Fresenius SE & Co. KGaA — Call Transcript 2015

Apr 30, 2015

Conference Call – Q1/15 Results

April 30, 2015

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

	S l a e s	1 E B I T	1 N i t e n c o m e
/ Q 1 1 5	€ 6 8 3 4 m ,	€ 8 1 5 m	€ 2 9 2 m
h G t t t t o a c o n s a n r w t c e n c a e s u r r y r	1 3 %	8 % 1	6 % 1
h l G t t t r o w a a c u a t c u r r e n c y r a e s	2 % 4	3 2 %	2 8 %

1Before special items

Fresenius Group: Financial Results by Business Segment

/ Q 1 1 5	i F r e s e n u s d i l C M e c a a r e	i F r e s e n u s b i K a	i F r e s e n u s l i H e o s	i F r e s e n u s d V a m e
l S a e s G h t r o w	\$ U S 3 9 6 0 m , % 1 1	3 9 € 1 4 m , % 1 5	3 9 € 1 1 m , 3 % 1	2 0 8 € m 9 %
E B I T h G t o r w	\$ U S 5 0 4 m 1 3 %	€ 2 5 7 m 2 8 %	€ 1 4 7 m 2 9 %	€ 7 m % 1 7

Q1 Business Segment Update

Strong start into fiscal year 2015

Regional development

North America

• IV drug shortages easing more slowly than expected
• Product launches ahead of schedule
• Expected 2015 organic sales growth range now 0% to 5%

Europe

• Strong organic sales growth in IV drugs (10%) and Clinical Nutrition (8%)
• Sale of €77 m German oncology compounding activities to streamline business, effective February 1, 2015

Emerging Markets

China standing out with 12% organic sales growth

Kabi efficiency program

€100 m implementation costs confirmed for 2015; €10 m booked in Q1, remainder backloaded

Q1 Business Segment Update

Hospital business fully on track

• Continued successful integration of acquired Rhön hospitals; amount and timing of synergy target fully confirmed
• All labor agreements in line with budget assumptions for 2015 and 2016
• Acquisition of 66-bed hospital, affiliated to mid-sized HELIOS Hildesheim hospital, consolidation as of April 1, 2015, annual sales of ~€8 m

Service business driving organic sales growth

• +10% organic sales growth in service business, project business flat
• Excellent order intake of €192 m in Q1/15 (Q1/14: €115 m)
• On track to meet full-year guidance

Group Financials Q1/15 − Outlook 2015

Fresenius Group: Profit and Loss Statement

€ m	/ / Q 1 1 5 Q 1 1 4		G h Q t r o w	/ 1 1 5 Y Y o
			t t c o n s a n t r a e s	l t a c a u t r a e s
l S a e s	6 4 8 3 ,	5 2 1 2 ,	1 3 %	2 4 %
1 E B I T	8 5 1	6 4 3	1 8 %	3 2 %
N i t t t e n e r e s	1 6 5 -	3 8 1 -	7 % -	2 0 % -
I t n c o m e a e s x	2 0 7 -	1 3 3 -	3 8 % -	5 6 % -
2 N i t e n c o m e	2 9 2	8 2 2	1 6 %	8 2 %

1 2015 before integration costs for acquired Rhön hospitals (€2 m), before costs for efficiency program at Fresenius Kabi (€10 m) and disposal gains from the divestment of two HELIOS hospitals (€34 m); 2014 before Fenwal integration costs (€1 m) and disposal gains from the divestment of two HELIOS hospitals (€22 m)

2 Net income attributable to shareholders of Fresenius SE & Co. KGaA; 2015 before integration costs for acquired Rhön hospitals (€2 m), before costs for efficiency program at Fresenius Kabi (€7 m) and disposal gains from the divestment of two HELIOS hospitals (€34 m); 2014 before Fenwal integration costs (€1 m) and disposal gains from the divestment of two HELIOS hospitals (€21 m)

Fresenius Kabi: Strong EBIT Growth in all regions

€ m	/ Q 1 1 5	/ Q 1 1 4	G h t r o w
E u r o p e M i a g n r	8 3 1 6. 0 %	6 9 8 1 3. %	2 0 %
h N A i t o r m e r c a M i a g n r	1 7 6 3 7. 2 %	1 4 7 8. 3 5 %	2 0 %
f / / f A i P i i L i A i A i t s a a c c a n m e c a c a r r - M i g n a r	6 3 1 5. 6 %	4 9 1 4 8 %	2 9 %
C d C & R D t t o p o a e a n o p o a e r r r r	6 5 -	6 4 -	2 % -
T l E B I T t o a t t t a c o n s a n c u r r e n c y i M a r g n	2 5 7 % 1 8 5	2 0 1 % 1 6 6	% 2 8 1 0 %

EBIT excluding costs for Fresenius Kabi's efficiency program (€10 m)

Conference Call – Q1/15 Results, Fresenius SE & Co. KGaA, Investor Relations © Copyright, April 30, 2015

Fresenius Helios: Strong EBIT margin increase of established clinic portfolio

€ m	/ Q 1 1 5	/ Q 1 1 4	G h t r o w
l l T t o a s a e s	1 3 9 1 ,	1 2 2 7 ,	% 1 3
E B I T
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 M i a r g n	3 1 4 1 1. 3 %	3 1 1 9 3 %	2 % 7
/ A i i i D i i t t t c q u s o n s v e s u r e s ( l d / d l d ) i t i i t i 1 < c o n s o a o n e c o n s o a o n y r	4	1
T l E B I T t o a	1 4 7	1 1 4	2 9 %
M i a r g n	% 1 0 6	% 9 3

EBIT excluding disposal gains from the divestment of two HELIOS hospitals (€34 m) and integration costs for acquired Rhön hospitals (€2 m)

Conference Call – Q1/15 Results, Fresenius SE & Co. KGaA, Investor Relations © Copyright, April 30, 2015

Cash Flow Development

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

1 Before acquisitions and dividends

2 Margin incl. FMC dividend

3 Understated: 7.4% excluding €69 m of capex commitments from acquisitions

Fresenius Group: Increased Outlook for Fresenius Kabi

		O l d	N e w
i F r e s e n u s K b i a	l h S t i a e s g o r w o r g a n c h E B I T t t t g r o w c o n s a n c u r r e n c y	3 % 5 % – % 6 % 4 –	4 % 7 % – % % 1 1 1 4 –
i F r e s e n s u H l i e o s	l h S t i a e s g r o w o g a n c r l h S t d t a e s g o r w r e p o r e E B I T	3 % % 5 – 6 % 9 % – € 6 3 0 6 0 5 m –
i F r e s e n s u V d a m e	l h S t i a e s g o r w o r g a n c h E B I T t g r o w	l d i i i % t s n g e g – % 0 % 5 1 –

Fresenius Group: Increased Earnings Guidance

	O l d	N e w
h R t e v e n u e g r o w t t t a c o n s a n c u r r e n c y	7 % 1 0 % ‒
1 h N i t t e n c o m e g r o w t t t a c o n s a n c e n c u r r y	9 % 1 2 % ‒	1 3 % 1 6 % –

1 Net income attributable to shareholders of Fresenius SE& Co.KGaA; 2015 before integration costs for hospitals of Rhön-Klinikum AG (~€10 m before tax), before costs for efficiency program at Fresenius Kabi (~€100 m before tax) and disposal gains from the divestment of two HELIOS hospitals (€34 m before tax); 2014 before special items

Attachments

Fresenius Group:

Overview – Calculation of Noncontrolling Interest

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

Fresenius Group: Cash Flow

€ m	/ Q 1 1 5	M M L T i a r g n	/ Q 1 1 4	M M L T i a r g n	G h Y t r o w Y o
O i C h F l t p e r a n g a s o w	5 3 1	1 2 1 %	1 4 0	9 8 %	--
C ( ) t a p e x n e	2 7 3 -	5 5 % -	2 4 3 -	5 4 % -	1 2 % -
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	2 5 8	% 6 6	1 0 3 -	% 4 4	--
( ) A i i i t t c q u s o n s n e	4 5		8 7 5 -		--
d d D i i e n s v	4 7 -		2 8 -		6 8 % -
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	2 5 6	% 0 4 -	1 0 0 6 - ,	% 1 4 6 -	--

Cash Flow Development LTM

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

1 Before acquisitions and dividends

2 Margin incl. FMC dividend

3 Understated: 7.4% excluding €69 m of capex commitments from acquisitions

Margin = in % of sales

Fresenius Group: Leverage Ratio

Net debt/EBITDA (at annual average FX rates for both EBITDA and net debt)

1Pro forma acquisitions; before special items

2Pro forma excluding advances made for the acquisition of hospitals from Rhön-Klinikum AG; before special items

3Before special items; without major acquisitions

Fresenius Kabi: Strong Organic Sales Growth

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

Fresenius Kabi: Strong Organic Sales Growth

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

Fresenius Helios: Sales Growth in Line with Expectations

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

Fresenius Helios: Performance Indicators

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

1December 31, 2014

2German average (2013): 7.5

Fresenius Helios: Sales Influence Hospital Acquisitions / Divestitures

i i i A t c q s o n s u	l i d l A n n a e s a e s u z
l f H i t o s p a s r o m h l k R ö K i i n n u m -	9 b € 1 n ~	0 l d d f 7 % i t c o n s o a e a s o ~ 2 0 J 1 1 4 a n u a r y ,
		l d d f 2 0 % i t c o n s o a e a s o ~ h M 1 2 0 1 4 a r c ,
		l d d f H S K i t c o n s o a e a s o 3 0 2 0 J 1 4 n e u ,
	€ 0 4 m ~	f C h l d d i t e n o n o e o u x a v c s a a s 2 0 A 1 1 4 t u g u s ,
k h l D i e o z e n	€ 8 m ~	l d d f i t c o n s o a e a s o l 2
D i i t t v e s u r e s		A i 1 0 1 5 p r ,
l k i H t B Z o s p a s o n a e n a r w u ,	€ 9 0 m ~	l d d f i D t e c o n s o a e a s o b 1 2 0 1 F 4 e a r u r y ,

Fresenius Vamed: Strong Order Intake

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

Project business only

2December 31, 2014

Fresenius Group: Key Figures According to IFRS

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

1Before special items

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

3Net income attributable to shareholders of Fresenius SE & Co. KGaA, before special items

Share Information

Share key facts

Number of shares¹ 542,815,402 Ticker symbol FRE Bloomberg symbol FRE GR Reuters symbol FREG.de

WKN / ISIN 578560 / DE0005785604

ADR key facts

Ticker symbol FSNUY Depositary bank Deutsche Bank

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

1As of March 31, 2015

Financial Calendar 2015

2 0 0 2 0 5 1 5	l l k f / A G M i F M i t t n n u a e n e r a e e n g r a n u r a n ,
3 0 0 2 0 7 1 5	d 2 2 0 R 1 5 t t n e p o r o n q u a r e r
2 9 0 2 0 1 1 5	d 3 2 0 R 1 5 t t r e p o r o n q u a r e r

Please note that these dates could be subject to change.

Contact

k M G i a s e o g r u r	l S V P I R i t t n e s o e a o n s v r & F i S E C K G A r e s e n u s o a	l l L i I t e s e g e n	l V P I R i t t n e s o e a o n s v r & F i S E C K G A r e s e n u s o a
h p o n e : i l e -m a :	9 6 2 6 0 8 2 8 4 1 7 4 5 + - f k G i @ i M a r u s. e o r g r e s e n u s. c o m	h p o n e : i l e -m a :	9 6 2 6 0 8 8 4 1 7 4 4 7 + - f l i l @ i L I t e s e g e n r e s e n u s. c o m

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