Investor Presentation • Aug 5, 2009
Investor Presentation
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The World's Leading Renal Therapy Company
Second Quarter / First Half 2009 Results
Conference Call, August 4, 2009
Safe Harbor Statement: This presentation includes certain forward-lookin g statements within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Act of 1934, as amended. Actual results could differ materially from those included in the forward-looking statements due to various risk factors and uncertainties, including changes in business, economic competitive conditions, regulatory reforms, foreign exchange rate fluctuations, uncertainties in litigation or investigative proceedings and the availability of financing. These and other risks and uncertainties are discussed in detailed in the Company's reports filed with the Securities and Exchange Commission (SEC) and the German Exchange Commission (Deutsche Börse).
1. Business Update
2. Financials and Outlook
3. Questions & Answers
Strong organic growth of 8% and on target for Full Year 2009
| Q 2 2 0 0 8 |
Q 2 2 0 0 9 |
G t h r o w |
|
|---|---|---|---|
| R e e n e v u |
\$ 2 6 6 5 m , |
\$ 2 7 6 4 m , |
% 4 + |
| i N t e n c o m e t tr i bu ta b le to F M E A G & Co K Ga A a |
\$ 2 1 1 m |
\$ 2 2 1 m |
% 5 + |
| E i h a r n n g s p e r s a r e |
\$ 0 1 7 |
\$ 0 4 7 |
% 4 + |
cc = constant currency
Strong performance with significant currency headwinds
| H 1 2 0 0 8 |
H 1 2 0 0 9 |
G h t r o w |
|
|---|---|---|---|
| R e v e n u e |
\$ 5 1 7 7 m , |
\$ 5 3 2 3 m , |
3 % + |
| N i t e n c o m e i bu b le F M E A G & Co K Ga A t tr ta to a |
\$ 3 9 7 m |
\$ 4 1 9 m |
6 % + |
| E i h a r n n g s p e r s a r e |
\$ 1 3 4 |
\$ 1 4 1 |
% 5 + |
•Also for the Half Year 2009 a total revenue growth of +9%cc and organic growth of +8%
cc = constant currency
| \$ U S i i l l i n m o n s - |
Q 2 2 0 0 8 |
Q 2 2 0 0 9 |
G h t r o w |
c c |
|---|---|---|---|---|
| N h A i t o r m e r c a |
1 3 3 5 , |
1 6 7 7 , |
9 % |
|
| i I l t t n e r n a o n a |
3 9 1 |
3 7 7 |
% 4 - |
% 1 3 |
| T l t o a |
1 9 2 4 , |
5 2 0 4 , |
% 7 |
1 0 % |
Treating more than 190,000 patients in ~ 2,470 clinics
cc = constant currency
| Q 2 2 0 0 9 |
T l t o a |
N h A i t o r m e r c a |
I i l t t n e r n a o n a |
|---|---|---|---|
| O i h t r g a n c r e v e n u e g r o w |
9 % + |
8 % + |
1 1 % + |
| S k h t t t t t a m e m a r e r e a m e n g r o w |
4 % + |
4 % + |
6 % + |
| R t t t e e n e p e r r e a m e n v u |
1) \$ 3 3 8 |
\$ 1 5 9 |
|
| G t h r o w |
% 5 + |
2 % + c c |
|
| N b f l i i u m e r o c n c s |
2 4 1 7 , |
1 3 1 7 , |
4 0 7 |
| G h t r o w |
% 7 + |
% 5 + |
% 1 0 + |
| D e n o o s v ( inc lu d ing d c l in ics ) m an ag e |
2 4 |
1 5 |
9 |
1) including Mexico
cc = constant currency
| N h A t o r |
i m e r c a |
I t n e r |
i l t n a o n a |
||
|---|---|---|---|---|---|
| % f F M E i t t o p a e n s |
Q 2 2 0 0 8 |
Q 2 2 0 0 9 |
Q 2 2 0 0 8 |
Q 2 2 0 0 9 |
|
| K / V 1 2. t ≥ |
9 % 5 |
9 6 % |
9 % 5 |
9 5 % |
|
| H l b i 1 0 1 2 / d l e m o g o n g = - |
6 0 % |
6 3 % |
2 % 5 |
5 4 % |
|
| 1 0 1 3 / / H H l l b b i i 1 0 1 3 d d l l e e m m o o g g o o n n g g = - |
8 % 5 |
8 6 % |
6 % 7 |
7 7 % |
|
| / A l b i 3 5 d l ≥ m n g u |
% 8 0 |
8 2 % |
% 8 4 |
8 5 % |
|
| P P h h h 3 3 5 5 5 5 5 5 / / d d l l t t o s p a e m g - |
5 2 % |
5 2 % |
6 0 % |
6 0 % |
|
| H i l i i d t t o s p a z a o n a y s |
* 1 0 5 |
* 1 0 1 |
6 7 |
8 0 |
The hospitalization rates for the US reflects FMS adoption of CMS policy. Reduction of hospitalization days account for approx. \$60 million in savings and therefore benefits payors and patients *
| \$ U S i i l l i n m o n s - |
Q 2 2 0 0 8 |
Q 2 2 0 0 9 |
G h t r o w |
c c |
|---|---|---|---|---|
| T l R t o a e v e n u e ( inc l. In l Re ) ter na ve nu e |
9 5 3 |
9 4 1 |
% 1 - |
% 9 |
| E l R t e r n a e e n e x v u |
1 7 4 |
7 1 0 |
% 4 - |
% 7 |
| N N t t h h A A i i o r m e r c a |
1 8 2 |
1 9 9 |
1 0 % |
|
| I i l t t n e r n a o n a |
5 5 9 |
5 1 1 |
% 9 - |
% 6 |
cc = constant currency
Strong organic growth of 8% and on target for Full Year 2009
Further improvement in quality performance metrics in both products and services
Continued acceptance and expansion of new products and therapies worldwide
Expect margin improvement in the second half of 2009
R&D investments expected to continue at current level
1. Business Update
2. Financials and Outlook
3. Questions & Answers
| \$ i i l l i n m o n s |
Q 8 2 2 0 0 |
Q 9 2 2 0 0 |
G h t r o w |
|---|---|---|---|
| N t e r e v e n u e |
2 6 6 5 , |
2 6 4 7 , |
* 4 % |
| O i i ( E B I T ) t p e r a n g n c o m e |
4 2 9 |
4 1 8 |
% 3 - |
| % E B I T i i m a r g n n |
1 6 1 |
1 5 1 |
|
| I t t t n e r e s e p e n s e n e x , |
8 2 |
7 6 |
|
| I b f i t n c o m e e o r e n c o m e a x |
3 4 7 |
3 4 2 |
1 % - |
| I T n c o m e a e p e n s e x x |
1 2 6 |
1 0 3 |
|
| T t a x r a e |
3 6 % |
3 0 % |
|
| N l l i i t t t o n c o n r o n g n e r e s |
1 0 |
1 8 |
|
| N i t e n c o m e i bu b le F M E A G & Co Co K K Ga Ga A A t tr ta to a |
2 1 1 |
2 2 1 |
% 5 |
* 9% growth at constant currency, 8% organic growth
| \$ i i l l i n m o n s |
H 1 2 0 0 8 |
H 9 1 2 0 0 |
G h t r o w |
|---|---|---|---|
| N t e r e v e n u e |
1 5 7 7 , |
5 3 2 3 , |
* 3 % |
| O i i ( E B I T ) t p e r a n g n c o m e |
8 1 8 |
8 1 3 |
% 1 - |
| % E B I T i i m a r g n n |
1 5 8 |
1 5 3 |
|
| I t t t n e r e s e p e n s e n e x , |
1 6 5 |
1 4 9 |
|
| I b f i t n c o m e e o r e n c o m e a x |
6 3 5 |
6 6 4 |
2 % |
| I T n c o m e a e p e n s e x x |
2 3 7 |
2 1 4 |
|
| T t a x r a e |
3 6 % |
3 2 % |
|
| N l l i i t t t o n c o n r o n g n e r e s |
1 9 |
3 1 |
|
| N i t e n c o m e i bu b le F M E A G & Co Co K K Ga Ga A A t tr ta to a |
3 9 7 |
4 1 9 |
6 % |
* 9% growth at constant currency, 8% organic growth
Major impacts on operating results versus Q2 2008:
| \$ i i l l i n m o n s |
Q 8 2 2 0 0 |
Q 9 2 2 0 0 |
G t h r o w |
|---|---|---|---|
| 1) O i C h F l t p e r a n g a s o w |
2 0 9 |
2 8 2 |
% 3 5 |
| 1) C i t l E d i t t a p a x p e n u r e s n e , |
( 1 7 9 ) |
( ) 1 3 9 |
|
| C F h F l r e e a s o w |
3 0 |
1 4 3 |
% 3 7 8 |
| 1) A i i i t f d i i c q s o n s t t t u n e o v e s u r e s , |
( 8 ) 5 |
5 | |
| C F h F l f t i i t i r e e a s o w a e r a c q s o n s u , |
( 2 8 ) |
1 4 8 |
1) A reconciliation to the most directly comparable US-GAAP financial measure is provided in the attachment.
| \$ i i l l i n m o n s |
H 1 2 0 0 8 |
H 9 1 2 0 0 |
G h t r o w |
|---|---|---|---|
| 1) O C t i h F l p e r a n g a s o w |
4 0 1 |
4 3 7 |
9 % |
| 1) C i l E d i t t a p a p e n r e s t x u n e , |
( 3 3 2 ) |
( ) 2 4 9 |
|
| C F h F l r e e a s o w |
6 9 |
1 8 8 |
1 7 4 % |
| 1) A i i i t f t d i t i t c q u s o n s n e o v e s u r e s , |
( ) 9 2 |
( ) 3 1 |
|
| C F h F l f t i i t i r e e a s o w a e r a c q s o n s u , |
( 2 3 ) |
1 5 7 |
1) A reconciliation to the most directly comparable US-GAAP financial measure is provided in the attachment.
ltm = last twelve months
* including non-cash charges and in 2006/2007 excluding restructuring costs, in-process R&D and gain from the sale of dialysis clinics. A reconciliation to the most directly comparable US-GAAP financial measure is provided in the attachment.
| \$ \$ S U i i l l i n m o n s - |
G i d u a n c e |
|
|---|---|---|
| N R t e e e n e s v u |
\$ 1 1 1 0 0 > , |
|
| N t I e n c o m e i bu b le F M E A G & Co K Ga A t tr ta to a |
\$ 8 0 8 9 0 5 – |
|
| L i t e e r a g e r a o v ( D b / E B I T D A ) t e |
2 7 < |
|
| C i l E d i t t a p a x p e n u r e s |
\$ 0 6 0 5 5 5 ~ - |
|
| A i i i t c q u s o n s |
\$ 2 0 0 3 0 0 ~ - |
1. Business Update
2. Financials and Outlook
3. Questions & Answers
for your interest in
Fresenius Medical Care !
The World's Leading Renal Therapy Company
Second Quarter / First Half 2009 Results
Conference Call, August 4, 2009
Reconciliation of non US-GAAP financial measures to the most directly comparable US-GAAP financial measure
| D b t e |
Q 2 2 0 0 9 |
F Y 2 0 0 8 |
F Y 2 0 0 7 |
F Y 2 0 0 6 |
F Y 2 0 0 5 |
|---|---|---|---|---|---|
| 1) S ( / ) ho t te bo ing inc l. A R r rm rro w s p ro g ra m |
4 4 5 |
6 8 4 |
2 1 7 |
3 3 1 |
1 5 1 |
| S fro ho t ter bo ing la te d p t ies + r m rro w s m re ar |
1 1 0 |
1 | 2 | 5 | 1 9 |
| Cu f t p t ion lon ter de b t a d c i ta l lea b l ig t ion + rre n or o g- m n ap se o a s |
3 4 5 |
4 5 5 |
8 5 |
1 6 0 |
1 2 6 |
| Cu t p t ion f Tr t Pr fer d Se i t ies + rre n or o us e re cu r |
0 | 0 | 6 7 0 |
||
| Lo -te de b t a d c i ta l lea b l ig t ion + ng rm n ap se o a s, les t p t ion s c urr en or |
4, 4 2 0 |
3, 9 5 7 |
4, 0 0 4 |
3, 8 2 9 |
7 0 7 |
| f fer Se S ( ( f c f ) ) Tr t Pr d i t ies t o t p t ion + us e re cu r ne urr en or |
6 4 8 |
6 4 1 |
6 6 4 |
1, 2 5 4 |
1, 1 8 8 |
| To ta l de b t = |
5, 9 6 8 |
5, 7 3 8 |
5, 6 4 2 |
5, 5 7 9 |
2, 1 9 1 |
| E B I T D A |
Q 2 2 0 0 9 |
Q 2 2 0 0 8 |
F Y 2 0 0 8 |
2) F Y 2 0 0 7 |
F Y 2 0 0 6 (pr o for ) ma |
F Y 2 0 0 5 |
|---|---|---|---|---|---|---|
| ( ) La lve hs ing inc E B I T t tw t t s e m on o p er a om e |
1, 6 6 8 |
1, 6 4 2 |
1, 6 7 2 |
1, 5 8 0 |
1, 3 6 7 |
9 3 9 |
| La t tw lve t hs de ia t ion d a t iza t ion + s e mo n p rec an mo r |
4 3 3 |
3 9 2 |
4 1 6 |
3 6 3 |
3 2 6 |
2 1 5 |
| No h c ha + n-c as rg es |
4 6 |
4 2 |
4 4 |
4 1 |
3 5 |
1 4 |
| E B I T D A ( l ize d ) an nu a = |
2, 1 4 7 |
2, 0 7 6 |
2, 1 3 2 |
1, 9 8 4 |
1, 7 2 8 |
1, 2 0 4 |
1) A/R securitization program off-balance sheet in 2003 and included in short term borrowings from 2004 onwards
2) Excluding restructuring costs and in-process R&D
| E l R t e r n a e e n e x v u |
Q 2 2 0 0 9 |
Q 2 2 0 0 8 |
h t g ro w |
cc |
|---|---|---|---|---|
| In io l du te t t r rn a na p ro c ev en ue |
5 8 1 |
6 3 8 |
9 % - |
7 % + |
| In te l re rn a ve nu e - |
( 7 0 ) |
( 7 9 ) |
||
| Ex l r te rn a ev en ue = |
5 1 1 |
5 5 9 |
9 % - |
6 % + |
| ica No t h Am du t r r er p ro c ev en ue |
3 6 0 |
3 1 5 |
% 1 4 + |
|
| In te l re rn a ve nu e - |
( 1 6 1 ) |
( 1 3 3 ) |
||
| Ex l r te rn a ev en ue = |
1 9 9 |
1 8 2 |
1 0 % + |
|
| T O T A L du t r p ro c ev en ue |
9 4 1 |
9 3 5 |
1 % - |
9 % + |
| In l re te rn a ve nu e - |
( 2 1 1 ) |
( 2 1 2 ) |
||
| Ex l r te rn a ev en ue = |
7 1 0 |
7 4 1 |
4 % - |
7 % + |
| C i l d i ( ) t t t a p a e x p e n u r e n e |
H 1 2 0 0 9 |
H 1 2 0 0 8 |
Q 2 2 0 0 9 |
Q 2 2 0 0 8 |
| f p Pu ha ty lan t a d e ip t rc se o ro p er p n q u me n , |
( ) 2 5 4 |
( ) 3 4 3 |
( ) 1 4 2 |
1 8 4 |
| fro f p Pr ds le ty lan t a d e ip t oc ee m sa o ro p er p n q u me n - , |
5 | 1 1 |
3 | 5 |
| Ca i l e d i ( ) ta tu t p xp en re ne = |
( ) 2 4 9 |
( ) 3 3 2 |
( ) 1 3 9 |
( ) 1 7 9 |
| C h F l a s o w |
H 1 2 0 0 9 |
H 1 2 0 0 8 |
Q 2 2 0 0 9 |
Q 2 2 0 0 8 |
| Ac is i ion d Inv d n ha f in i b le t tm t a t p ta ts q u s a n es en n e ur c se s o ng as se |
( 8 2 ) |
( 1 3 3 ) |
( 4 5 ) |
( 6 0 ) |
| Pr ds fro d ive t i tu oc ee m s re s |
5 1 |
4 1 |
5 0 |
2 |
| Ac is i io f d ive i t t o t tu q ns ne s re s u , |
( ) 3 1 |
( ) 9 2 |
5 | ( ) 5 8 |
All numbers are in \$ millions
cc = constant currency
| H 1 2 0 0 9 |
C l i i n c |
P i t t a e n s |
T t t r e a m e n s ( in i l l ion ) m |
|---|---|---|---|
| T l t o a |
2 4 1 7 , |
1 9 0 0 8 1 , |
1 4 4 |
| G h t r o w |
7 % + |
6 % + |
5 % + |
| N h A i t o r m e r c a |
1 7 3 1 , |
1 2 9 1 6 3 , |
9 7 |
| G t h r o w |
% 5 + |
% 4 + |
% 3 + |
| I i l t t n e r n a a o o n a a |
4 0 7 |
6 0 9 1 8 , |
4 7 |
| G t h r o w |
% 1 0 + |
% 1 0 + |
% 1 1 + |
| E u r o p e |
4 2 1 |
3 0, 9 3 6 |
2 4 |
| L t i A i a n m e r c a |
1 9 2 |
2 0, 5 7 9 |
1. 6 |
| A i P i f i s a- a c c |
1 2 7 |
9, 4 0 3 |
0 7 |
Fresenius Medical Care AG & Co. KGaAI t R l ti Investor RelationsElse Kröner Str. 161352 Bad Homburg v.d.H.
Ordinary shares WKN 578 580ISIN DE0005785802SEDOL1 5129074 DE
Gerrit JostTel.: +49-(0)6172-609-5216 Fax.: +49-(0)6172-609-2301 Email: [email protected]
Terry L. Morris Tel.: +1-800-948-2538Fax.: +1-615-345-5605Email: [email protected]
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