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Fresenius Medical Care AG & Co. KGaA

Investor Presentation • Jan 11, 2010

165_ip_2010-01-11_3e45baf0-0d84-4f1a-9213-fec04d75e2fd.pdf

Investor Presentation

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Fresenius Medical Care

The World's Leading Renal Therapy Company

JP Morgan Healthcare Conference

San Francisco, January 11, 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 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. Growth Strategy

Third Quarter 2009 - Quality Outcomes

Overall strong quality performance

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

Third Quarter 2009 - Highlights

Continued strong organic growth of 8% and improving outcomes

Dialysis Services:

Continued superior clinical outcomes

New Therapies patient growth y-o-y

  • USA Clinic Nocturnal +39%
  • Europe Online Hemodiafiltration +47%

Dialysis Products:

  • Highest quality levels across all production plants and product lines
  • Renal Pharma revenue on target
  • New PD and HD products very well received

Third Quarter 2009 – Overview

Very good third quarter

Q
3
2
0
0
8		 Q
3
2
0
0
9		 G
h
t
r
o
w
R
e
e
n
e
v
u		 \$
2
7
1
3
m
,		 \$
2
8
8
9
m
,		 6
%
+
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		 \$
2
0
6
m		 \$
2
2
5
m		 9
%
+
E
i
h
a
r
n
n
g
s
p
e
r
s
a
r
e		 \$
0
6
9		 \$
0
7
6		 9
%
+
  • •Continued strong revenue growth of +10%cc
  • •Strong sequential EBIT-margin improvement of 50 bps in the third quarter
  • •Improved net income growth of +9%

cc = constant currency

Nine Months 2009 – Overview

Strong performance with ongoing currency headwinds

9
M
2
0
0
8		 9
M
2
0
0
9		 G
h
t
r
o
w
R
e
e
n
e
v
u		 \$
7
8
9
0
m
,		 \$
8
2
1
2
m
,		 %
4
+
i
N
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		 \$
6
0
3
m		 \$
6
4
5
m		 %
7
+
E
i
h
a
r
n
n
g
s
p
e
r
s
a
r
e		 \$
2
0
3		 \$
2
1
6		 %
6
+

•For the 9M 2009 a total revenue growth of +9%cc and organic growth of +8%

Third Quarter 2009 - Dialysis Products

Strong external product growth of 8%cc

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

Third Quarter 2009 - Dialysis Services Global

Very strong revenue growth globally

\$
S
U
i
i
l
l
i
n
m
o
n
s
-		 Q
3
2
0
0
8		 Q
3
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
5
8
7
,		 1
4
1
7
,		 %
1
0
I
i
l
t
t
n
e
r
n
a
o
n
a		 3
9
8		 4
0
6		 2
%		 1
2
%
T
l
t
o
a		 1
9
8
5
,		 2
1
4
7
,		 8
%		 1
0
%

Treating more than 192,800 patients in ~ 2,510 clinics

cc = constant currency

Third Quarter 2009 – Revenue per treatment US

Favorable reimbursement trend

Days Sales Outstanding (DSO)

Excellent cash collection in North America

Nine Months 2009 – Cash Flow

Operating cash flow at 11% of revenue

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

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

Q3 2009 - Debt and EBITDA Development

Debt/EBITDA ratio ahead of target

* 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.

US Reimbursement Environment / Legislation

Bundling – 2011

  • •Final rule anticipated in 1st half of 2010
  • • Current assessment:
  • •Insufficient data available to duplicate the CMS analysis
  • •Some areas would result in reimbursement reductions (e.g. case mix, transition adjustment)
  • •Part D oral drugs are significantly underfunded as proposed
  • •Proposed rule does not address coordination of secondary insurance coverage
  • •FME and the dialysis community are working cooperatively with CMS to address these issues

Healthcare Reform Initiatives

  • •House and Senate bills passed
  • •No cuts anticipated for dialysis providers
  • • Medicare Accountable Care Organization (ACO) and Medicare Special Needs Plans (SNP) reforms remain positive
  • •Specific issues to be watched

Fiscal Year 2009 – Outlook

Improved guidance for 2009

\$
U
S
i
i
l
l
i
n
m
o
n
s
-		 O
L
D		 i
G
d
a
n
c
e
u
N
t
R
e
e
v
e
n
u
e
s		 \$
1
1,
1
0
0
>		 \$
1
1
2
0
0
~
,
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		 \$
8
5
0
8
9
0
-		 \$
8
6
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
<		 2
7
<
C
i
l
E
d
i
t
t
a
p
a
p
e
n
r
e
s
x
u		 \$
0
6
0
5
5
5
~
-		 \$
0
6
0
5
5
5
~
-
A
i
i
t
i
c
q
u
s
o
n
s		 \$
2
0
0
3
0
0
~
-		 \$
2
0
0
2
5
0
~
-

Third Quarter 2009 - Summary

Superior quality performance in both products and services

Continued expansion of new products and therapies worldwide

Strong sequential EBIT- margin improvement

Very strong Cash Flow development

Continued focus on R&D

Upgraded lower end of earnings guidance

Agenda

2. Growth Strategy

The Opportunity for Growth

Source: Company data as of December 2008

Expanded Leading Global Presence

Dialysis Products Worldwide

Produced more than 80.000.000 Dialyzers in 2008

Source: Company data as of December 2008

Dialysis Services Worldwide - Patients

North America

EMEA

Source: Company data as of December 2008 (except FME, based on Q3/2009)

Fresenius Medical Care – North America

Health Plan 2nd year results

© 2010 Fresenius Medical Care AG & Co. KGaA

Our Growth Opportunities

1. Increased Product Market Share

2. Reimbursement Based on Quality

3. Expansion of Dialysis Network

4. Renal Pharma – Enhanced Therapy

5. New Clinical Services / Comprehensive Bundle

Fresenius Medical Care

The World's Leading Renal Therapy Company

JP Morgan Healthcare Conference

San Francisco, January 11, 2010

Dialysis Services - Global

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

Third Quarter 2009 – Revenue

Total revenue increased 6% to \$2,889 m (10%cc)

cc = constant currency

Third Quarter 2009 - Dialysis Services Global

Excellent performance in all key metrics

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

1) including Mexico

cc = constant currency

Third Quarter 2009 - Profit & Loss

\$
i
i
l
l
i
n
m
o
n
s		 Q
3
2
0
0
8		 Q
3
2
0
0
9		 G
t
h
r
o
w
N
t
e
r
e
v
e
n
u
e		 2
1
3
7
,		 2
8
8
9
,		 *
6
%
O
i
i
(
E
B
I
T
)
t
p
e
r
a
n
g
n
c
o
m
e		 4
2
2		 5
4
1		 7
%
E
B
I
T
i
i
%
m
a
r
g
n
n		 1
5
6		 1
5
6
I
t
t
t
n
e
r
e
s
e
p
e
n
s
e,
n
e
x		 8
7		 7
5
f
I
b
i
t
n
c
o
m
e
e
o
r
e
n
c
o
m
e
a
x		 3
3
5		 3
7
6		 1
2
%
I
T
n
c
o
m
e
a
e
p
e
n
s
e
x
x		 1
2
0		 1
3
1
T
t
a
x
r
a
e		 3
6
%		 3
%
5
N
t
l
l
i
i
t
t
o
n
c
o
n
r
o
n
g
n
e
r
e
s		 9 2
0
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		 2
0
6		 5
2
2		 9
%

* 10% growth at constant currency, 8% organic growth

Nine Months 2009 - Profit & Loss

\$
i
i
l
l
i
n
m
o
n
s		 9
M
2
0
0
8		 9
M
2
0
0
9		 G
t
h
r
o
w
N
t
e
r
e
e
n
e
v
u		 7
8
9
0
,		 8
2
1
2
,		 *
%
4
O
i
i
(
E
B
I
T
)
t
p
e
r
a
n
g
n
c
o
m
e		 1
2
4
0
,		 5
1
2
6
,		 2
%
E
B
I
T
i
i
%
m
a
r
g
n
n		 1
5
7		 1
5
4
I
t
t
t
n
e
r
e
s
e
x
p
e
n
s
e,
n
e		 2
5
2		 2
2
5
f
I
b
i
t
n
c
o
m
e
e
o
r
e
n
c
o
m
e
a
x		 9
8
8		 1
0
4
0
,		 5
%
I
T
n
c
o
m
e
a
e
p
e
n
s
e
x
x		 3
5
7		 3
4
5
T
t
a
x
r
a
e		 %
3
6		 %
3
3
N
t
l
l
i
i
t
t
o
n
c
o
n
r
o
n
g
n
e
r
e
s		 2
8		 5
0
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		 6
0
3		 5
6
4		 %
7

* 9% growth at constant currency, 8% organic growth

Operating Margin Development

Third Quarter 2009 – Cash Flow

Operating cash flow at 15% of revenue

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

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

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
3
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
S
ho
bo
ing
(
inc
l.
A
/
R
)
t
te
r
rm
rro
w
s
p
ro
g
ra
m		 3
1
2		 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		 4
3		 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		 1
6
0		 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 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		 4,
5
6
1		 3,
9
5
7		 4,
0
0
4		 3,
8
2
9		 7
0
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
6
3		 6
4
1		 6
6
4		 1,
2
5
4		 1,
1
8
8
To
l
de
b
ta
t
=		 5,
7
3
9		 5,
7
3
8		 5,
6
4
2		 5,
5
7
9		 2,
1
9
1
E
B
I
T
D
A		 Q
3
2
0
0
9		 Q
3
2
0
0
8		 F
Y
2
0
0
8		 1)
F
Y
2
0
0
7		 2
0
0
6
F
Y
(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
9
7		 1,
6
6
8		 1,
6
2
7		 1,
5
8
0		 1,
3
6
7		 9
3
9
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
4
3		 4
1
0		 4
1
6		 3
6
3		 3
2
6		 2
5
1
No
h c
ha
+
n-c
as
rg
es		 4
8		 4
4		 4
4		 4
1		 3
5		 1
4
E
B
I
T
D
A
(
l
ize
d
)
an
nu
a
=		 2,
1
8
8		 2,
1
2
2		 2,
1
3
2		 1,
9
8
4		 1,
7
2
8		 1,
2
0
4

1) 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
C
i
i
(
)
l
d
t
t
t
a
p
a
e
x
p
e
n
u
r
e
n
e		 9
M
2
0
0
9		 9
M
2
0
0
8		 Q
3
2
0
0
9		 Q
3
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		 (
)
3
9
8		 (
)
5
0
2		 (
)
1
4
5		 (
)
1
6
0
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
-		 1
0		 9 6 (
)
0
Ca
i
l e
d
i
(
)
ta
tu
t
p
xp
en
re
ne
=		 (
)
3
8
8		 (
)
4
9
3		 (
)
1
3
9		 (
)
1
6
0
C
h
F
l
a
s
o
w		 M
9
2
0
0
9		 9
M
2
0
0
8		 Q
3
2
0
0
9		 Q
3
2
0
0
8
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		 (
1
0
9
)		 (
1
7
6
)		 (
2
7
)		 (
4
4
)
Pr
ds
fro
d
ive
t
i
tu
oc
ee
m
s
re
s		 5
2		 4
6		 1 5
Ac
is
i
io
f
d
ive
i
t
t o
t
tu
q
u
ns
ne
s
re
s
,		 (
5
7
)		 (
1
3
0
)		 (
2
6
)		 (
3
9
)

All numbers are in \$ millions

cc = constant currency

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]

Gerrit Jost

Tel.: +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]

Q4 and Full Year Results 2009 – February 24, 2010

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