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Fresenius SE & Co. KGaA

Investor Presentation • Nov 2, 2010

166_ip_2010-11-02_4c1f4ae0-53c2-4f43-9b98-1501c2b0bde2.pdf

Investor Presentation

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Analyst Conference Call – Q1-3/10 Results

November 2, 2010

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

S
l
a
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s		 E
B
I
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c
o
m
e
Q
3
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8
2
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1
1
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,		 €
6
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G
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s		 1
3
%		 1
9
%		 3
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%

1Net income attributable to Fresenius SE and before special items due to MEB and CVR accounting

Fresenius Group: Double-Digit EBIT Growth In All Business Segments

/
Q
3
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1
1
-		 F
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%		 €
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%		 €
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1
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,
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1		 €
5
5
7
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2
6
%		 €
2
1
7
m
3
%
1		 €
2
4
m
6
0
%

Fresenius Kabi: Update Q1-3/10

    • Outstanding organic sales growth of 13% and EBIT margin of 20.5%
    • Continued strong growth at APP Pharmaceuticals – sales +35%; double-digit sales growth in Q4 expected; high 2010 base will impact Kabi's 2011 growth expectations
    • APP acquisition expected to be accretive to 2010 Group EPS
  • U.S. launch of selected Kabi products now scheduled for H2/2011, focus was to address drug shortages in the market. Expected incremental sales of €50 – 70 million p.a. by 2013 confirmed

Fresenius Helios: Update Q1-3/10

  • Organic sales growth of 5%, mainly driven by increased patient admissions
  • 70 bps EBIT margin increase to 9.3%
  • Update acquisition activity YTD:
  • 12 properties coming to market; various projects under discussion
  • 4 bids submitted by HELIOS
  • 1 bid pending
  • 1 bid accepted

Fresenius Vamed: Update Q1-3/10

  • -Excellent organic sales growth of 31%
  • Order entry at €418 million, +34%
  • €36 million hospital turnkey project, Bosnia-Herzegovina
  • €22 million medical equipment contracts, Turkmenistan and China
    • Major projects delivered on time in Q3 (turnkey implementation and operational management)
  • -Spa Vienna
  • -Neurological therapy center, Upper Austria
  • -Rehabilitation center, Western Austria
  • VAMED's Austrian service subsidiary receives European Foundation for Quality Management (EFQM) award

EFQM Excellence Award, Europe's most prestigious award for organizational excellence

Group Financials Q1-3/10 − Outlook 2010

Fresenius Group: Profit and Loss Statement

€
m		 /
Q
3
1
0		 /
Q
1
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1
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-		 G
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%
5		 3
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%

1 Net income attributable to Fresenius SE and before special items due to MEB and CVR accounting

Fresenius Kabi: EBIT Substantially Ahead of Expectations

€
m		 /
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Fresenius Helios: Sales and EBIT Growth Fully in Line with Expectations

€
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1 Prior year EBIT split adjusted to current portfolio

Fresenius Vamed: Excellent Sales and EBIT Growth Continued

€
m		 /
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Cash Flow Development

€
m		 O
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Margin = in % of sales

1 Before Acquisitions and Dividends

2 Incl. FMC dividend

Fresenius Group: Debt and Interest Ratios

Debt excludes Mandatory Exchangeable Bonds

Fresenius Group: 2010 Outlook Raised or Fully Confirmed

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"_" verbal guidance → upper end; Fresenius Biotech → lower end

Fresenius Group: 2010 Outlook Raised

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"_" verbal guidance → upper end

1 Net income attributable to Fresenius SE and before special items due to MEB and CVR accounting

Attachments

Special items

    • Other financial result:
    • CVR (Contingent Value Right): The trading price of the CVR on the B/S date is considered as fair redemption value. Changes of this value are recognized in the P&L. Valuation changes will lead to quarterly gains or expenses until maturity.

Calculation as of September 30, 2010: Δ between trading price of US\$0.30 at December 31, 2009 and trading price at September 30, 2010 of US\$0.04 multiplied by 163.3 million CVRs = US\$43.3 million = €33 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.

Fresenius Group:

Overview – Calculation of Noncontrolling Interest

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Fresenius Group: Cash Flow

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-

Does not include a €100 m cash out for a short-term bank deposit by Fresenius Medical Care

Cash Flow Development LTM

€
m		 O
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M
i
a
r
g
n
6
4
4		 3
%
1
1		 (
)
1
4
4		 (
%
)
4
1		 3
2
0		 9
%
1
2
5
8		 1
0
4
%		 (
)
1
6
4		 (
)
6
6
%		 9
4		 3
8
%
3 0
%
4		 (
9
)		 (
2
%
)
1		 6
-		 0
8
%
-
Co
/
te
rp
or
a
O
he
t
r		 4
3
-		 /
n
a		 (
)
1
3		 /
n
a		 5
6
-		 /
n
a
l.
F
M
C
ex
c		 7
4
7		 2
%
1
1
0		 (
)
3
3
0		 (
)
%
4
9		 4
1
7		 2
%
6
2

Margin = in % of sales

1 Before Acquisitions and Dividends

2 Incl. FMC dividend

Fresenius Kabi: Strong Organic Sales Growth

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

Fresenius Kabi: Strong Organic Sales Growth

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

Fresenius Helios: Strong Organic Sales Growth

€
m		 /
Q
1
3
1
0
-		 /
Q
1
3
0
9
-		 G
h
t
r
o
w
b
l
h
d
l
f
l
i
i
i
i
E
t
t
s
a
s
e
c
n
c
p
o
o
o
r		 1
8
4
0
,		 1
1
7
6
0
,		 5
%
A
i
i
i
t
(
l
d
)
c
q
u
s
o
n
s
i
i
1
t
<
c
o
n
s
o
a
o
n
y
r		 0
i
i
D
t
t
e
s
e
s
(
d
l
d
)
v
u
r
i
t
i
1
<
e
c
o
n
s
o
a
o
n
y
r		 1
8
T
l
l
t
o
a
s
a
e
s		 1
8
4
0
,		 1
7
6
8
,		 4
%

1Prior year sales split adjusted to current portfolio

Fresenius Helios: Performance Indicators

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

1Dec 31, 2009

2Clinics in Germany

Fresenius Helios:Sales Impact Hospital Acquisitions

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
n
o
n
e
i
i
D
t
t
v
e
s
u
r
e
s
l
d
H
i
D
t
o
s
p
a
e
s
e
n
r		 €
1
1
m
~		 d
l
d
d
f
i
J
1
2
0
1
0
t
e
c
o
n
s
o
a
e
a
s
o
a
n
,

Fresenius Group: Key Figures According to IFRS

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

1Net income attributable to Fresenius SE

2Net income attributable to Fresenius SE before special items due to MEB and CVR accounting

Financial Calendar

  • 23.02.2011 Report on Fiscal Year 2010
  • 04.05.2011 Report on 1st quarter 2011
  • 13.05.2011 Annual General Meeting, Frankfurt/Main
  • 02.08.2011 Report on 1st half 2011
  • 02.11.2011 Report on 1st 3rd quarter 2011

Contact

  • Birgit Grund SVP Investor Relations Fresenius SE
  • Telephone: +49 6172 608-2485 e-mail: [email protected]

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

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