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Fresenius SE & Co. KGaA Call Transcript 2014

Nov 4, 2014

166_ip_2014-11-04_a4903132-8a2c-4612-90cb-dd6b2c21ca99.pdf

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Conference Call – Third Quarter 2014

November 4, 2014

Safe Harbor Statement

This presentation contains forward-looking statements that are subject to various risks and uncertainties. Future results could differ materially from those described in these forward-looking statements due to certain factors, e.g. changes in business, economic and competitive conditions, regulatory reforms, results of clinical trials, foreign exchange rate fluctuations, uncertainties in litigation or investigative proceedings, and the availability of financing. Fresenius does not undertake any responsibility to update the forward-looking statements contained in this presentation.

Fresenius Group: Financial Results

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Fresenius Group: Financial Results by Business Segment

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Q3 Business Update

Operations & Markets

North America: encouraging FDA inspection results

  • Grand Island, NY plant: October FDA inspection with 3 observations (July 2011: 16, January 2013: 8, of which 4 repeat observations)
  • Inspection results reflect progress at the plant, underline Kabi's strong quality commitment
  • Approval of new products requires plant status "VAI", i.e. voluntary action indicated; October inspection may result in VAI

Emerging markets: back to double-digit growth

  • China: record quarterly sales (€148 m; 21% organic growth); strong Q4 and approx. 10% organic sales growth in FY14 expected
  • Latin America: double-digit organic sales growth across all countries

HES sales: stabilized at Q2 level

€8 m single quarter sales decline yoy

Q3 Business Update

Operations & Markets

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Group Financials Q3/14 − Outlook 2014

Fresenius Group: Profit and Loss Statement

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1 2014 before integration costs (Fenwal – Q3: €3 m / Q1-3: €6 m; acquired Rhön hospitals – Q3: €4 m / Q1-3: €12 m) and disposal gains (two HELIOS hospitals – Q3: n.a. / Q1-3: €22 m; Rhön Stake – Q3: n.a. / Q1-3: €35 m); 2013 before integration costs (Fenwal – Q3: €7 m; Q1-3: €34 m)

2 Net income attributable to shareholders of Fresenius SE & Co. KGaA; 2014 before integration costs (Fenwal Q3: €2 m / Q1-3: €4 m; acquired Rhön hospitals Q3: €3 m / Q1-3: €9 m) and disposal gains (two HELIOS hospitals – Q3: n.a. / Q1-3: €21 m; Rhön Stake – Q3: n.a. / Q1-3: €34 m); 2013 before integration costs (Fenwal – Q3: €6 m; Q1-3: €26 m)

Fresenius Kabi: EBIT Margin Fully in Line with Guidance

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Fresenius Helios: Sales and EBIT Growth Driven by First-Time Consolidation of Rhön Hospitals

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Before integration costs (acquired Rhön hospitals: €12 million) and disposal gains (two HELIOS hospitals: €22 million; Rhön stake: €35 million)

Conference Call – Q1-3/14 Results, Fresenius SE & Co. KGaA, Investor Relations © Copyright, November 4, 2014

Cash Flow Development

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1 Before acquisitions and dividends

2 Margin incl. FMC dividend

3 Understated: 6.6% excluding €66 million of capex commitments from acquisitions

Conference Call – Q1-3/14 Results, Fresenius SE & Co. KGaA, Investor Relations © Copyright, November 4, 2014

Fresenius Group: 2014 Financial Outlook by Business Segment

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Fresenius Group: 2014 Financial Outlook

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Guidance includes acquired Rhön hospitals and acquisitions at Fresenius Medical Care

Attachments

Fresenius Group:

Overview – Calculation of Noncontrolling Interest

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e
c
a
a
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n
c
o
m
e
n
o
b
b
l
(
/
)
i
F
i
Q
3
1
4
6
9
%
t
t
t
t
a
r
u
a
e
o
r
e
s
e
n
u
s
:
~		 3
6
0
-		 5
7
7
-
l
l
h
l
d
d
l
N
i
i
i
F
i
M
i
C
t
t
t
o
n
c
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o
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g
n
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s
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s
n
e
s
e
n
s
e
c
a
a
e
r
r
r
r
u
r
\$
(
Q
3
/
S
d
d
l
1-
1
4
U
1
4
7
i
t
F
i
M
i
:
m
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o
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n
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e
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e
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e
c
a
's
l
)
C
F
i
i
S
t
t
t
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r
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n
a
n
c
a
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e
m
e
n
s		 1
0
8
-		 1
0
9
-
l
l
h
l
d
b
N
i
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i
F
i
K
i
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c
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s
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n
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s
a
r
r
r
r
u
(
€
6
),
i
l
i
(
€
6
)
d
d
1
F
H
t
m
r
e
s
e
n
u
s
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o
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m
a
n
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e
o
-
-
d
's
l
h
(
)
F
i
V
2
3
%
i
€
5
t
r
e
s
e
n
u
s
a
m
e
e
x
e
r
n
a
o
w
n
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r
s
p
m
-		 2
7
-		 4
1
-
b
b
l
N
i
i
F
i
S
E
&
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K
G
A
t
t
t
t
t
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n
c
o
m
e
a
r
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a
e
o
r
e
s
e
n
u
s
o
a		 8
1
0		 1
0
1
1
,

Fresenius Group: Cash Flow

€
m		 /
Q
3
1
4		 M M
L
T
i
a
r
g
n		 /
Q
3
1
3		 M M
L
T
i
a
r
g
n		 G
h
t
r
o
w
Y
Y
o
O
i
C
h
F
l
t
p
e
r
a
n
g
a
s
o
w		 9
4
5		 1
1
1
%		 6
1
9		 1
0
9
%		 5
3
%
C
(
)
t
a
p
e
x
n
e		 3
1
6
-		 5
6
%
-		 2
4
3
-		 5
2
%
-		 3
0
%
-
C
h
l
F
F
r
e
e
a
s
o
w
(
b
f
d
d
d
d
)
i
i
i
i
i
t
e
o
e
a
c
q
s
o
n
s
a
n
e
n
s
r
u
v		 6
2
9		 %
5
5		 3
7
6		 %
5
7		 %
6
7
(
)
A
i
i
i
t
t
c
q
u
s
o
n
s
n
e		 4
4
4
-		 3
0
5
-		 6
%
4
-
d
d
D
i
i
e
n
s
v		 6
4
-		 1
2
-		 --
C
h
l
F
F
r
e
e
a
s
o
w
(
f
d
d
d
d
)
i
i
i
i
i
t
t
a
e
a
c
q
s
o
n
s
a
n
e
n
s
r
u
v		 1
2
1		 %
1
4
0
-		 5
9		 %
1
4
-		 %
1
0
5

Margin = in % of sales

Cash Flow Development LTM

€
m		 O
t
p
e
r
a		 i
C
F
n
g		 C
a
p
e
x		 (
)
t
n
e		 1
C
h
l
F
F
r
e
e
a
s
o
w
/
L
T
M
Q
1-
3
1
4		 L
T
M
M
in
a
rg		 /
L
T
M
Q
1-
3
1
4		 L
T
M
M
in
a
rg		 /
L
T
M
Q
1-
3
1
4		 L
T
M
M
in
a
rg
6
1
7		 2
3
%
1		 3
4
5
-		 6
9
%
-		 2
2
7		 %
5
4
4
7
6		 1
0
0
%		 2
2
9
-		 4
8
%
-		 2
4
7		 3
5
2
%
0 0
%		 9
-		 0
9
%
-		 9
-		 0
9
%
-
Co
/
te
rp
or
a
O
he
t
r		 1
8
-		 n
a		 9
-		 n
a		 2
7
-		 n
a
l.
F
M
C
ex
c		 0
1
7
5
,		 2
0
%
1
7		 9
2
5
-		 %
5
5
-		 8
3
4		 2
2
%
5
Gr
ou
p		 2
4
4
9
,		 1
1
1
%		 1
2
3
6
-
,		 5
6
%
-		 1
2
1
3
,		 5
5
%

1 Before acquisitions and dividends

2 Margin incl. FMC dividend

3 Understated: 6.6% excluding €66 million of capex commitments from acquisitions

Conference Call – Q1-3/14 Results, Fresenius SE & Co. KGaA, Investor Relations © Copyright, November 4, 2014

Margin = in % of sales

Fresenius Group: Debt and Interest Ratios

1Before integration costs (Fenwal; acquired Rhön hospitals) and disposal gains (two HELIOS hospitals; Rhön stake)

2Pro forma including Rhön hospitals, Sound Inpatient Physicians, Inc. and excluding two HELIOS hospitals

32013 before integration costs (Fenwal: €54 million); pro forma excluding advances made for the acquisition of hospitals from Rhön-Klinikum AG (€2.18 bn)

4Before integration costs (Fenwal: €6 million; acquired Rhön hospitals: €12 million) and disposal gains (two HELIOS hospitals: €22 million; Rhön stake: €35 million); 2013 before integration costs (Fenwal: €54 million)

Conference Call – Q1-3/14 Results, Fresenius SE & Co. KGaA, Investor Relations © Copyright, November 4, 2014

Fresenius Kabi: Organic Sales Growth Accelerating

€
m		 Q
/
3
1
4		 O
i
r
g
a
n
c
G
h
t
r
o
w
Q
3
Y
Y
o		 Q
/
1
3
1
4
-		 O
i
r
g
a
n
c
G
h
t
r
o
w
Q
1
3
Y
Y
o
-
f
h
I
i
T
n
u
s
o
n
e
r
a
p
y		 2
8
4		 3
%		 2
7
4		 2
%
I.
V
D
r
u
g
s		 4
4
4		 3
%		 1
3
1
2
,		 2
%
C
l
l
i
i
N
i
i
t
t
n
a
o
n
c
u
r		 3
8
5		 9
%		 0
2
0
1
,		 6
%
d
l
/
M
i
D
i
e
c
a
e
c
e
s
v
f
i
h
l
T
T
a
n
s
s
o
n
e
c
n
o
o
g
r
u
y		 2
4
4		 %
4		 0
7
4		 3
%
T
l
l
t
o
a
s
a
e
s		 1
2
9
4
,		 5
%		 3
7
6
0
,		 3
%

Fresenius Kabi: Organic Sales Growth Accelerating

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

Fresenius Helios: Organic Sales Growth Fully in Line with Expectations

€
m		 Q
/
3
1
4		 G
h
t
r
o
w
Q
3
Y
Y
o		 Q
/
1
3
1
4
-		 G
h
t
r
o
w
Q
1
3
Y
Y
o
-
b
l
h
d
l
f
l
E
i
i
i
i
t
t
s
a
s
e
c
n
c
p
o
r
o
o		 8
0
7		 6
%		 2
8
3
5
,		 %
4
A
i
i
i
t
c
q
u
s
o
n
s
(
l
d
)
i
i
1
t
<
c
o
n
s
o
a
o
n
y
r		 9
2
4		 3
0
0
1
,
T
l
l
t
o
a
s
a
e
s		 1
3
6
2
,		 6
2
%		 3
8
8
3
,		 3
%
5

Fresenius Helios: Performance Indicators

/
Q
3
1
1
4
-		 /
Q
3
3
1
1
-		 C
h
a
n
g
e
1
f
h
l
N
i
t
o
o
o
s
p
a
s
A
l
i
i
t
c
u
e
c
a
r
e
c
n
c
s
-
l
i
i
P
t-
t
o
s
a
c
u
e
c
a
r
e
c
n
c
s
-		 1
1
1
8
7
2
4		 7
4
5
1
2
3		 0
5
%
7
1
%
%
4
1
f
b
d
N
o
o
e
s
l
A
i
i
t
c
u
e
c
a
r
e
c
n
c
s
-
P
l
i
i
t-
t
o
s
a
c
u
e
c
a
r
e
c
n
c
s
-		 3
2
6
4
7
,
2
9,
1
7
0
5,
1
0
6		 2
3
0
2
5
,
1
8,
8
8
5
4,
6
1
7		 6
%
4
5
4
%
1
1
%
d
A
i
i
m
s
s
o
n
s
(
)
A
i
i
t
t
t
e
a
e
n
p
a
e
n
c
u
c
r
-		 8
5
0,
7
7
5		 5
6
8,
3
0
7		 5
0
%
O
c
c
p
a
n
c
u
y
P
t-
t
o
s
a
c
e
c
a
e
u
r
-		 8
4
%		 8
4
%
l
h
f
(
d
)
A
t
t
e
a
g
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e
n
g
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s
a
a
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v
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A
t
c
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c
a
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u
r
-
P
t-
t
o
s
a
c
e
c
a
e
u
r
-		 6.
6
2
6.
6		 6.
6
2
6.
8

1December 31, 2013

Conference Call – Q1-3/14 Results, Fresenius SE & Co. KGaA, Investor Relations © Copyright, November 4, 2014

Fresenius Helios: Sales Influence Hospital Acquisitions / Divestitures

A
i
i
i
t
c
q
u
s
o
n
s		 A
l
i
d
l
n
n
u
a
z
e
s
a
e
s
l
f
H
i
t
o
s
p
a
s
r
o
m
h
l
k
R
ö
K
i
i
n
n
m
u
-		 b
€
1
9
n
~		 l
d
d
f
7
0
%
i
t
c
o
n
s
o
a
e
a
s
o
~
2
0
J
1
1
4
n
a
u
a
r
y
,
l
d
d
f
2
0
%
i
t
c
o
n
s
o
a
e
a
s
o
~
h
2
0
M
1
1
4
a
r
c
,
f
S
l
i
d
d
H
K
t
c
o
n
s
o
a
e
a
s
o
J
3
0
2
0
1
4
u
n
e
,
D
i
i
t
t
v
e
s
u
r
e
s		 €
0
4
m
~		 f
C
h
l
d
d
i
t
a
e
n
o
n
s
o
a
e
a
s
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x
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A
1
2
0
1
4
t
u
g
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s
,
l
k
H
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B
Z
t
o
s
p
a
s
o
r
n
a
w
e
n
a
u
,		 €
9
0
m
~		 l
d
d
f
D
i
t
e
c
o
n
s
o
a
e
a
s
o
b
2
0
F
1
1
4
e
a
r
u
r
y
,

Fresenius Vamed: Sales and EBIT in Line with Expectations

€
m		 /
Q
3
1
4		 G
h
t
r
o
w
Q
3
Y
Y
o		 /
Q
1
3
1
4
-		 G
h
t
r
o
w
Q
1
3
Y
Y
o
-
b
P
j
i
t
r
o
e
c
u
s
n
e
s
s
b
S
i
i
e
c
e
s
n
e
s
s
r
v
u		 3
3
1
1
2
4		 %
7
1
4
%		 3
0
6
3
4
9		 8
%
-
8
%
l
l
T
t
o
a
s
a
e
s		 2
5
7		 1
0
%		 6
5
5		 0
%
l
T
E
B
I
T
t
o
a
i
M
a
r
g
n		 2
1
4
7
%		 2
0
%
b
4
0
p
s		 2
7
4
1
%		 8
%
b
3
0
p
s
1
O
d
i
k
t
e
n
a
e
r
r
1
d
b
k
l
O
e
a
c
o
g
r
r		 3
7
8		 n
a		 6
7
8
1
5
0
4
,		 7
8
%
2
3
2
%

Project business only

December 31, 2013

Fresenius Group: Key Figures According to IFRS

€
m		 /
Q
1
3
1
4
-
U
S
G
A
A
P		 /
Q
1
3
1
4
-
I
F
R
S
S
l
e
a
s		 6
1
7
1
1
,		 6
8
6
1
5
,
1
E
B
I
T		 2
2
2
3
,		 2
2
0
8
,
i
N
t
t
t
e
n
e
e
s
r		 3
4
1
-		 3
4
1
-
2
N
i
t
e
n
c
o
m
e		 8
1
0		 8
0
2
3
N
i
t
e
n
c
o
m
e		 7
6
8		 7
6
0
h
f
l
O
i
C
t
p
e
a
n
g
a
s
o
r
w		 1
6
9
5
,		 1
6
5
7
,
l
h
l
B
t
t
t
a
a
n
c
e
s
e
e
o
a		 3
7
7
1
8
,		 3
7
7
8
1
,

2014 before integration costs (Fenwal: €6 m; acquired Rhön hospitals: €12 m) and disposal gains (two HELIOS hospitals: €22 m; Rhön stake: €35 m); 2013 before integration costs (Fenwal: €34 m).

2 Net income attributable to shareholders of Fresenius SE & Co. KGaA

Net income attributable to shareholders of Fresenius SE & Co. KGaA; 2014 before integration costs (Fenwal: €4 m; acquired Rhön hospitals: €9 m) and disposal gains (two HELIOS hospitals: €21 m; Rhön stake: €34 m); 2013 before integration costs (Fenwal: €26 m).

Conference Call – Q1-3/14 Results, Fresenius SE & Co. KGaA, Investor Relations © Copyright, November 4, 2014

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Share key facts

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WKN / ISIN 578560 / DE0005785604

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Ratio 4 ADRs = 1 ordinary share ADR CUSIP / ISIN 35804M105 / US35804M1053 Exchange OTCQX International Premier Structure Sponsored Level I ADR

1As of October 31, 2014

Financial Calendar 2015

2
5
0
2
2
0
1
5		 R
F
Y
2
0
1
4
t
e
p
o
r
o
n
3
0
0
4
2
0
1
5		 t
R
1
Q
2
0
1
5
t
t
s
e
p
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2
0
0
2
0
5
1
5		 l
l
k
f
/
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i
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M
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3
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3
2
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1
5
t
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p
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q
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r

Please note that these dates could be subject to change.

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