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Fresenius SE & Co. KGaA

Investor Presentation • Aug 5, 2009

166_ip_2009-08-05_bb3c0bae-a1c0-430d-947d-753a7363a8eb.pdf

Investor Presentation

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Analyst Conference Call – H1/09 Results

August 4, 2009

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
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s		 2
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* Net income attributable to Fresenius SE and before special items due to MEB and CVR accounting

Fresenius Group: Financial Results by Business Segment

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Fresenius Kabi: Update H1/09

  • Strong organic sales growth of 7 % (excl. APP + Dabur)
  • Emerging markets accelerating slightly
  • German market performing well at 4 %
  • APP Pharmaceuticals
  • 18 % sales growth in USD, EBIT margin expansion to 31.7 %
  • Modest growth in FY/09 in non-Heparin portfolio expected
  • Product launches behind business plan
  • 34 ANDA's pending with the FDA (2008: 31); in total, over 70 product candidates under development

Fresenius Kabi: Organic Sales Growth Fully in Line with Expectations

€
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%

* excl. APP and Dabur; businesses were consolidated as of September 1, 2008

Fresenius Helios: Update H1/09

  • Strong organic sales growth of 5 %; 130 bps EBIT margin increase in established clinic portfolio
  • Krefeld/Huels hospital confirmed to achieve positive EBIT in 2009; integration of newly acquired hospitals in Northeim and Mansfeld on track
  • Privatization activity expected to pick-up in 2010; management capacity determines rate of acquisition growth

Fresenius Vamed: Update H1/09

  • Strong sales growth driven by project and service businesses
  • Project business: € 50 million contract signed to upgrade the maximum care hospital in Cologne-Merheim
  • Service business: technical management contract with university clinic Charité Berlin prolonged until end of 2012
  • Q2/09 order intake: +51 % to 68 €m

Group Financials H1/09 Outlook 2009

Fresenius Group: Profit and Loss Statement, Adjusted for Special Items

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*Net income attributable to Fresenius SE and before special items due to MEB and CVR accounting

Fresenius Kabi: Strong EBIT Growth

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Fresenius Helios: Excellent Sales and Earnings Development

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* Prior year EBIT split adjusted to current portfolio

Fresenius Vamed: Strong Sales Growth

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1Project business only 2 Dec 31, 2008

Fresenius Group: Cash Flow Q2/09 (excl. FMC)

€
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* Includes changes for the effects of mark-to-market accounting of the MEB and CVR relating to the acquisition of APP Pharmaceuticals of € 20 million

** Before acquisitions and dividends

Fresenius Group: Debt and Interest Ratios

Debt excludes Mandatory Exchangeable Bonds

* Pro forma APP acquisition and before special items

Fresenius Group: 2009 Financial Outlook Raised/Confirmed

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* Translation effects may impact Fresenius Kabi's margin as APP provides a significant earnings contribution from the US\$ area. This guidance is based on the US\$/€ exchange rate from the beginning of 2009.

Fresenius Group: Positive Outlook 2009 Confirmed

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*Net income attributable to Fresenius SE and before special items due to MEB and CVR accounting

Attachments

Special items

    • Other financial result:
    • CVR (Contingent Value Right): The trading price of the CVR on the B/S date is considered as fair redemption value. Changes of this value are recognized in the P&L. Valuation changes will lead to quarterly gains or expenses until maturity.

Calculation as of June 30, 2009: Δ between trading price of US\$ 0.35 at December 31, 2008 and trading price at June 30, 2009 of US\$ 0.27 multiplied by 163.3 million CVRs = US\$ 13.1 million = € 10 million.

MEB (Mandatory Exchangeable Bond): Mark-to-market accounting based on the Black-Scholes valuation model reflecting FMC's share price. Any change in fair value is recognized in the P&L. Valuation changes will lead to gains or expenses until maturity.

Fresenius Group:

Overview – Calculation of Noncontrolling Interest

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Fresenius Group: Cash Flow

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s
o
w		 4
1
8		 6
0
0		 2
5
%		 M
i
8
7
%
a
r
g
n
:
C
(
)
t
a
p
e
x
n
e		 1
4
5
-		 2
9
2
-		 2
%
1
h
f
l
C
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
7
3		 3
0
8		 1
0
7
%
i
i
i
A
t
(
)
t
c
q
u
s
o
n
s
n
e		 6
4
-		 3
2
1
-		 %
4
1
d
d
D
i
i
e
n
s
v		 2
4
1
-		 2
5
2
-		 1
6
%
-
C
h
f
l
F
r
e
e
a
s
o
w
f
(
i
i
i
d
d
i
i
d
d
)
t
t
a
e
r
a
c
q
u
s
o
n
s
a
n
v
e
n
s		 1
4
-		 6
7
-		 %
7
4

Fresenius Group: Debt Maturity Profile 1 June30, 2009

1 Based on utilization of major financing instruments; excl. Fresenius Medical Care's Accounts Receivable Facility 2Major part already refinanced (maturity 2012/2014)

Fresenius Kabi: Organic Sales Growth Fully in Line with Expectations

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

* excl. APP and Dabur; businesses were only consolidated as of September 1, 2008

Fresenius Helios: Strong Sales Growth

€
m		 /
0
9
H
1		 /
0
8
H
1		 G
h
t
o
r
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		 1
0
8
1
,		 *
1
0
2
8
,		 %
5
A
i
i
i
t
c
q
u
s
o
n
s
(
l
i
d
i
1
)
t
<
c
o
n
s
o
a
o
n
y
r		 8
3
D
i
i
t
t
(
d
l
d
)
v
e
s
u
r
e
s
i
i
1
t
e
o
n
o
o
n
<
c
s
a
y
r		 *
1
2
l
l
T
t
o
a
s
a
e
s		 6
1
1
4
,		 0
0
1
4
,		 2
%
1

* Prior year sales split adjusted to current portfolio

Fresenius Helios: Performance Indicators

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

1Dec 31, 2008 2 Clinics in Germany 3 2008 cumulated

Fresenius Helios:Sales Impact Hospital Acquisitions

(Lower Saxony) (Saxony Anhalt)

Acquisitions Annualized sales

  • Hospital Mariahilf, Hamburg € ~26 m consolidated as of Aug 1, 2008
  • 2 hospitals Northeim County € ~50 m consolidated as of Jan 1, 2009
  • 3 hospitals Mansfeld-Südharz € ~86 m consolidated as of Jan 1, 2009

Divestitures

transferred to VAMED

4 hospitals in Czech Republic € ~24 m deconsolidated as of Oct 1, 2008

Fresenius Group: Key Figures According to IFRS

€
m		 /
0
9
H
1
U
S
G
A
A
P		 /
0
9
H
1
I
F
R
S
l
S
a
e
s		 6
8
9
5
,		 6
8
9
5
,
E
B
I
T		 9
8
5		 9
8
7
l
I
t
t
t
n
e
e
s
e
s
r
r
u		 2
9
4
-		 2
9
4
-
*
N
i
t
e
n
o
m
e
c		 2
7
4		 2
3
7
d
d


N
i
j
t
t
e
n
c
o
m
e
a
s
e
u
,		 2
4
0		 2
3
9
O
C
h
f
l
i
t
p
e
n
g
o
r
a
a
s
w		 6
0
0		 6
0
4
l
h
l
B
t
t
t
a
a
n
c
e
s
e
e
o
a		 2
0
9
5
3
,		 2
1
2
3
5
,

* Net income attributable to Fresenius SE ** Net income attributable to Fresenius SE before special items due to MEB and CVR accounting

Financial Calendar

3.11.2009 Report on 1st-3rd quarters 2009

Contact

Birgit Grund SVP Investor Relations Fresenius SE

Telephone: +49 6172 608-2485 e-mail: [email protected]

For further information and current news: http://www.fresenius.com

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