Investor Presentation • Feb 19, 2009
Investor Presentation
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The World's Leading Renal Therapy Company
Fourth Quarter / Fiscal Year 2008 Earnings
Analyst Meeting, February 19, 2009
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).
Regulation G: The following slides might contain summary information about Fresenius Medical Care AG & Co. KGaA sales, gross profit, operating income, net Income, and earnings per share for the fourth quarter and fiscal 2008, and the comparable period of 2007, which information is presented on a "non-GAAP financial measures" basis rather than in accordance with U.S. generally accepted accounting principles (GAAP). Please review Fresenius Medical Care's investor news dated February 19, 2009, for information on the Company's operating income, net income and earnings per share for these periods presented on a GAAP basis. Such GAAP-basis information will also be contained in the Company's reports on Form 20-F of Form 6-K to be filed with or furnished to the U.S. Securities and Exchange Commission.
1. Business Update
2. Financials and Outlook
3. Q&A Session
| h t R d f i i l l d 1 2 i d i i d d i t t • e c o r n a n c a r e s u s a n c o n s e c u v e v e n n c r e a s e |
|
|---|---|
| A l d i h f % t t 7 • c c e e r a e o r g a n c g r o w o |
|
| E d d d i i i l d i d t t • x p a n e p r o u c o n c a p a c e s w o r w e |
|
| S h d l d t t t • r e n g e n e r e n a r u g s e g m e n |
|
| 2 0 0 9 d 2 0 1 0 i b i d i i l f i d h t t t t • a n s r a e g c s n e s s r e r s n p a c e o r s s a n e g r o u v u w |
despite increased costs and very volatile currency environment
| R e e n e v u |
\$ 1 |
0 6 1 2 m , |
9 % + |
|---|---|---|---|
| i O h t r g a n c r e e n e g r o v u w |
% 7 + |
||
| N i t e n c o m e |
\$ | 8 1 8 m |
% 1 4 + |
| E i h a r n n g s p e r s a r e |
\$ | 2 5 7 |
1 3 % + |
| \$ S U i i l l i n m o n s - |
F Y 2 0 0 7 |
F Y 2 0 0 8 |
G t h r o w |
c c |
|---|---|---|---|---|
| i N h A t o r m e r c a |
6 0 0 2 , |
6 2 4 7 , |
% 4 |
|
| i I l t t n e r n a o n a |
1 2 1 1 , |
1 4 9 0 , |
2 3 % |
1 8 % |
| T l t o a |
2 1 3 7 , |
3 7 7 7 , |
% 7 |
6 % |
Treating more than 185,700 patients in around 2,400 clinics *
cc = constant currency * including managed clinics and clinics where FME has more than 10% share
| \$ S U i i l l i n m o n s - |
F Y 2 0 0 7 |
F Y 2 0 0 8 |
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 ) te rn a ve nu e |
3 2 7 8 , |
3 7 2 8 , |
% 1 4 |
% 1 0 |
| E l R t e r n a e e n e x v u |
2 0 5 7 , |
5 2 8 7 , |
1 % 5 |
1 1 % |
| N t h A i o r m e r c a |
6 6 1 |
5 7 8 |
1 % 5 |
|
| I i l t t n e r n a o n a |
1 8 4 6 , |
2 1 1 7 , |
% 1 5 |
% 1 0 |
Product Growth clearly above market in North America and International
| \$ U S i i l l i n m o n s - |
Q 4 2 0 0 7 |
Q 4 2 0 0 8 |
G h t r o w |
c c |
|---|---|---|---|---|
| N h A i t o r m e r c a |
1 2 6 5 , |
1 6 3 2 , |
% 7 |
|
| I i l t t n e r n a o n a |
3 3 0 |
3 5 2 |
6 % |
1 8 % |
| T l t o a |
1 8 5 6 , |
1 9 8 4 , |
% 7 |
% 9 |
Continued double digit growth at constant currency in International
| Q 4 2 0 0 8 |
T l t o a |
N h A i I i l t t t o r m e r c a n e r n a o n a |
||
|---|---|---|---|---|
| i O h t r g a n c r e e n e g r o v u w |
8 % + |
6 % + |
1 8 % + |
|
| 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 |
5 % + |
3 % + |
1 0 % + |
|
| R t t t e e n e p e r r e a m e n v u |
1 ) \$ 3 3 0 |
\$ 1 5 4 |
||
| G t h r o w |
3 % + |
% 7 + c c |
||
| F i l Y 2 0 0 8 s c a e a r |
||||
| f N b l i i u m e r o c n c s |
2 3 8 8 , |
1 6 8 6 , |
7 0 2 |
|
| G t h r o w |
% 7 + |
% 5 + |
1 0 % + |
|
| D F Y e n o v o s ( ) in lu d in d l in ic c g m a na g e c s |
1 2 9 |
8 1 |
4 8 |
1) including Mexico
| N h A i t o r m e r c a |
I t n e r n |
i l t a o n a |
|||
|---|---|---|---|---|---|
| % f F M E i t t o p a e n s |
Q 4 2 0 0 7 |
Q 4 2 0 0 8 |
Q 4 2 0 0 7 |
Q 4 2 0 0 8 |
|
| K / V 1 2 t ≥ |
9 % 5 |
9 5 % |
9 % 5 |
9 5 % |
|
| 1 1 / H l b i d l ≥ e m o g o n g |
8 0 % |
7 3 % |
1 % 7 |
6 9 % |
|
| / H l b i 1 0 1 3 d l e m o g o n g = - |
% 8 0 |
8 5 % |
% 7 4 |
7 5 % |
|
| A l b i 3 5 / d l ≥ m n g u |
8 0 % |
8 0 % |
8 7 % |
8 5 % |
|
| P h h 3 / d l t 5 5 5 o s p a e m g - |
2 % 5 |
5 3 % |
6 0 % |
6 1 % |
|
| H i t l i t i d o s p a z a o n a y s |
* 9 9 |
* 5 1 0 |
8 7 |
8 6 |
* The hospitalization rates for the US reflects FMS adoption of CMS policy
| \$ S U i i l l i n m o n s - |
Q 4 2 0 0 7 |
Q 4 2 0 0 8 |
G t h r o w |
c c |
|---|---|---|---|---|
| T l R t o a e e n e v u ( inc l. In te l Re ) rn a ve nu e |
9 1 8 |
9 6 4 |
% 5 |
1 2 % |
| E l R t x e r n a e v e n u e |
1 3 7 |
3 8 7 |
4 % |
1 2 % |
| N t h A i o r m e r c a |
1 8 0 |
2 2 0 |
2 2 % |
|
| I i l t t n e r n a o n a |
5 3 3 |
5 1 8 |
( % ) 3 |
% 8 |
| D i |
l i M k D i t a y s s a r e r v e r s : |
|---|---|
| ƒ | G % P t i t t h 6 Y a e n r o w p e r e a r ~ |
| ƒ | S b l P i i D i l i R i b b d Q l i P i t t t t t t t a e o o s e a s s e m r s e m e n a s e o n a a e n v y u u y O t c o m e s u |
1. Business Update
2. Financials and Outlook
3. Q&A Session
| i d G a n c e u |
R d t e p o r e |
||
|---|---|---|---|
| \$ R ( ) e e n e m v u |
1 0 4 0 0 > , |
1 0 6 1 2 , |
9 |
| \$ ( ) N t i e n c o m e m |
8 0 5 8 2 5 – |
8 1 8 |
9 |
| T l D b / E B I D T A t t o a e |
2 8 < |
2 6 9 |
9 |
| \$ C i l E d i ( ) t t a p a p e n r e s m x u |
6 5 0 7 5 0 – |
6 3 7 |
9 |
| \$ A i i i ( ) t c q s o n s m u |
1 0 2 0 5 5 – |
2 1 8 |
9 |
| \$ i i l l i n m o n s |
F Y 2 0 0 7 |
F Y 2 0 0 8 |
G t h r o w |
|---|---|---|---|
| N t e r e e n e v u |
9 2 0 7 , |
1 0 6 1 2 , |
* 9 % |
| O i i ( E B I T ) t p e r a n g n c o m e |
1 5 8 0 , |
1 6 7 2 , |
% 6 |
| E B I T i i % m a r g n n |
1 6 3 |
1 5 8 |
|
| I t t t n e r e s e x p e n s e n e , |
3 7 1 |
3 3 6 |
|
| f I b i t n c o m e e o r e n c o m e a x |
1 2 0 9 , |
1 3 3 6 , |
1 0 % |
| I T n c o m e a e p e n s e x x |
6 6 4 |
4 8 9 |
|
| T t a x r a e |
% 3 9 |
% 3 7 |
|
| M i i t i t t n o r y n e r e s |
2 6 |
2 9 |
|
| N t i e n c o m e |
7 1 7 |
8 1 8 |
1 4 % |
* 8% growth at constant currency, 7% organic growth
| \$ i i l l i n m o n s |
Q 4 2 0 0 7 |
Q 4 2 0 0 8 |
G h t r o w |
|---|---|---|---|
| N t e r e v e n u e |
2 5 6 9 , |
2 7 2 2 , |
* 6 % |
| O i i ( E B I T ) t p e r a n g n c o m e |
4 2 8 |
4 3 3 |
1 % |
| % E B I T i i m a r g n n |
1 6 6 |
1 5 9 |
|
| I t t t n e r e s e p e n s e n e x , |
9 0 |
8 5 |
|
| I b f i t n c o m e e o r e n c o m e a x |
3 3 8 |
3 4 8 |
% 3 |
| I T n c o m e a e p e n s e x x |
1 3 5 |
1 2 4 |
|
| T t a x r a e |
4 0 % |
3 6 % |
|
| M i i t i t t n o r y n e r e s |
6 | 1 0 |
|
| N i t e n c o m e |
1 9 7 |
2 1 4 |
9 % |
* 10% growth at constant currency, 9% organic growth
| \$ i i l l i n m o n s |
F Y 2 0 0 7 |
F Y 2 0 0 8 |
G t h r o w |
|---|---|---|---|
| 1) O i C h F l t p e r a n g a s o w |
1 2 0 0 , |
1 0 1 6 , |
( 1 % ) 5 |
| 1) C i t l E d i t t a p a x p e n u r e s n e , |
( 5 4 3 ) |
( ) 6 7 3 |
|
| F C h F l r e e a s o w |
6 5 7 |
3 4 3 |
( % ) 4 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 , |
( 2 3 4 ) |
( ) 2 1 8 |
|
| 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 , |
4 2 3 |
1 2 5 |
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 |
Q 4 2 0 0 7 |
Q 4 2 0 0 8 |
G h t r o w |
|---|---|---|---|
| 1) O C t i h F l p e r a n g a s o w |
3 0 9 |
3 0 1 |
( 3 % ) |
| 1) C i l E d i t t t a p a x p e n u r e s n e , |
( ) 1 8 3 |
( ) 1 8 1 |
|
| F C h F l r e e a s o w |
1 2 6 |
1 2 0 |
( % ) 5 |
| 1) A i i t i t f d i t i t c q u s o n s n e o v e s u r e s , |
( 1 1 9 ) |
( ) 8 8 |
|
| F C h F l f t i i t i r e e a s o w a e r a c q u s o n s , |
7 | 3 2 |
1) A reconciliation to the most directly comparable US-GAAP financial measure is provided in the attachment.
* 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.
| \$ U S i i l l i n m o n s - |
G i d a n c e u |
|
|---|---|---|
| N t R e e v e n u e s |
\$ 1 1 1 0 0 > , |
|
| N I t e n c o m e |
\$ 8 0 8 9 0 5 – |
|
| L t i e v e r a g e r a o ( / ) D b t E B I T D A e |
2 7 < |
|
| C i l E d i t t a p a p e n r e s x u |
\$ 5 5 0 6 5 0 ~ - |
|
| A i i i t c q u s o n s |
\$ 2 0 0 3 0 0 ~ - |
XNet income range widened due to increased currency volatility
X Measured in Euros (€), the guidance range is fully in line with mid-term guidance
1. Business Update
2. Financials and Outlook
3. Q&A Session
The World's Leading Renal Therapy Company
Fourth Quarter / Fiscal Year 2008 Earnings
Analyst Meeting, February 19, 2009
| D b t e |
F Y 2 0 0 8 |
F Y 2 0 0 7 |
F Y 2 0 0 6 |
F Y 2 0 0 5 |
F Y 2 0 0 4 |
|---|---|---|---|---|---|
| 1 ) S ho bo in ( in l. A / R ) t te r rm rro w g s c p ro g ra m |
6 8 4 |
2 1 7 |
3 3 1 |
5 1 1 |
4 1 9 |
| S ho bo in fro la d ies t te te t + r rm rro w g s m re p ar |
1 | 2 | 5 | 1 9 |
6 |
| Cu io f lo de b d i l lea b l ig io t p t -te t a ta t + rre n or n o ng rm n ca p se o a ns |
4 5 5 |
8 5 |
1 6 0 |
1 2 6 |
2 3 0 |
| Cu io f Tr Pr fe d Se i ies t p t t t rre n or n o us e rre cu r + |
0 | 6 7 0 |
|||
| Lo de b d i l lea b l ig io -te t a ta t ng rm n ca p se o a ns + , les io t p t s cu rre n or n |
3, 9 5 7 |
4, 0 0 4 |
3, 8 2 9 |
7 0 7 |
5 4 5 |
| fe Se i ies ( f c io ) Tr t Pr d t t o t p t us e rre cu r ne ur re n or n + |
6 4 1 |
6 6 4 |
1, 2 5 4 |
1, 1 8 8 |
1, 2 7 9 |
| To ta l de b t = |
5, 7 3 8 |
5, 6 4 2 |
5, 5 7 9 |
2, 1 9 1 |
2, 4 7 9 |
| E B I T D A |
F Y 2 0 0 8 |
F Y 2 0 0 7 |
2 ) F Y 2 0 0 6 ( for ) p ro ma |
F Y 2 0 0 5 |
F Y 2 0 0 4 |
|---|---|---|---|---|---|
| La lve hs in in ( E B I T ) t tw t t s e m on o p er a g co m e |
1, 6 7 2 |
1, 5 8 0 |
1, 3 6 7 |
9 3 9 |
8 5 2 |
| La lve hs de ia io d iza io t tw t t t t + s e m on p re c n an am or n |
4 1 6 |
3 6 3 |
3 2 6 |
2 5 1 |
2 3 3 |
| No h ha + n- ca s c rg es |
4 4 |
4 1 |
3 5 |
1 4 |
1 3 |
| E B I T D A ( l ize d ) = an nu a |
2, 1 3 2 |
1, 9 8 4 |
1, 7 2 8 |
1, 2 0 4 |
1, 0 9 8 |
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 x e r n a e v e n u e |
F Y 2 0 0 8 |
F Y 2 0 0 7 |
h t g ro w |
cc | Q 4 2 0 0 8 |
Q 4 2 0 0 7 |
h t g ro w |
cc |
|---|---|---|---|---|---|---|---|---|
| I i l du t t t n e r n a o n a p ro c re ve nu e |
2, 4 1 9 |
2, 0 9 9 |
1 5 % + |
1 0 % + |
5 9 2 |
6 0 8 |
3 % - |
9 % + |
| In l r te rn a ev e nu e - |
( 3 0 2 ) |
( 2 5 3 ) |
( 7 4 ) |
( 7 5 ) |
||||
| Ex l t e r n a r e v e nu e = |
2, 1 1 7 |
1, 8 4 6 |
1 5 % + |
1 0 % + |
5 1 8 |
5 3 3 |
3 % - |
8 % + |
| N h A i du t t o r m e r c a p ro c re ve nu e |
1, 3 0 9 |
1, 1 9 7 |
1 1 % + |
3 1 7 |
3 1 0 |
2 0 % + |
||
| In l r te rn a ev e nu e - |
( 1 ) 5 5 |
( 1 8 ) 5 |
( 1 1 ) 5 |
( 1 3 0 ) |
||||
| Ex l t e r n a r e v e nu e = |
5 8 7 |
6 6 1 |
1 5 % + |
2 2 0 |
1 8 0 |
2 2 % + |
||
| T O T A L du t r p ro c ev e nu e |
3, 7 2 8 |
3, 2 7 8 |
1 4 % + |
1 0 % + |
9 6 4 |
9 1 8 |
5 % + |
1 2 % + |
| In te l r rn a ev e nu e - |
( 8 5 3 ) |
( 7 7 1 ) |
( 2 2 6 ) |
( 2 0 5 ) |
||||
| Ex l t e r n a r e e nu e v = |
2, 8 7 5 |
2, 5 0 7 |
1 5 % + |
1 1 % + |
7 3 8 |
7 1 3 |
4 % + |
1 2 % + |
| C i l d i ( ) t t t a p a e p e n r e n e x u |
F Y 2 0 0 8 |
F Y 2 0 0 7 |
Q 4 2 0 0 8 |
Q 4 2 0 0 7 |
|---|---|---|---|---|
| f p Pu ha ty la t a d ip t rc s e o ro p e r p n n e q u m e n , |
6 8 7 |
5 7 3 |
1 8 5 |
1 9 2 |
| fro f p Pr d le ty la t a d ip t o c e e s m s a o ro p e r p n n e q u m e n - , |
( ) 1 4 |
( ) 3 0 |
( ) 4 |
( ) 9 |
| C i l d i ( ) t tu t a p a e x p e n r e n e = |
6 7 3 |
5 4 3 |
1 8 1 |
1 8 3 |
Reconciliation of non US-GAAP financial measures to the most directly comparable US-GAAP financial measure
| C h F l a s o w |
Q 4 2 0 0 8 |
Q 4 2 0 0 7 |
F Y 2 0 0 8 |
F Y 2 0 0 7 |
|---|---|---|---|---|
| Ac is i io d In d ha f in i b le t tm t a t p ta ts q u ns a n ve s e n n ne u rc s e s o ng a s s e |
( 1 0 1 ) |
( 1 1 9 ) |
( 2 7 7 ) |
( 2 6 3 ) |
| Pr d fro d ive t i tu o c e e s m s re s |
1 3 |
- | 5 9 |
2 9 |
| A i i i f d iv i t t t tu c q u s o n s, n e o e s r e s |
( 8 8 ) |
( 1 1 9 ) |
( 2 1 8 ) |
( 2 3 4 ) |
| N i t e n c o m e |
1 9 9 8 |
1 9 9 9 |
2 0 0 1 |
|---|---|---|---|
| Ne in t c o m e |
1 9 |
( 2 4 9 ) |
6 3 |
| Lo fro d is in d io d la ive f fe f a in ha t t t t o t s s m c o n e o p e ra ns a n cu m e c c c ou n g c ng e u u |
1 1 3 |
||
| S ia l c ha fo le f in ig io d la d f t t t o t t te ts t o ta p e c rg e r s e m e n ve s a ns a n re c o s ne xe s , |
4 1 9 |
||
| \$ \$ S ia l c ha fo 1 9 9 6 la te d le l m t te f 2 5 8 ( 1 7 7m t o f ta ) p e c rg e r m e rg e r r e g a a rs o m n e xe s \$ \$ f ( f ) d la te d io te 7m 4m t o ta a n re p r r q a r r e xp e ns e s o ne xe s u , |
1 8 2 |
||
| N i d j d t t e n c o m e, a u s e |
1 3 2 |
1 0 7 |
2 4 5 |
| F Y 2 0 0 8 |
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 io ) m n |
|---|---|---|---|
| T t l o a |
2 3 8 8 , |
1 8 4 0 8 6 , |
2 7 9 |
| G t h r o w |
% 7 + |
6 % + |
% 5 + |
| N t h A i o r m e r c a |
1 6 8 6 , |
1 2 8 5 5 7 , |
1 9 1 |
| G h t r o w |
5 % + |
4 % + |
4 % + |
| I t t i l n e r n a o n a |
7 0 2 |
5 8 2 2 9 , |
8 7 |
| G h t r o w |
1 0 % + |
1 1 % + |
9 % + |
| E r o p e u |
4 0 0 |
2 9 8 4 1 , |
4 5 |
| L i A i t a n m e r c a |
1 7 7 |
1 9 2 3 0 , |
2 9 |
| A i P i f i s a a c c - |
1 2 5 |
9 1 5 8 , |
1 3 |
Fresenius Medical Care AG & Co. KGaAInvestor RelationsElse Kröner Str. 161352 Bad Homburg v.d.H.
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 JostTel.: +49-(0)6172-609-5216 Fax.: +49-(0)6172-609-2301 Email: [email protected] Ordinary shares WKN 578 580ISIN DE0005785802SEDOL1 5129074 DE
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