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Fresenius SE & Co. KGaA

Investor Presentation • Aug 26, 2010

166_ip_2010-08-26_615415ed-0beb-4c39-b946-68a8fde5ce27.pdf

Investor Presentation

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Analyst Conference Call – H1/10 Results

August 3, 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
e
s		 E
B
I
T		 1
i
N
t
e
n
c
o
m
e
/
H
1
1
0		 €
7
6
8
6
m
,		 8
€
1
1
1
m
,		 €
3
0
2
m
G
h
t
t
t
t
o
a
c
o
n
s
a
n
r
w
t
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e
n
c
a
e
s
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y
r		 1
0
%		 1
2
%		 2
3
%
h
l
G
t
t
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o
w
a
a
c
u
a
t
c
u
r
r
e
n
c
y
r
a
e
s		 %
1
1		 %
1
4		 2
6
%

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

Fresenius Group: Financial Results by Business Segment

/
0
H
1
1		 F
i
r
e
s
e
n
u
s
M
d
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C
e
c
a
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V
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G
t
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w		 \$
S
8
2
8
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5
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,
9
%		 €
1
7
4
5
m
,
1
6
%		 €
1
2
2
3
m
,
5
%		 €
3
3
8
m
3
7
%
E
B
I
T
G
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t
r
o
w		 \$
U
S
8
8
8
m
9
%		 €
3
4
7
m
2
0
%		 €
0
1
1
m
0
%
1		 €
1
5
m
6
%
7

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 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 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

Group Financials H1/10 Outlook 2010

Fresenius Group: Profit and Loss Statement

€
m		 /
Q
2
1
0		 /
H
1
1
0		 G
h
H
t
r
o
w		 /
1
1
0
Y
Y
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s
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,		 7
6
8
6
,		 1
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E
B
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T		 6
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1		 8
1
1
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1
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1
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8
-		 2
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-		 2
%
7
-		 2
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-
1
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i
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n
c
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m
e		 1
8
3		 3
0
2		 2
6
%		 2
3
%

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		 /
H
1
1
0		 /
H
1
0
9		 G
h
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w
E
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n		 8
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2
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3
%		 6
1
5
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4
%		 8
%
h
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0
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%		 3
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9
0		 2
0
%
i
M
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n		 %
1
9
9		 %
1
9
3

Fresenius Helios: Excellent Sales and EBIT Growth

€
m		 /
H
1
1
0		 /
H
1
0
9		 G
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w
l
l
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2
2
3
,		 1
1
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,		 %
5
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%
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1
0		 1
0
0		 1
0
%
M
i
a
r
g
n		 %
9
0		 %
8
6

1 Prior year EBIT split adjusted to current portfolio

Fresenius Vamed: Excellent Sales and EBIT Growth

€
m		 /
H
1
1
0		 /
H
1
0
9		 G
h
t
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w
b
P
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0
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1		 1
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7		 5
3
%
%
1
1
T
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7		 3
7
%
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6		 %
6
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g		 3
2
8
8
7
6		 1
5
6
2
9
6
7		 0
%
1
1
3
%
1

1Project business only

2Dec 31, 2009

Cash Flow Development

€
m		 (
O
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a
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g
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F
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Q
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Q
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M
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1
1
5		 2
6
%
1		 (
)
3
3		 (
)
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4		 8
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6
%
9
7		 1
0
6
%		 (
)
6
1		 (
)
6
5
%		 3
6		 4
0
%
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%		 (
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)
1		 5
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-		 8
%
1
Co
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O
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1
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%		 (
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9
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)
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%
4		 3
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%
5
1

Margin = in % of sales

1 Before Acquisitions and Dividends

2 Incl. FMC dividend: CFFO LTM margin 10.8%, FCF LTM margin 6.0%

Fresenius Group: Debt and Interest Ratios

Debt excludes Mandatory Exchangeable Bonds

Fresenius Group: 2010 Outlook Raised

P
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–
-

Fresenius Group: 2010 Earnings Outlook Raised

P
i
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s		 N
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R
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%
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x		 f
%
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l
5
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s
a
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~

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 June 30, 2010: Δ between trading price of US\$0.30 at December 31, 2009 and trading price at June 30, 2010 of US\$0.13 multiplied by 163.3 million CVRs = US\$27.8 million = €21 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

€
m		 /
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1
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Fresenius Group: Cash Flow

€
m		 /
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8
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1
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-
C
(
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t
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%
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(
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A
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a
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s		 1
6
0
-		 3
5
%		 1
4
-		 1
9
6
%
-		 --

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

Cash Flow Development LTM

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

Margin = in % of sales

1 Before Acquisitions and Dividends

Fresenius Kabi: Strong Organic Sales Growth

€
m		 /
H
0
1
1		 /
H
0
9
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		 4
1
2		 3
4
1		 8
%
I
V
D
r
u
g
s		 6
0
7		 5
0
0		 1
9
%
C
l
l
i
i
N
i
i
t
t
n
o
n
c
a
u
r		 2
5
1		 4
5
1		 0
%
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
c
n
o
o
g
r
u
y		 2
1
4		 2
0
8		 2
%
T
l
l
t
o
a
s
a
e
s		 1
7
4
5
,		 1
5
0
0
,		 1
1
%

Fresenius Kabi: Strong Organic Sales Growth

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

Fresenius Helios: Strong Organic Sales Growth

€
m		 /
H
1
1
0		 /
H
1
0
9		 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
2
3
1
,		 1
9
1
1
5
,		 6
%
i
i
i
A
t
c
q
s
o
n
s
(
l
d
)
u
i
t
i
1
<
c
o
n
s
o
a
o
n
y
r		 0
D
i
i
t
t
e
s
e
s
(
d
l
i
d
i
1
)
v
u
r
t
<
e
c
o
n
s
o
a
o
n
y
r		 1
5
T
l
l
t
o
a
s
a
e
s		 1
2
2
3
,		 1
1
6
4
,		 %
5

1Prior year sales split adjusted to current portfolio

Fresenius Helios: Performance Indicators

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

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

1Net income attributable to Fresenius SE

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

Financial Calendar

  • 02.11.2010 Report on 1st-3rd quarter 2010
  • 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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