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Fresenius Medical Care AG & Co. KGaA

Investor Presentation • Sep 22, 2010

165_ip_2010-09-22_c5b2b8af-0ef8-4187-a9f5-dc29fcc694be.pdf

Investor Presentation

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Fresenius Medical Care

The World's Leading Renal Therapy Company

S.C. Bernstein 7th Annual Strategic Decisions Conference

September 22, 2010

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 detail in Fresenius Medical Care AG & Co. KGaA's (FMC AG & Co. KGaA) reports filed with the Securities and Exchange Commission (SEC) and the German Exchange Commission (Deutsche Börse).

1. Business Update & Outlook 2010

2. Growth Strategy and Summary

First Half 2010 – Profit & Loss

\$
S
U
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s		 H
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N
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a		 4
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%

* 8% growth at constant currency, 7% organic growth

First Half 2010 – Revenue

Total revenue increased 9% to \$5,828 m

First Half 2010 – Dialysis Services Global

Very strong revenue growth globally

\$
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T
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,		 5
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,		 1
1
%		 1
0
%
  • •Good organic treatment growth of 4.3% globally
  • •Continued strong revenue per treatment development

cc = constant currency

© 2010 Fresenius Medical Care AG & Co. KGaA

2nd Quarter 2010 – Revenue per treatment US

Stable reimbursement environment

First Half 2010 – Dialysis Products

Good product growth in H1 2010

\$
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%		 6
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%		 4
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N
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5		 5
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%		 4
%

cc = constant currency

Days Sales Outstanding (DSO)

Continued excellent cash collection

First Half 2010 – Cash Flow

Operating cash flow at 11% of revenue

\$
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7

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

2) Does not include a \$133 m cash out for a short-term bank deposit in Q2 2010 and a cash repayment in form of an inter-company loan of \$ 50 m in Q2 2009

2nd Quarter 2010 – Debt and EBITDA Development

Debt/EBITDA ratio ahead of target

* including non-cash charges and in 2007 excluding restructuring costs, in-process R&D and gain from the sale of dialysis clinics. A reconciliation to the most directly comparable U.S. GAAP financial measure is provided in the attachment.

International Business Expansion - 2010

Expanded Dialysis Services and Products in Key Regions

  • X Acquired Asia Renal Care
  • XAdding more than 100 clinics treating about 6,200 patients
  • XAdding approximately \$80 million in annual revenue
  • X Expanded dialysis products business in Korea
  • XAdding approximately \$15 million in annual revenue
  • XAccretive to earnings in the first year

  • X Entered into long-term distributor agreement in Japan

  • X Expanded dialysis services business in Russia

  • XAdding approximately \$25 million in annual revenue
  • XAccretive to earnings in the first year

2010 – Outlook Reiterated

Fully on track for 2010 Targets

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  1. Business Update & Outlook 2010

2. Growth Strategy and Summary

Development of Dialysis Patient Population

  • Renal failure persists worldwide
  • Dialysis is the primary treatment modality on a global scale
  • The number of global dialysis patients is expected to double by 2020

Market Opportunity by Region

Continued Growth Opportunities

Components of Growth Strategy

Product

Services

Renal Pharma / Therapy

• Combine membrane, drug delivery and laboratory technology with proven dialysis drugs to provide superior outcomes

Integrated Care Looking Ahead to ACO

ESRD Clinical Treatment Goals Are Similar on a Global Basis, However:

FME's overall growth strategy must be implemented on a regional basis due to varying reimbursement and health care systems

FME's Products and Services by Region

Industry's only Vertically Integrated Provider

© 2010 Fresenius Medical Care AG & Co. KGaA

World Leader in Dialysis Services

EMEA

North America

Based on company statements as of 6-30-2010 and estimates

* patients including managed clinics

Market Position by Major Product Groups

R
k
1
a
n		 R
k
2
a
n		 R
k
3
a
n
D
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M
E		 G
b
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o		 N
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o
D
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b
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s
s
p
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o
c
s
y
u		 B
t
a
e
r
x		 F
M
E		 P
i
s
a

Produced more than ~85,000,000 Dialyzers in 2009

Sorbent Products

2008 Sorbent System

Features

  • •6 – 12 L tap water
  • •No water treatment
  • •Standard electrical hookup
  • •Conventional 3x per week
  • •Every other day dialysis therapy

Device not Approved in the US Portable Artificial Kidney (PAK)

Features

  • •Compact
  • •Disposable circuits

Growth Strategy Implementation 23 Countries Account for > 92% of Revenue

N
h
A
i
t
o
r
m
e
r
c
a		 S
i
e
r
c
e
s
v		 P
d
t
r
o
c
s
u
C
d
a
n
a
a		 9 9
M
i
e
x
c
o		 9 9
S
U
A		 9 9
E
M
E
A
C
h
R
b
l
i
z
e
c
e
p
u
c		 9 9
F
r
a
n
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e		 9 9
G
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r
m
a
n
y		 9 9
I
l
t
a
y		 9 9
P
l
t
o
r
g
a
u		 9 9
S
i
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a
n		 9 9
U
i
d
K
i
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n
e
n
g
o
m		 9 9
T
k
r
e
u
y		 9 9
P
l
d
o
a
n		 9 9
R
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u
s
s
a		 9 9
R
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m
a
n
a		 9 9
A
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P
i
f
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a
c
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s
r
a
a		 9 9
C
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n
a		 9 9
H
K
o
n
g
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g		 9 9
J
a
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n		 9 9
K
o
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e
a		 9 9
T
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w		 9 9
i
i
L
A
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A
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e
n
n
a		 9 9
B
i
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r
a
z		 9 9
C
i
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b
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m
a		 9 9

Global Strategy - Services – Areas to Improve Dialysis Outcomes

Global Strategy – Renal Pharma/Therapy – Hydration Management

Global Strategy – Renal Pharma/Therapy – Anemia Management

Global Strategy – Renal Pharma/Therapy – Bone Mineral Management

Global Strategy - Integrated Care Model

ESRD Demonstration Project / FME Cost Model

Summary

L
d
h
i
e
a
e
r
s
p		 i
i
i
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M
l
b
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d
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F
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u

Thank you for your interest in Fresenius Medical Care !

© 2010 Fresenius Medical Care AG & Co. KGaA

Fresenius Medical Care

The World's Leading Renal Therapy Company

S.C. Bernstein 7th Annual Strategic Decisions Conference

September 22, 2010

Attachment I

Reconciliation of non-U.S. GAAP financial measures to the most directly comparable U.S. GAAP financial measure

All figures are in \$ millions

D
b
t
e		 Q
2
2
0
1
0		 F
Y
2
0
0
9		 F
Y
2
0
0
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Y
2
0
0
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ho
bo
ing
(
inc
l.
A
/
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te
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4		 2
1
7
S
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bo
ing
fro
la
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ies
t-
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m
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Cu
ion
f
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ter
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Cu
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t p
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4
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9
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4
Tr
fer
d s
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ies
t p
t
+
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re
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9
3		 6
5
6		 6
4
1		 6
6
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To
ta
l
de
b
t
=		 5,
8
2
7		 5,
5
6
8		 5,
7
3
8		 5,
6
4
2
E
B
I
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D
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2
2
0
1
0		 F
Y
2
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9		 1)
F
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2
0
0
8		 F
Y
2
0
0
7
La
lve
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ing
inc
(
E
B
I
T
)
t
tw
t
t
s
e
m
on
o
p
er
a
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e		 1,
8
3
0		 1,
7
5
6		 1,
6
7
2		 1,
5
8
0
La
lve
hs
de
ia
ion
d a
iza
ion
t
tw
t
t
t
t
+
s
e
m
on
p
rec
an
mo
r		 4
8
7		 4
5
7		 4
1
6		 3
6
3
No
h c
ha
+
n-c
as
rg
es		 4
9		 5
0		 4
4		 4
1
E
B
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D
A
(
l
ize
d
)
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nu
a
=		 2,
3
6
6		 2,
2
6
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1
3
2		 1,
9
8
4
C
i
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d
i
(
)
t
t
t
a
p
a
e
x
p
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n
u
r
e
n
e		 H
1
2
0
1
0		 H
1
2
0
0
9		 Q
2
2
0
1
0		 Q
2
2
0
0
9
Pu
ha
f p
lan
d e
ip
ty
t a
t
rc
se
o
ro
p
er
p
n
q
u
me
n
,		 (
)
2
2
7		 (
)
2
5
4		 (
)
1
2
1		 (
)
1
4
2
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
me
n
u
-
,		 9 5 2 3
Ca
i
l e
d
i
(
)
ta
tu
t
p
xp
en
re
ne
=		 (
2
1
8
)		 (
2
4
9
)		 (
1
1
9
)		 (
1
3
9
)

1) Excluding restructuring costs and in-process R&D

Attachment II

Reconciliation of non-U.S. GAAP financial measures to the most directly comparable U.S. GAAP financial measure

E
l
R
t
e
r
n
a
e
e
n
e
x
v
u

All figures are in \$ millions

(
)
A
i
i
i
t
t
c
q
s
o
n
s
n
e
u		 H
1
2
0
1
0		 H
1
2
0
0
9		 Q
2
2
0
1
0		 Q
2
2
0
0
9
Ac
is
i
ion
d
inv
d
ha
f
in
i
b
le
t
tm
t a
t p
ta
ts
q
u
s a
n
es
en
n
ne
ur
c
se
s o
ng
as
se		 (
)
2
9
1		 (
)
8
2		 (
)
2
0
7		 (
)
4
5
Pr
ds
fro
d
ive
i
t
tu
oc
ee
m
s
res		 8 5
1		 6 5
0
Ac
is
i
ion
d
inv
f
d
ive
i
t
tm
ts
t o
t
tu
q
s a
n
es
en
ne
s
res
u
,		 (
)
2
8
3		 (
)
3
1		 (
)
2
0
1		 5
Inv
f r
tm
t,
t o
ts
es
en
ne
ep
ay
me
n		 1
3
3		 (
0
)
5		 (
1
3
3
)		 (
0
)
5
Ac
is
i
ion
f
d
ive
i
t
t o
t
tu
q
u
s,
ne
s
res		 (
)
1
5
0		 (
)
8
1		 (
)
6
8		 (
)
4
5

cc = constant currency

2nd Quarter 2010 – Overview

Strong quarter and fully on track for full-year targets Very good underlying performance

Q
2
2
0
0
9		 Q
2
2
0
1
0		 G
h
t
r
o
w
R
e
e
n
e
v
u		 \$
2
7
6
4
m
,		 \$
2
9
4
6
m
,		 %
7
N
i
t
e
n
c
o
m
e
C
G
Co
Ga
i
bu
b
le
F
M
A
&
K
A
t
tr
ta
to
a		 \$
2
2
1
m		 \$
2
4
8
m		 1
2
%
E
i
h
a
r
n
n
g
s
p
e
r
s
a
r
e		 \$
0
7
4		 \$
0
8
3		 1
2
%
  • •Strong revenue growth at 7% at constant currency and 6% organic
  • •Excellent EBIT-margin development
  • •Resulting in very good net income growth

First Half 2010 – Overview

H
1
2
0
0
9		 H
1
2
0
1
0		 G
h
t
r
o
w
R
e
e
n
e
v
u		 \$
5
3
2
3
m
,		 \$
5
8
2
8
m
,		 9
%
+
N
i
t
e
n
c
o
m
e
i
bu
b
le
F
M
C
A
G
&
Co
K
Ga
A
t
tr
ta
to
a		 \$
4
1
9
m		 \$
5
4
9
m		 1
0
%
+
i
E
h
a
r
n
n
g
s
p
e
r
s
a
r
e		 \$
1
4
1		 \$
1
5
3		 9
%
+

•Strong revenue growth at 8% at constant currency and 7% organic

•Continued excellent cash flow development

2nd Quarter 2010 – Revenue

Total revenue increased 7% to \$2,946 m

2nd Quarter 2010 – Dialysis Services Global

Very strong revenue growth globally

First time over 200,000 patients being treated

\$
S
U
i
l
l
i
m
o
n
s		 Q
2
2
0
0
9		 Q
2
2
0
1
0		 G
h
t
r
o
w		 c
c
N
h
A
i
t
o
r
m
e
r
c
a		 1
6
7
7
,		 1
8
1
7
,		 8
%
I
i
l
t
t
n
e
r
n
a
o
n
a		 3
7
7		 4
0
7		 8
%		 9
%
T
l
t
o
a		 2
0
5
4
,		 2
2
2
4
,		 8
%		 8
%
  • •Good organic treatment growth of 4.3% globally
  • •Continued strong revenue per treatment development
  • •Treating 202,414 patients in 2,599 clinics

cc = constant currency

2nd Quarter 2010 – Dialysis Services Global

Very good performance in all key metrics

Q
2
2
0
1
0		 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		 %
7		 %
7		 %
5
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
3
%		 4
2
%		 4
4
%
R
t
t
t
e
v
e
n
u
e
p
e
r
r
e
a
m
e
n		 1)
\$
3
4
9		 \$
1
9
5
J
3
0
2
0
1
0
u
n
e
,
N
b
f
l
i
i
m
e
r
o
c
n
c
s
u		 2
5
9
9
,		 1
7
9
5
,		 8
0
4
G
h
t
r
o
w		 5
%		 4
%		 9
%
D
e
n
o
v
o
s		 4
5		 2
8		 1
7

1) including Mexico

cc = constant currency

© 2010 Fresenius Medical Care AG & Co. KGaA

Dialysis Services - Global

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

2nd Quarter 2010 – Dialysis Products

Good product growth in North America

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

cc = constant currency

2nd Quarter 2010 – Profit & Loss

\$
U
S
i
l
l
i
m
o
n
s		 Q
2
2
0
0
9		 Q
2
2
0
1
0		 G
h
t
r
o
w
N
t
e
r
e
v
e
n
u
e		 2
7
6
4
,		 2
9
4
6
,		 *
7
%
O
i
i
(
E
B
I
T
)
t
p
e
r
a
n
g
n
c
o
m
e		 4
1
8		 4
6
5		 1
1
%
E
B
I
T
i
i
%
m
a
r
g
n
n		 1
1
5		 1
8
5
I
t
t
t
n
e
r
e
s
e
p
e
n
s
e,
n
e
x		 6
7		 6
8
I
b
f
i
t
n
c
o
m
e
e
o
r
e
n
c
o
m
e
a
x		 3
4
2		 3
9
7		 1
6
%
I
t
n
c
o
m
e
a
x
e
x
p
e
n
s
e		 1
0
3		 1
2
9
T
t
a
x
r
a
e		 3
0
%		 3
3
%
N
l
l
i
i
t
t
t
o
n-
c
o
n
r
o
n
g
n
e
r
e
s		 1
8		 2
0
N
i
t
e
n
c
o
m
e
i
bu
b
le
F
M
C
A
G
&
Co
K
Ga
A
t
tr
ta
to
a		 2
2
1		 2
4
8		 1
2
%

* 7% growth at constant currency, 6% organic growth

Operating Margin Development

H1 2010 Operating Margin Development

2nd Quarter 2010 – Cash Flow

Strong operating cash flow performance

\$
S
U
i
l
l
i
m
o
n
s		 Q
2
2
0
0
9		 Q
2
2
0
1
0		 G
h
t
r
o
w
1)
O
i
h
f
l
t
p
e
r
a
n
g
c
a
s
o
w		 2
8
2		 2
9
4
1
0
%
f r
o
ev
en
ue		 4
%
1)
C
i
l
d
i
t
t
a
p
a
e
x
p
e
n
u
r
e
s
t
n
e
,		 (
)
1
3
9		 (
)
1
1
9
F
h
f
l
r
e
e
c
a
s
o
w		 1
4
3		 5
1
7
f r
6
%
o
ev
en
ue		 2
3
%
1)
2)
A
i
i
i
t
f
d
i
i
c
q
s
o
n
s
u
t
t
t
n
e
o
v
e
s
u
r
e
s
,		 (
)
4
5		 (
6
8
)
1)
2)
f
F
h
l
f
i
i
i
r
e
e
c
a
s
o
w
t
t
a
e
r
a
c
q
s
o
n
s
u
,		 9
8		 1
0
7

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

2) Does not include a \$133 m cash out for a short-term bank deposit in Q2 2010 and a cash repayment in form of an inter-company loan of \$ 50 m in Q2 2009

2010 Guidance and Goal 2013 Strategic Financial Objectives

i
2
0
1
0
G
d
a
n
c
e
u
-		 G
l
1
3
o
a
R
e
e
n
e
s
v
u		 \$
1
2
b
n
>		 6
8
%
G
h
*
t
r
o
w
-
i
E
B
I
T
M
a
r
g
n
s		 5
1
6
%
~		 1
0
2
0
b
p
s
-
(
i
l
i
)
t
n
c
r
e
m
e
n
a
n
c
r
e
a
s
e
s
p.
a.
I
E
t
t
n
e
r
e
s
p
e
n
s
e
x		 5
5
%
<		 6
0
6
5
%
t
o
T
R
t
a
a
e
x		 5
5
5
3
4
3
%
–		 3
5
3
6
%
–
N
I
t
e
n
c
o
m
e
i
bu
b
le
F
M
C
A
G
&
Co
K
Ga
A
t
tr
ta
to
a		 \$
9
5
0
9
8
0
-		 H
i
h
i
l
t
g
s
n
g
e
o
l
d
b
l
d
i
i
t
o
o
e
g
s
w
u
C
O
i
h
F
l
t
p
e
r
a
n
g
a
s
o
w		 1
0
%
f
R
o
e
v
e
n
u
e
>		 1
0
%
f
R
o
e
v
e
n
u
e
>
C
E
A
i
i
i
t
a
p
c
q
s
o
n
s
x
u
+		 9
%
f
R
o
e
v
e
n
u
e
~		 %
f
R
7
o
e
v
e
n
u
e
~
*C
Cu
ta
t
on
s
n
rre
nc
y

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 E-mail: [email protected]

Gerrit JostTel.: +49-(0)6172-609-5216 Fax.: +49-(0)6172-609-2301 E-mail: [email protected]

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

Reminder …

Q3 2010 Results – Conference Call, November 2, 2010

For recent updates, please have a look at our website. www.fmc-ag.com

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