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Fresenius Medical Care AG & Co. KGaA

Investor Presentation • May 7, 2009

165_ip_2009-05-07_33b21b8e-6ee1-4eaf-ae17-c83273a41fa3.pdf

Investor Presentation

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Fresenius Medical Care

The World's Leading Renal Therapy Company

First Quarter 2009 Results

Analyst Conference Call, April 30, 2009

Forward Looking Statements

Safe Harbor Statement: This presentation includes certain forward-looking 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).

Rule FAS 160: We adopted FAS 160 in our financial statement presentation. The effect of this adoption is factually just a relabeling of certain line items in the income statement, most prominently what was "net income" prior to FAS 160 is now called "net income attributable to Fresenius Medical Care AG & Co. KGaA". There are no earnings effects on operating income or other income and expense items.

Agenda

1. Business Update

First Quarter 2009 – Overview

Strong Start into the year

Q
1
2
0
0
8		 Q
1
2
0
0
9		 G
t
h
r
o
w
R
e
e
n
e
v
u		 \$
2
5
1
2
m
,		 \$
2
5
6
0
m
,		 *
%
2
+
N
i
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		 \$
1
8
6
m		 \$
1
9
8
m		 %
7
+
E
i
h
a
r
n
n
g
s
p
e
r
s
a
r
e		 \$
0
6
3		 \$
0
6
7		 6
%
+

* 8% growth at constant currency

First Quarter 2009 – Revenue

By Segment 69% North AmericaRevenue \$ 1,774 m Growth 6% 5%Latin AmericaRevenue \$111 m Growth - 1% / 21%cc21% Europe Revenue \$ 541 m 75%Dialysis Services Revenue \$ 1,923 m Growth 4% / 8%ccTotal Revenue increased 2% to \$ 2,560 m (8%cc) By Region International \$ 786 m 31% of total revenue10% organic growth

Growth - 8% / 10%cc

Asia-PacificRevenue \$134 m Growth - 5% / 5%cc

5%

Dialysis Products Revenue \$ 637 m Growth - 5% / 8%cc

25%

First Quarter 2009 - Dialysis Services Global

Strong Growth of 8% constant currency

\$
S
U
i
i
l
l
i
n
m
o
n
s
-		 Q
1
2
0
0
8		 Q
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9		 G
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w		 c
c
N
h
A
i
t
o
r
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a		 1
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,		 5
1
7
7
,		 %
5
I
i
l
t
t
n
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r
n
a
o
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a		 3
4
9		 3
4
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%
-		 1
8
%
T
l
t
o
a		 1
8
4
4
,		 1
9
2
3
,		 %
4		 %
8

Treating nearly 187,500 patients in ~ 2,450 clinics

First Quarter 2009 - Dialysis Services Global

Excellent Performance in Key Metrics

Q
1
2
0
0
9		 T
l
t
o
a		 i
N
h
A
t
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r
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e
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c
a		 i
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%
+		 6
%
+		 1
7
%
+
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w		 4
4
%
+		 3
%
+		 %
7
+
R
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r
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a
m
e
n
v
u		 1)
\$
3
3
2		 \$
1
5
1
G
t
h
r
o
w		 3
%
+		 %
7
+
c
c
f
N
b
l
i
i
u
m
e
r
o
c
n
c
s		 2
4
4
8
,		 1
7
1
4
,		 7
3
4
G
t
h
r
o
w		 %
7
+		 %
5
+		 1
2
%
+
D
e
n
o
o
s
v
(
inc
lu
d
ing
d c
l
in
ics
)
m
an
ag
e		 3
3		 2
6		 7

1) including Mexico

First Quarter 2009 – Revenue per treatment US

Further improved revenue per treatment

First Quarter 2009 - Quality Outcomes

Overall Strong Quality Performance

N
h
A
t
o
r		 i
m
e
r
c
a		 I
t
n
e
r
n		 t
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l
a
o
n
a
%
f
F
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E
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s		 Q
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0
8		 Q
1
2
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0
9		 Q
1
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0
0
8		 Q
1
2
0
0
9
/
K
t
V
1
2
≥		 %
9
5		 9
6
%		 %
9
5		 9
4
%
/
H
l
b
i
1
1
d
l
≥
e
m
o
g
o
n
g		 %
7
4		 7
3
%		 %
7
0		 7
1
%
H
l
b
i
1
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1
3
/
d
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e
m
o
g
o
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=
-		 %
8
4		 8
6
%		 %
7
6		 5
%
7
A
l
b
i
3
5
/
d
l
≥
m
n
g
u		 8
0
%		 8
0
%		 8
5
%		 8
4
%
3
/
P
h
h
t
5
5
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d
l
o
s
p
a
e
m
g
-		 2
%
5		 5
3
%		 6
0
%		 6
0
%
H
i
t
l
i
t
i
d
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s
p
a
z
a
o
n
a
y
s		 *
1
0
7		 *
1
0
4		 9
7		 8
2

* The hospitalization rates for the US reflects FMS adoption of CMS policy

First Quarter 2009 - Dialysis Products

Strong External Product Growth of 8%cc

\$
S
U
i
i
l
l
i
n
m
o
n
s
-		 Q
1
2
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8		 Q
1
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9		 G
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w		 c
c
T
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o
a
e
v
e
n
u
e
(
inc
l.
In
l
Re
)
ter
na
ve
nu
e		 8
6
9		 8
4
7		 3
%
-		 9
%
E
l
R
t
x
e
r
n
a
e
v
e
n
u
e		 6
6
7		 6
3
7		 %
5
-		 8
%
N
t
h
A
i
o
r
m
e
r
c
a		 1
7
2		 1
9
7		 1
4
%
I
i
l
t
t
n
e
r
n
a
o
n
a		 4
9
5		 4
4
0		 1
1
%
-		 6
%

U.S. – Healthcare Reform

Healthcare Reform Legislation - 2008

  • • The Dialysis specific healthcare reform has been passed in July 2008
  • •1% composite rate increase in 2009 and 2010
  • •Introduction of Bundling in 2011
  • •Automatic inflation adjustment after 2011

Healthcare Reform Initiatives – In the News 2009

  • • Insurance reforms
  • •Expand coverage for uninsured ~46 million citizens
  • •Improve markets for small employers and individuals
  • •Assure chronic disease patients are not discriminated against insurance coverage
  • • Provider reforms – improve care coordination through accountable care model and medical home model
  • •Reduce administrative costs with improved IT Systems
  • •Negative impact on dialysis industry appears unlikely

Strategy Update

C
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i
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o
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Agenda

2. Financials and Outlook

First Quarter 2009 - Profit & Loss

\$
i
i
l
l
i
n
m
o
n
s		 Q
1
2
0
0
8		 Q
1
2
0
0
9		 G
t
h
r
o
w
N
t
e
r
e
v
e
n
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e		 2
1
2
5
,		 2
5
6
0
,		 *
2
%
O
i
i
(
E
B
I
T
)
t
p
e
r
a
n
g
n
c
o
m
e		 3
8
9		 3
9
6		 %
2
E
B
I
T
i
i
%
m
a
r
g
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n		 1
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5		 1
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5
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x		 3
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6		 3
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2		 %
5
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T
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x
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x
p
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1
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x
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7
%		 3
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%
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l
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t
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g
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N
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c
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e
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bu
b
le
F
M
E
A
G
&
Co
K
Ga
A
t
tr
ta
to
a		 1
8
6		 1
9
8		 %
7

* 8% growth at constant currency, 8% organic growth

Operating Margin Development

Days Sales Outstanding (DSO)

Very stable despite difficult environment

First Quarter 2009 Cash Flow

Operating Cash Flow 6% of Revenues

\$
i
i
l
l
i
n
m
o
n
s		 Q
1
2
0
0
8		 Q
1
2
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9		 G
h
t
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w
1)
O
C
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a
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a
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w		 1
9
2		 5
1
6		 (
1
9
%
)
1)
C
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E
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p
a
p
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s
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x
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,		 (
)
1
5
3		 (
)
1
1
1
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F
h
F
l
r
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a
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w		 3
9		 4
5		 1
6
%
1)
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f
d
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c
q
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o
n
s
t
t
t
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3
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)		 (
)
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t
i
r
e
e
a
s
o
w
a
e
r
a
c
q
s
o
n
s
u
,		 6 9

1) A reconciliation to the most directly comparable US-GAAP financial measure is provided in the attachment.

Q1 2009 - Debt / EBITDA Development

ltm = last twelve months

* including non-cash charges and 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.

Exchange Rate Sensitivity

Weakness in the Euro and some other currencies present challenges for reported results

  • X Largest translation exposure in Euro/US\$
  • First half comparison expected to be more challenging

X Weakness in non-Euro European currencies presents

additional exposure

•

However:

Fiscal Year 2009 – Outlook Confirmed

\$
S
U
i
i
l
l
i
n
m
o
n
s
-		 G
i
d
a
n
c
e
u
N
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t
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e
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u
e
s		 \$
1
1
1
0
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>
,
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c
o
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tr
i
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ta
b
le
to
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G
&
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A
a		 \$
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5
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–
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(
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b
/
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7
<
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u		 \$
2
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-

Thank You

for your interest in

Fresenius Medical Care !

Agenda

3. Q&A Session

Fresenius Medical Care

The World's Leading Renal Therapy Company

First Quarter 2009 Results

Analyst Conference Call, April 30, 2009

Attachment I

Reconciliation of non US-GAAP financial measures to the most directly comparable US-GAAP financial measure

All numbers are in \$ millions

D
b
t
e		 Q
1
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		 6
4
5		 6
8
4		 2
1
7		 3
3
1		 1
5
1
S
ho
t
ter
bo
ing
fro
la
te
d p
t
ies
+
r
m
rro
w
s
m
re
ar		 1
7		 1 2 5 1
9
Cu
t p
t
ion
f
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		 4
2
6		 4
5
5		 8
5		 1
6
0		 1
2
6
Cu
ion
f
Tr
Pr
fer
d
Se
i
ies
t p
t
t
t
+
rre
n
or
o
us
e
re
cu
r		 0 0 6
7
0
Lo
de
b
d c
i
l
lea
b
l
ig
ion
-te
t a
ta
t
+
ng
rm
n
ap
se
o
a
s,
les
t p
t
ion
s c
urr
en
or		 3,
9
6
1		 3,
9
5
7		 4,
0
0
4		 3,
8
2
9		 0
7
7
Tr
t
Pr
fer
d
Se
i
t
ies
(
t o
f c
t p
t
ion
)
+
us
e
re
cu
r
ne
urr
en
or		 6
2
3		 6
4
1		 6
6
4		 1,
2
5
4		 1,
1
8
8
To
l
de
b
ta
t
=		 5,
6
7
2		 5,
7
3
8		 5,
6
4
2		 5,
5
7
9		 2,
1
9
1
E
B
I
T
D
A		 Q
1
2
0
0
9		 F
Y
2
0
0
8		 2)
F
Y
2
0
0
7		 F
Y
2
0
0
6
(pr
o f
a)
orm		 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
8
0		 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
m
on
p
rec
an
mo
r		 4
2
4		 4
1
6		 3
6
3		 3
2
6		 2
5
1
No
h c
ha
+
n-c
as
rg
es		 4
6		 4
4		 4
1		 3
5		 1
4
E
B
I
T
D
A
(
l
ize
d
)
an
nu
a
=		 2,
1
5
0		 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

Attachment II

Reconciliation of non US-GAAP financial measures to the most directly comparable US-GAAP financial measure

E
l
R
t
e
r
n
a
e
e
n
e
x
v
u		 Q
1
2
0
0
9		 Q
1
2
0
0
8		 h
t
g
row		 cc
In
io
l
du
t r
te
t
rn
a
na
p
ro
c
ev
en
ue		 5
0
2		 5
6
6		 1
1
%
-		 6
%
+
In
l re
te
rn
a
ve
nu
e
-		 (
6
2
)		 (
1
)
7
Ex
l r
te
rn
a
ev
en
ue
=		 4
4
0		 4
9
5		 1
1
%
-		 6
%
+
No
h
Am
ica
du
t
t r
r
er
p
ro
c
ev
en
ue		 3
4
5		 3
0
3		 1
4
%
+
In
te
l re
rn
a
ve
nu
e
-		 (
)
1
4
8		 (
)
1
3
1
Ex
l r
te
rn
a
ev
en
ue
=		 1
9
7		 1
7
2		 1
4
%
+
T
O
T
A
L
du
t r
p
ro
c
ev
en
ue		 8
4
7		 8
6
9		 3
%
-		 9
%
+
In
te
l re
rn
a
ve
nu
e
-		 (
)
2
1
0		 (
)
2
0
2
Ex
l r
te
rn
a
ev
en
ue
=		 6
3
7		 6
6
7		 5
%
-		 8
%
+
C
i
l
d
i
(
)
t
t
t
a
p
a
e
x
p
e
n
u
r
e
n
e		 Q
1
2
0
0
9		 Q
1
2
0
0
8
Pu
ha
f p
lan
d e
ip
ty,
t a
t
rc
se
o
ro
p
er
p
n
q
u
me
n		 1
1
2		 1
5
9
Pr
ds
fro
le
f p
lan
d e
ip
ty,
t a
t
oc
ee
m
sa
o
ro
p
er
p
n
q
u
me
n
-		 (
1
)		 (
6
)
Ca
i
l e
d
i
(
)
ta
tu
t
p
xp
en
re
ne
=		 1
1
1		 1
5
3
C
h
F
l
a
s
o
w		 Q
1
2
0
0
9		 Q
1
2
0
0
8
f
Ac
is
i
t
ion
d
Inv
tm
t a
d
t p
ha
in
ta
i
b
le
ts
q
u
s a
n
es
en
n
ne
ur
c
se
s o
ng
as
se		 (
)
3
7		 (
)
7
2
Pr
ds
fro
d
ive
i
t
tu
oc
ee
m
s
re
s		 1 3
9
Ac
is
i
io
f
d
ive
i
t
t o
t
tu
q
u
ns
ne
s
re
s
,		 (
3
6
)		 (
3
3
)

All numbers are in \$ millions

Dialysis Services - Global

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

Contacts

Fresenius Medical Care AG & Co. KGaAInvestor RelationsElse Kröner Str. 161352 Bad Homburg v.d.H.

Ordinary shares WKN 578 580ISIN DE0005785802SEDOL1 5129074 DE

Oliver MaierHead of Investor Relations & Corporate Communications Tel.: +49-(0)6172-609-2601 Fax.: +49-(0)6172-609-2301 Email: [email protected]

Terry L. Morris Tel.: +1-800-948-2538Fax.: +1-615-345-5605Email: [email protected]

Gerrit Jost

Tel.: +49-(0)6172-609-5216 Fax.: +49-(0)6172-609-2301 Email: [email protected]

Second Quarter Results 2009 – August 4, 2009

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