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Fresenius SE & Co. KGaA

Investor Presentation Aug 2, 2011

166_ip_2011-08-02_fe51d8a7-8216-4baf-a606-11c7a639bccd.pdf

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Analyst Conference Call – H1/11 Results

August 2, 2011

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.

Fresenius Group: Financial Results

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Net income attributable to Fresenius SE & Co. KGaA and before special items due to MEB and CVR accounting

Analyst Conference Call – H1/2011 Results, Fresenius SE & Co. KGaA, Investor Relations © Copyright, August 2, 2011 Page 3

Fresenius Group: Financial Results by Business Segment

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Fresenius Kabi: Update H1/11

    • Excellent organic sales growth of 13%; 100 bps EBIT margin increase to 20.9%
    • 16% organic sales growth in Emerging Markets
  • representing 28% of total Kabi sales
    • China – 20% growth, mainly attributable to parenteral nutrition
    • 22% organic sales growth in North America (Q2: 11%) driven by new products and continued drug shortages
    • FY/11 8% organic sales outlook within 7 – 10% mid-term guidance range, H2/11 yoy growth expected at low to mid single-digit rates

Sales Split / Organic Growth by Region

Fresenius Helios: Update H1/11

  • 4% organic sales growth fully in line with guidance; 50 bps EBIT margin increase to 9.5%
  • Further revival of hospital privatization activity – ~15 projects YTD pending/concluded
  • Includes 4 larger projects (€100 – 200 million revenue each)
  • Rottweil hospital consolidated as of July 1
  • Excellent progress at Krefeld hospital
  • 6% admission CAGR 08–10
  • Construction phase I (654-bed building) completed on schedule; total investment of €180million (2008 to 2014)

Maximum care hospital Krefeld (>1,000 beds) Construction phase I Construction phase II

Fresenius Vamed: Update H1/11

    • H1/11 sales and EBIT on track, but negative growth rates due to Ukraine project in H1/10
    • Full-year 2011 sales and EBIT growth guidance revised – Middle East/North Africa unrest leading to project delays in H2/11
    • Continued sales/earnings growth opportunities following the temporary project delays
  • -€164 million order intake in H1/11
    • Expect significant increase in order intake in H2/11

Fresenius Biotech: Update H1/11

Removab:

  • -29% sales growth to €1.8 million
    • Launched in Austria, France, Germany, Scandinavia, UK; obtained reimbursement approval in Italy in July
    • Three-hour vs. six-hour infusion recommended by CHMP1 –facilitates use in out-patient setting
    • 1-year survival rate – fourfold in Removab-treated patients vs. control group (11.4% vs. 2.6%)2; CHMP recommendation allows marketing of survival data

ATG:

  • -9% sales growth to €12.8 million
    • First company in Germany with approval in stem cell transplantation; received approval in Austria in June

EBIT outlook 2011 of -€30 million confirmed

Analyst Conference Call – H1/2011 Results, Fresenius SE & Co. KGaA, Investor Relations © Copyright, August 2, 2011 Page 8 CHMP (EMA's Committee for Medicinal Products for Human Use); 2 Follow-up results for the pivotal study Removab (catumaxomab) – trifunctional antibody; ATG Fresenius S – immunsuppressive agent

Group Financials H1/11 −Outlook 2011

Fresenius Group: Profit and Loss Statement

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Analyst Conference Call – H1/2011 Results, Fresenius SE & Co. KGaA, Investor Relations © Copyright, August 2, 2011 Page 10

Fresenius Kabi: Excellent EBIT Growth


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Fresenius Helios: Excellent Sales and EBIT Growth


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Fresenius Vamed: Sales and EBIT in Line with Expectations


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Analyst Conference Call – H1/2011 Results, Fresenius SE & Co. KGaA, Investor Relations © Copyright, August 2, 2011 Page 13

Cash Flow Development


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2 Incl. FMC dividend

Analyst Conference Call – H1/2011 Results, Fresenius SE & Co. KGaA, Investor Relations © Copyright, August 2, 2011 Page 14 3 Understated: 9.3% excluding €58 million of capex commitments from acquisitions Margin = in % of sales

Fresenius Group: Debt and Interest Ratios

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Fresenius Group: 2011 Outlook by Business Segment

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Analyst Conference Call – H1/2011 Results, Fresenius SE & Co. KGaA, Investor Relations © Copyright, August 2, 2011 Page 16

Fresenius Group: 2011 Outlook Raised or Fully Confirmed

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Attachments

Special items

  • Other financial result:
    • CVR (Contingent Value Right): The trading price of the CVR was considered as fair redemption value. Changes of this value were recognized in the P&L.

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: Δ 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 will lead to gains or expenses until maturity. Maturity date will be August 14, 2011.

Fresenius Group: Overview –Calculation of Noncontrolling Interest


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o
-
-
d
's
l
h
(
)
F
i
V
2
3
%
i

2
t
e
s
e
n
s
a
m
e
e
e
n
a
o
n
e
s
p
m
r
u
x
r
w
r
-
2
0
-
4
1
-
b
b
l
S
&
C
G
N
i
i
F
i
E
K
A
t
t
t
t
t
e
n
o
m
e
e
o
e
e
n
o
c
a
r
u
a
r
s
u
s
a
2
5
7
6
2
2

Fresenius Group: Cash Flow


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

Cash Flow Development LTM


m
O
p
e
r
a
(
)
i
C
C
F
t
t
n
g
a
p
e
n
e
x
C
F
r
e
e
a
1
h
l
F
s
o
w
/
L
T
M
H
1
1
1
L
T
M
M
i
a
r
g
n
/
L
T
M
H
1
1
1
L
T
M
M
i
a
r
g
n
/
L
T
M
H
1
1
1
L
T
M
M
i
a
r
g
n
5
8
3
1
5
0
%
(
)
1
8
2
(
)
4
7
%
4
0
1
1
0
3
%
2
9
9
%
1
1
5
(
)
1
1
7
(
%
)
4
5
8
2
1
3
0
%
7
1
9
2
8
%
(
)
7
(
)
1
0
%
1
2
1
7
%
/
C
t
o
r
p
o
r
a
e
O
h
t
e
r
3
9
-
/
n
a
(
6
)
1
/
n
a
5
5
-
/
n
a
l.
F
M
C
e
x
c
8
2
6
2
2
8
%
1
(
)
3
2
2
(
)
%
4
5
0
5
4
2
8
3
%
G
r
o
u
p
1
7
5
6
,
1
0
8
%
(
)
7
0
5
(
)
4
3
%
1
0
5
1
,
6
5
%

1 Before Acquisitions and Dividends

2 Incl. FMC dividend

Analyst Conference Call – H1/2011 Results, Fresenius SE & Co. KGaA, Investor Relations © Copyright, August 2, 2011 Page 22 3 Understated: 9.3% excluding €58 million of Capex commitments from acquisitions Margin = in % of sales

Fresenius Kabi: Strong Organic Sales Growth


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

Fresenius Kabi: Strong Organic Sales Growth


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

Fresenius Helios: Strong Organic Sales Growth


m
/
H
1
1
1
/
H
0
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
1
2
7
6
,
1
2
2
3
,
4
%
A
i
i
i
t
c
q
s
o
n
s
(
l
i
d
i
1
)
u
t
<
c
o
n
s
o
a
o
n
y
r
1
7
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
0
l
l
T
t
o
a
s
a
e
s
2
9
3
1
,
2
2
3
1
,
%
6

Fresenius Helios: Performance Indicators

/
H
1
1
1
/
H
1
1
0
C
h
a
n
g
e
1
f
h
l
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s
p
a
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l
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e
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a
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c
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s
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l
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t
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o
s
a
c
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e
c
a
r
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c
n
c
s
-
6
3
3
4
2
0
6
2
2
4
2
0
2
%
2
%
0
%
1
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
-
8
9
0
1
4
,
1
3
5
4
7
,
3
6
4
7
,
8
6
1
5
4
,
1
0
9
5
7
,
3
6
4
7
,
2
%
2
%
0
%
2
d
i
i
A
m
s
s
o
n
s
(
i
i
)
A
t
t
t
c
u
e
c
a
r
e
n
p
a
e
n
-
3
1
2
4
7
4
,
3
0
2
0
5
7
,
%
4
2
O
c
c
p
a
n
c
u
y
P
t-
t
o
e
e
s
a
c
u
c
a
r
-
7
9
%
8
0
%
2
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
e
c
a
e
u
r
-
P
t-
t
o
e
e
s
a
c
u
c
a
r
-
6
7
2
9
6
6
9
2
9
9

1Dec 31, 2010

2Clinics in Germany

Fresenius Helios: Sales Influence Hospital Acquisitions

A
i
i
i
t
c
q
u
s
o
n
s
d
A
l
i
l
n
n
u
a
z
e
s
a
e
s
l
l
d
H
i
H
t
t
t,
o
s
p
a
e
m
s
e
L
S
o
e
a
o
n
w
r
x
y

3
2
m
~
l
d
d
f
i
J
1
2
0
1
1
t
c
o
n
s
o
a
e
a
s
o
a
n
,
A
i
i
i
f
J
l
1
2
0
1
1
t
c
q
u
s
o
n
a
s
o
u
y
,
l
l,
H
i
R
i
t
t
t
o
s
p
a
o
e
w
d
b
B
W
t
t
a
e
n
u
e
r
e
m
e
r
g
-
3

1
m
~
l
d
d
f
l
2
0
i
J
1
1
1
t
c
o
n
s
o
a
e
a
s
o
u
y
,

Fresenius Group: Key Figures According to IFRS


m
/
H
1
1
1
U
S
G
A
A
P
/
H
1
1
1
I
F
R
S
l
S
a
e
s
8
0
0
4
,
8
0
0
4
,
E
B
I
T
2
0
1
7
,
1
2
1
1
,
N
i
t
t
t
e
n
e
e
s
r
2
7
6
-
2
7
6
-
1
N
i
t
e
n
c
o
m
e
2
5
7
2
5
8
2
i
N
t
e
n
c
o
m
e
3
6
3
3
6
4
h
f
l
O
i
C
t
p
e
r
a
n
g
a
s
o
w
6
5
0
6
5
4
l
h
l
B
t
t
t
a
a
n
e
s
e
e
o
a
c
2
3
9
0
9
,
2
8
8
4
0
,

1Net income attributable to Fresenius SE & Co. KGaA

2Net income attributable to Fresenius SE & Co. KGaA before special items due to MEB and CVR accounting

Analyst Conference Call – H1/2011 Results, Fresenius SE & Co. KGaA, Investor Relations © Copyright, August 2, 2011 Page 28

Financial Calendar

  • 02.11.2011Report on 1st – 3rd quarter 2011
  • 21.02.2012Report on Fiscal Year 2011
  • 03.05.2012Report on 1st quarter 2012
  • 11.05.2012Annual General Meeting, Frankfurt/Main
  • 01.08.2012Report on 1st half 2012
  • 31.10.2012Report on 1st – 3rd quarter 2012

Contact

Birgit Grund SVP Investor Relations Fresenius SE & Co. KGaA

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

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