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Fresenius SE & Co. KGaA

Investor Presentation • Nov 5, 2008

166_ip_2008-11-05_82b0fd56-cf78-42bf-a422-03d84a6beaca.pdf

Investor Presentation

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Analyst Meeting – Q1–3/08 Results

November 4, 2008

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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* Group financial results before APP-transaction-related special items – for a reconciliation to EBIT and net income see page 12

Fresenius Group: Excellent Sales and EBIT Growth in all Business Segments

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Fresenius Kabi: Update Q1–3/08

  • -Excellent organic sales growth of 9 %
  • -EBIT margin of 16.5 % pre-acquisitions
    • APP acquisition:
  • -Closing achieved 1–2 quarters ahead of plan
  • -Financing steps successful
  • -Integration process fully on track
  • -Perfect platform for further growth
    • APP '08 guidance lowered due to Heparin sales expectations; anticipated financial results slightly above acquisition business plan

Fresenius Helios: Update Q1–3/08

  • -Strong organic revenue growth of 5 %*
    • 140 bps EBIT margin expansion in established clinics to 9.6 %
  • -Krefeld/Hüls hospital projects on track
    • 185-bed Mariahilf hospital (Hamburg) consolidated as of August 1, 2008

* growth rate on a like-for-like basis

Fresenius Vamed: Update Q1–3/08

  • Excellent sales growth of 24 %
  • Order intake +60 % Q3 vs. Q2; strong Q4 order intake expected
  • Orders of several large projects lead to sales and order backlog share of > 70 % in Europe

Fresenius Group: Accomplishments

    • Strong financial results
    • Accelerating organic sales growth in all business segments
    • xFY/07: 6 % – Q1–3/08: 7 %
  • -Benefitting from leading positions in non-cyclical markets with predictable growth
    • Significant acquisition and integration activity
    • Fresenius Kabi enters U.S. market, builds I.V. drug leadership position. U.S. market entry taking advantage of favorable FX
  • -Fresenius Medical Care strengthens renal pharmaceuticals business
    • Fresenius Helios on track for € 800 m acquired revenue target by 2010 x~€ 450 m3
    • Successful financing steps
  • -Substantial oversubscription of syndicated loan
  • -Capital increase and Mandatory Exchangeable Bond successfully placed
  • -Credit rating unchanged

Group Financials Q1–3/08 Outlook 2008

Fresenius Group: Profit and Loss Statement, Adjusted for APP Transaction-related Special Items

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Fresenius Group: Cash Flow

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Special Items related to APP-Transaction – EBIT and Net Income Reconciliation

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* Figures are indicative as the purchase price allocation is still provisional. Assumptions subject to change.

** In addition, € 67 m transaction-related financing expenses have been capitalized and will be depreciated over the life of the facility.

APP acquisition: Financing costs

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1thereof in € 200 million

2based on current Libor incl. interest rate hedges

3all-in costs > 8 %

Fresenius Group: Debt and Interest Ratios

* Pro-forma APP acquisition and before special items

Fresenius Business Segments: Financial Outlook 2008 Raised or Fully Confirmed

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Fresenius Group*: Sales Outlook 2008 Raised

* excl. APP Pharmaceuticals and before special items

Attachments

Transaction-related special items

  • Purchase accounting adjustments:
  • Currently valid US-GAAP accounting principles require full depreciation of acquired in-process R+D through the P&L at the closing of the acquisition. Under IFRS, acquired in-process R&D is capitalized and amortized over the expected life of the developed products.
  • The inventory step-up reflects the excess of fair value over book value of acquired semi-finished and finished products. The amount is capitalized and amortized in line with the sale of the respective products.
  • FX gain: Recent US-dollar strength increases the value of a US\$-intercompany loan to a Fresenius Kabi Pharmaceuticals Holdings, Inc. subsidiary, resulting in a book gain in the consolidated accounts.
  • 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 Sept. 30, 2008: Δ between average of initial 5 days trading price of US\$ 0.97 and trading price at Sept. 30, 08 of US\$ 0.65 multiplied by 163.3 million CVRs = US\$ 52 million = € 36 million. In the B/S, the CVR liability was reduced from initially € 110 million to € 74 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.
  • One-time financing expenses include commitment and funding fees for the bridge facility and the write-off of historic financing costs at APP due to refinancing of a 2007 syndicated loan.

Fresenius Group: Overview – Calculation of Minority Interest

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Fresenius Group: Debt Maturity Profile* September 30, 2008 – Pro-forma Amendment Credit Agreement

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

Fresenius Group: Solid Balance Sheet Structure

Fresenius Kabi: Strong Sales Growth in Q1–3/2008

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n
y
r
u
:
f
h
I
i
T
n
s
o
n
e
a
p
u
r
y		 9
2
4		 7
9
3		 7
%
C
l
l
i
i
N
i
i
t
t
n
a
o
n
c
u
r		 0
7
1		 6
0
1		 %
1
1
f
h
l
T
i
T
r
a
n
s
u
s
o
n
e
c
n
o
o
g
y		 0
9
1		 9
1		 2
0
%

Fresenius Kabi: Organic Sales Growth of 9 %

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

Fresenius Kabi: Strong EBIT Growth

€
m		 /
Q
3
0
8
1
–		 /
Q
3
0
1
7
–		 G
h
t
r
o
w
T
l
E
B
I
T
t
o
a
M
i
a
r
g
n		 2
9
0
1
6
7
%		 2
2
4
1
6
2
%		 2
0
%
B
R
i
e
g
o
n
y
:
E
u
r
o
p
e
M
i
a
r
g
n		 2
0
4
2
1
4
%		 2
1
5
2
1
4
%		 2
%
1
l
I
i
t
t
n
e
r
n
a
o
n
a
M
i
g
n
a
r		 0
8
1
1
7
6
%		 8
1
1
6
6
%		 3
3
%
C
d
C
&
R
D
t
t
o
r
p
o
r
a
e
a
n
o
r
p
o
r
a
e		 8
5
-		 5
4
-		 %
7

Fresenius Helios: Outstanding Sales Growth

€
m		 /
Q
3
0
8
1
–		 /
Q
3
0
1
7
–		 G
h
t
r
o
w
T
l
l
t
o
a
s
a
e
s		 1
5
6
8
,		 1
3
4
8
,		 1
6
%
f
b
l
i
h
d
l
i
i
l
i
t
t
e
s
a
s
e
c
n
c
p
o
r
o
o
-
(
l
d
)
i
i
i
i
i
1
t
t
<
a
c
q
u
s
o
n
s
c
o
n
s
o
a
o
n
y
r
-		 2
3
1
4
,
1
4
5		 3
8
1
4
,
0		 *
%
5

Fresenius Helios: Excellent Earnings Development

€
m		 /
Q
1
3
0
8
–		 /
Q
1
3
0
7
–		 G
h
t
r
o
w
l
T
E
B
I
T
t
o
a		 2
1
7		 0
1
1		 %
1
5
i
M
a
r
g
n		 8
1
%		 8
2
%
b
l
h
d
l
f
l
i
i
i
i
t
t
e
s
a
s
e
c
n
c
p
o
o
o
r
-		 1
3
6		 1
1
0
M
i
a
r
g
n		 9
6
%		 8
2
%
i
i
i
t
(
l
i
d
i
1
)
t
a
c
q
s
o
n
s
u
<
c
o
n
s
o
a
o
n
y
r
-		 9
-		 0

Fresenius Vamed: Strong Sales Development

€
m		 /
Q
1
3
0
8
–		 /
Q
1
3
0
7
–		 C
h
a
n
g
e
l
l
T
t
o
a
s
a
e
s		 2
9
0		 2
3
4		 2
%
4
B
D
i
i
i
y
v
s
o
n
:
b
P
j
i
t
r
o
e
c
u
s
n
e
s
s
b
S
i
i
e
c
e
s
n
e
s
s
r
v
u		 1
6
7
1
2
3		 1
2
5
1
0
9		 3
4
%
1
3
%
*
O
d
i
k
t
r
e
r
n
a
e		 2
2
4		 2
2
2		 9
%
*
O
d
b
k
l
r
e
r
a
c
o
g		 5
6
9

5
1
0		 1
2
%

* project business only ** Dec 31, 2007

Fresenius Vamed: Strong EBIT Development

€
m		 /
Q
8
1
3
0
–		 /
Q
1
3
0
7
–		 C
h
a
n
g
e
l
T
E
B
I
T
t
o
a		 1
4		 1
1		 2
%
7
M
i
a
g
n
r		 4
8
%		 4
7
%
N
i
t
e
n
c
o
m
e		 1
4		 1
1		 2
%
7

Fresenius Helios: Performance Indicators

/
Q
3
8
1
0
–		 /
Q
3
1
0
7
–		 C
h
a
n
g
e
f
h
l


N
i
t
o
o
o
s
p
a
s
l
A
t
i
i
c
u
e
c
n
c
s
-
l
P
i
i
t
t
o
s
a
c
e
c
a
e
c
n
c
s
u
r
-		 6
1
4
1
2
0		 6
0
0
4
2
0
f
b
d


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

A
t
t
v
e
r
a
g
e
e
n
g
o
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
-		 1
7
3
0
2		 1
7
3
9
1

* Clinics in Germany ** Dec 31, 2007

Fresenius Helios:Sales Impact Hospital Acquisitions

Acquisitions Annualized sales

  • Hospital Oberhausen (NRW) € ~20 m consolidated as of Apr 1, 2007 Hospital Lengerich (NRW) € ~12 m consolidated as of Apr 1, 2007 Municipal hospitals, Krefeld and Hüls € ~175 m consolidated as of Dec 31, 2007
  • Hospital Mariahilf, Hamburg € ~26 m consolidated as of Aug 1, 2008

Fresenius Group: Key Figures According to IFRS

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

* Acquired in-process R+D has to be expensed through the P&L at the closing of the transaction due to current US-GAAP accounting principles. According to IFRS accounting acquired in-process R&D is capitalized and partially amortized reflecting the lifespan of the products.

Financial Calendar

  • 19.2.2009 Report on Fiscal Year 2008
  • 30.4.2009 Report on 1st quarter 2009
  • 8.5.2009 Annual General Meeting, Frankfurt/Main
  • 4.8.2009 Report on 1st half 2009
  • 3.11.2009 Report on 1st-3rd quarters 2009

Contact

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