Fresenius SE & Co. KGaA — Call Transcript 2017

Feb 22, 2017

Conference Call – FY 2016 Results

Bad Homburg, 22 February 2017

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: FY/2016 Highlights

HELIOS internationalization: Acquisition of Quirónsalud

All business segments contributed to solid organic growth

Continued double-digit earnings growth

Positive outlook for 2017

Ambitious new mid-term targets

Fresenius Group: 24th Consecutive Dividend Increase

Pay-out ratio: 22%

1Proposal

Fresenius Group: FY/2016 Key Financials

Constant currency growth rates 2015 EBIT before special items Net income attributable to shareholders of Fresenius SE & Co. KGaA; 2015 before special items

Fresenius Group: Profit and Loss Statement

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

1Constant currency growth rates

2015 before special items

3Net income attributable to shareholders of Fresenius SE & Co. KGaA

For a detailed overview of special items please see the reconciliation tables on slides 49–50.

Fresenius Group: FY/2016 Key Financials

2015 EBIT before special items

Fresenius Kabi: Organic Sales Growth by Regions

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

Fresenius Kabi: EBIT

€ m	Q / 2 0 6 4 1	1 ∆ Q 4 Y Y o	/ 2 0 6 F Y 1	1 ∆ F Y Y Y o
E u r o p e Ma in rg	0 0 1 1 7. 7 %	8 % bp 6 0 s	3 3 4 1 6. 1 %	0 % bp -5 0 s
h i N t A o m e r r c a Ma in rg	1 6 8 3 0 % 1.	1 % 5 - 9 0 bp -4 s	8 3 7 3 8. 6 %	% 5 0 bp 5 s
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 - Ma in rg	1 0 3 2 3. 3 %	2 1 % 2 3 0 bp s	3 4 8 2 0. 4 %	1 9 % 2 3 0 bp s
C d C & R D t t o r p o r a e a n o r p o r a e	6 3 -	2 % -	3 0 4 -	6 % 1 -
l T E B I T t o a in Ma rg	3 0 8 9. 9 % 1	1 % - 0 0 bp -1 s	1, 2 2 4 2 0. % 4	5 % 0 bp 4 s

Constant currency growth rates

2015 before special items Margin growth at actual rates For a detailed overview of special items please see the reconciliation tables on slides 49–50.

Fresenius Kabi (1/2): Expected Organic Sales Growth 2017

North America

Mid-single-digit

• • Comps remain tough, following two exceptional years
• • Outlook assumes gradual further easing of IV drug shortages, more competition on some key molecules and continued price pressure
• • Vigorous launch activity in 2017: >10 product launches expected

Europe

Low to mid-single-digit

•Improving contract manufacturing business

Fresenius Kabi (2/2): Expected Organic Sales Growth 2017

Emerging Markets

Likely double-digit

• • China: new tender policy implementation expected to be mostly completed end of H1/2017; low to mid single digit price decline and continued double-digit volume growth projected
• • Asia-Pacific excl. China: ongoing recovery healthy growth expected
• • Latin America /Africa: Continued strong growth expected

Fresenius Helios

HELIOS Kliniken

• • German Hospital Structures Act considered neutralfor 2017 HELIOS results
• • Continued favorable reimbursement environment; DRG inflator set at 2.50%
• •Niederberg contributed positively in 2016

Quirónsalud

• • FY/16 in line with outlook:
• Sales of €2,540 m (+16%, 6% org.)
• EBITDA2 of €461 m (+16%)
• •Successful financing: Cost of debt ~1.7%
• • Consolidationsince February 1, 2017

1 Organic sales growth

2 Before special items; primarily relating to the transaction

Fresenius Helios: EBIT

€ m	/ Q 4 2 0 1 6	∆ Q 4 Y Y o	/ F Y 2 0 1 6	∆ F Y Y Y o
l l T t o a s a e s	1, 4 6 1	4 %	5 8 4 3 ,	5 %
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	1 3 7	3 %	6 9 7	6 %
i M a r g n	2. 0 % 1	0 b 1 p s	% 1 1. 7	2 0 b p s
/ A i i i D i i t t t q s o n s e s e s c u v u r ( l d / d l d ) i i i i 1 M i t t < c o n s o a o n e c o n s o a o n y r a r g n	2 1 0. 0 %	-- --	3 6. 0 %	-- --
l T E B I T t o a M i a g n r	1 7 5 1 2. 0 %	4 % b 1 0 p s	6 8 2 1 1. 7 %	7 % b 2 0 p s

2015 before special items

For a detailed overview of special items please see the reconciliation tables on slides 49–50.

Fresenius Vamed

• • Strong Q4/16: 10% organic sales growth and 12% EBIT growth
• • €1,017 m order intake at all-time high, providing a solid basis for growth in FY/2017
• • Further expansion of geographic presence primarily in emerging and developing countries

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

1Project business only

Organic sales growth

Fresenius Group: Cash Flow

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

1Before acquisitions and dividends

2Margin incl. FMC dividend

3Understated: 5.4% excluding €43 million of capex commitments from acquisitions

Fresenius Group: 2017 Financial Outlook by Business Segment

€ h i d t t t t m e x c e p o e r w s e s a e		1 2 0 1 6 B a s e	1 2 0 1 7 e
	l h ( i ) S t a e s g r o o r g a n c w	6 0 0 7 ,	5 % 7 % –
		h ( ) E B I T t g r o w c c	1, 1 7 1	% % 5 7 –
	l h ( i ) S t a e s g o o g a n c r w r	2 5 8 4 3 ,	3 % 5 % –
		S l ( d ) t a e s e p o e r r	2 8 3 5 4 ,	b l l € 8 6 i i o n ~ ón he f Q lu d 3 ~ bi l lio t uir € 2.5 reo sa n
		E B I T	2 6 8 3	1, 0 2 0 1, 0 7 0 – ón 3: he f Q lu d f € 3 0 0 t uir EB IT reo sa o € 3 20 ( EB IT DA €4 8 0 t €5 0 0m to m o , n € 8 0m de ort iza tio iat ion am pr ec , €1 0 0m )
		S l h ( i ) t a e s g o o g a n c r w r	1, 1 6 0	% 1 0 % 5 –
		h E B I T t g r o w	6 9	5 % 1 0 % –

All data according to IFRS; for a detailed reconciliation of US-GAAP to IFRS please see slides 49-50.

2Helios Kliniken Germany, excluding Quirónsalud

11 months consolidated

Fresenius Group: 2017 Financial Guidance

h € i t t t t m e c e p o e s e s a e x r w	d	1 2 0 1 6 B a s e	1 2 0 1 7 e
	l h ( ) S t a e s g r o w c c	2 9 4 7 1 ,	1 5 % 1 7 % –
	2 i h N t t e n c o m e g r o w ( ) c c	6 0 1, 5	% 2 0 % 1 7 –

1 All data according to IFRS; for a detailed reconciliation of US-GAAP to IFRS please see slides 49-50.

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

Fresenius Kabi: Mid-term Growth Prospects

Development Legacy Business Market Opportunities

• •Organic growth
• • Development of I.V. generics and nutrition products
• •Leverage on market access
• • Filling the blanks: roll-out of existing product portfolio

• •Bolt-on acquisitions

• •Enter new geographic markets

• • Enteral Nutrition for outpatients (e.g. digital tool)
• • Extension of product portfolio via acquisitions: New market segments, (e.g. OTC, Biosimilars), new therapeutic areas

Fresenius Helios: Mid-term Growth Drivers

HELIOS Kliniken

• •Integrated clusters
• •Expanded use of telemedicine
• •Digital innovations
• •Treating patients as consumers
• •Selective acquisitions in Germany

Quirónsalud

• •Quality and technology leadership
• •Cross-selling opportunities with ORPs
• •Greenfield projects
• •Further market consolidation

Incremental pre-tax synergies of ~€50m p.a.

Building European platform for international patients

Further international expansion

Fresenius Vamed: Mid-term Growth Prospects

k i f i i M E t t a e n g o s n g r x l h i V C a e a u n	h i d i S E t t t e n g e n n g a n e n s o n r x f l h i V C o a e a u n	i f E x p a n s o n o G h i P e o g r a p c r e s e n c e
d d I j t t t n e g r a e p r o e c a n • b d l i i s e c e s n e s s m o e r v u	h d H i i g -e n s e r v c e s •	h k F t t u r e r m a r e • i i i i t t t p e n e a o n n e s n g r x
f i l d l L e e m o e c y c s -	l i l T t t o o p e o n a r a a •	k t t t a g e m a e s r r
d l P P P m o e s -	f h l h t t m a n a g e m e n o e a f l i i t i c a r e a c e s	i i l k N t t t e w n e r n a o n a m a r e • t i e n r e s

Fresenius Group: Ambitious Mid-Term Targets

Mid-point of the 2017 sales guidance, adjusted for current exchange rates

Mid-point of the 2017 net income guidance, adjusted for current exchange rates

Calculated on the basis of the mid-point of the 2020 target range

At current exchange rates; excluding strategic acquisitions; at current IFRS rules

Attachments

Fresenius Group: Profit and Loss Statement

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

1 2015 before special items

2Net income attributable to shareholders of Fresenius SE & Co. KGaA; before special items

For a detailed overview of special items please see the reconciliation tables on slides 49–50.

Financial Results by Business Segment

			/ Q 4 2 0 1 6	∆ Q 4 Y Y o
	l S a e s	\$ 6 8 U S 4 7 m ,	8 %
		E B I T	\$ S 8 6 U 7 m	9 % 1
		S l a e s	€ 1, 0 5 5 m	2 %
	1 E B I T	€ 3 0 8 m	3 % -
		l S a e s	€ 1, 4 6 1 m	4 %
		E B I T	€ 1 7 5 m	4 %
	l S a e s	€ 2 0 4 m	9 %
		E B I T	€ 3 8 m	2 % 1

1 2015 before special items

For a detailed overview of special items please see the reconciliation tables on slides 49–50.

Fresenius Group: Overview – Calculation of Noncontrolling Interest

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

Fresenius Group: Cash Flow

€ m	/ 2 0 6 F Y 1	L T M M i a r g n	/ 2 0 F Y 1 5	L T M M i a r g n	∆ Y Y o
i h l O t C F p e r a n g a s o w	3 5 7 4 ,	2 3 % 1	3 3 2 7 ,	2 0 % 1	% 7
C ( ) t a p e x n e	1, 6 0 3 -	5 5 % -	1, 4 6 2 -	5 2 % -	1 0 % -
h l F C F e e a s o r w ( be fo d d de ds ) is i t io iv i re cq ns n n a u a	9 1, 7 1	6 8 %	8 6 1, 5	6 8 %	6 %
( ) A i i t i t c q u s o n s n e	8 -4 5		-3 2		--
d d D i i e n v s	-7 3 8		-6 3 9		-1 5 %
C h l F F r e e a s o w ( f is i io d d iv i de ds ) te t a r a cq u ns a n n	7 4 8	2 6 %	1, 1 9 4	4 3 %	3 7 % -

Fresenius Group: Cash Flow

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

Before acquisitions and dividends

2Margin incl. FMC dividend

3Understated: 5.4% excluding €43 million of capex commitments from acquisitions

Fresenius Group: Leverage Ratio*

*At annual average FX rates for both EBITDA and net debt

1Pro forma acquisitions; before special items

2Adjusted due to debt issuance cost restatement (U.S. GAAP standard ASU 2015-03)

3Pro forma excluding advances made for the acquisition of hospitals from Rhön-Klinikum AG; before special items

4Before special items

5Pro forma acquisitions

6Pro forma Quirónsalud: 3.1

7Calculated at expected annual average exchange rates, for both net debt and EBITDA; without large unannounced acquisitions

Fresenius Group: Consistent Cash Generation And Proven Track Record of Deleveraging

CFFO margin FCF margin (before acquisitions & dividends)

Capex in % of sales

1 Net debt at year-end exchange rate; EBITDA at LTM average exchange rates 2 Pro forma Quirónsalud: 3.2

Net Debt / EBITDA1

Fresenius Group: Solid Balance Sheet Structure

Fresenius Group Debt Maturity Profile¹ December 31, 2016 Pro Forma2

Based on utilization of major financing instruments

Pro Forma the acquisition of Quironsalud: €2.6bn Senior Notes, €1.2bn Incremental facilities, € 1.0bn Schuldschein loans and €500 million Synthetic Convertible bonds

Fresenius Group: Components of the Debt Financing for the Acquisition of Quirónsalud

Senior Notes46%Syndicated senior secured credit facilities21%Schuldscheinloans18%Equity neutral convertible bond9%Total debt financed volume€5.3bnAverage interest rate/cost of debt 1.7% p.a. Financing mix 02004006008001,000 1,200 1,400 1,600 2020 2021 2022 2023 2024 2025 2026 2027 2032Syndicated senior secured credit facilities Schuldschein loanEquity-neutral convertible bond Senior NotesAverage maturity 7.0 years. €mMaturity profile 11 Outstanding amount after amortization

Fresenius Kabi: Organic Sales Growth by Product Segment

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

Fresenius Kabi: Profit and Loss Statement

€ m	2 0 6 1	2 0 1 5	k 2 0 6 R 1 e m a r s
l S a e s	0 0 6 7 ,	9 0 5 5 ,	h 5 % ic t o rg a n g ro w
E B I T D A i % m a g n r	1, 4 7 9 2 4 6	1, 4 4 6 2 4 3
E B I T i % m a r g n	2 2 1, 4 2 0 4	8 9 1, 1 2 0. 0
N i t t t e n e e s r	1 4 9 -	1 8 4 -
b f E i t a n n g s e o e a e s r r x d l l i i t t t a n n o n c o n r o n g n e r e s	0 1, 7 5	0 0 1, 5
I t n c o m e a x e s T % t a a e x r	3 2 3 - 3 0 0	3 0 6 - 3 0 4
l l i i N t t t o n o n o n g n e e c r r s	3 6 -	3 0 -
1 N i t e n c o m e	6 7 1	6 6 9

2015 before special items

1Attributable to shareholders of Fresenius Kabi AG

Fresenius Kabi: Cash Flow Statement

€ m	2 0 1 6	2 0 1 5	k R 2 0 1 6 e m a s r
1 N i t e n c o m e ( l. l l ) i i i t t t n n o n o n o n g n e e c c r r s	7 5 2	6 1 0
/ D i i i i t t t e p r e c a o n a m o r z a o n	2 5 5	2 5 7
h k l C i i i t a n g e n o n g c a p a w r	1 6 -	4 6
C h f l f t i a s o w r o m o p e r a o n s i % M a r g n	9 9 1 6 1 5	9 3 1 3 1 5.
C A P E X t n e ,	3 2 3 -	3 2 4 -	d ( ) 6 6 % isc t io 2 0 1 5: 6 7 % re na ry -d ( ) 3 4 % isc io 2 0 1 5: 3 3 % t n on re na ry
f C h l o a s w b f d i i t i e o r e a c q u s o n s a n d d d i i v e n s	6 6 8	8 9 5
A i i i t t c q u s o n s, n e	1 1 4 -	1 6 -
f h l F e e o r c a s w f ( b d i i d d ) e o r e v e n s	5 5 4	3 5 7

1After special items

Fresenius Kabi: Balance Sheet

€ m	2 0 6 1	2 0 1 5	k 2 0 6 R 1 e m a r s
b l A i t c c o u n s r e c e v a e	6 9 7	7 4 7	S O 2 0 6: da ( 2 0 6 ) D 1 4 7 1 5: 4 s y
I i t n e n o e s v r	1, 3 5 4	1, 2 0 2	da ( ) S O I 2 0 1 6: 1 5 2 2 0 1 5: 1 3 5 y s
d F i t x e a s s e s	6 3 7 7 ,	2 7 7 7 ,	Go dw i l l ( 3 1, 2 0 1 6 ) € 2 bn De 5. o c :
h O t t e a s s e s r	1, 3 6 5	1, 1 6 9
l T t t o a a s s e s	2 1 1, 1 5	0 3 9 1 5 ,
b D t e	5 1 5 5 ,	5 2 3 4 ,
O h l i b i l i i t t e r a e s	2 2 6 5 ,	2 0 3 5 ,
( l. l l ) E i i i i t t t. q n c n o n c o n o n g n u y r	3 7 1 4 ,	3 1 0 8 ,
l l i b i l i i d T t t o a a e s a n h h l d ' i t s a e o e s e q r r u y	1 1, 1 2 5	1 0 3 9 5 ,

Fresenius Helios: Strong Sales Growth

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

For a detailed overview of special items please see the reconciliation tables on slides 49–50.

Fresenius Helios: Performance Indicators

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

1 German average (2015): 7.3

Fresenius Helios: Profit & Loss Statement

€ m	2 0 1 6	2 0 1 5	k R 2 0 1 6 e m a r s
l S a e s	5 8 4 3 ,	5 5 7 8 ,	les h 4 % ic t o rg an sa g ro w
E B I T D A i % M a r g n / D i i i i t t t e p r e c a o n a m o r z a o n	8 7 7 0 1 5. 1 9 5 -	8 3 1 9 1 4 1 9 1 -
E B I T M i % a g n r	6 8 2 1 1. 7	6 4 0 1 1. 5
N t i t t e n e r e s	3 7 -	8 4 -
b f d E i t a r n n g s e o r e a x e s a n l l i i t t t n o n c o n o n g n e e s r r	6 4 5	5 9 2
I t n c o m e a e s x T % t a x r a e	1 0 0 - 1 5. 5	1 0 8 - 1 8. 2
l l N i i t t t o n c o n r o n g n e r e s	2 -	1 -
1 N i t e n c o m e	5 4 3	4 8 3

Before special items

1Attributable to shareholders of HELIOS Kliniken GmbH

Fresenius Helios: Cash Flow

€ m	2 0 1 6	2 0 1 5	k R 2 0 1 6 e m a s r
1 i N t e n c o m e ( i l. l l i i ) t t t n c n o n c o n r o n g n e r e s	5 4 5	0 8 5
/ D i i i i t t t e p r e c a o n a m o r z a o n	9 1 5	9 1 1
h k l C i i i t a n g e n o n g c a p a w r	1 1 8 -	8 0 -
h f l f C i t a s o w r o m o p e r a o n s % M i a r g n	2 2 6 0. 6 1	8 6 1 1 1. 1
C A P E X t n e ,	3 4 9 -	2 7 1 -
C h f l a s o w b f d d d d i i t i i i e o r e a c q u s o n s a n v e n s	2 3 7	3 4 7
A i i i t t c q s o n s, n e u	4 8 -	4 7
f h l F ( b f d d d ) i i r e e c a s o w e o r e v e n s	2 2 5	3 9 4

1After special items

Fresenius Helios: Balance Sheet

€ m	2 0 1 6	2 0 1 5	k 2 0 1 6 R e m a r s
b l A i t c c o u n s r e c e v a e	9 7 4	6 3 5	S O 2 0 6: da ( 2 0 3 ) D 1 4 7 1 5: 4 s y
l d P i t t t o p e p a n a n e q p m e n r r y, u ( ) t n e	2 6 2 9 ,	2 5 3 8 ,
G d i l l o o w	4 5 4 4 ,	3 4 4 4 ,
h O t t e a s s e s r	7 7 9	7 9 6
l T t t o a a s s e s	8 0 1 7 ,	8 3 0 4 ,
b D t e	1, 4 0 6	1, 2 8 2	l. de b fro In t 2 0 0 5 H E L I O S c m ( ) is i io € 6 0 0 t ac q u n m
O h l i b i l i i t t e e r a s	1, 0 4 4	1, 1 5 4
E i t q u y ( l. l l ) i t i i t t n c n o n c o n r o n g n e r e s	8 5 5 5 ,	6 3 5 4 ,
l l i b i l i i d T t t o a a e s a n h h l d ' i t s a e o e s e q r r u y	8 0 1 7 ,	8 3 0 4 ,

Fresenius Vamed: Sales and EBIT in Line with Expectations

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

1Project business only

Fresenius Vamed: Profit & Loss Statement

€ m	2 0 1 6	2 0 1 5	k R 2 0 1 6 e m a s r
S l a e s	6 0 1, 1	8 1, 1 1	h 5 % i t o g a n c g o r r w
E B I T D A i % M a r g n	8 0 6 9	7 5 6. 7
E B I T M i % a r g n	6 9 5 9	6 4 5. 7
N t i t t e n e r e s	2 -	3 -
b f E i t a n n g s e o e a e s r r x d l l i i t t t a n n o n c o n o n g n e e s r r	6 7	6 1
I t n c o m e a x e s T % t a a e x r	2 1 - 3 1. 0	6 1 - 2 6. 2
N l l i i t t t o n o n o n g n e e c r r s	1 -	1 -
1 N i t e n c o m e	4 5	4 4
( b f ) R O E % t e o e a e s r x	1 9 6	1 9 4
1

1Attributable to shareholders of Vamed AG

Fresenius Vamed: Cash Flow

€ m	2 0 1 6	2 0 1 5	k R 2 0 1 6 e m a s r
i N t ( l. l l ) i t i i t t e n c o m e n c n o n c o n r o n g n e r e s	6 4	4 5
/ D i t i t i t i e p r e c a o n a m o r z a o n	1 1	1 1
h k l C i i i t a n g e n o n g c a p a w r	3 0 -	3 -
f f C h l i t a s o w r o m o p e r a o n s % M i a r g n	2 7 2 3	3 5 4 7
C A P E X t n e ,	1 1 -	1 1 -
C h f l ( b f d d d d ) i i t i i i a s o w e o r e a c q u s o n s a n v e n s	6 1	2 4
A i i t i t c q u s o n s, n e	0	4 -
h f l F ( b f d d d ) i i e e c a s o r w e o r e v e n s	1 6	3 8

Fresenius Vamed: Balance Sheet

€ m	2 0 1 6	2 0 1 5	k R 2 0 1 6 e m a s r
b l A i t c c o u n s r e c e v a e	2 0 9	9 8 1	O 2 0 6 6 6 d D S 1 a s : y ( ) 2 0 1 5 6 5 :
l d P i t t t o p e p a n a n e q p m e n r r y, u	7 2	7 1
b l I i t t n a n g e a s s e s	0 3 1	0 1 4
h O t t e a s s e s r	7 2 4	6 1 5
l T t t o a a s s e s	0 8 1, 1	9 8 8
b D t e	1 7 6	1 6 1
h l b l O i i i i t t e r a e s	5 9 1	5 1 3
E i t ( i l. l l i i ) t t t q u y n c n o n c o n r o n g n e r e s	3 4 1	3 1 4
l l i b i l i i d T t t o a a e s a n h h l d ' i t s a r e o e r s e q u y	0 8 1, 1	9 8 8

Reconciliation from U.S. GAAP to IFRS FY 2016

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

1 Under IFRS, research and development expenses include non-recurring valuation losses on capitalized development expenses. These relate to in-process R&D of product approval projects which were bought with the acquisition of Fresenius Kabi USA, Inc. Under US-GAAP these expenses were already recognized at the time of acquisition. Moreover differences stem from the timing of accruals.

Helios Kliniken Germany, excluding Quirónsalud

Reconciliation from U.S. GAAP to IFRS FY 2016

€ m		d 2 0 1 6 i t a c c o n g o r U S G A A P	∆	d 2 0 1 6 i a c c o n g r I F R S t o
	S l a e s	2 9 0 8 3 ,	1 3 8 8	2 9 4 7 1 ,
	2 i N t e n c o m e	1, 5 9 3	3 3 3	1, 5 6 0

1Under U.S. GAAP, certain value adjustments for receivables at Fresenius Medical Care North America were directly deducted from sales.

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

3 Under IFRS, research and development expenses include non-recurring valuation losses on capitalized development expenses. These relate to in-process R&D of product approval projects which were bought with the acquisition of Fresenius Kabi USA, Inc. Under US-GAAP these expenses were already recognized at the time of acquisition. Moreover differences stem from the timing of accruals.

Fresenius Group: Key Figures According to IFRS

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

1Net income attributable to shareholders of Fresenius SE & Co. KGaA

Reconciliation according to U.S. GAAP Q4 2016 / Q4 2015

The Group's U.S. GAAP financial results as of December 31, 2016 do not include special items, whereas the U.S. GAAP financial results as of December 31, 2015 include special items. Net income attributable to shareholders of Fresenius SE& Co.KGaA was adjusted for these special items. The table below shows the special items and the reconciliation from net income (before special items) to earnings according to U.S.GAAP.

Ne in i bu b le t t tr ta co m e a ha ho l de f Fr iu S E & Co K Ga A to s re rs o es en s	4 1 4	-5 5	0	0	3 5 9
No l l in in tr te t nc on o g re s	-2 7 8				-2 7 8
Ne in t co m e	6 9 2	-5 5	0	0	6 3 7
In ta co m e xe s	-2 8 0				-2 8 0
fo Ne in be t ta co m e re xe s	9 7 2	-5 5	0	0	9 1 7
l In te t r t re s es u	-1 3 7				-1 3 7
E B I T	1, 1 0 9	-5 5	0	0	1, 0 5 4
le Sa s	7, 2 5 7				7, 2 5 7
€m	Q / 2 0 4 1 5 be fo ia l re s p ec i te m s	f f ic ie e nc y p ro g ra m K A B I	in io te t g ra n fo ts co s r ire d R h ön ac q u ho ls i ta sp	d isp l g in os a a s fro tw m o H E L I O S ho ls i ta sp	Q / 2 0 4 1 5 d in to ac co r g U. S. G A A P ( in l. ia l c sp ec ) i te m s

The special items are reported in the Group Corporate/Other segment.

Reconciliation according to U.S. GAAP FY 2016 / FY 2015

The Group's U.S. GAAP financial results as of December 31, 2016 do not include special items, whereas the U.S. GAAP financial results as of December 31, 2015 include special items. Net income attributable to shareholders of Fresenius SE& Co.KGaA was adjusted for these special items. The table below shows the special items and the reconciliation from net income (before special items) to earnings according to U.S.GAAP.

in i bu b le Ne t t tr ta co m e a ha ho l de f iu S & Co Ga to Fr E K A s re rs o es en s	1, 4 2 3	-8 9	-1 0	3 4	1, 3 5 8
l l No tr in in te t nc on o g re s	-9 3 9				-9 3 9
in Ne t co m e	2, 3 6 2	-8 9	0 -1	3 4	2, 2 9 7
In ta co m e xe s	-9 8 3	6 1	2		-9 6 5
in be fo Ne t ta co e re xe m s	3, 3 4 5	-1 0 5	-1 2	3 4	3, 2 6 2
l In te t r t re s es u	-6 1 3				-6 1 3
E B I T	3, 9 5 8	-1 0 5	-1 2	3 4	3, 8 7 5
le Sa s	2 7, 6 2 6				2 7, 6 2 6
€m	/ 2 0 F Y 1 5 be fo ia l re s p ec i te m s	f f ic ie e nc y p ro g ra m K A B I	in io te t g ra n fo ts co s r ire d R h ön ac q u ho ls i ta sp	d isp l g in os a a s fro tw m o H E L I O S ho ls i ta sp	/ 2 0 F Y 1 5 d in to ac co r g U. S. G A A P ( in l. ia l c sp ec ) i te m s

The special items are reported in the Group Corporate/Other segment.

Financial Calendar / Contact

Financial Calendar 2017

0 3 0 2 0 5 1 7	t 2 0 R 1 1 7 t s t e p o r o n q u a r e r
1 2 0 5 2 0 1 7	l l k f / A G M i F M i t t n n a e n e a e e n g a n a n u r r u r ,
0 0 8 2 0 1 1 7	d 2 2 0 R t t 1 7 n e p o r o n q u a r e r
0 2 1 1 2 0 1 7	d R 3 2 0 1 7 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

Investor RelationsFresenius SE & Co. KGaAphone: +49 6172 608-2485 e-mail: ir-fre@fresenius.com For further information and current news: www.fresenius.com

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