 4 7 |
( ) % 4 6 |
1 4 9 3 , |
% 8 1 |
1 Before Acquisitions and Dividends
2 Incl. FMC dividend
3 Understated: 3.6% excluding €26 million of capex commitments from acquisitions
Margin = in % of sales
1Pro forma Liberty Dialysis Holdings, Inc. and Damp Group
2Before one-time costs related to the offer to the shareholders of RHÖN-KLINIKUM AG
Debt excludes Mandatory Exchangeable Bonds which came to maturity on August 14, 2011
| € m |
Q / 1 3 1 2 - |
Q / 1 3 1 1 - |
O i r g a n c G h t r o w |
|---|---|---|---|
| f h I i T n u s o n e r a p y |
7 5 4 |
6 6 5 |
0 % 1 |
| I. V D r u g s |
1 2 7 3 , |
1 0 7 6 , |
1 1 % |
| C l l i i N i i t t n c a u r o n |
9 8 4 |
8 5 5 |
% 1 1 |
| d l / i i M D e c a e c e s v f h l T i T a n s s o n e n o o g r u c y |
3 2 5 |
3 5 4 |
% 1 - |
| T l l t o a s a e s |
3 3 6 3 , |
2 9 5 0 , |
9 % |
| € m |
Q / 1 3 1 2 - |
Q / 1 3 1 1 - |
O i r g a n c G h t r o w |
|---|---|---|---|
| E o p e u r |
1 4 4 9 , |
1 3 6 0 , |
6 % |
| h N A i t o r m e r c a |
9 1 0 |
7 5 5 |
1 0 % |
| f A i P i i s a a c c - |
6 2 4 |
5 1 1 |
% 1 5 |
| f i i / i L t A A a n m e c a c a r r |
3 6 2 |
3 2 4 |
% 1 4 |
| T l l t o a s a e s |
3 3 6 3 , |
2 9 5 0 , |
9 % |
| € m |
/ Q 1 3 1 2 - |
/ Q 1 3 1 1 - |
G h t r o w |
|---|---|---|---|
| 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 |
2 0 2 3 , |
9 2 0 1 , |
5 % |
| A i i i t c q u s o n s ( l i d i 1 ) t < c o n s o a o n y r |
3 2 4 |
||
| D i i t t ( d l d ) v e s u r e s i i 1 t < e c o n s o a o n y r |
3 0 |
||
| T l l t o a s a e s |
2 3 4 7 , |
1 9 5 0 , |
2 0 % |
2012 adjusted for the transfer of a post-acute care clinic from Fresenius Helios to Fresenius Vamed
| / Q 1 3 1 2 - |
/ Q 1 3 1 1 - |
C h a n g e |
|
|---|---|---|---|
| f h l i N t o o o s p a s l A i i t c e c a e c n c s u r - l P i i t- t o s a c e c a e c n c s u r - |
2 7 5 0 2 2 |
1 6 5 4 5 2 0 |
1 1 % 1 1 % 1 0 % |
| f b d N o o e s l i i A t 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 - |
2 3 2 6 0 , 1 8, 6 8 9 4, 5 7 1 |
1 2 0 1 1 2 , 1 6, 6 9 0 3, 2 2 4 |
1 6 % 1 2 % 3 % 4 |
| d A i i m s s o n s ( ) A i i t t t c e c a e n p a e n u r - |
5 4 3, 3 1 3 |
4 7 2, 3 8 9 |
1 5 % |
| O c c u p a n c y P t- t o s a c u e c a r e - |
8 5 % |
7 9 % |
|
| 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 u e c a r e - |
6. 7 2 7. 2 |
6. 7 2 9 6 |
1 Dec 31, 2011
| A i i i t c q s o n s u |
A l i d l n n a e s a e s u z |
||||
|---|---|---|---|---|---|
| l l, i i H t R t t o s p a o e w d b B W t t a e n e e m e g u r r - |
€ 3 1 m ~ |
l d d f l i J 1 2 0 1 1 t c o n s o a e a s o u y , |
|||
| l b H i D i t o s p a s g u u r , h h h l N R i W i t t o n e e s p a a r - |
€ 1 3 4 m ~ |
l d d f i J 1 2 0 1 2 t c o n s o a e a s o a n , |
|||
| ( l. D G W i a m p r o u p e x c s m a r d d b f l ), i i t v e s e e o r e c o s n g h N G t o r e r n e r m a n y |
€ 4 2 7 m ~ |
l d d f h i M 3 1 2 0 1 2 t c o n s o a e a s o a r c , |
|||
| i i D t t e s r e s v u |
|||||
| l h l h l h H i Z i t t, o s p a s c a c l d S i t w z e r a n |
2 9 € m ~ |
f d V A M E D i t t t t r a n s e r r e o r e r o s p e c v e f 2 0 2 J 1 1 a s o a n , |
|||
| l b f H i O t t o s p a s e r s a u e n , B i a v a r a |
€ 1 5 m ~ |
d l d d f l i J 1 2 0 1 2 t e c o n s o a e a s o u y , |
| € m |
/ Q 1 3 1 2 - S G U A A P |
/ Q 1 3 1 2 - S I F R |
|---|---|---|
| l S a e s |
1 4 1 0 0 , |
1 4 2 6 1 , |
| 1 E B I T |
2 2 2 4 , |
2 2 2 2 , |
| N i t t t e n e r e s |
4 8 0 - |
4 8 0 - |
| 2 N i t e n c o m e |
6 8 5 |
6 8 4 |
| 3 N i t e n o m e c |
6 8 2 |
6 8 1 |
| f O C h l i t p e a n g a s o r w |
8 0 1 7 , |
8 1 1 5 , |
| l h l B t t t a a n c e s e e o a |
3 0 2 2 5 , |
3 0 4 1 4 , |
1Excluding one-time costs related to the offer to the shareholders of RHÖN-KLINIKUM AG
2Net income attributable to shareholders of Fresenius SE & Co. KGaA
3 Net income attributable to shareholders of Fresenius SE & Co. KGaA ‒ adjusted for a non-taxable investment gain at Fresenius Medical Care and for one-time costs related to the offer to the shareholders of RHÖN-KLINIKUM AG
Investment gain at Fresenius Medical Care:
On March 4, 2011, the CVRs have been delisted from the NASDAQ and the NASDAQ suspended trading in the CVRs effective the close of trading on that day.
Calculation since March 4, 2011: between trading price of US\$0.04 at December 31, 2010 and value zero multiplied by 163.3 million CVRs = US\$6.7 million = €4.9 million.
MEB (Mandatory Exchangeable Bond): Mark-to-market accounting based on the Black-Scholes valuation model reflecting FMC's share price. Any change in fair value is recognized in the P&L. Valuation changes led to gains or expenses until maturity. Maturity date was August 14, 2011.
| € i illio n m n |
/2 Q1 01 1 |
/2 Q1 01 1 ed tat res |
/2 Q2 01 1 |
/2 Q2 01 1 ted sta re |
/2 Q3 01 1 |
/2 Q3 01 1 ted sta re |
/2 Q4 01 1 |
/2 Q4 01 1 ted sta re |
/2 FY 01 1 |
/2 FY 01 1 ted sta re |
|---|---|---|---|---|---|---|---|---|---|---|
| Sa les |
||||||||||
| ius ed ica l C Fre M sen are |
2, 22 0 |
2, 18 1 |
2, 22 0 |
2, 182 |
2, 29 5 |
2, 25 3 |
2, 45 7 |
2, 41 5 |
9, 192 |
9, 03 1 |
| Fre ius Ka bi sen |
96 0 |
96 0 |
1, 01 1 |
1, 01 1 |
97 9 |
97 9 |
1, 01 4 |
1, 01 4 |
3, 96 4 |
3, 96 4 |
| Fre ius He lios sen |
64 8 |
64 8 |
64 5 |
64 5 |
65 7 |
65 7 |
71 5 |
71 5 |
2, 66 5 |
2, 66 5 |
| d Fre ius Va sen me |
14 0 |
14 0 |
17 3 |
17 3 |
16 7 |
16 7 |
25 7 |
25 7 |
73 7 |
73 7 |
| Co e/ Ot he rat rpo rs |
-6 | -6 | -7 | -7 | -1 3 |
-1 3 |
-1 0 |
-1 0 |
-3 6 |
-3 6 |
| tal Sa les To |
3, 96 2 |
3, 92 3 |
4, 04 2 |
4, 00 4 |
4, 08 5 |
4, 04 3 |
4,4 33 |
4, 39 1 |
16 ,5 22 |
16 36 1 , |
| of od old Co st go s s |
-2 63 5 , |
-2 66 0 , |
-2 65 8 , |
-2 68 4 , |
-2 67 3 , |
-2 69 8 , |
-2 91 7 , |
-2 94 5 , |
-1 0, 88 3 |
-1 0, 98 7 |
| Gro Pro fit ss |
1, 32 7 |
1, 26 3 |
1, 38 4 |
1, 32 0 |
1, 41 2 |
1, 34 5 |
1, 51 6 |
1, 44 6 |
5, 63 9 |
5, 37 4 |
| &A SG |
89 -6 |
25 -6 |
87 -6 |
23 -6 |
93 -6 |
26 -6 |
40 -7 |
70 -6 |
-2 80 9 , |
-2 544 , |
| R& D |
-6 3 |
-6 3 |
-6 5 |
-6 5 |
-6 4 |
-6 4 |
-7 5 |
-7 5 |
-2 67 |
-2 67 |
| EB IT |
57 5 |
57 5 |
63 2 |
63 2 |
65 5 |
65 5 |
70 1 |
70 1 |
2,5 63 |
2,5 63 |
| EB ITD A |
73 7 |
73 7 |
78 9 |
78 9 |
81 8 |
81 8 |
89 3 |
89 3 |
3, 23 7 |
3, 23 7 |
Number of shares1 177,944,610 Ticker symbol FRE Bloomberg symbol FRE GR Reuters symbol FREG.de
WKN / ISIN 578560 / DE0005785604
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 September 30, 2012
For further information and current news: http://www.fresenius.com
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