Investor Presentation • Jan 25, 2011
Investor Presentation
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Frankfurt/Main, January 19, 2011
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
2. Financials & Outlook
3. Growth Strategy & Summary
| Q 3 2 0 0 9 |
Q 3 2 0 1 0 |
G t h r o w |
|
|---|---|---|---|
| R e e n e v u |
\$ 2 8 8 9 m , |
\$ 5 3 0 8 m , |
6 % |
| N i t e n c o m e t tr i bu ta b le to F M C A G & Co K Ga A a |
\$ 2 2 5 m |
\$ 2 4 8 m |
1 0 % |
| i E h a r n n g s p e r s a r e |
\$ 0 7 6 |
\$ 0 8 2 |
% 9 |
| \$ U S i l l i m o n s |
Q 3 2 0 0 9 |
Q 3 2 0 1 0 |
G t h r o w |
c c |
|---|---|---|---|---|
| N h A i t o r m e r c a |
1 4 1 7 , |
1 8 6 3 , |
% 7 |
|
| I i l t t n e r n a o n a |
4 0 6 |
5 4 8 |
1 3 % |
1 % 7 |
| T l t o a |
2 1 4 7 , |
2 3 2 1 , |
% 8 |
% 9 |
cc = constant currency
| N h A i ( U S ) t o r m e r c a |
E M |
E A |
|||
|---|---|---|---|---|---|
| % f t i t o p a e n s |
Q 3 2 0 0 9 |
Q 3 2 0 1 0 |
Q 3 2 0 0 9 |
Q 3 2 0 1 0 |
|
| K / V 1 2 t ≥ |
9 6 % |
9 6 % |
9 % 5 |
5 9 % |
|
| 1 0 1 2 / H l b i d l e m o g o n g = - |
6 % 4 |
6 9 % |
3 % 5 |
5 4 % |
|
| H l b i 1 0 1 3 / d l e m o g o n g = - |
8 7 % |
8 8 % |
7 6 % |
6 % 7 |
|
| A l b i 3 / d l 5 ≥ u m n g |
8 2 % |
8 2 % |
8 % 7 |
8 6 % |
|
| P h h 3 5 5 5 / d l t o s p a e m g - |
% 5 4 |
5 % 7 |
% 6 0 |
6 1 % |
|
| H i t l i t i d o s p a a o n a s z y |
1 0 0 |
* 9 8 |
8 7 |
9 4 |
The hospitalization rates for the US reflects adoption of CMS policy *
| Q 3 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 t h r g a n c r e v e n u e g r o w |
% 7 |
% 7 |
% 6 |
| 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 7 |
% 4 3 |
% 5 6 |
| R t t t e v e n u e p e r r e a m e n |
* \$ 3 1 5 |
\$ 1 6 5 c c |
|
| S b 3 0 2 0 1 0 t e p e m e r , |
|||
| f N b l i i u m e r o c n c s |
2 1 6 7 , |
1 8 0 9 , |
9 0 7 |
| G t h r o w |
8 % |
3 % |
1 9 % |
| D e n o v o s |
2 7 |
4 2 |
3 0 |
* including Mexico
| \$ U S i l l i m o n s |
Q 3 2 0 0 9 |
Q 3 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 te l r rn a ev en ue |
1 0 0 3 , |
1 0 1 8 , |
% 2 |
% 4 |
| E l t e r n a r e e n e x v u |
7 4 2 |
7 3 7 |
% 1 - |
% 3 |
| N h A i t o r m e r c a |
2 0 9 |
2 0 8 |
0 % |
|
| I t t i l n e r n a o n a |
5 3 3 |
5 2 9 |
% 1 - |
% 4 |
cc = constant currency
Liberty Cylcler F250 - Optiflux Delflex – neutral pH 2008 K-Sorb2008 T 5008 S
1. Business Update
2. Financials & Outlook
3. Growth Strategy & Summary
| \$ S U i l l i m o n s |
9 M 2 0 0 9 |
9 M 2 0 1 0 |
G h t r o w |
|---|---|---|---|
| N t e r e e n e v u |
8 2 1 2 , |
8 8 8 6 , |
* 8 % |
| O ( ) t i i E B I T p e r a n g n c o m e |
1 2 6 5 , |
1 3 8 5 , |
1 0 % |
| E B I T i i % m a r g n n |
1 4 5 |
1 6 5 |
|
| I t t t n e r e s e x p e n s e n e , |
2 2 5 |
2 0 6 |
|
| f I b i t n c o m e e o r e n c o m e a x |
1 0 4 0 , |
1 1 9 7 , |
1 3 % |
| I t n c o m e a e p e n s e x x |
3 4 5 |
4 1 0 |
|
| T t a r a e x |
% 3 3 |
% 3 5 |
|
| N t l l i i t t o n -c o n r o n g n e r e s |
5 0 |
6 2 |
|
| N t i e n c o m e i bu b le F M C A G & Co K Ga A t tr ta to a |
6 4 5 |
7 0 7 |
1 0 % |
* 8% growth at constant currency, 6% organic growth
| \$ U S i l l i m o n s |
9 M 2 0 0 9 |
9 M 2 0 1 0 |
G t h r o w |
|---|---|---|---|
| 1) O i h f l t p e r a n g c a s o w |
8 8 0 |
1 0 2 7 , 1 2 % f r o ev e nu e |
% 1 7 |
| 1) C i l d i t t t a p a e x p e n u r e s n e , |
( 3 8 8 ) |
( ) 3 3 9 |
|
| F h f l r e e c a s o w |
4 9 2 |
6 8 8 8 % f r o ev e nu e |
% 4 0 |
| 1) 2) A i i i t f d i i c q u s o n s t t t n e o v e s u r e s , |
( ) 1 0 7 |
( ) 2 3 9 |
|
| 1) 2) F h f l f t i i t i r e e c a s o w a e r a c q s o n s u , |
3 8 5 |
4 4 9 |
1) A reconciliation to the most directly comparable U.S. GAAP financial measure is provided in the attachment.
2) Does not include a \$131 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
| US\$ millions | Guidance |
|---|---|
| Net revenue | > \$12,000 |
| Net income improved attributable to FMC AG & Co. KGaA |
\$960 - 980 |
| Leverage ratio (Debt/EBITDA) | < 2.5 |
| Capital expenditures | $$550 - 650$ |
| Acquisitions | up to \$500 |
1. Business Update
2. Financials & Outlook
Based on company estimates
We Lead in Every Major Market, Treating More Than 212,068 Patients Worldwide
* patients including managed clinics
| R k 1 a n |
R k 2 a n |
R k 3 a n |
|
|---|---|---|---|
| i D l a e r s y z |
F M E |
G b a m r o |
N i p r o |
| D i l i h i a s s m a c n e s y |
F M E |
G b a m r o |
N i k k i s o |
| H d i l i t t e m o a s s c o n c e n r a e s y |
F M E |
F s o u |
G b a m r o |
| i B l d l o o n e s |
F M E |
G b a m r o |
K i a w a s u m |
| P i l d i l i d t t e r o n e a a y s s p r o u c s |
B t a x e r |
F M E |
P i s a |
Cheuvreux GCC, Jan 19, 2011 © 2011 Fresenius Medical Care AG & Co. KGaA Page 22
| L d h i e a e r s p |
M i i l b l l d h i i i t t a n a n o u r g o a e a e r s p p o s o n • C i h h f f h d i l i i d t t t t t t o n n u e o s a p e e u u r e o e a y s s n u s r y • |
|---|---|
| Q l i t a u y |
M i i i l i i d d i t t t a n a n s p e r o r q a n p r o c s a n s e r c e s u u y u v • |
| G h t r o w |
f f B i d i i t t t e n e r o m p r o c n n o a o n s u v • i f i i i T k l h l t t t t t t t a e o p p o r n o n e r n a o n a g r o p o e n a u y w • f f i I d h t t n r o c e n e e r a p o e r n g s u w y • C i i i f i h l d d t t t o n n e o r o n a e p a n s o n o s e r c e a n p r o c r a n g e u z x v u • |
| i i F l n a n c a |
C l d d i t t o n r o c o s a n s p e n n g • S k i i i i t t t t t t t e e a r a c v e n v e s m e n o p p o r u n e s • C i f i b l h t t t t o n n u e p r o a e g r o w m o m e n u m • |
| D b t e |
Q 3 2 0 1 0 |
F Y 2 0 0 9 |
F Y 2 0 0 8 |
F Y 2 0 0 7 |
|---|---|---|---|---|
| S ho bo in ( in l. A / R ) t- te r rm rro w g s c p ro g ra m |
6 2 3 |
3 1 6 |
6 8 4 |
2 1 7 |
| S ho t- te bo ing fro la te d t ies + r rm rro s m re p ar w |
1 0 |
1 0 |
1 | 2 |
| Cu f t p t ion lon te de b t a d i ta l lea b l ig t ion + rre n or o g- rm n ca p se o a s |
1 5 8 |
1 5 8 |
4 5 5 |
8 5 |
| Cu t p t ion f tru t p fe d i t ies + rre n or o s re rre se cu r |
6 3 4 |
6 7 0 |
||
| Lo de b d i l lea b l ig ion -te t a ta t + ng rm n ca p se o a s, les t p t ion s c ur re n or |
4, 3 1 1 |
4, 4 2 8 |
3, 9 5 7 |
4, 0 0 4 |
| fe Tr t p d i t ies + us re rre se cu r |
- | 6 5 6 |
6 4 1 |
6 6 4 |
| To ta l de b t = |
5, 7 3 6 |
5, 5 6 8 |
5, 7 3 8 |
5, 6 4 2 |
| E B I T D A |
Q 3 2 0 1 0 |
1 ) F Y 2 0 0 9 |
F Y 2 0 0 8 |
F Y 2 0 0 7 |
| ( ) La t tw lve t hs t in in E B I T s e m on o p er a g co m e |
1, 8 7 6 |
1, 6 9 7 |
1, 6 7 2 |
1, 5 8 0 |
| La t tw lve t hs de ia t ion d t iza t ion + s e m on p re c a n am or |
4 9 2 |
4 4 3 |
4 1 6 |
3 6 3 |
| No h ha + n- ca s c rg es |
4 8 |
4 8 |
4 4 |
4 1 |
| E B I T D A ( l ize d ) an nu a = |
2, 4 1 6 |
2, 1 8 8 |
2, 1 3 2 |
1, 9 8 4 |
| C ( ) i l d i t t t a p a e p e n r e n e x u |
9 M 2 0 1 0 |
9 M 2 0 0 9 |
Q 3 2 0 1 0 |
Q 3 2 0 0 9 |
| 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 , |
( ) 3 5 0 |
( ) 3 9 8 |
( ) 1 2 3 |
( ) 1 4 5 |
| Pr d fro le f p 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 1 |
1 0 |
2 | 6 |
| C i l d i ( ) t tu t a p a e x p e n r e n e = |
( 3 3 9 ) |
( 3 8 8 ) |
( 1 2 1 ) |
( 1 3 9 ) |
1) Excluding restructuring costs and in-process R&D
Reconciliation of non-U.S. GAAP financial measures to the most directly comparable U.S. GAAP financial measure
| E l R t x e r n a e v e n u e |
||||
|---|---|---|---|---|
All figures are in \$ millions
| A i i i ( ) t t c q s o n s n e u |
9 M 2 0 1 0 |
9 M 2 0 0 9 |
Q 3 2 0 1 0 |
Q 3 2 0 0 9 |
|---|---|---|---|---|
| Ac is i t io d in tm t a d t p ha f in ta i b le ts q u ns a n ve s e n n ne u rc s e s o ng a s s e |
( 3 7 8 ) |
( 1 0 9 ) |
( 8 8 ) |
( 2 7 ) |
| fro Pr d d ive t i tu o c e e s m s re s |
8 | 5 2 |
1 | 1 |
| Ac is i io d in f d ive i t tm ts t o t tu q ns a n ve s e n ne s re s u , |
( 3 0 ) 7 |
( ) 5 7 |
( 8 ) 7 |
( 2 6 ) |
| In tm t, t o f r ts ve s e n ne e p ay m e n |
1 3 1 |
( 5 0 ) |
- | - |
| Ac is i t io t o f d ive t i tu q u ns ne s re s , |
( 2 3 9 ) |
( 1 0 7 ) |
( 8 7 ) |
( 2 6 ) |
| Q 3 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 io ) m ns |
|---|---|---|---|
| T t l o a |
2 7 1 6 , |
2 1 0 1 9 1 , |
2 3 4 |
| G t h r o w |
8 % + |
9 % + |
7 % + |
| N h A i t o r m e r c a |
1 8 0 9 , |
1 3 4 6 5 7 , |
1 5 5 |
| G h t r o w |
3 % + |
4 % + |
% 5 + |
| I t t i l n e r n a o n a |
9 0 7 |
7 4 4 4 5 , |
7 9 |
| G h t r o w |
1 9 % + |
2 0 % + |
1 1 % + |
| E r o p e u |
4 8 2 |
3 6 8 7 1 , |
4 0 |
| L i A i t a n m e r c a |
1 9 1 |
2 1 9 3 4 , |
2 5 |
| A i P i f i s a a c c - |
2 3 4 |
1 6 4 0 5 , |
1 4 |
| 9 M 2 0 0 9 |
9 M 2 0 1 0 |
G t h r o w |
|
|---|---|---|---|
| R e e n e v u |
\$ 8 2 1 2 m , |
\$ 8 8 8 6 m , |
% 8 |
| N i t e n c o m e C G & Co Ga t tr i bu ta b le to F M A K A a |
\$ 5 6 4 m |
\$ 7 0 7 m |
1 0 % |
| i E h a r n n g s p e r s a r e |
\$ 2 1 6 |
\$ 2 3 5 |
% 9 |
•Strong revenue growth at 8% at constant currency and 6% organic
•Continued excellent cash flow development
| \$ U S i l l i m o n s |
9 M 2 0 0 9 |
M 9 2 0 1 0 |
G h t r o w |
c c |
|---|---|---|---|---|
| N h A i t o r m e r c a |
4 9 9 5 , |
5 4 4 1 , |
9 % |
|
| I i l t t n e r n a o n a |
1 1 2 9 , |
5 1 2 7 , |
1 3 % |
1 2 % |
| T l t o a |
6 1 2 4 , |
6 7 1 6 , |
% 1 0 |
% 9 |
cc = constant currency
| \$ U S i l l i m o n s |
9 M 2 0 0 9 |
9 M 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 te l r ) rn a ev en ue |
2 8 1 6 , |
2 9 8 0 , |
6 % |
5 % |
| E l t e r n a r e e n e x v u |
2 0 8 8 , |
2 1 0 7 , |
% 4 |
% 3 |
| N h A i t o r m e r c a |
6 0 5 |
6 1 7 |
2 % |
|
| I t t i l n e r n a o n a |
1 4 8 3 , |
1 5 5 3 , |
5 % |
4 % |
cc = constant currency
| \$ U S i l l i m o n s |
Q 3 2 0 0 9 |
Q 3 2 0 1 0 |
G t h r o w |
|---|---|---|---|
| N t e r e v e n u e |
2 8 8 9 , |
3 0 5 8 , |
* 6 % |
| O i i ( E B I T ) t p e r a n g n c o m e |
4 5 1 |
4 9 3 |
9 % |
| E B I T i i % m a r g n n |
1 5 6 |
1 6 1 |
|
| I t t t n e r e s e p e n s e n e x , |
7 5 |
7 0 |
|
| I b f i t n c o m e e o r e n c o m e a x |
3 7 6 |
4 2 3 |
1 2 % |
| I t n c o m e a x e x p e n s e |
1 3 1 |
1 5 3 |
|
| T t a x r a e |
3 % 5 |
3 6 % |
|
| N t l l i i t t o n -c o n r o n g n e r e s |
2 0 |
2 2 |
|
| N i t e n c o m e t tr i bu ta b le to F M C A G & Co K Ga A a |
2 2 5 |
2 4 8 |
1 0 % |
* 7% growth at constant currency, 6% organic growth
| \$ U S i l l i m o n s |
Q 3 2 0 0 9 |
Q 3 2 0 1 0 |
G h t r o w |
|---|---|---|---|
| 1) O f t i h l p e r a n g c a s o w |
4 4 3 |
3 8 4 1 3 % f r o ev e nu e |
1 3 % - |
| 1) C i l d i t t a p a e p e n r e s t x u n e , |
( ) 1 3 9 |
( ) 1 2 1 |
|
| f F h l r e e c a s o w |
3 0 4 |
2 6 3 9 % f r o ev e nu e |
1 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 , |
( 2 6 ) |
( ) 8 7 |
|
| 1) F h f l f i i i r e e c a s o t t w a e r a c q u s o n s , |
2 8 7 |
1 6 7 |
1) A reconciliation to the most directly comparable U.S. GAAP financial measure is provided in the attachment.
* 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.
| F Y 2 0 1 0 R l t e s s u |
– | A l M i F b 2 3 2 0 1 1 t t n a s e e n g e r a r y u y , , |
|---|---|---|
| Q 1 2 0 1 1 R l t e s u s |
– | C f C l l, M 4 2 0 1 1 o n e r e n c e a a y , |
| Q 2 2 0 1 1 R l t e s u s |
– | C C f l l, A 3 2 0 1 1 t o n e r e n c e a u g u s , |
| Q 3 2 0 1 1 R l t e s s u |
– | C C f l l, N b 2 2 0 1 1 o n e r e n c e a o e m e r v , |
Fresenius Medical Care AG & Co. KGaA (Frankfurt FME / NYSE FMS) Investor RelationsElse-Kröner-Str. 161352 Bad Homburg v.d.H.
Head of Investor Relations & Corp. Comm. 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]
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