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Fresenius SE & Co. KGaA

Investor Presentation • May 5, 2010

166_ip_2010-05-05_2263030a-c2a9-4007-a084-8d4eda35d750.pdf

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Analyst Meeting – Q1/10 Results

May 4, 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		 N
i
*
t
e
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c
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e
/
Q
1
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1
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7		 8
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r		 8
%		 5
%		 8
%

Analyst Meeting – Q1/2010 Results, Fresenius SE, Investor Relations © Copyright, May 4, 2010 Page 3 *Net income attributable to Fresenius SE and before special items due to MEB and CVR accounting

Fresenius Group: Financial Results by Business Segment

/
Q
0
1
1		 F
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,
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%
1		 €
8
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6
0
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m
5
%		 €
1
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6
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E
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w		 \$
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4
2
3
m
%
7		 €
1
4
5
m
%
5		 €
2
5
m
8
%
1		 €
7
m
%
7
5

Fresenius Kabi: Update Q1/10

  • Strong start into the year, organic sales growth at 9%
  • 12% organic growth in clinical nutrition
  • 11% organic growth in IV drugs
  • EBIT margin of 18.1% fully in line with expectations
  • No significant impact from US healthcare reform and current German reform plans expected
  • APP Pharmaceuticals update:
  • 14% sales growth in non-heparin portfolio
  • 1 product approval, 2 ANDA filings YTD, 34 ANDAs pending

Fresenius Helios: Update Q1/10

  • Continued strong organic sales growth of 6%
  • Improved key performance indicators
  • More than 152,000 in-patient hospital admissions in Q1, 4% organic growth
  • Average length of hospital stay at all-time low of 6.9 days
  • Fully on track to achieve 2010 guidance
  • Excellent progress at Krefeld hospital reconstruction on plan – radiation clinic in operation
  • Privatization activity expected to gain momentum in 2010/2011 New Krefeld hospital

Fresenius Vamed: Update Q1/10

  • Excellent 34 % sales growth, driven by Ukraine medical equipment contract
  • Order entry nearly tripled to €260 million
  • €102 million turnkey contract for extension of a 500-bed hospital in Lower Austria
  • Order backlog (€838 million) at all-time high – double the size of '09 project sales
  • Regional distribution: 71 % Europe (PIIGS: 0%) 29 % RoW

Group Financials Q1/10 Outlook 2010

Fresenius Group: Profit and Loss Statement

€
m		 Q
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1
1
0		 Q
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9		 G
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1		 0
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%		 8
%

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

Fresenius Kabi: EBIT Growth Fully in Line with Expectations

€
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%		 8
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1
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1

Fresenius Helios: Excellent Sales and EBIT Growth

€
m		 /
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9		 G
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%		 7
6
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* Prior year EBIT split adjusted to current portfolio

Fresenius Vamed: Excellent Sales and EBIT Growth

€
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1Project business only

2Dec 31, 2009

Cash Flow Development

€
m		 (
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Margin = in % of sales

1 Before Acquisitions and Dividends

2 Incl. FMC dividend: CFFO LTM margin 12.5%, FCF LTM margin 8.1%

Fresenius Group: 2010 Financial Outlook Fully Confirmed

i
F
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m
-
–
-

Fresenius Group: 2010 Financial Outlook Fully Confirmed

h
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~

* 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 March 31, 2010: Δ between trading price of US\$0.30 at December 31, 2009 and trading price at March 31, 2010 of US\$0.15 multiplied by 163.3 million CVRs = US\$24.5 million = €18 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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* After FMC restatement of noncontrolling interest

Cash Flow Development LTM

€
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Margin = in % of sales

* Before Acquisitions and Dividends

Fresenius Group: Debt and Interest Ratios

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\$
t
5
6
%
U
S
re
o
de
in
d
te
no
m
a		 8
5
0
0
,		 8
2
9
9
,
d
b
(
)
N
€
t
t
e
e
m		 8
0
3
3
,		 7
8
7
9
,
d
b
/
N
E
B
I
T
D
A
t
t
e
e		 3
0		 3
0
/
E
B
I
T
D
A
I
t
t
n
e
r
e
s		 4
5		 4
5

Net debt/EBITDA

YE/01 YE/02 YE/03 YE/04 YE/05 YE/06 YE/07 YE/08 YE/09 Q1/10

Debt excludes Mandatory Exchangeable Bonds

Fresenius Kabi: Strong Organic Sales Growth

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

Fresenius Kabi: Strong Organic Sales Growth

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

Fresenius Helios: Strong Organic Sales Growth

€
m		 /
Q
1
1
0		 /
Q
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		 6
0
8		 *
5
7
4		 6
%
A
i
i
i
t
c
q
s
o
n
s
(
l
i
d
i
)
u
t
1
<
c
o
n
s
o
a
o
n
y
r		 0
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
l
l
T
t
o
a
s
a
e
s		 0
8
6		 5
7
7		 %
5

*Prior year sales split adjusted to current portfolio

Fresenius Helios: Performance Indicators

Q
/
1
1
0		 Q
/
1
0
9		 C
h
a
n
g
e
*
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
%
*
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
6
1
5
1
,
1
5,
0
4
9
3,
4
6
7		 8
8
3
1
5
,
1
5,
1
1
6
3,
4
6
7		 0
%
0
%
0
%
**
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
-		 2,
3
0
1
5
7		 6
2
3
1
4
7,		 3
%
**
O
c
c
p
a
n
c
u
y
P
t-
t
o
s
a
c
u
e
c
a
r
e
-		 8
0
%		 9
%
7
**
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
3
0.
1		 7.
0
3
0.
5

*Dec 31, 2009

**Clinics in Germany

Fresenius Helios:Sales Impact Hospital Acquisitions

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

Fresenius Group: Key Figures According to IFRS

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

*Net income attributable to Fresenius SE

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

Financial Calendar

  • 12.05.2010 Annual General Meeting, Frankfurt/Main
  • 13.05.2010 Payment of dividend *
  • 03.08.2010 Report on 1st half 2010
  • 02.11.2010 Report on 1st-3rd quarters 2010

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

*Subject to the prior approval by the Annual General Meeting.

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