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Fresenius SE & Co. KGaA

Investor Presentation • Nov 3, 2009

166_ip_2009-11-03_9809a8c8-d3f0-4395-935c-f556f4744cdf.pdf

Investor Presentation

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Analyst Conference Call – Q1-3/09 Results

November 3, 2009

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 and before special items due to MEB and CVR accounting

Fresenius Group: Financial Results by Business Segment

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7

Fresenius Group:

Sustainable Organic Sales Growth in All Business Segments

Fresenius Kabi: Update Q1-3/09

  • Organic sales growth accelerated to 8 %
  • Asia-Pacific +15 % compared to +11 % in H1/09, mainly driven by sales in China
  • APP Pharmaceuticals
  • Achieved sales growth in non-Heparin portfolio of 18 % in Q3 and 4 % in Q1-3/09
    • greater market penetration of pre-existing products
    • new product launches
  • Expect to achieve single-digit sales growth in non-Heparin portfolio in FY09
  • Expect to keep significant Heparin market share in FY09

APP Pharmaceuticals: ANDA Track Record

Growth in New Product Development: Expected Patent Expirations 2009 - 2019

It is expected that drugs of > US\$ 20 bn branded sales will have gone off-patent by 2019 (based on 2008 revenues)

Fresenius Helios: Update Q1-3/09

  • Excellent organic sales growth of 6 %, driven primarily by increased hospital admissions
  • 130 bps EBIT margin increase in established clinic portfolio; restructuring of newly-acquired clinics fully on track
  • 2010 German budget change rate ('Veränderungsrate') increased to 1.54 % (2009: 1.41 %)
  • Privatization pick-up expected in 2010 following sluggish market activities in 2008/2009

Fresenius Vamed: Update Q1-3/09

  • Fully on track for 2009 sales and EBIT guidance
  • Excellent growth in a challenging global economic environment
  • Project business sales Q1-3/09: +46 %, contributing 62 % to total sales (Q1-3/08: 58 %)
  • Order intake Q1-3/09: +29 % to € 313 million;
    • Q3 more than doubled to € 157 million mainly driven by a turnkey contract for a general hospital in Gabon

Group Financials Q1-3/09 − Outlook 2009

Fresenius Group: Profit and Loss Statement, Adjusted for Special Items

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

Fresenius Kabi: Strong EBIT Growth

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Fresenius Helios:

Excellent Sales and Earnings Development Continued

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* Prior year EBIT split adjusted to current portfolio

Fresenius Vamed: Excellent Sales Growth

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1Project business only 2 Dec 31, 2008

Fresenius Group: Cash Flow

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Fresenius Group: Cash Flow (excl. FMC)

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*Before Acquisitions and Dividends

Q1-3/09: Includes Fresenius Medical Care's dividend payment of € 62 million to Fresenius SE

Fresenius Group: Debt and Interest Ratios

Debt excludes Mandatory Exchangeable Bonds

* Pro forma APP acquisition and before special items

Fresenius Group: 2009 Financial Outlook Raised/Confirmed

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* Translation effects may impact Fresenius Kabi's margin as APP provides a significant earnings contribution from the US\$ area. This guidance is based on the US\$/€ exchange rate from the beginning of 2009.

Fresenius Group: Positive Outlook 2009 Confirmed

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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 September 30, 2009: Δ between trading price of US\$ 0.35 at December 31, 2008 and trading price at September 30, 2009 of US\$ 0.58 multiplied by 163.3 million CVRs = US\$ -37.5 million = € -27 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: Debt Maturity Profile1 September 30, 2009

1Based on utilization of major financing instruments; excl. Fresenius Medical Care's Accounts Receivable Facility

Fresenius Kabi: Organic Sales Growth Fully in Line with Expectations

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o
o
g
r
u
y		 3
1
5		 2
9
8		 6
%
l
l
T
t
o
a
s
a
e
s		 2
2
7
4
,		 1
7
3
4
,		 %
8

* Organic growth calculation for I.V. drugs includes APP and Dabur just for the month of September as these businesses where consolidated as of September 1, 2008. January to August calculation is based on pre-existing I.V. drug business of Fresenius Kabi.

Fresenius Kabi: Organic Sales Growth Fully in Line with Expectations

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

Fresenius Helios: Strong Sales Growth

€
m		 Q
/
1
3
0
9
-		 Q
/
1
3
0
8
-		 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
6
4
6
,		 *
1
5
5
0
,		 6
%
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		 1
2
2
D
i
i
t
t
e
s
e
s
(
d
l
d
)
v
u
r
i
i
1
t
<
e
c
o
n
s
o
a
o
n
y
r		 *
1
8
T
l
l
t
o
a
s
a
e
s		 1
7
6
8
,		 1
5
6
8
,		 1
3
%

* Prior year sales split adjusted to current portfolio

Fresenius Helios: Performance Indicators

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

1Dec 31, 2008 2 Clinics in Germany 3 2008 cumulated

Fresenius Helios:Sales Impact Hospital Acquisitions

(Lower Saxony) (Saxony Anhalt)

Acquisitions Annualized sales

  • Hospital Mariahilf, Hamburg ~ € 26 m consolidated as of Aug 1, 2008
  • 2 hospitals Northeim County ~ € 50 m consolidated as of Jan 1, 2009
  • 3 hospitals Mansfeld-Südharz ~ € 86 m consolidated as of Jan 1, 2009

Divestitures

transferred to VAMED

4 hospitals in Czech Republic ~ € 24 m deconsolidated as of Oct 1, 2008

Fresenius Group: Key Figures According to IFRS

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

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

Financial Calendar

  • 23.02.2010 Report on Fiscal Year 2009
  • 04.05.2010 Report on 1st quarter 2010
  • 12.05.2010 Annual General Meeting, Frankfurt/Main
  • 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

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