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Fresenius SE & Co. KGaA

Investor Presentation • Sep 15, 2010

166_ip_2010-09-15_3e99809c-2e03-4189-b113-497dbea711fc.pdf

Investor Presentation

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Health Care Worldwide

Credit Suisse – 2010 Global Credit Products ConferenceSeptember 15, 2010 – Miami

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

  • Fresenius Group Overview
  • Business Segments
  • Fresenius Medical Care
  • Fresenius Kabi
  • Fresenius Helios
  • Fresenius Vamed
  • Financial Overview
  • Financing Structure
  • Summary and Outlook

Financial Overview of the Fresenius Group

Market Cap.2 \$17.1 bn

1 - based on market capitalisation of FSE and FMC as of August 31, 2010 and consolidated net debt as of June 30, 2010

2 - as of August 31, 2010 3 - as held by Fresenius ProServe GmbH, a wholly owned subsidiary of Fresenius SE

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
  • Strong market positions in infusion and clinical nutrition therapy in Asia-Pacific and Latin America
  • Top 3 private hospital operator in Germany

Fresenius Group:

Sustainable Organic Sales Growth in All Business Segments

Fresenius Group: Financial Results

1 - incl. attributable to noncontrolling interest

2 - before APP-transaction related special items in 2008 and 2009

3 - adjusted according to new accounting rule SFAS 160

Fresenius Group: Financial Results H1/2010

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2 – before special items due to MEB and CVR accounting

Fresenius Group: Financial Results by Business Segment

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Business Segments

Fresenius Medical Care: Update H1/10

  • Strong underlying operational performance fully on track for full-year guidance and strategy
  • Expanded global presence in dialysis services through acquisitions in attractive growth markets
  • Superior quality performance in both products and services
  • Uniquely poised to seize opportunities from U.S. bundled reimbursement system given vertical integration and consistent quality focus

Fresenius Kabi Overview

Fresenius Kabi:Track record of strong Growth and Profitability

Fresenius Kabi: Update H1/10

  • Strong sales and EBIT development
  • 11% organic sales growth
  • 19.9% EBIT margin
  • APP Pharmaceuticals with 28% sales growth, 4 key factors contributing to outperformance
  • New product launches
  • Propofol
  • Oxaliplatin
  • Heparin
  • Pursue further efficiency increases in Europe; expected one-time expenses of €10 – 20 million in H2/10

Fresenius Kabi: EBIT Substantially Ahead of Expectations

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Fresenius Helios: Significant German hospital privatisation opportunity

Fresenius Helios is one of the three largest operators of private hospitals in Germany

  • -61 hospitals including 5 maximum care clinics
    • Acquired 6 hospitals in 2006, 5 hospitals in 2007, 1 hospital in 2008 and completed the acquisition of 5 additional hospitals in Q1/2009
  • Germany is Europe's largest hospital market (~€65 billion market size)
    • Only ~14 %1 of German acute hospital beds managed by private operators; privatisation trend expected to gain pace
    • Market provides value-creation opportunity for efficient players with superior medical quality
  • -Superior growth and margin profile of Fresenius Helios Maximum care hospital Acute care hospital

Fresenius Helios: Update H1/10

  • Strong organic sales growth of 6%
  • patient admissions +4%
  • price/mix +2%
  • 40 bps EBIT margin increase to 9.0%
  • Acquisition activity YTD:
  • 9 properties coming to market
  • 3 bids submitted by HELIOS
  • 1 bid still pending
  • Patient satisfaction survey on 67,000 patients showed 95% overall satisfaction – confirming high quality of care at HELIOS' clinics

Fresenius Helios: Performance Indicators

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1Dec 31, 2009

2Clinics in Germany

Fresenius Helios: Excellent Sales and EBIT Growth

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1 Prior year EBIT split adjusted to current portfolio

Fresenius Vamed: Technical services for health care facilities

  • Project and management business in health care facilities worldwide

  • Realisation of approximately 500 projects in 50 countries since its foundation in 1982

  • Project development

  • Planning

  • Project management

  • Turnkey hospital projects

  • Complete medical equipment

  • Service and maintenance of medical-technical installations

  • Facility management

  • Technical management
  • General management

Fresenius Vamed: Update H1/10

  • Excellent organic sales growth of 36%
  • Order entry more than doubled to €328 million in H1/10
  • €62 million turnkey construction project at Cologne university hospital (U/B West) including 25-year technical management contract – expanding German project and service business
  • €52 million medical equipment contract King Hamad Hospital, Bahrain
  • Order backlog (€768 million) near all-time high
  • Medical technical service contract for three German hospitals (>900 beds) in July

Fresenius Vamed: Excellent Sales and EBIT Growth

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1Project business only

2Dec 31, 2009

Financial Overview

Fresenius Group: Profit and Loss Statement

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

Fresenius Group: Cash Flow

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1Does not include a €100 m cash out for a short-term bank deposit by Fresenius Medical Care in Q2 2010

Cash Flow Development LTM

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1 Before Acquisitions and Dividends

Fresenius Group: Debt and Interest Ratios

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Net debt/EBITDA

Debt excludes Mandatory Exchangeable Bonds

Financing Structure

Fresenius Group: Debt and Cash Flow Structure1

1 - external debt as of June 30, 2010 2 - incl. Fresenius Finance B.V. and other financing subsidiaries

3 - as held by Fresenius ProServe GmbH, a wholly owned subsidiary of Fresenius SE, which provides the guarantees 4 - incl. subsidiaries

Fresenius Medical Care: Debt Maturity Profile 1 June 30, 2010

1 – based on utilization of major financing instruments

Fresenius Group excluding FMC: Debt Maturity Profile 1 June 30, 2010

1 – based on utilization of major financing instruments

CS 2010 Global Credit Prod. Conf_Sept 15, 2010_final © Copyright Page 31

Fresenius Group: Debt Maturity Profile 1 June 30, 2010

1 – based on utilization of major financing instruments; excl. FMC Accounts Receivable Facility

CS 2010 Global Credit Prod. Conf_Sept 15, 2010_final © Copyright Page 32

Summary and Outlook

Fresenius Group: 2010 Outlook Raised

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5
–		 d
f
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a

Fresenius Group: 2010 Earnings Outlook Raised

i
P
r
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v
o
u
s		 N
e
w
h
R
t
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t
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r
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y		 7
9
%
–
1
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N
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y		 8
1
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%
–		 1
0
1
5
%
–
C
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x		 f
l
%
G
5
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~

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

Fresenius Group: Long-term Growth Strategy

    • Focus on sustainable organic sales growth supported by demographics and strong demand for life-saving / life-sustaining products and services
    • Target additional growth through selective acquisitions to strengthen regional presence and product portfolio
  • Benefit from privatizing healthcare markets
  • Utilize strong innovation and technology capabilities
  • Benefit from decentralized management structures and entrepreneurship
    • Focus on proper integration of acquisitions, solid operations management, financial prudence and continued profitability improvements

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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Quarterly Report 2025
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Interim / Quarterly Report 2025
Aug 6
Investor Presentation 2025
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