Embed Size (px)
Citation preview
Company Presentation
Credit Investor UpdateMarch 2020
Frankfurt stock exchange FRE US ADR program FSNUY wwwfreseniuscominvestors
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 eg 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
2General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Agenda
1 Company Overview and Strategic Update
2 Review FY19
3 Financial Review FY19
4 Credit Highlights and Financing Structure
5 Appendix
3General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
A Global Leader in Health Care Products and Services
~euro355 bn in Sales(FY2019)
Global presence in 100+ countries
Long-term opportunities in growing non-cyclical markets
Strong financial performance and cash flow generation
Leading market positions
294000+ employees worldwide(as of Dec 31 2019)
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Adjusted for IFRS 16
4
2799529471
33886 3353035524
4001 43024830 4561 4599
2015 2016 2017 2018 2019
Fresenius Group Global Sales Base in Growing Non-Cyclical Markets
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
euro355 bn
2019 Sales by Region Sales in euro bn
Europe 43
North America 41
Asia-Pacific 11
Latin America 4
Africa 1 6
CAGR
EBIT
5
Before special items adjusted for IFRS 16 2018 impacted by divestitures of Care Coordination activities at FMC in 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 eg 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
2General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Agenda
1 Company Overview and Strategic Update
2 Review FY19
3 Financial Review FY19
4 Credit Highlights and Financing Structure
5 Appendix
3General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
A Global Leader in Health Care Products and Services
~euro355 bn in Sales(FY2019)
Global presence in 100+ countries
Long-term opportunities in growing non-cyclical markets
Strong financial performance and cash flow generation
Leading market positions
294000+ employees worldwide(as of Dec 31 2019)
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Adjusted for IFRS 16
4
2799529471
33886 3353035524
4001 43024830 4561 4599
2015 2016 2017 2018 2019
Fresenius Group Global Sales Base in Growing Non-Cyclical Markets
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
euro355 bn
2019 Sales by Region Sales in euro bn
Europe 43
North America 41
Asia-Pacific 11
Latin America 4
Africa 1 6
CAGR
EBIT
5
Before special items adjusted for IFRS 16 2018 impacted by divestitures of Care Coordination activities at FMC in 2017
Agenda
1 Company Overview and Strategic Update
2 Review FY19
3 Financial Review FY19
4 Credit Highlights and Financing Structure
5 Appendix
3General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
A Global Leader in Health Care Products and Services
~euro355 bn in Sales(FY2019)
Global presence in 100+ countries
Long-term opportunities in growing non-cyclical markets
Strong financial performance and cash flow generation
Leading market positions
294000+ employees worldwide(as of Dec 31 2019)
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Adjusted for IFRS 16
4
2799529471
33886 3353035524
4001 43024830 4561 4599
2015 2016 2017 2018 2019
Fresenius Group Global Sales Base in Growing Non-Cyclical Markets
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
euro355 bn
2019 Sales by Region Sales in euro bn
Europe 43
North America 41
Asia-Pacific 11
Latin America 4
Africa 1 6
CAGR
EBIT
5
Before special items adjusted for IFRS 16 2018 impacted by divestitures of Care Coordination activities at FMC in 2017
A Global Leader in Health Care Products and Services
~euro355 bn in Sales(FY2019)
Global presence in 100+ countries
Long-term opportunities in growing non-cyclical markets
Strong financial performance and cash flow generation
Leading market positions
294000+ employees worldwide(as of Dec 31 2019)
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Adjusted for IFRS 16
4
2799529471
33886 3353035524
4001 43024830 4561 4599
2015 2016 2017 2018 2019
Fresenius Group Global Sales Base in Growing Non-Cyclical Markets
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
euro355 bn
2019 Sales by Region Sales in euro bn
Europe 43
North America 41
Asia-Pacific 11
Latin America 4
Africa 1 6
CAGR
EBIT
5
Before special items adjusted for IFRS 16 2018 impacted by divestitures of Care Coordination activities at FMC in 2017
2799529471
33886 3353035524
4001 43024830 4561 4599
2015 2016 2017 2018 2019
Fresenius Group Global Sales Base in Growing Non-Cyclical Markets
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
euro355 bn
2019 Sales by Region Sales in euro bn
Europe 43
North America 41
Asia-Pacific 11
Latin America 4
Africa 1 6
CAGR
EBIT
5
Before special items adjusted for IFRS 16 2018 impacted by divestitures of Care Coordination activities at FMC in 2017
51255517
6267 6055 6170
2015 2016 2017 2018 2019
Fresenius Group Strong Track Record of EBITDA Generation
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 6
51
24
322
2019 EBITDA by Business Segment EBITDA in euro bn
euro62 bn
5CAGR
Before special items adjusted for IFRS 16 2018 impacted by divestitures of Care Coordination activities at FMC in 2017
Strong and Balanced Health Care Portfolio
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Ownership ~32 Ownership 100 Ownership 100 Ownership 77
Dialysis ProductsHealth Care Services
Hospital Supplies Hospital Operation Projects and Services for Hospitals
bull Dialysis servicesbull Hemodialysis productsbull Peritoneal dialysis productsbull Care coordination
Sales 2019 euro176 bnEBIT 2019 euro23 bn
bull IV drugsbull Clinical nutritionbull Infusion therapybull Medical devices Transfusion
technologybull BiosimilarsSales 2019 euro69 bnEBIT 2019 euro12 bn
bull Acute carebull Outpatient services
Sales 2019 euro92 bnEBIT 2019 euro10 bn
bull Post-acute carebull Project development amp
Planningbull Turnkey constructionbull Maintenance amp Technical and
total operational management
Sales 2019 euro22 bnEBIT 2019 euro01 bn
Adjusted for IFRS 16
7
SampP BBB (stable) | Moodylsquos Baa3 (stable) | Fitch BBB- (stable)
BBB (stable) | Baa3 (stable) | BBB- (stable)
Fresenius Medical Care Global Dialysis Market Leader
bull The worldrsquos leading provider of dialysis products and services treating ~ 345000 patients1
in ~ 4000 clinics1
bull Provide highest standard of product quality and patient care
bull Expansion in Care Coordination and global dialysis service opportunities enter new geographies
Global Dialysis Market 2019 bull ~euro80 bnbull ~6 patient growth pa
Growth Drivers bull Aging population increasing incidence of diabetes
and high blood pressure treatment quality improvements
International30
Sales 2019euro176 bn2 North America
70
Dialysis products
Dialysis services
Complete therapy offerings
1 As of December 31 20192 Adjusted for IFRS 16
Market Dynamics
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 8
Fresenius Kabi A Leading Global Hospital Supplier
bull Comprehensive product portfolio for critically and chronically ill patients
bull Strong Emerging Markets presencebull Leading market positions
bull Focus on organic growth through geographic product rollouts and new product launches
bull Development of biosimilars with a focus on oncology and autoimmune diseases
Global Addressable Market 2019 bull ~euro97 bnGrowth Drivers bull Patent expirations rising demand for health care
services higher health care spending in Emerging Markets
Market Dynamics
Emerging Markets32
Sales 2019euro69 bn North America 35
Europe 33
Generic IV Drugs
Clinical Nutrition
Infusion Therapy
Medical Devices Transfusion Technology
Biosimilars
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 9
bull Market leader in size and quality with excellent growth prospects
bull ~51 share in German acute care hospital ~121 share in Spanish private hospital market
bull Quality is key defined quality targets publication of medical treatment results peer review processes
bull Broad revenue base with public and privately insured patients PPPs self-pay and Occupational Risk Prevention
bull Development of new business models to foster digitalization and profit from trend towards outpatient treatments
Fresenius Helios Europersquos Largest Private Hospital Operator
Hospital Market Size bull ~euro102 bn2 German Acute Care Hospital Marketbull ~euro15 bn2 Spanish Private Hospital Market Growth Drivers bull Aging population greenfield projects in Spain
potential market consolidation in Germany and Spain
Acute Care
Occupational Risk Prevention
Outpatient
1 Based on sales2 Market data based on company research Market definition does neither include
Public Private Partnerships (PPP) nor Occupational Risk Prevention centers (ORP)3 German Federal Statistical Office 2018 total costs gross of the German hospitals
less academic research and teaching
Market Dynamics
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Spain and Latin America36
Sales 2019euro92 bn Germany
64
10
bull Manages hospital constructionexpansion projects and provides services for health care facilities worldwide
bull Offers project development planning turnkey construction maintenance as well as technical management and total operational management
bull Strong track record More than 900 projects in over 90 countries completed
bull Leading European post-acute care provider operating in five European countries
Fresenius Vamed Leading Global Hospital Projects and Services Specialist
Market Dynamics
Growth Drivers bull Emerging Market demand for building and
developing hospital infrastructurebull Outsourcing of non-medical services from public to
private operators
Emerging Markets17
Sales 2019euro22 bn Europe 83
Projects
Services
Post-acute care
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 11
65
6
16 16
acute15 acute16 acute17 acute18 acute19
Fresenius Group Strong Track Record of Organic Sales Growth in All Business Segments
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Business Segments
5CAGR
6 6 6
45
acute15 acute16 acute17 acute18 acute19
67 7
45
acute15 acute16 acute17 acute18 acute19
8
5
7 7
4
acute15 acute16 acute17 acute18 acute19
34 4
3
5
acute15 acute16 acute17 acute18 acute19
12
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Global Trends offer Growth Opportunities for Fresenius
+63pa
by 2050
16
Growth in emergingmarketsover the next decade2
In 2019 9 of the worldpopulation is gt age 651
Growing healthcare sectorAging Population
100bnpa
while the European healthcare system saves6293bn
pa
Generic drugs save theUS healthcare system5
Significant savings for healthcare systems
+484x
Growth of adults withdiabetes worldwide2017ndash20454
GDP per capita quadrupledover last 20 years in emerging markets anddeveloping economies3
Chronically ill patientsIncreasing national income
Sources 1 UN 2019 Revision of World Population Prospects (2019) 2 UBS Longer Term Investments EM healthcare (2018) 3 IMF (2019) 4 IDF Diabetes Atlas (2017) 5 AAM report (2019) 6 UBS Longer Term Investments Generics (2018)
13
Worldwide growing dialysis market
Growing Markets with High Entry Barriers
Attractive marketsMarketing of existingvalue chain
Standardizing medical procedures
Attractive Product Pipeline
Marketconsolidation
Strengthening and extension of value chain
Home dialysis strategy
Entry into attractive biosimilars business
SynergiesDevelopment of post-acute care business
Innovating products
Strong Emerging Markets Presence
Greenfield investments in Spain
Expansion of geographic presence
Further Internationalization
Fresenius Group Growth Areas
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 14
Fresenius Group Medium-term Growth Targets 2020 ndash 2023 (CAGRs)
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 15
1 Net income attributable to shareholders of Fresenius SEampCoKGaA
Before special items
Organic sales growth
4 ndash 7 (plus ~1 small to mid-size acquisitions)
Organic net income1 growth
5 ndash 9(plus ~1 small to mid-size acquisitions)
confirmed
confirmed
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
The Fresenius Strategy
Drive Internation-
alization
Employees
Improveprofitability
Innovation
Quality
Better medicine and
health care services for ever more people
Hospital projects amp services
Hospital supplies ampservices
Dialysisproducts ampservices
Hospital operations
Forward thinking healthcare to improve the lives of patients
16
Our ESG Priorities Patients Employees and Compliance
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Caring for human rights
Protecting nature as the basis of life
Being an attractive employer
Doing the right thingServing the well-beingof the patient
Quality of medical outcomes and patient satisfaction
Quality and safety of products
Data protection
Code of Conduct
Compliance Organization
Compliance Management Systems (Prevent Detect Respond)
Personnel structure and diversity
Attract talent retain and develop employees
Employee engagement and participation
Occupational health and safety
Water
Energy
GHG emissions
Waste
Wastewater
No exploitative nor illegal child or forced labor
Working conditions
Non-discrimination
Data protection
17
ESG Rating Overview Continuous Improvement through Reporting and Engagement
Current Score CDP Climate CCDP Water C Prime C BB 39100
DJSI Europe 55100
Sector Average CDP Climate B- C- BBB - A 28 100 47 ndash 63 100
Previous Score CDP Climate D-CDP Water D- Prime C BB 33100 48 100
Next steps bull Improve management-level responsibility over ESG-related issues ie implement further emissions reduction and efficiency projects and related targets
bull Intensify dialogue with rating agencies
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 18
SustainabilityESG Decisive Steps for 2020
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Our Priorities
bull ldquoBetter medicine for more peoplerdquo
bull Patients Quality of products and services
bull People Being an attractive employer
bull Compliance Doing the right thing
Sustainability Governance
bull CEO sponsors Group sustainability efforts
bull New Group Sustainability Board in 2020
bull Strategy and KPI alignment program started in 2019 will continue in 2020
Remuneration
bull Remuneration proposal planned for AGM 2021
bull Based on new German legal framework and German Corporate Governance Code
bull Will include ESG performance indicators
19
Investments in own business
Strategic acquisitions
Dividends
Share buy backs
Fresenius Group Capital Deployment Focuses on SustainableValue Creation
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Leverageratio
30-351
1 Including IFRS 16
20
Review FY19
21General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group
bull Delivered on all targets - 16th consecutive record year
bull 27th consecutive dividend increase proposed
bull Fresenius Kabi expected to show healthy top-line growth whilst softness in North America weighs on EBIT in FY20
bull Fresenius Helios anticipated to show ongoing stabilization in Germany and continued strong growth in Spain in FY20
bull Fresenius Medical Care expected to show strong growth in FY20
bull Too early to quantify the financial impact of Covid-19
bull Fresenius Group back on growth trajectory in FY20
bull Medium-term growth targets confirmed
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 22
Fresenius Kabi Volume Headwinds Partially Offset by New Product Launches in North America
bull Ongoing volume headwinds anticipatedminus Intensified competitionminus Shortage tailwind essentially overminus Opioid market not expected to
recoverbull Pricing expected to be in-line with
historical trends however trending more towards mid-single digit price declines in base product portfolio
bull 15+ product launches expected in 2020 targeting an originator market of ~US$13 bn
bull Excellent pipeline gt50 files pending with the FDA
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 23
Current Portfolio 2023 Portfolio
IV drugs
Pre-filled syringes
IV solutions
Parenteral nutrition
Infusion pumps
Biosimilars
Compounding
Specialty Rx
Fresenius Kabi Rigorous Pursuit to Further Broaden and Diversify Portfolio in North America
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 24
GPOsHospitals ClinicsPhysician Offices Retail PharmacyHome Care
Strong medium light none
0
500
1000
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 20190
01
02
03
Fresenius Kabi Continued Positive Momentum in Emerging Markets
bull Strong organic sales growth expected
bull Continued positive momentum in LatinAmerica anticipated
bull Regulatory changes in China expected toweigh on EBIT development
bull Too early to quantify the financial impact ofCovid-19
Significant sales and volume growth in China over last decade
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 25
Sales (cc) Volume growth Sales growth (cc)
in euro million
CAGR ~10
100030
20
10
0 0
500
US
Progress of portfolio
bull Three more molecules in portfolio
bull Expect to start with clinical studies forthose molecules in 2021
Fresenius Kabi Biosimilar Update
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 26
Launch schedule
Europe
Pegfilgrastim
Adalimumab
Tocilizumab
2023
2019
2021
2021
2023
2023
Business plan
bull Total investment ceiling euro14 bn untilEBITDA break-even in 2023
bull High triple-digit euro million sales in 2024
Fresenius Kabi Launch of Idacio in Europe Progresses According to Plan
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 27
Launched
Approved
Submitted
Fresenius Kabi Divisionalization of Transfusion Medicine and Cell Therapies Business Fuels Growth
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 28
bull Business remains important part of Fresenius Kabi
bull Dynamic growth in FY19 and good growth prospects
bull Inauguration of new production building in Haina Dominican Republic to fuel growth of disposable products
bull New joint venture to advance new cell and gene therapies
Fresenius Helios Germany to Show Ongoing Stabilization in FY20
Mitigation of regulatory headwindsbull Chief doctor vacancies at record lowbull Appropriate level of nursing staff bull Optimization of processes and workflowsbull Cost optimization measures
Very positive reimbursement environmentbull 2020 DRG inflator set at 366
Investments in future growth fieldsbull Clustering strategy progressesbull Preventionbull Occupational medicinebull Telemedicine platform
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 29
Ramp-up of outpatient businessbull Outpatient surgery centersbull Specialization of medical centers
Excellent growth in Spainbull Opening of first proton therapy center in
Spain (first patient treated in December rsquo19)
bull Opening of Quironsalud Madrid university hospital expansion in Pozuelo
bull Private hospitals expected to show dynamic organic growth driven by admissions
bull Continued positive momentum for ORPs
Fresenius Helios Spain to Plow Ahead in FY20
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 30
Expansion in Latin America proceedsbull Five successful acquisitions in Colombia
contribute nicely in FY20minus Clinica Las Vegas Clinica del Prado
and CediMed in Medellin(1)
minus Centro Medico Imbanaco in Cali(2)
minus Clinica de la Mujer in Bogota(3)
bull Total expected sales contribution of approx euro180m equiv in FY20
bull Attractive risk-adjusted ROIs expected
Notes (1) All transactions closed in 2019 (2) Closing expected at the end of Q12020 (3) Closing expected in Q22020 subject to anti-trust clearance
Financial Review FY19
31General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Sales
+6FY19 euro33524 m
Net Income
+0FY19 euro1915 m
EBIT
-2FY19 euro4599 m
Fresenius Group FY19 Profit and Loss Statement
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
All growth rates in constant currency (cc)Before special items adjusted for IFRS 16 effectOn a comparable basis FY18 adjusted for divestitures of Care Coordination activities at FMC before special itemsNet income attributable to shareholders of Fresenius SE amp Co KGaA
Net Interest
-euro510 mFY18 -euro549 m
Income Tax Rate
234FY18 221
32
1 On a comparable basis Q418 adjusted for divestitures of Care Coordination activities at FMC Q419 adjusted for IFRS 16 effect
All figures before special itemsFor a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
Fresenius Group Q419 Business Segment Growth
Organic sales growth1
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
EBIT growth (cc)1
+5
+4
+4
+4
0
-1
5
+7
+4 0
33
Fresenius Kabi Organic Sales Growth by Product Segment
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom Q419Δ YoY
organic FY19Δ YoY
organic
IV Drugs 737 -1 2939 -1
Infusion Therapy 213 2 834 3
Clinical Nutrition 482 8 1898 9
Medical DevicesTransfusion Technology
334 10 1248 11
Total sales 1766 4 6919 4
34
Fresenius Kabi Organic Sales Growth by Regions
eurom Q419Δ YoY
organic FY19Δ YoY
organic
North America 609 -1 2424 -2
Europe 604 2 2313 2
Emerging Markets 553 12 2182 14
Total sales 1766 4 6919 4
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 35
Fresenius Kabi Q4 amp FY19 EBIT Growth
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom Q419 Δ YoY cc FY19 Δ YoY cc
North AmericaMargin
204335
-8-260 bps
907374
-3-50 bps
EuropeMargin
87144
-10-200 bps
328142
-7-160 bps
Emerging MarketsMargin
124224
7-90 bps
476218
19130 bps
Corporate and Corporate RampD -132 11 -511 2
Total EBITMargin
283160
-1-90 bps
1200173
3-10 bps
On a comparable basis before special items and adjusted for IFRS 16 effects
Margin growth at actual ratesFor a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
36
Fresenius Kabi Expected Organic Sales Growth 2020
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Broadly stable
bull Ongoing volume headwinds anticipated
bull Pricing expected to trend more towards mid-single digit price declines in base product portfolio
North America
Mid-single-digit growth
bull Growth driven by first biosimilar in the market (IDACIO)
bull Continued strong growth of clinical nutrition business expected
Europe
High single-digit growth
bull China Healthy volume growth anticipated regulatory headwinds weigh on business
bull Latin America Continued healthy growth expected
Emerging Markets
37
Fresenius Helios Q4 amp FY19 Key Financials
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom Q419 Δ YoY FY19 Δ YoY
Total sales 2344 41 9234 51
Thereof Helios Germany 1475 31 5940 31
Thereof Helios Spain 867 71 3292 71
Total EBIT3
Margin292
1255
10 bps1015110
-4-32
-70 bps
Thereof Helios GermanyMargin
14397
420 bps
57697
-8-62
-80 bps
Thereof Helios SpainMargin
134155
6-50 bps
434132
5-50 bps
Thereof Corporate 15 -- 5 --
1 Organic growth2 Adjusted for the post-acute care business transferred to Fresenius Vamed as of July 1 20183 Adjusted for IFRS 16 effectFor a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
38
Fresenius Helios Key Measures
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
FY19 FY18 Δ
No of hospitals Germany- Acute care hospitals
8683
8683
00
No of hospitals Spain(Hospitals)
51 47 9
No of beds Germany- Acute care hospitals
28907 28380
2932928802
-1-1
No of beds Spain(Hospitals)
7288 7019 4
Admissions Germany (acute care) 1206654 1218199
Admissions Spain (including outpatients) 15396051 13318066
39
Fresenius Vamed
1 Without German post-acute care business acquired from Fresenius Helios as of July 1 2018
2 Adjusted for IFRS 16 effect 3 Project business only4 Versus December 31 2018
bull Both business segments contributed to the organic sales growth of 4 in Q419
bull Stable service business is gaining weight (FY19 63 of sales FY09 32)
bull Geographically well-diversified order backlog is excellent foundation for future growth
eurom Q419 Δ YoY FY19 Δ YoY
Total salesThereof organic sales
737 64
2206 31161
Service business 374 11 1399 43251
Project business 363 1 807 13
Total EBIT2 66 8 131 1961
Order intake3 576 -13 1314 7
Order backlog3 2865 184
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 40
Fresenius Group FY19 amp Cash Flow
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Operating CF1 Capex (net) Free Cash Flow12
eurom FY2019 Margin FY2019 Margin FY2019 Margin
1947 111 -1113 -64 834 47
968 140 -716 -104 252 36
683 74 -477 -52 206 224
-46 -21 -52 -23 -98 -44
CorporateOther -38 na -75 na -113 na
1677 93 -1320 -73 357 20
3514 99 -2433 -69 1081 30
1 Adjusted for IFRS 162 Before acquisitions and dividends3 Incl FMC dividend of euro110 million4 Understated 27 excluding euro45 million of capex commitments from acquisitions
Excl FMC3
41
Fresenius Group 2020 Financial Outlook by Business Segment
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom (except otherwise stated) FY19 Base1 FY20e2
Sales growth (cc) 17477mid to high single digit
-range
Net income growth3 (cc) 1205mid to high single digit
-range
Sales growth (organic) 6919 3 - 6
EBIT growth (cc) 1205 -4 to 0
Sales growth (organic) 9234 3 - 6
EBIT growth (cc) 1025 3 - 7
Sales growth (organic) 2206 4 - 7
EBIT growth (cc) 134 5 - 9
1 Before special items including IFRS 16 effects including NxStage operations2 Before special items3 Net income attributable to shareholders of Fresenius Medical Care AG amp Co KGaA
For a detailed overview of special items please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
42
eurom (except otherwise stated) FY19 Base1 FY202
Sales growth (cc) 35409 4 - 7
Net income3 growth (cc) 1879 1 - 5
Fresenius Group 2020 Financial Guidance
1 Before special items including IFRS 16 effects including NxStage operations 2 Before special items3 Net income attributable to shareholders of Fresenius SEampCoKGaA
For a detailed overview of special items please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 43
FY19 base for Fresenius Group Guidance FY20
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
euromFresenius
GroupFresenius
Medical CareFresenius
Kabi
Sales reported (reported = base for guidance) 35409 17477 6919
Transaction costs Akorn 3
Revaluations of biosimilars contingent purchase price liabilities -32
EBIT (before special items = base Fresenius Kabi guidance) 1205
Net income reported 1883 1200
Transaction costs Akorn 3
Revaluations of biosimilars contingent purchase price liabilities -19
Gain related to divestitures of Care Coordination activities at FMC -15 -49
Transaction costs NxStage 6 18
Expenses associated with cost optimization program at FMC 21 67
Net income (before special items = base Fresenius Group amp FMC guidance) 1879 1236
44
Fresenius Group Financial Results by Business Segment
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 45
20191 20182 2017 Growth3
20192018
Sales euro17592 m euro16026 m euro17784 m 62
EBIT euro2281 m euro2292 m euro2562 m -42
Sales euro6919 m euro6544 m euro6358 m 4
EBIT euro1200 m euro1139 m euro1177 m 3
Sales euro9234 m euro8993 m euro8668 m 3
EBIT euro1015 m euro1052 m euro1052 m -4
Sales euro2206 m euro1688 m euro1228 m 30
EBIT euro131 m euro110 m euro76 m 18
Sales euro35524 m euro33009 m euro33886 m 62
EBIT euro4599 m euro4547 m euro4830 m -22Group
Before special items
1 Adjusted for IFRS 162 On a comparable basis 2018 adjusted for divestitures of Care Coordination activities 3 Growth rates at constant currency and adjusted for IFRS 16
Fresenius Group Margins by Business Segment
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 46
Before special items 2018 adjusted for divestitures of Care Coordination activities 2019 adjusted for IFRS 16
2019 2018 2017
EBITDA margin 178 192 185
EBIT margin 130 143 144
EBITDA margin 217 219 233
EBIT margin 173 174 185
EBITDA margin 148 159 165
EBIT margin 110 117 121
EBITDA margin 78 79 71
EBIT margin 59 65 62
EBITDA margin 174 183 185
EBIT margin 129 138 143Group
Credit Highlights amp Financing Structure
47General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Credit Highlights
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 48
Consistent Cash Generation
Proven Track Record of Deleveraging
Broad Mix of Financing Instruments
Well-Balanced Maturity Profile
Solid Balance Sheet Structure
Solid IG Rating and Strong Access to Capital Markets
120
103
126
114109
120 122116
112120
8
9
10
11
12
13
14
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
48 48 52 5358 55 55 54
6570
2
3
4
5
6
7
8
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
74
56
76
62
52
67 67 66
50 52
4
5
6
7
8
9
10
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Fresenius Group Consistent Cash Generation
Capex gross in of sales
FCF margin (before acquisitions amp dividends)CFFO margin
49General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
2019 including IFRS 16
32x
30x
27x
22x 23x
35x
30x
26x
36x
30x
26x27x
26x
25x
32x
27x
23x
28x
27x
31x 4
20
25
30
35
40
2001 2002 2003 2004 2005 Q106 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
3
2
Hospitals from
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Proven Track Record of Deleveraging
Net DebtEBITDA1
1 At actual FX rates from 2001 to 2010 and at average FX rates from 2011 onwards for both Net Debt and EBITDA before special items pro forma closed acquisitionsdivestitures2 Pro forma excluding advances made for the acquisition of hospitals from Rhoumln-Klinikum AG3 Both net debt and EBITDA including IFRS 16 effect and calculated at expected annual average exchange rates excluding further potential acquisitions4 Including acquisition of NxStage adjusted for IFRS 16 effect
Target 20203 towards thetop end of self-imposed
target corridor of 30 ndash 35x
50
36x
40
35
20
25
30
Equity-neutralconvertible bonds 3
Fresenius Group excl FMC Broad Mix of Financing Instruments
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 51
Total BS Debt
~euro136 bn
1 As of December 31 2019
bull Optimize funding costs and ensure financial flexibility
bull Diversify investor base
bull Strong liquidity provided by sufficient financial cushion (~euro22 billion as of December 31 2019)
Well Positioned to Meet Financing NeedsBonds 40
Lease obligations 14
Syndicated loans 15
Schuldscheinloans 16
Other financial liabilities 5
Commercial paper 7
Average interest ratecost of debt18 pa
Commercial paper 7
Fresenius Group Broad Mix of Financing Instruments
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 52
Total BS Debt
~euro273 bn
1 As of December 31 2019
bull Optimize funding costs and ensure financial flexibility
bull Diversify investor base
bull Strong liquidity provided by sufficient financial cushion (~euro40 billion as of December 31 2019)
Well Positioned to Meet Financing Needs
Average interest ratecost of debt22 pa
Equity-neutralconvertible bonds 3
Syndicated loans 14
Other financial liabilities 6
Bonds 38
Lease liabilities 24
Schuldschein loans 8
Fresenius Group Capitalization1
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 53
Instrument per Book Value in euro million in $ million4 oftotal cap
EBITDA LTM x
Syndicated Credit Agreement Revolver (euro US-$) 0 0 00 Syndicated Credit Agreement Term Loan A (euro US-$) 1976 2220 29 Bonds (euro US-$) 5501 6180 82 Convertible Bonds 465 522 07 Schuldschein Loans 2180 2449 33 Commercial Paper 953 1071 14 Lease Obligations 1876 2107 28 Other debt 675 758 10 Total Debt (FSE excl FMC) gross 13626 15307 203 Cash (excl FMC) 651 731 10 Total debt (FSE excl FMC) net 12975 14576 193 Total FMC debt net 12774 14350 190 Consolidation Adjustments (145) (163) (02)Total consolidated debt net 25604 28764 382 36x Market capitalization2 41470 46587 618 58x
Total capitalization 67074 75351 1000 94x FSE Group EBITDA3 7110
1 As of December 31 20192 Based on market capitalization for FSE and FMC as of December 31 20193 Pro Forma acquisitions before special items4 EURUSD exchange rate as of December 31 2019
Fresenius Group excl FMC Well-Balanced Debt Maturity Profile12
54
1 As of December 31 2019 and based on utilization of major financing instruments2 Excluding lease liabilities3 Pro Forma issuance of FSE EUR 750m bonds in Jan 2020 (average maturity 38)
Maturity 35 years3 on
average
eurom
EUR 750m Jan 2020
500717 700
267
1150
500700 750
500 500
153
903 927
106
304 393
430
421
238
207
84
500
953
0
500
1000
1500
2000
2500
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Bonds Syndicated Loan Schuldschein Loans Equity-neutral convertible bonds Commercial Paper
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
1500
1000
2000
2500
Fresenius Group Well-Balanced Debt Maturity Profile12
1 As of December 31 2019 and based on utilization of major financing instruments2 Excluding lease liabilities3 Pro Forma issuance of FSE EUR 750m bonds in Jan 2020 (average maturity 35)
EUR 750m Jan 2020
2380
13931859
650356 500 600
945
1712
1924
2020
697
2071
500 238
907 750
584
5000
1000
2000
3000
4000
5000
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Fresenius Medical Care Fresenius excl Fresenius Medical Care
5000
4000
3000
2000
1000
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Maturity 33 years3 on
average
eurom
55
23 23 23 19
32 36 33 41
45 41 44 40
Dec 31 16 Dec 31 17 Dec 31 18 Dec 31 19
Equity and non-controlling interest Debt Other liabilities
Fresenius Group Solid Balance Sheet Structure
Healthy Equity and Liability Split
bull Strong equity ratio of gt40 on average
bull Equity ratio kept in narrow range despite rapid growth of Fresenius Group
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 56
467 531 567 670
BS total (eurobn)
Including IFRS 16
Fresenius SE Solid Investment Grade Rating
57
ldquoFSE delivers solid organic growth thanks to positive underlying growth trends in the life-saving and life-sustaining products and therapies that the group offersrdquoSampP Jan 08 2019
ldquoFSErsquos rating remains anchored in investment-grade given its mature and defensive business risk profile its organic deleveraging ability based on free cash flow generation and its record of integrating acquisitions successfully and reducing financial leverage in line with communicated policiesrdquo Fitch April 17 2019
ldquoThe Baa3 long term issuer rating of FSE reflects its strong defensive business profile underpinned by large absolute scale global footprint and segmental diversification within the healthcare market supported by strong position in its four business segmentsrdquo Moodyrsquos May 20 2019
Rating History Rating Agenciesrsquo Key Statements
Following a positive outlook SampP upgraded Fresenius to BBB stable outlook in May 2019
SampP Moodylsquos Fitch
Corporate Credit Rating BBB Baa3 BBB-
Outlook stable stable stable
Current Credit Ratings
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Strong Access to Capital Markets
58
Major Financing Instruments
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Bonds euro250 m euro800 m$105 bn
euro750 m$15 bn
euro500 m euro12 bn$12 bn
$300m euro26 bn euro500 m euro10 bn$500 m
euro175 bn
euro750 m1
euro750 m2
SyndicatedLoans
$35 bn $898 m $385 bn $18 bneuro245 bn
$41 bneuro700 m
$115 bneuro205 bn
euro530 bn$355 bn
euro100 m
SchuldscheinLoans
euro400 m euro125 m euro500 m euro112 m $400 m euro10 bn euro700 m
Convertible Bonds
euro900 m euro500 m
Equity euro10 bn euro400 m
1 January 2020 euro750million 2020-2028 bonds issued by Fresenius SE amp Co KGaA2 March 2020 euro750million 2020-2027 bonds issued by Fresenius SE amp Co KGaA
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Debt and Cash Flow Structure
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 59
1 Incl consolidation adjustments2 Incl Fresenius financing subsidiaries3 Controlling stake4 Incl subsidiaries 5 Based on market capitalization for FMC as of December 31 20196 Via German holding entities (Fresenius Kabi AG and Fresenius ProServe GmbH)
Fresenius Medical Care
Financing
Fresenius SE Financing
Group Net Debt ~euro256 bn1
DividendsRents Service Agreements
~323 100 77 (cross boarder)100
Profit transfer Agreements6
bull Separate financing of Fresenius SE and Fresenius Medical Care
bull No joint financing facilities or mutual guarantees
bull Fresenius Kabi Fresenius Helios and Fresenius Vamed financed primarily through Fresenius SE to avoid structural subordination
bull Subsidiary debt consists mainly of lease liabilities which are on balance acc to IFRS 16 from 2019 onwards
FSE Net Debt2~euro128 bn
incl Net Debt of KabiHeliosVamed
StockMarketValue~euro62 bn5
FSE Net Debt2~euro114 bn
excl Net Debt of KabiHeliosVamed
euro12774 m Net Debt4
Thereof lease liabilities euro4705m
euro951 m Net Debt4
Thereof lease liabilities euro1042m
euro84 m Net Debt4
Thereof lease liabilities euro392m
euro371 m Net Debt4
Thereof lease liabilities euro369m
Fresenius Group Key Credit Figures
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 60
1 Adjusted for IFRS 162 Before special items pro forma acquisitionsdivestitures3 Before special items
20191 2019 2018 2017
Debt (eurom) thereof US$ denominated
2123328
2725834
1898428
1904231
Net debt (eurom) 19579 25604 16275 17406
Net debtEBITDA2
Net debt at year-end exchange rate EBITDA at LTM average FX rates
314 360 273 279
Net debtEBITDA2
at LTM average FX rates for both net debt and EBITDA
314 361 271 284
Operating Cash flowSales 99 120 112 116
EBITDANet Interest3 121 99 106 96
Appendix
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 61
Fresenius Group FY19 Key Financials
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom FY191 IFRS 16effect
specialitems
FY19 reported
Δ YoY cc12
Sales 35524 -115 - 35409 6
EBIT 4599 89 -57 4631 -2
Net interest -510 -204 -5 -719 9
Income taxes -955 30 42 -883 -5
Net income3 1915 -36 4 1883 0
Balance sheet total 61237 5769 - 67006
Operating Cashflow 3514 749 - 4263
1 Before special items adjusted for IFRS 16 effect2 On a comparable basis 2018 adjusted for divestitures of Care Coordination activities at FMC3 Net income attributable to shareholders of Fresenius SE amp Co KGaA
For a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
62
Fresenius Group Cash Flow
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 63
eurom 20191 Margin 2019 Margin 2018 Margin Δ YoY1918
Operating Cash Flow 3514 99 4263 120 3742 112 14
Capex (net) -2433 -69 -2433 -68 -2077 -62 -17
Free Cash Flow(before acquisitions and dividends)
1081 30 1830 52 1665 50 10
Acquisitions (net) -2423 -2423 613 --
Dividends -952 -952 -904 5
Free Cash Flow(after acquisitions and dividends) -2294 -65 -1545 -44 1374 41 --
1 2019 adjusted for IFRS 16
Fresenius Group Calculation of Noncontrolling Interest
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom FY19 FY18
Earnings before tax and noncontrolling interest 4089 3998
Taxes -955 -883
Noncontrolling interest thereof -1219 -1243
Fresenius Medical Care net income not attributable to Fresenius (FY19 ~69)
-897 -928
Noncontrolling interest holders in Fresenius Medical Care -239 -244
Noncontrolling interest holders in Fresenius Kabi (-euro49 m) Fresenius Helios (-euro13 m) Fresenius Vamed (-euro2 m) and due to Fresenius Vamedrsquos 23 external ownership (-euro19 m)
-83 -71
Net income attributable to Fresenius SE amp Co KGaA 1915 1872
64
On a comparable basis Before special items adjusted for IFRS16 effect FY18 adjusted for divestitures of Care Coordination activities at FMC
For a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
002
023 025029
032037
042044
055
062
93 08 09 10 11 12 13 14 15 16 17 18 19
25 2421 20 21 21 22 21 22 23 24
Fresenius SE Earnings-Linked Dividend Policy
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
euro per share
bull Dividend growth aligned to EPS1
growth
bull Pay-out Ratio 20 to 25
Dividend distribution (eurom)
Pay-out Ratio
075
2019 Pay-out Ratio 24 Dividend Policy
122 140 155 196 225 238 300 416114 343 445
080
1 Before special items
468
084
24
Track record
bull 27th consecutive dividend increase
bull CAGR dividend increase +15
65
32x1
Fresenius Medical Care Low Leverage Reflected by Solid Investment Grade Rating
66General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
60 6176
6483
2015 2016 2017 2018 2019
Free Cash Flow in of revenue
SampP Moodylsquos Fitch
Corporate Credit Rating BBB Baa3 BBB-
Outlook stable stable stable
Current Credit Ratings
1 Including IFRS16 effect
29x30x
27x
22x
18x
31x
27x25x
22x
21x
27x25x
25x
31x
26x23x
21x
18x
25x
15
20
25
30
35
40
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
1
Fresenius Medical Care Broad Mix of Financing Instruments
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 67
Total BS Debt
~euro138 m
1 As of December 31 2019
bull Optimize funding costs and ensure financial flexibility
bull Diversify investor base
bull Strong liquidity provided by sufficient financial cushion (~euro18 billion as of December 31 2019)
Well Positioned to Meet Financing Needs
Average interest ratecost of debt25 pa
Equity-neutralconvertible bonds 3
Commercial paper 7
Syndicated loans 14
Other financial liabilities 7
Bonds 36
Lease obligations 33
Fresenius Medical Care Well-Balanced Debt Maturity Profile12
68
eurom
Maturity 30 years on
average
1 As of December 31 2019 and based on utilization of major financing instruments2 Excluding lease liabilities
445
878623 650
356500 600
945
535
135
1236400
1000
380
0
500
1000
1500
2000
2500
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
Bonds Syndicated Loan Equity-neutral convertible bonds Commercial Paper AR Facility
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
2500
2000
1500
1000
Fresenius SE Overview Bonds
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 69
Issuer Volume(in millions)
Coupon type
Coupon (in )
MaturityTerm
ISIN (RegS)
WKN
Fresenius SE amp Co KGaAeuro500 Fix 2875 20132020 XS0873432511 A1HEWZ
Fresenius SE amp Co KGaAeuro450 Fix 300 20142021 XS1013955379 A1ZB7H
Fresenius SE amp Co KGaAeuro450 Fix 400 20142024 XS1026109204 A1ZC60
Fresenius SE amp Co KGaAeuro 500 Fix 1875 20192025 XS1936208252 A2NBMS
Fresenius SE amp Co KGaAeuro 750 Fix 1625 20202027 XS2152329053 A254TA
Fresenius SE amp Co KGaAeuro 750 Fix 075 20202028 XS2101357072 A254QN
Fresenius SE amp Co KGaAeuro 500 Fix 2875 20192029 XS1936208419 A2NBMT
Fresenius Finance Ireland plceuro700 Fix 0875 20172022 XS1554373164 A19B3F
Fresenius Finance Ireland plceuro700 Fix 150 20172024 XS1554373248 A19B3G
Fresenius Finance Ireland plceuro700 Fix 2125 20172027 XS1554373677 A19B3H
Fresenius Finance Ireland plceuro500 Fix 300 20172032 XS1554373834 A19B3J
Fresenius US Finance II IncUS$300 Fix 425 20142021 USU31436AG04 A1ZDVJ
Fresenius US Finance II IncUS$300 Fix 450 20152023 USU31436AH86 A1Z64A
As of April 8 2020
Fresenius Medical Care Overview Bonds
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 70
Issuer Volume(in millions)
Coupon type
Coupon (in )
MaturityTerm
ISIN (RegS)
WKN
FMC Finance VII SA euro300 Fix 525 20112021 XS0576395478 A1GLY6
Fresenius Medical Care US Finance Inc US$650 Fix 575 20112021 USU31433AA03 A1GL0J
Fresenius Medical Care US Finance II Inc US$500 Fix 4125 20142020 US35802XAH61 A1ZRTL
Fresenius Medical Care US Finance II Inc US$700 Fix 5875 20122022 USU31434AC42 A1GZRF
Fresenius Medical Care US Finance II Inc US$400 Fix 475 20142024 US35802XAJ28 A1ZRTN
Fresenius Medical Care US Finance III Inc US$500 Fix 375 20192029 USU3149FAA76 A2R3YR
Fresenius Medical Care AG amp Co KGaA euro650 Fix 0250 20192023 XS2084510069 A255DU
Fresenius Medical Care AG amp Co KGaA euro500 Fix 150 20182025 XS1854532949 A2NBE6
Fresenius Medical Care AG amp Co KGaA euro600 Fix 0625 20192026 XS2084497705 A255DV
Fresenius Medical Care AG amp Co KGaA euro500 Fix 1250 20192029 XS2084488209 A255DW
As of December 31 2019
Financial Calendar Contact
Financial Calendar 06 May 2020 Results Q120
30 July 2020 Results Q220
29 October 2020 Results Q320Please note that these dates could be subject to change
Annual General Meeting Due to the coronavirus pandemic the AGM scheduled for 20 May 2020 has been postponed A new date within the current financial year will be set as soon as the conditions for reliable planning and safe execution of the AGM are once again in place
Contact
Investor Relations amp SustainabilityFresenius SE amp Co KGaAphone +49 6172 608-2485e-mail ir-frefreseniuscomFor further information and current news wwwfreseniuscom
Follow us on Twitter wwwtwittercomfresenius_irand LinkedIn wwwlinkedincomcompanyfresenius-investor-relations
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 71
Strong and Balanced Health Care Portfolio
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Ownership ~32 Ownership 100 Ownership 100 Ownership 77
Dialysis ProductsHealth Care Services
Hospital Supplies Hospital Operation Projects and Services for Hospitals
bull Dialysis servicesbull Hemodialysis productsbull Peritoneal dialysis productsbull Care coordination
Sales 2019 euro176 bnEBIT 2019 euro23 bn
bull IV drugsbull Clinical nutritionbull Infusion therapybull Medical devices Transfusion
technologybull BiosimilarsSales 2019 euro69 bnEBIT 2019 euro12 bn
bull Acute carebull Outpatient services
Sales 2019 euro92 bnEBIT 2019 euro10 bn
bull Post-acute carebull Project development amp
Planningbull Turnkey constructionbull Maintenance amp Technical and
total operational management
Sales 2019 euro22 bnEBIT 2019 euro01 bn
Adjusted for IFRS 16
7
SampP BBB (stable) | Moodylsquos Baa3 (stable) | Fitch BBB- (stable)
BBB (stable) | Baa3 (stable) | BBB- (stable)
Fresenius Medical Care Global Dialysis Market Leader
bull The worldrsquos leading provider of dialysis products and services treating ~ 345000 patients1
in ~ 4000 clinics1
bull Provide highest standard of product quality and patient care
bull Expansion in Care Coordination and global dialysis service opportunities enter new geographies
Global Dialysis Market 2019 bull ~euro80 bnbull ~6 patient growth pa
Growth Drivers bull Aging population increasing incidence of diabetes
and high blood pressure treatment quality improvements
International30
Sales 2019euro176 bn2 North America
70
Dialysis products
Dialysis services
Complete therapy offerings
1 As of December 31 20192 Adjusted for IFRS 16
Market Dynamics
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 8
Fresenius Kabi A Leading Global Hospital Supplier
bull Comprehensive product portfolio for critically and chronically ill patients
bull Strong Emerging Markets presencebull Leading market positions
bull Focus on organic growth through geographic product rollouts and new product launches
bull Development of biosimilars with a focus on oncology and autoimmune diseases
Global Addressable Market 2019 bull ~euro97 bnGrowth Drivers bull Patent expirations rising demand for health care
services higher health care spending in Emerging Markets
Market Dynamics
Emerging Markets32
Sales 2019euro69 bn North America 35
Europe 33
Generic IV Drugs
Clinical Nutrition
Infusion Therapy
Medical Devices Transfusion Technology
Biosimilars
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 9
bull Market leader in size and quality with excellent growth prospects
bull ~51 share in German acute care hospital ~121 share in Spanish private hospital market
bull Quality is key defined quality targets publication of medical treatment results peer review processes
bull Broad revenue base with public and privately insured patients PPPs self-pay and Occupational Risk Prevention
bull Development of new business models to foster digitalization and profit from trend towards outpatient treatments
Fresenius Helios Europersquos Largest Private Hospital Operator
Hospital Market Size bull ~euro102 bn2 German Acute Care Hospital Marketbull ~euro15 bn2 Spanish Private Hospital Market Growth Drivers bull Aging population greenfield projects in Spain
potential market consolidation in Germany and Spain
Acute Care
Occupational Risk Prevention
Outpatient
1 Based on sales2 Market data based on company research Market definition does neither include
Public Private Partnerships (PPP) nor Occupational Risk Prevention centers (ORP)3 German Federal Statistical Office 2018 total costs gross of the German hospitals
less academic research and teaching
Market Dynamics
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Spain and Latin America36
Sales 2019euro92 bn Germany
64
10
bull Manages hospital constructionexpansion projects and provides services for health care facilities worldwide
bull Offers project development planning turnkey construction maintenance as well as technical management and total operational management
bull Strong track record More than 900 projects in over 90 countries completed
bull Leading European post-acute care provider operating in five European countries
Fresenius Vamed Leading Global Hospital Projects and Services Specialist
Market Dynamics
Growth Drivers bull Emerging Market demand for building and
developing hospital infrastructurebull Outsourcing of non-medical services from public to
private operators
Emerging Markets17
Sales 2019euro22 bn Europe 83
Projects
Services
Post-acute care
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 11
65
6
16 16
acute15 acute16 acute17 acute18 acute19
Fresenius Group Strong Track Record of Organic Sales Growth in All Business Segments
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Business Segments
5CAGR
6 6 6
45
acute15 acute16 acute17 acute18 acute19
67 7
45
acute15 acute16 acute17 acute18 acute19
8
5
7 7
4
acute15 acute16 acute17 acute18 acute19
34 4
3
5
acute15 acute16 acute17 acute18 acute19
12
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Global Trends offer Growth Opportunities for Fresenius
+63pa
by 2050
16
Growth in emergingmarketsover the next decade2
In 2019 9 of the worldpopulation is gt age 651
Growing healthcare sectorAging Population
100bnpa
while the European healthcare system saves6293bn
pa
Generic drugs save theUS healthcare system5
Significant savings for healthcare systems
+484x
Growth of adults withdiabetes worldwide2017ndash20454
GDP per capita quadrupledover last 20 years in emerging markets anddeveloping economies3
Chronically ill patientsIncreasing national income
Sources 1 UN 2019 Revision of World Population Prospects (2019) 2 UBS Longer Term Investments EM healthcare (2018) 3 IMF (2019) 4 IDF Diabetes Atlas (2017) 5 AAM report (2019) 6 UBS Longer Term Investments Generics (2018)
13
Worldwide growing dialysis market
Growing Markets with High Entry Barriers
Attractive marketsMarketing of existingvalue chain
Standardizing medical procedures
Attractive Product Pipeline
Marketconsolidation
Strengthening and extension of value chain
Home dialysis strategy
Entry into attractive biosimilars business
SynergiesDevelopment of post-acute care business
Innovating products
Strong Emerging Markets Presence
Greenfield investments in Spain
Expansion of geographic presence
Further Internationalization
Fresenius Group Growth Areas
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 14
Fresenius Group Medium-term Growth Targets 2020 ndash 2023 (CAGRs)
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 15
1 Net income attributable to shareholders of Fresenius SEampCoKGaA
Before special items
Organic sales growth
4 ndash 7 (plus ~1 small to mid-size acquisitions)
Organic net income1 growth
5 ndash 9(plus ~1 small to mid-size acquisitions)
confirmed
confirmed
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
The Fresenius Strategy
Drive Internation-
alization
Employees
Improveprofitability
Innovation
Quality
Better medicine and
health care services for ever more people
Hospital projects amp services
Hospital supplies ampservices
Dialysisproducts ampservices
Hospital operations
Forward thinking healthcare to improve the lives of patients
16
Our ESG Priorities Patients Employees and Compliance
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Caring for human rights
Protecting nature as the basis of life
Being an attractive employer
Doing the right thingServing the well-beingof the patient
Quality of medical outcomes and patient satisfaction
Quality and safety of products
Data protection
Code of Conduct
Compliance Organization
Compliance Management Systems (Prevent Detect Respond)
Personnel structure and diversity
Attract talent retain and develop employees
Employee engagement and participation
Occupational health and safety
Water
Energy
GHG emissions
Waste
Wastewater
No exploitative nor illegal child or forced labor
Working conditions
Non-discrimination
Data protection
17
ESG Rating Overview Continuous Improvement through Reporting and Engagement
Current Score CDP Climate CCDP Water C Prime C BB 39100
DJSI Europe 55100
Sector Average CDP Climate B- C- BBB - A 28 100 47 ndash 63 100
Previous Score CDP Climate D-CDP Water D- Prime C BB 33100 48 100
Next steps bull Improve management-level responsibility over ESG-related issues ie implement further emissions reduction and efficiency projects and related targets
bull Intensify dialogue with rating agencies
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 18
SustainabilityESG Decisive Steps for 2020
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Our Priorities
bull ldquoBetter medicine for more peoplerdquo
bull Patients Quality of products and services
bull People Being an attractive employer
bull Compliance Doing the right thing
Sustainability Governance
bull CEO sponsors Group sustainability efforts
bull New Group Sustainability Board in 2020
bull Strategy and KPI alignment program started in 2019 will continue in 2020
Remuneration
bull Remuneration proposal planned for AGM 2021
bull Based on new German legal framework and German Corporate Governance Code
bull Will include ESG performance indicators
19
Investments in own business
Strategic acquisitions
Dividends
Share buy backs
Fresenius Group Capital Deployment Focuses on SustainableValue Creation
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Leverageratio
30-351
1 Including IFRS 16
20
Review FY19
21General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group
bull Delivered on all targets - 16th consecutive record year
bull 27th consecutive dividend increase proposed
bull Fresenius Kabi expected to show healthy top-line growth whilst softness in North America weighs on EBIT in FY20
bull Fresenius Helios anticipated to show ongoing stabilization in Germany and continued strong growth in Spain in FY20
bull Fresenius Medical Care expected to show strong growth in FY20
bull Too early to quantify the financial impact of Covid-19
bull Fresenius Group back on growth trajectory in FY20
bull Medium-term growth targets confirmed
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 22
Fresenius Kabi Volume Headwinds Partially Offset by New Product Launches in North America
bull Ongoing volume headwinds anticipatedminus Intensified competitionminus Shortage tailwind essentially overminus Opioid market not expected to
recoverbull Pricing expected to be in-line with
historical trends however trending more towards mid-single digit price declines in base product portfolio
bull 15+ product launches expected in 2020 targeting an originator market of ~US$13 bn
bull Excellent pipeline gt50 files pending with the FDA
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 23
Current Portfolio 2023 Portfolio
IV drugs
Pre-filled syringes
IV solutions
Parenteral nutrition
Infusion pumps
Biosimilars
Compounding
Specialty Rx
Fresenius Kabi Rigorous Pursuit to Further Broaden and Diversify Portfolio in North America
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 24
GPOsHospitals ClinicsPhysician Offices Retail PharmacyHome Care
Strong medium light none
0
500
1000
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 20190
01
02
03
Fresenius Kabi Continued Positive Momentum in Emerging Markets
bull Strong organic sales growth expected
bull Continued positive momentum in LatinAmerica anticipated
bull Regulatory changes in China expected toweigh on EBIT development
bull Too early to quantify the financial impact ofCovid-19
Significant sales and volume growth in China over last decade
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 25
Sales (cc) Volume growth Sales growth (cc)
in euro million
CAGR ~10
100030
20
10
0 0
500
US
Progress of portfolio
bull Three more molecules in portfolio
bull Expect to start with clinical studies forthose molecules in 2021
Fresenius Kabi Biosimilar Update
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 26
Launch schedule
Europe
Pegfilgrastim
Adalimumab
Tocilizumab
2023
2019
2021
2021
2023
2023
Business plan
bull Total investment ceiling euro14 bn untilEBITDA break-even in 2023
bull High triple-digit euro million sales in 2024
Fresenius Kabi Launch of Idacio in Europe Progresses According to Plan
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 27
Launched
Approved
Submitted
Fresenius Kabi Divisionalization of Transfusion Medicine and Cell Therapies Business Fuels Growth
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 28
bull Business remains important part of Fresenius Kabi
bull Dynamic growth in FY19 and good growth prospects
bull Inauguration of new production building in Haina Dominican Republic to fuel growth of disposable products
bull New joint venture to advance new cell and gene therapies
Fresenius Helios Germany to Show Ongoing Stabilization in FY20
Mitigation of regulatory headwindsbull Chief doctor vacancies at record lowbull Appropriate level of nursing staff bull Optimization of processes and workflowsbull Cost optimization measures
Very positive reimbursement environmentbull 2020 DRG inflator set at 366
Investments in future growth fieldsbull Clustering strategy progressesbull Preventionbull Occupational medicinebull Telemedicine platform
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 29
Ramp-up of outpatient businessbull Outpatient surgery centersbull Specialization of medical centers
Excellent growth in Spainbull Opening of first proton therapy center in
Spain (first patient treated in December rsquo19)
bull Opening of Quironsalud Madrid university hospital expansion in Pozuelo
bull Private hospitals expected to show dynamic organic growth driven by admissions
bull Continued positive momentum for ORPs
Fresenius Helios Spain to Plow Ahead in FY20
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 30
Expansion in Latin America proceedsbull Five successful acquisitions in Colombia
contribute nicely in FY20minus Clinica Las Vegas Clinica del Prado
and CediMed in Medellin(1)
minus Centro Medico Imbanaco in Cali(2)
minus Clinica de la Mujer in Bogota(3)
bull Total expected sales contribution of approx euro180m equiv in FY20
bull Attractive risk-adjusted ROIs expected
Notes (1) All transactions closed in 2019 (2) Closing expected at the end of Q12020 (3) Closing expected in Q22020 subject to anti-trust clearance
Financial Review FY19
31General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Sales
+6FY19 euro33524 m
Net Income
+0FY19 euro1915 m
EBIT
-2FY19 euro4599 m
Fresenius Group FY19 Profit and Loss Statement
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
All growth rates in constant currency (cc)Before special items adjusted for IFRS 16 effectOn a comparable basis FY18 adjusted for divestitures of Care Coordination activities at FMC before special itemsNet income attributable to shareholders of Fresenius SE amp Co KGaA
Net Interest
-euro510 mFY18 -euro549 m
Income Tax Rate
234FY18 221
32
1 On a comparable basis Q418 adjusted for divestitures of Care Coordination activities at FMC Q419 adjusted for IFRS 16 effect
All figures before special itemsFor a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
Fresenius Group Q419 Business Segment Growth
Organic sales growth1
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
EBIT growth (cc)1
+5
+4
+4
+4
0
-1
5
+7
+4 0
33
Fresenius Kabi Organic Sales Growth by Product Segment
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom Q419Δ YoY
organic FY19Δ YoY
organic
IV Drugs 737 -1 2939 -1
Infusion Therapy 213 2 834 3
Clinical Nutrition 482 8 1898 9
Medical DevicesTransfusion Technology
334 10 1248 11
Total sales 1766 4 6919 4
34
Fresenius Kabi Organic Sales Growth by Regions
eurom Q419Δ YoY
organic FY19Δ YoY
organic
North America 609 -1 2424 -2
Europe 604 2 2313 2
Emerging Markets 553 12 2182 14
Total sales 1766 4 6919 4
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 35
Fresenius Kabi Q4 amp FY19 EBIT Growth
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom Q419 Δ YoY cc FY19 Δ YoY cc
North AmericaMargin
204335
-8-260 bps
907374
-3-50 bps
EuropeMargin
87144
-10-200 bps
328142
-7-160 bps
Emerging MarketsMargin
124224
7-90 bps
476218
19130 bps
Corporate and Corporate RampD -132 11 -511 2
Total EBITMargin
283160
-1-90 bps
1200173
3-10 bps
On a comparable basis before special items and adjusted for IFRS 16 effects
Margin growth at actual ratesFor a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
36
Fresenius Kabi Expected Organic Sales Growth 2020
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Broadly stable
bull Ongoing volume headwinds anticipated
bull Pricing expected to trend more towards mid-single digit price declines in base product portfolio
North America
Mid-single-digit growth
bull Growth driven by first biosimilar in the market (IDACIO)
bull Continued strong growth of clinical nutrition business expected
Europe
High single-digit growth
bull China Healthy volume growth anticipated regulatory headwinds weigh on business
bull Latin America Continued healthy growth expected
Emerging Markets
37
Fresenius Helios Q4 amp FY19 Key Financials
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom Q419 Δ YoY FY19 Δ YoY
Total sales 2344 41 9234 51
Thereof Helios Germany 1475 31 5940 31
Thereof Helios Spain 867 71 3292 71
Total EBIT3
Margin292
1255
10 bps1015110
-4-32
-70 bps
Thereof Helios GermanyMargin
14397
420 bps
57697
-8-62
-80 bps
Thereof Helios SpainMargin
134155
6-50 bps
434132
5-50 bps
Thereof Corporate 15 -- 5 --
1 Organic growth2 Adjusted for the post-acute care business transferred to Fresenius Vamed as of July 1 20183 Adjusted for IFRS 16 effectFor a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
38
Fresenius Helios Key Measures
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
FY19 FY18 Δ
No of hospitals Germany- Acute care hospitals
8683
8683
00
No of hospitals Spain(Hospitals)
51 47 9
No of beds Germany- Acute care hospitals
28907 28380
2932928802
-1-1
No of beds Spain(Hospitals)
7288 7019 4
Admissions Germany (acute care) 1206654 1218199
Admissions Spain (including outpatients) 15396051 13318066
39
Fresenius Vamed
1 Without German post-acute care business acquired from Fresenius Helios as of July 1 2018
2 Adjusted for IFRS 16 effect 3 Project business only4 Versus December 31 2018
bull Both business segments contributed to the organic sales growth of 4 in Q419
bull Stable service business is gaining weight (FY19 63 of sales FY09 32)
bull Geographically well-diversified order backlog is excellent foundation for future growth
eurom Q419 Δ YoY FY19 Δ YoY
Total salesThereof organic sales
737 64
2206 31161
Service business 374 11 1399 43251
Project business 363 1 807 13
Total EBIT2 66 8 131 1961
Order intake3 576 -13 1314 7
Order backlog3 2865 184
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 40
Fresenius Group FY19 amp Cash Flow
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Operating CF1 Capex (net) Free Cash Flow12
eurom FY2019 Margin FY2019 Margin FY2019 Margin
1947 111 -1113 -64 834 47
968 140 -716 -104 252 36
683 74 -477 -52 206 224
-46 -21 -52 -23 -98 -44
CorporateOther -38 na -75 na -113 na
1677 93 -1320 -73 357 20
3514 99 -2433 -69 1081 30
1 Adjusted for IFRS 162 Before acquisitions and dividends3 Incl FMC dividend of euro110 million4 Understated 27 excluding euro45 million of capex commitments from acquisitions
Excl FMC3
41
Fresenius Group 2020 Financial Outlook by Business Segment
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom (except otherwise stated) FY19 Base1 FY20e2
Sales growth (cc) 17477mid to high single digit
-range
Net income growth3 (cc) 1205mid to high single digit
-range
Sales growth (organic) 6919 3 - 6
EBIT growth (cc) 1205 -4 to 0
Sales growth (organic) 9234 3 - 6
EBIT growth (cc) 1025 3 - 7
Sales growth (organic) 2206 4 - 7
EBIT growth (cc) 134 5 - 9
1 Before special items including IFRS 16 effects including NxStage operations2 Before special items3 Net income attributable to shareholders of Fresenius Medical Care AG amp Co KGaA
For a detailed overview of special items please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
42
eurom (except otherwise stated) FY19 Base1 FY202
Sales growth (cc) 35409 4 - 7
Net income3 growth (cc) 1879 1 - 5
Fresenius Group 2020 Financial Guidance
1 Before special items including IFRS 16 effects including NxStage operations 2 Before special items3 Net income attributable to shareholders of Fresenius SEampCoKGaA
For a detailed overview of special items please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 43
FY19 base for Fresenius Group Guidance FY20
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
euromFresenius
GroupFresenius
Medical CareFresenius
Kabi
Sales reported (reported = base for guidance) 35409 17477 6919
Transaction costs Akorn 3
Revaluations of biosimilars contingent purchase price liabilities -32
EBIT (before special items = base Fresenius Kabi guidance) 1205
Net income reported 1883 1200
Transaction costs Akorn 3
Revaluations of biosimilars contingent purchase price liabilities -19
Gain related to divestitures of Care Coordination activities at FMC -15 -49
Transaction costs NxStage 6 18
Expenses associated with cost optimization program at FMC 21 67
Net income (before special items = base Fresenius Group amp FMC guidance) 1879 1236
44
Fresenius Group Financial Results by Business Segment
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 45
20191 20182 2017 Growth3
20192018
Sales euro17592 m euro16026 m euro17784 m 62
EBIT euro2281 m euro2292 m euro2562 m -42
Sales euro6919 m euro6544 m euro6358 m 4
EBIT euro1200 m euro1139 m euro1177 m 3
Sales euro9234 m euro8993 m euro8668 m 3
EBIT euro1015 m euro1052 m euro1052 m -4
Sales euro2206 m euro1688 m euro1228 m 30
EBIT euro131 m euro110 m euro76 m 18
Sales euro35524 m euro33009 m euro33886 m 62
EBIT euro4599 m euro4547 m euro4830 m -22Group
Before special items
1 Adjusted for IFRS 162 On a comparable basis 2018 adjusted for divestitures of Care Coordination activities 3 Growth rates at constant currency and adjusted for IFRS 16
Fresenius Group Margins by Business Segment
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 46
Before special items 2018 adjusted for divestitures of Care Coordination activities 2019 adjusted for IFRS 16
2019 2018 2017
EBITDA margin 178 192 185
EBIT margin 130 143 144
EBITDA margin 217 219 233
EBIT margin 173 174 185
EBITDA margin 148 159 165
EBIT margin 110 117 121
EBITDA margin 78 79 71
EBIT margin 59 65 62
EBITDA margin 174 183 185
EBIT margin 129 138 143Group
Credit Highlights amp Financing Structure
47General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Credit Highlights
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 48
Consistent Cash Generation
Proven Track Record of Deleveraging
Broad Mix of Financing Instruments
Well-Balanced Maturity Profile
Solid Balance Sheet Structure
Solid IG Rating and Strong Access to Capital Markets
120
103
126
114109
120 122116
112120
8
9
10
11
12
13
14
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
48 48 52 5358 55 55 54
6570
2
3
4
5
6
7
8
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
74
56
76
62
52
67 67 66
50 52
4
5
6
7
8
9
10
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Fresenius Group Consistent Cash Generation
Capex gross in of sales
FCF margin (before acquisitions amp dividends)CFFO margin
49General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
2019 including IFRS 16
32x
30x
27x
22x 23x
35x
30x
26x
36x
30x
26x27x
26x
25x
32x
27x
23x
28x
27x
31x 4
20
25
30
35
40
2001 2002 2003 2004 2005 Q106 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
3
2
Hospitals from
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Proven Track Record of Deleveraging
Net DebtEBITDA1
1 At actual FX rates from 2001 to 2010 and at average FX rates from 2011 onwards for both Net Debt and EBITDA before special items pro forma closed acquisitionsdivestitures2 Pro forma excluding advances made for the acquisition of hospitals from Rhoumln-Klinikum AG3 Both net debt and EBITDA including IFRS 16 effect and calculated at expected annual average exchange rates excluding further potential acquisitions4 Including acquisition of NxStage adjusted for IFRS 16 effect
Target 20203 towards thetop end of self-imposed
target corridor of 30 ndash 35x
50
36x
40
35
20
25
30
Equity-neutralconvertible bonds 3
Fresenius Group excl FMC Broad Mix of Financing Instruments
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 51
Total BS Debt
~euro136 bn
1 As of December 31 2019
bull Optimize funding costs and ensure financial flexibility
bull Diversify investor base
bull Strong liquidity provided by sufficient financial cushion (~euro22 billion as of December 31 2019)
Well Positioned to Meet Financing NeedsBonds 40
Lease obligations 14
Syndicated loans 15
Schuldscheinloans 16
Other financial liabilities 5
Commercial paper 7
Average interest ratecost of debt18 pa
Commercial paper 7
Fresenius Group Broad Mix of Financing Instruments
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 52
Total BS Debt
~euro273 bn
1 As of December 31 2019
bull Optimize funding costs and ensure financial flexibility
bull Diversify investor base
bull Strong liquidity provided by sufficient financial cushion (~euro40 billion as of December 31 2019)
Well Positioned to Meet Financing Needs
Average interest ratecost of debt22 pa
Equity-neutralconvertible bonds 3
Syndicated loans 14
Other financial liabilities 6
Bonds 38
Lease liabilities 24
Schuldschein loans 8
Fresenius Group Capitalization1
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 53
Instrument per Book Value in euro million in $ million4 oftotal cap
EBITDA LTM x
Syndicated Credit Agreement Revolver (euro US-$) 0 0 00 Syndicated Credit Agreement Term Loan A (euro US-$) 1976 2220 29 Bonds (euro US-$) 5501 6180 82 Convertible Bonds 465 522 07 Schuldschein Loans 2180 2449 33 Commercial Paper 953 1071 14 Lease Obligations 1876 2107 28 Other debt 675 758 10 Total Debt (FSE excl FMC) gross 13626 15307 203 Cash (excl FMC) 651 731 10 Total debt (FSE excl FMC) net 12975 14576 193 Total FMC debt net 12774 14350 190 Consolidation Adjustments (145) (163) (02)Total consolidated debt net 25604 28764 382 36x Market capitalization2 41470 46587 618 58x
Total capitalization 67074 75351 1000 94x FSE Group EBITDA3 7110
1 As of December 31 20192 Based on market capitalization for FSE and FMC as of December 31 20193 Pro Forma acquisitions before special items4 EURUSD exchange rate as of December 31 2019
Fresenius Group excl FMC Well-Balanced Debt Maturity Profile12
54
1 As of December 31 2019 and based on utilization of major financing instruments2 Excluding lease liabilities3 Pro Forma issuance of FSE EUR 750m bonds in Jan 2020 (average maturity 38)
Maturity 35 years3 on
average
eurom
EUR 750m Jan 2020
500717 700
267
1150
500700 750
500 500
153
903 927
106
304 393
430
421
238
207
84
500
953
0
500
1000
1500
2000
2500
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Bonds Syndicated Loan Schuldschein Loans Equity-neutral convertible bonds Commercial Paper
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
1500
1000
2000
2500
Fresenius Group Well-Balanced Debt Maturity Profile12
1 As of December 31 2019 and based on utilization of major financing instruments2 Excluding lease liabilities3 Pro Forma issuance of FSE EUR 750m bonds in Jan 2020 (average maturity 35)
EUR 750m Jan 2020
2380
13931859
650356 500 600
945
1712
1924
2020
697
2071
500 238
907 750
584
5000
1000
2000
3000
4000
5000
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Fresenius Medical Care Fresenius excl Fresenius Medical Care
5000
4000
3000
2000
1000
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Maturity 33 years3 on
average
eurom
55
23 23 23 19
32 36 33 41
45 41 44 40
Dec 31 16 Dec 31 17 Dec 31 18 Dec 31 19
Equity and non-controlling interest Debt Other liabilities
Fresenius Group Solid Balance Sheet Structure
Healthy Equity and Liability Split
bull Strong equity ratio of gt40 on average
bull Equity ratio kept in narrow range despite rapid growth of Fresenius Group
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 56
467 531 567 670
BS total (eurobn)
Including IFRS 16
Fresenius SE Solid Investment Grade Rating
57
ldquoFSE delivers solid organic growth thanks to positive underlying growth trends in the life-saving and life-sustaining products and therapies that the group offersrdquoSampP Jan 08 2019
ldquoFSErsquos rating remains anchored in investment-grade given its mature and defensive business risk profile its organic deleveraging ability based on free cash flow generation and its record of integrating acquisitions successfully and reducing financial leverage in line with communicated policiesrdquo Fitch April 17 2019
ldquoThe Baa3 long term issuer rating of FSE reflects its strong defensive business profile underpinned by large absolute scale global footprint and segmental diversification within the healthcare market supported by strong position in its four business segmentsrdquo Moodyrsquos May 20 2019
Rating History Rating Agenciesrsquo Key Statements
Following a positive outlook SampP upgraded Fresenius to BBB stable outlook in May 2019
SampP Moodylsquos Fitch
Corporate Credit Rating BBB Baa3 BBB-
Outlook stable stable stable
Current Credit Ratings
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Strong Access to Capital Markets
58
Major Financing Instruments
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Bonds euro250 m euro800 m$105 bn
euro750 m$15 bn
euro500 m euro12 bn$12 bn
$300m euro26 bn euro500 m euro10 bn$500 m
euro175 bn
euro750 m1
euro750 m2
SyndicatedLoans
$35 bn $898 m $385 bn $18 bneuro245 bn
$41 bneuro700 m
$115 bneuro205 bn
euro530 bn$355 bn
euro100 m
SchuldscheinLoans
euro400 m euro125 m euro500 m euro112 m $400 m euro10 bn euro700 m
Convertible Bonds
euro900 m euro500 m
Equity euro10 bn euro400 m
1 January 2020 euro750million 2020-2028 bonds issued by Fresenius SE amp Co KGaA2 March 2020 euro750million 2020-2027 bonds issued by Fresenius SE amp Co KGaA
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Debt and Cash Flow Structure
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 59
1 Incl consolidation adjustments2 Incl Fresenius financing subsidiaries3 Controlling stake4 Incl subsidiaries 5 Based on market capitalization for FMC as of December 31 20196 Via German holding entities (Fresenius Kabi AG and Fresenius ProServe GmbH)
Fresenius Medical Care
Financing
Fresenius SE Financing
Group Net Debt ~euro256 bn1
DividendsRents Service Agreements
~323 100 77 (cross boarder)100
Profit transfer Agreements6
bull Separate financing of Fresenius SE and Fresenius Medical Care
bull No joint financing facilities or mutual guarantees
bull Fresenius Kabi Fresenius Helios and Fresenius Vamed financed primarily through Fresenius SE to avoid structural subordination
bull Subsidiary debt consists mainly of lease liabilities which are on balance acc to IFRS 16 from 2019 onwards
FSE Net Debt2~euro128 bn
incl Net Debt of KabiHeliosVamed
StockMarketValue~euro62 bn5
FSE Net Debt2~euro114 bn
excl Net Debt of KabiHeliosVamed
euro12774 m Net Debt4
Thereof lease liabilities euro4705m
euro951 m Net Debt4
Thereof lease liabilities euro1042m
euro84 m Net Debt4
Thereof lease liabilities euro392m
euro371 m Net Debt4
Thereof lease liabilities euro369m
Fresenius Group Key Credit Figures
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 60
1 Adjusted for IFRS 162 Before special items pro forma acquisitionsdivestitures3 Before special items
20191 2019 2018 2017
Debt (eurom) thereof US$ denominated
2123328
2725834
1898428
1904231
Net debt (eurom) 19579 25604 16275 17406
Net debtEBITDA2
Net debt at year-end exchange rate EBITDA at LTM average FX rates
314 360 273 279
Net debtEBITDA2
at LTM average FX rates for both net debt and EBITDA
314 361 271 284
Operating Cash flowSales 99 120 112 116
EBITDANet Interest3 121 99 106 96
Appendix
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 61
Fresenius Group FY19 Key Financials
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom FY191 IFRS 16effect
specialitems
FY19 reported
Δ YoY cc12
Sales 35524 -115 - 35409 6
EBIT 4599 89 -57 4631 -2
Net interest -510 -204 -5 -719 9
Income taxes -955 30 42 -883 -5
Net income3 1915 -36 4 1883 0
Balance sheet total 61237 5769 - 67006
Operating Cashflow 3514 749 - 4263
1 Before special items adjusted for IFRS 16 effect2 On a comparable basis 2018 adjusted for divestitures of Care Coordination activities at FMC3 Net income attributable to shareholders of Fresenius SE amp Co KGaA
For a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
62
Fresenius Group Cash Flow
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 63
eurom 20191 Margin 2019 Margin 2018 Margin Δ YoY1918
Operating Cash Flow 3514 99 4263 120 3742 112 14
Capex (net) -2433 -69 -2433 -68 -2077 -62 -17
Free Cash Flow(before acquisitions and dividends)
1081 30 1830 52 1665 50 10
Acquisitions (net) -2423 -2423 613 --
Dividends -952 -952 -904 5
Free Cash Flow(after acquisitions and dividends) -2294 -65 -1545 -44 1374 41 --
1 2019 adjusted for IFRS 16
Fresenius Group Calculation of Noncontrolling Interest
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom FY19 FY18
Earnings before tax and noncontrolling interest 4089 3998
Taxes -955 -883
Noncontrolling interest thereof -1219 -1243
Fresenius Medical Care net income not attributable to Fresenius (FY19 ~69)
-897 -928
Noncontrolling interest holders in Fresenius Medical Care -239 -244
Noncontrolling interest holders in Fresenius Kabi (-euro49 m) Fresenius Helios (-euro13 m) Fresenius Vamed (-euro2 m) and due to Fresenius Vamedrsquos 23 external ownership (-euro19 m)
-83 -71
Net income attributable to Fresenius SE amp Co KGaA 1915 1872
64
On a comparable basis Before special items adjusted for IFRS16 effect FY18 adjusted for divestitures of Care Coordination activities at FMC
For a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
002
023 025029
032037
042044
055
062
93 08 09 10 11 12 13 14 15 16 17 18 19
25 2421 20 21 21 22 21 22 23 24
Fresenius SE Earnings-Linked Dividend Policy
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
euro per share
bull Dividend growth aligned to EPS1
growth
bull Pay-out Ratio 20 to 25
Dividend distribution (eurom)
Pay-out Ratio
075
2019 Pay-out Ratio 24 Dividend Policy
122 140 155 196 225 238 300 416114 343 445
080
1 Before special items
468
084
24
Track record
bull 27th consecutive dividend increase
bull CAGR dividend increase +15
65
32x1
Fresenius Medical Care Low Leverage Reflected by Solid Investment Grade Rating
66General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
60 6176
6483
2015 2016 2017 2018 2019
Free Cash Flow in of revenue
SampP Moodylsquos Fitch
Corporate Credit Rating BBB Baa3 BBB-
Outlook stable stable stable
Current Credit Ratings
1 Including IFRS16 effect
29x30x
27x
22x
18x
31x
27x25x
22x
21x
27x25x
25x
31x
26x23x
21x
18x
25x
15
20
25
30
35
40
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
1
Fresenius Medical Care Broad Mix of Financing Instruments
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 67
Total BS Debt
~euro138 m
1 As of December 31 2019
bull Optimize funding costs and ensure financial flexibility
bull Diversify investor base
bull Strong liquidity provided by sufficient financial cushion (~euro18 billion as of December 31 2019)
Well Positioned to Meet Financing Needs
Average interest ratecost of debt25 pa
Equity-neutralconvertible bonds 3
Commercial paper 7
Syndicated loans 14
Other financial liabilities 7
Bonds 36
Lease obligations 33
Fresenius Medical Care Well-Balanced Debt Maturity Profile12
68
eurom
Maturity 30 years on
average
1 As of December 31 2019 and based on utilization of major financing instruments2 Excluding lease liabilities
445
878623 650
356500 600
945
535
135
1236400
1000
380
0
500
1000
1500
2000
2500
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
Bonds Syndicated Loan Equity-neutral convertible bonds Commercial Paper AR Facility
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
2500
2000
1500
1000
Fresenius SE Overview Bonds
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 69
Issuer Volume(in millions)
Coupon type
Coupon (in )
MaturityTerm
ISIN (RegS)
WKN
Fresenius SE amp Co KGaAeuro500 Fix 2875 20132020 XS0873432511 A1HEWZ
Fresenius SE amp Co KGaAeuro450 Fix 300 20142021 XS1013955379 A1ZB7H
Fresenius SE amp Co KGaAeuro450 Fix 400 20142024 XS1026109204 A1ZC60
Fresenius SE amp Co KGaAeuro 500 Fix 1875 20192025 XS1936208252 A2NBMS
Fresenius SE amp Co KGaAeuro 750 Fix 1625 20202027 XS2152329053 A254TA
Fresenius SE amp Co KGaAeuro 750 Fix 075 20202028 XS2101357072 A254QN
Fresenius SE amp Co KGaAeuro 500 Fix 2875 20192029 XS1936208419 A2NBMT
Fresenius Finance Ireland plceuro700 Fix 0875 20172022 XS1554373164 A19B3F
Fresenius Finance Ireland plceuro700 Fix 150 20172024 XS1554373248 A19B3G
Fresenius Finance Ireland plceuro700 Fix 2125 20172027 XS1554373677 A19B3H
Fresenius Finance Ireland plceuro500 Fix 300 20172032 XS1554373834 A19B3J
Fresenius US Finance II IncUS$300 Fix 425 20142021 USU31436AG04 A1ZDVJ
Fresenius US Finance II IncUS$300 Fix 450 20152023 USU31436AH86 A1Z64A
As of April 8 2020
Fresenius Medical Care Overview Bonds
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 70
Issuer Volume(in millions)
Coupon type
Coupon (in )
MaturityTerm
ISIN (RegS)
WKN
FMC Finance VII SA euro300 Fix 525 20112021 XS0576395478 A1GLY6
Fresenius Medical Care US Finance Inc US$650 Fix 575 20112021 USU31433AA03 A1GL0J
Fresenius Medical Care US Finance II Inc US$500 Fix 4125 20142020 US35802XAH61 A1ZRTL
Fresenius Medical Care US Finance II Inc US$700 Fix 5875 20122022 USU31434AC42 A1GZRF
Fresenius Medical Care US Finance II Inc US$400 Fix 475 20142024 US35802XAJ28 A1ZRTN
Fresenius Medical Care US Finance III Inc US$500 Fix 375 20192029 USU3149FAA76 A2R3YR
Fresenius Medical Care AG amp Co KGaA euro650 Fix 0250 20192023 XS2084510069 A255DU
Fresenius Medical Care AG amp Co KGaA euro500 Fix 150 20182025 XS1854532949 A2NBE6
Fresenius Medical Care AG amp Co KGaA euro600 Fix 0625 20192026 XS2084497705 A255DV
Fresenius Medical Care AG amp Co KGaA euro500 Fix 1250 20192029 XS2084488209 A255DW
As of December 31 2019
Financial Calendar Contact
Financial Calendar 06 May 2020 Results Q120
30 July 2020 Results Q220
29 October 2020 Results Q320Please note that these dates could be subject to change
Annual General Meeting Due to the coronavirus pandemic the AGM scheduled for 20 May 2020 has been postponed A new date within the current financial year will be set as soon as the conditions for reliable planning and safe execution of the AGM are once again in place
Contact
Investor Relations amp SustainabilityFresenius SE amp Co KGaAphone +49 6172 608-2485e-mail ir-frefreseniuscomFor further information and current news wwwfreseniuscom
Follow us on Twitter wwwtwittercomfresenius_irand LinkedIn wwwlinkedincomcompanyfresenius-investor-relations
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 71
Fresenius Medical Care Global Dialysis Market Leader
bull The worldrsquos leading provider of dialysis products and services treating ~ 345000 patients1
in ~ 4000 clinics1
bull Provide highest standard of product quality and patient care
bull Expansion in Care Coordination and global dialysis service opportunities enter new geographies
Global Dialysis Market 2019 bull ~euro80 bnbull ~6 patient growth pa
Growth Drivers bull Aging population increasing incidence of diabetes
and high blood pressure treatment quality improvements
International30
Sales 2019euro176 bn2 North America
70
Dialysis products
Dialysis services
Complete therapy offerings
1 As of December 31 20192 Adjusted for IFRS 16
Market Dynamics
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 8
Fresenius Kabi A Leading Global Hospital Supplier
bull Comprehensive product portfolio for critically and chronically ill patients
bull Strong Emerging Markets presencebull Leading market positions
bull Focus on organic growth through geographic product rollouts and new product launches
bull Development of biosimilars with a focus on oncology and autoimmune diseases
Global Addressable Market 2019 bull ~euro97 bnGrowth Drivers bull Patent expirations rising demand for health care
services higher health care spending in Emerging Markets
Market Dynamics
Emerging Markets32
Sales 2019euro69 bn North America 35
Europe 33
Generic IV Drugs
Clinical Nutrition
Infusion Therapy
Medical Devices Transfusion Technology
Biosimilars
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 9
bull Market leader in size and quality with excellent growth prospects
bull ~51 share in German acute care hospital ~121 share in Spanish private hospital market
bull Quality is key defined quality targets publication of medical treatment results peer review processes
bull Broad revenue base with public and privately insured patients PPPs self-pay and Occupational Risk Prevention
bull Development of new business models to foster digitalization and profit from trend towards outpatient treatments
Fresenius Helios Europersquos Largest Private Hospital Operator
Hospital Market Size bull ~euro102 bn2 German Acute Care Hospital Marketbull ~euro15 bn2 Spanish Private Hospital Market Growth Drivers bull Aging population greenfield projects in Spain
potential market consolidation in Germany and Spain
Acute Care
Occupational Risk Prevention
Outpatient
1 Based on sales2 Market data based on company research Market definition does neither include
Public Private Partnerships (PPP) nor Occupational Risk Prevention centers (ORP)3 German Federal Statistical Office 2018 total costs gross of the German hospitals
less academic research and teaching
Market Dynamics
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Spain and Latin America36
Sales 2019euro92 bn Germany
64
10
bull Manages hospital constructionexpansion projects and provides services for health care facilities worldwide
bull Offers project development planning turnkey construction maintenance as well as technical management and total operational management
bull Strong track record More than 900 projects in over 90 countries completed
bull Leading European post-acute care provider operating in five European countries
Fresenius Vamed Leading Global Hospital Projects and Services Specialist
Market Dynamics
Growth Drivers bull Emerging Market demand for building and
developing hospital infrastructurebull Outsourcing of non-medical services from public to
private operators
Emerging Markets17
Sales 2019euro22 bn Europe 83
Projects
Services
Post-acute care
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 11
65
6
16 16
acute15 acute16 acute17 acute18 acute19
Fresenius Group Strong Track Record of Organic Sales Growth in All Business Segments
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Business Segments
5CAGR
6 6 6
45
acute15 acute16 acute17 acute18 acute19
67 7
45
acute15 acute16 acute17 acute18 acute19
8
5
7 7
4
acute15 acute16 acute17 acute18 acute19
34 4
3
5
acute15 acute16 acute17 acute18 acute19
12
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Global Trends offer Growth Opportunities for Fresenius
+63pa
by 2050
16
Growth in emergingmarketsover the next decade2
In 2019 9 of the worldpopulation is gt age 651
Growing healthcare sectorAging Population
100bnpa
while the European healthcare system saves6293bn
pa
Generic drugs save theUS healthcare system5
Significant savings for healthcare systems
+484x
Growth of adults withdiabetes worldwide2017ndash20454
GDP per capita quadrupledover last 20 years in emerging markets anddeveloping economies3
Chronically ill patientsIncreasing national income
Sources 1 UN 2019 Revision of World Population Prospects (2019) 2 UBS Longer Term Investments EM healthcare (2018) 3 IMF (2019) 4 IDF Diabetes Atlas (2017) 5 AAM report (2019) 6 UBS Longer Term Investments Generics (2018)
13
Worldwide growing dialysis market
Growing Markets with High Entry Barriers
Attractive marketsMarketing of existingvalue chain
Standardizing medical procedures
Attractive Product Pipeline
Marketconsolidation
Strengthening and extension of value chain
Home dialysis strategy
Entry into attractive biosimilars business
SynergiesDevelopment of post-acute care business
Innovating products
Strong Emerging Markets Presence
Greenfield investments in Spain
Expansion of geographic presence
Further Internationalization
Fresenius Group Growth Areas
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 14
Fresenius Group Medium-term Growth Targets 2020 ndash 2023 (CAGRs)
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 15
1 Net income attributable to shareholders of Fresenius SEampCoKGaA
Before special items
Organic sales growth
4 ndash 7 (plus ~1 small to mid-size acquisitions)
Organic net income1 growth
5 ndash 9(plus ~1 small to mid-size acquisitions)
confirmed
confirmed
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
The Fresenius Strategy
Drive Internation-
alization
Employees
Improveprofitability
Innovation
Quality
Better medicine and
health care services for ever more people
Hospital projects amp services
Hospital supplies ampservices
Dialysisproducts ampservices
Hospital operations
Forward thinking healthcare to improve the lives of patients
16
Our ESG Priorities Patients Employees and Compliance
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Caring for human rights
Protecting nature as the basis of life
Being an attractive employer
Doing the right thingServing the well-beingof the patient
Quality of medical outcomes and patient satisfaction
Quality and safety of products
Data protection
Code of Conduct
Compliance Organization
Compliance Management Systems (Prevent Detect Respond)
Personnel structure and diversity
Attract talent retain and develop employees
Employee engagement and participation
Occupational health and safety
Water
Energy
GHG emissions
Waste
Wastewater
No exploitative nor illegal child or forced labor
Working conditions
Non-discrimination
Data protection
17
ESG Rating Overview Continuous Improvement through Reporting and Engagement
Current Score CDP Climate CCDP Water C Prime C BB 39100
DJSI Europe 55100
Sector Average CDP Climate B- C- BBB - A 28 100 47 ndash 63 100
Previous Score CDP Climate D-CDP Water D- Prime C BB 33100 48 100
Next steps bull Improve management-level responsibility over ESG-related issues ie implement further emissions reduction and efficiency projects and related targets
bull Intensify dialogue with rating agencies
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 18
SustainabilityESG Decisive Steps for 2020
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Our Priorities
bull ldquoBetter medicine for more peoplerdquo
bull Patients Quality of products and services
bull People Being an attractive employer
bull Compliance Doing the right thing
Sustainability Governance
bull CEO sponsors Group sustainability efforts
bull New Group Sustainability Board in 2020
bull Strategy and KPI alignment program started in 2019 will continue in 2020
Remuneration
bull Remuneration proposal planned for AGM 2021
bull Based on new German legal framework and German Corporate Governance Code
bull Will include ESG performance indicators
19
Investments in own business
Strategic acquisitions
Dividends
Share buy backs
Fresenius Group Capital Deployment Focuses on SustainableValue Creation
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Leverageratio
30-351
1 Including IFRS 16
20
Review FY19
21General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group
bull Delivered on all targets - 16th consecutive record year
bull 27th consecutive dividend increase proposed
bull Fresenius Kabi expected to show healthy top-line growth whilst softness in North America weighs on EBIT in FY20
bull Fresenius Helios anticipated to show ongoing stabilization in Germany and continued strong growth in Spain in FY20
bull Fresenius Medical Care expected to show strong growth in FY20
bull Too early to quantify the financial impact of Covid-19
bull Fresenius Group back on growth trajectory in FY20
bull Medium-term growth targets confirmed
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 22
Fresenius Kabi Volume Headwinds Partially Offset by New Product Launches in North America
bull Ongoing volume headwinds anticipatedminus Intensified competitionminus Shortage tailwind essentially overminus Opioid market not expected to
recoverbull Pricing expected to be in-line with
historical trends however trending more towards mid-single digit price declines in base product portfolio
bull 15+ product launches expected in 2020 targeting an originator market of ~US$13 bn
bull Excellent pipeline gt50 files pending with the FDA
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 23
Current Portfolio 2023 Portfolio
IV drugs
Pre-filled syringes
IV solutions
Parenteral nutrition
Infusion pumps
Biosimilars
Compounding
Specialty Rx
Fresenius Kabi Rigorous Pursuit to Further Broaden and Diversify Portfolio in North America
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 24
GPOsHospitals ClinicsPhysician Offices Retail PharmacyHome Care
Strong medium light none
0
500
1000
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 20190
01
02
03
Fresenius Kabi Continued Positive Momentum in Emerging Markets
bull Strong organic sales growth expected
bull Continued positive momentum in LatinAmerica anticipated
bull Regulatory changes in China expected toweigh on EBIT development
bull Too early to quantify the financial impact ofCovid-19
Significant sales and volume growth in China over last decade
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 25
Sales (cc) Volume growth Sales growth (cc)
in euro million
CAGR ~10
100030
20
10
0 0
500
US
Progress of portfolio
bull Three more molecules in portfolio
bull Expect to start with clinical studies forthose molecules in 2021
Fresenius Kabi Biosimilar Update
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 26
Launch schedule
Europe
Pegfilgrastim
Adalimumab
Tocilizumab
2023
2019
2021
2021
2023
2023
Business plan
bull Total investment ceiling euro14 bn untilEBITDA break-even in 2023
bull High triple-digit euro million sales in 2024
Fresenius Kabi Launch of Idacio in Europe Progresses According to Plan
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 27
Launched
Approved
Submitted
Fresenius Kabi Divisionalization of Transfusion Medicine and Cell Therapies Business Fuels Growth
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 28
bull Business remains important part of Fresenius Kabi
bull Dynamic growth in FY19 and good growth prospects
bull Inauguration of new production building in Haina Dominican Republic to fuel growth of disposable products
bull New joint venture to advance new cell and gene therapies
Fresenius Helios Germany to Show Ongoing Stabilization in FY20
Mitigation of regulatory headwindsbull Chief doctor vacancies at record lowbull Appropriate level of nursing staff bull Optimization of processes and workflowsbull Cost optimization measures
Very positive reimbursement environmentbull 2020 DRG inflator set at 366
Investments in future growth fieldsbull Clustering strategy progressesbull Preventionbull Occupational medicinebull Telemedicine platform
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 29
Ramp-up of outpatient businessbull Outpatient surgery centersbull Specialization of medical centers
Excellent growth in Spainbull Opening of first proton therapy center in
Spain (first patient treated in December rsquo19)
bull Opening of Quironsalud Madrid university hospital expansion in Pozuelo
bull Private hospitals expected to show dynamic organic growth driven by admissions
bull Continued positive momentum for ORPs
Fresenius Helios Spain to Plow Ahead in FY20
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 30
Expansion in Latin America proceedsbull Five successful acquisitions in Colombia
contribute nicely in FY20minus Clinica Las Vegas Clinica del Prado
and CediMed in Medellin(1)
minus Centro Medico Imbanaco in Cali(2)
minus Clinica de la Mujer in Bogota(3)
bull Total expected sales contribution of approx euro180m equiv in FY20
bull Attractive risk-adjusted ROIs expected
Notes (1) All transactions closed in 2019 (2) Closing expected at the end of Q12020 (3) Closing expected in Q22020 subject to anti-trust clearance
Financial Review FY19
31General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Sales
+6FY19 euro33524 m
Net Income
+0FY19 euro1915 m
EBIT
-2FY19 euro4599 m
Fresenius Group FY19 Profit and Loss Statement
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
All growth rates in constant currency (cc)Before special items adjusted for IFRS 16 effectOn a comparable basis FY18 adjusted for divestitures of Care Coordination activities at FMC before special itemsNet income attributable to shareholders of Fresenius SE amp Co KGaA
Net Interest
-euro510 mFY18 -euro549 m
Income Tax Rate
234FY18 221
32
1 On a comparable basis Q418 adjusted for divestitures of Care Coordination activities at FMC Q419 adjusted for IFRS 16 effect
All figures before special itemsFor a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
Fresenius Group Q419 Business Segment Growth
Organic sales growth1
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
EBIT growth (cc)1
+5
+4
+4
+4
0
-1
5
+7
+4 0
33
Fresenius Kabi Organic Sales Growth by Product Segment
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom Q419Δ YoY
organic FY19Δ YoY
organic
IV Drugs 737 -1 2939 -1
Infusion Therapy 213 2 834 3
Clinical Nutrition 482 8 1898 9
Medical DevicesTransfusion Technology
334 10 1248 11
Total sales 1766 4 6919 4
34
Fresenius Kabi Organic Sales Growth by Regions
eurom Q419Δ YoY
organic FY19Δ YoY
organic
North America 609 -1 2424 -2
Europe 604 2 2313 2
Emerging Markets 553 12 2182 14
Total sales 1766 4 6919 4
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 35
Fresenius Kabi Q4 amp FY19 EBIT Growth
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom Q419 Δ YoY cc FY19 Δ YoY cc
North AmericaMargin
204335
-8-260 bps
907374
-3-50 bps
EuropeMargin
87144
-10-200 bps
328142
-7-160 bps
Emerging MarketsMargin
124224
7-90 bps
476218
19130 bps
Corporate and Corporate RampD -132 11 -511 2
Total EBITMargin
283160
-1-90 bps
1200173
3-10 bps
On a comparable basis before special items and adjusted for IFRS 16 effects
Margin growth at actual ratesFor a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
36
Fresenius Kabi Expected Organic Sales Growth 2020
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Broadly stable
bull Ongoing volume headwinds anticipated
bull Pricing expected to trend more towards mid-single digit price declines in base product portfolio
North America
Mid-single-digit growth
bull Growth driven by first biosimilar in the market (IDACIO)
bull Continued strong growth of clinical nutrition business expected
Europe
High single-digit growth
bull China Healthy volume growth anticipated regulatory headwinds weigh on business
bull Latin America Continued healthy growth expected
Emerging Markets
37
Fresenius Helios Q4 amp FY19 Key Financials
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom Q419 Δ YoY FY19 Δ YoY
Total sales 2344 41 9234 51
Thereof Helios Germany 1475 31 5940 31
Thereof Helios Spain 867 71 3292 71
Total EBIT3
Margin292
1255
10 bps1015110
-4-32
-70 bps
Thereof Helios GermanyMargin
14397
420 bps
57697
-8-62
-80 bps
Thereof Helios SpainMargin
134155
6-50 bps
434132
5-50 bps
Thereof Corporate 15 -- 5 --
1 Organic growth2 Adjusted for the post-acute care business transferred to Fresenius Vamed as of July 1 20183 Adjusted for IFRS 16 effectFor a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
38
Fresenius Helios Key Measures
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
FY19 FY18 Δ
No of hospitals Germany- Acute care hospitals
8683
8683
00
No of hospitals Spain(Hospitals)
51 47 9
No of beds Germany- Acute care hospitals
28907 28380
2932928802
-1-1
No of beds Spain(Hospitals)
7288 7019 4
Admissions Germany (acute care) 1206654 1218199
Admissions Spain (including outpatients) 15396051 13318066
39
Fresenius Vamed
1 Without German post-acute care business acquired from Fresenius Helios as of July 1 2018
2 Adjusted for IFRS 16 effect 3 Project business only4 Versus December 31 2018
bull Both business segments contributed to the organic sales growth of 4 in Q419
bull Stable service business is gaining weight (FY19 63 of sales FY09 32)
bull Geographically well-diversified order backlog is excellent foundation for future growth
eurom Q419 Δ YoY FY19 Δ YoY
Total salesThereof organic sales
737 64
2206 31161
Service business 374 11 1399 43251
Project business 363 1 807 13
Total EBIT2 66 8 131 1961
Order intake3 576 -13 1314 7
Order backlog3 2865 184
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 40
Fresenius Group FY19 amp Cash Flow
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Operating CF1 Capex (net) Free Cash Flow12
eurom FY2019 Margin FY2019 Margin FY2019 Margin
1947 111 -1113 -64 834 47
968 140 -716 -104 252 36
683 74 -477 -52 206 224
-46 -21 -52 -23 -98 -44
CorporateOther -38 na -75 na -113 na
1677 93 -1320 -73 357 20
3514 99 -2433 -69 1081 30
1 Adjusted for IFRS 162 Before acquisitions and dividends3 Incl FMC dividend of euro110 million4 Understated 27 excluding euro45 million of capex commitments from acquisitions
Excl FMC3
41
Fresenius Group 2020 Financial Outlook by Business Segment
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom (except otherwise stated) FY19 Base1 FY20e2
Sales growth (cc) 17477mid to high single digit
-range
Net income growth3 (cc) 1205mid to high single digit
-range
Sales growth (organic) 6919 3 - 6
EBIT growth (cc) 1205 -4 to 0
Sales growth (organic) 9234 3 - 6
EBIT growth (cc) 1025 3 - 7
Sales growth (organic) 2206 4 - 7
EBIT growth (cc) 134 5 - 9
1 Before special items including IFRS 16 effects including NxStage operations2 Before special items3 Net income attributable to shareholders of Fresenius Medical Care AG amp Co KGaA
For a detailed overview of special items please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
42
eurom (except otherwise stated) FY19 Base1 FY202
Sales growth (cc) 35409 4 - 7
Net income3 growth (cc) 1879 1 - 5
Fresenius Group 2020 Financial Guidance
1 Before special items including IFRS 16 effects including NxStage operations 2 Before special items3 Net income attributable to shareholders of Fresenius SEampCoKGaA
For a detailed overview of special items please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 43
FY19 base for Fresenius Group Guidance FY20
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
euromFresenius
GroupFresenius
Medical CareFresenius
Kabi
Sales reported (reported = base for guidance) 35409 17477 6919
Transaction costs Akorn 3
Revaluations of biosimilars contingent purchase price liabilities -32
EBIT (before special items = base Fresenius Kabi guidance) 1205
Net income reported 1883 1200
Transaction costs Akorn 3
Revaluations of biosimilars contingent purchase price liabilities -19
Gain related to divestitures of Care Coordination activities at FMC -15 -49
Transaction costs NxStage 6 18
Expenses associated with cost optimization program at FMC 21 67
Net income (before special items = base Fresenius Group amp FMC guidance) 1879 1236
44
Fresenius Group Financial Results by Business Segment
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 45
20191 20182 2017 Growth3
20192018
Sales euro17592 m euro16026 m euro17784 m 62
EBIT euro2281 m euro2292 m euro2562 m -42
Sales euro6919 m euro6544 m euro6358 m 4
EBIT euro1200 m euro1139 m euro1177 m 3
Sales euro9234 m euro8993 m euro8668 m 3
EBIT euro1015 m euro1052 m euro1052 m -4
Sales euro2206 m euro1688 m euro1228 m 30
EBIT euro131 m euro110 m euro76 m 18
Sales euro35524 m euro33009 m euro33886 m 62
EBIT euro4599 m euro4547 m euro4830 m -22Group
Before special items
1 Adjusted for IFRS 162 On a comparable basis 2018 adjusted for divestitures of Care Coordination activities 3 Growth rates at constant currency and adjusted for IFRS 16
Fresenius Group Margins by Business Segment
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 46
Before special items 2018 adjusted for divestitures of Care Coordination activities 2019 adjusted for IFRS 16
2019 2018 2017
EBITDA margin 178 192 185
EBIT margin 130 143 144
EBITDA margin 217 219 233
EBIT margin 173 174 185
EBITDA margin 148 159 165
EBIT margin 110 117 121
EBITDA margin 78 79 71
EBIT margin 59 65 62
EBITDA margin 174 183 185
EBIT margin 129 138 143Group
Credit Highlights amp Financing Structure
47General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Credit Highlights
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 48
Consistent Cash Generation
Proven Track Record of Deleveraging
Broad Mix of Financing Instruments
Well-Balanced Maturity Profile
Solid Balance Sheet Structure
Solid IG Rating and Strong Access to Capital Markets
120
103
126
114109
120 122116
112120
8
9
10
11
12
13
14
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
48 48 52 5358 55 55 54
6570
2
3
4
5
6
7
8
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
74
56
76
62
52
67 67 66
50 52
4
5
6
7
8
9
10
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Fresenius Group Consistent Cash Generation
Capex gross in of sales
FCF margin (before acquisitions amp dividends)CFFO margin
49General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
2019 including IFRS 16
32x
30x
27x
22x 23x
35x
30x
26x
36x
30x
26x27x
26x
25x
32x
27x
23x
28x
27x
31x 4
20
25
30
35
40
2001 2002 2003 2004 2005 Q106 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
3
2
Hospitals from
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Proven Track Record of Deleveraging
Net DebtEBITDA1
1 At actual FX rates from 2001 to 2010 and at average FX rates from 2011 onwards for both Net Debt and EBITDA before special items pro forma closed acquisitionsdivestitures2 Pro forma excluding advances made for the acquisition of hospitals from Rhoumln-Klinikum AG3 Both net debt and EBITDA including IFRS 16 effect and calculated at expected annual average exchange rates excluding further potential acquisitions4 Including acquisition of NxStage adjusted for IFRS 16 effect
Target 20203 towards thetop end of self-imposed
target corridor of 30 ndash 35x
50
36x
40
35
20
25
30
Equity-neutralconvertible bonds 3
Fresenius Group excl FMC Broad Mix of Financing Instruments
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 51
Total BS Debt
~euro136 bn
1 As of December 31 2019
bull Optimize funding costs and ensure financial flexibility
bull Diversify investor base
bull Strong liquidity provided by sufficient financial cushion (~euro22 billion as of December 31 2019)
Well Positioned to Meet Financing NeedsBonds 40
Lease obligations 14
Syndicated loans 15
Schuldscheinloans 16
Other financial liabilities 5
Commercial paper 7
Average interest ratecost of debt18 pa
Commercial paper 7
Fresenius Group Broad Mix of Financing Instruments
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 52
Total BS Debt
~euro273 bn
1 As of December 31 2019
bull Optimize funding costs and ensure financial flexibility
bull Diversify investor base
bull Strong liquidity provided by sufficient financial cushion (~euro40 billion as of December 31 2019)
Well Positioned to Meet Financing Needs
Average interest ratecost of debt22 pa
Equity-neutralconvertible bonds 3
Syndicated loans 14
Other financial liabilities 6
Bonds 38
Lease liabilities 24
Schuldschein loans 8
Fresenius Group Capitalization1
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 53
Instrument per Book Value in euro million in $ million4 oftotal cap
EBITDA LTM x
Syndicated Credit Agreement Revolver (euro US-$) 0 0 00 Syndicated Credit Agreement Term Loan A (euro US-$) 1976 2220 29 Bonds (euro US-$) 5501 6180 82 Convertible Bonds 465 522 07 Schuldschein Loans 2180 2449 33 Commercial Paper 953 1071 14 Lease Obligations 1876 2107 28 Other debt 675 758 10 Total Debt (FSE excl FMC) gross 13626 15307 203 Cash (excl FMC) 651 731 10 Total debt (FSE excl FMC) net 12975 14576 193 Total FMC debt net 12774 14350 190 Consolidation Adjustments (145) (163) (02)Total consolidated debt net 25604 28764 382 36x Market capitalization2 41470 46587 618 58x
Total capitalization 67074 75351 1000 94x FSE Group EBITDA3 7110
1 As of December 31 20192 Based on market capitalization for FSE and FMC as of December 31 20193 Pro Forma acquisitions before special items4 EURUSD exchange rate as of December 31 2019
Fresenius Group excl FMC Well-Balanced Debt Maturity Profile12
54
1 As of December 31 2019 and based on utilization of major financing instruments2 Excluding lease liabilities3 Pro Forma issuance of FSE EUR 750m bonds in Jan 2020 (average maturity 38)
Maturity 35 years3 on
average
eurom
EUR 750m Jan 2020
500717 700
267
1150
500700 750
500 500
153
903 927
106
304 393
430
421
238
207
84
500
953
0
500
1000
1500
2000
2500
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Bonds Syndicated Loan Schuldschein Loans Equity-neutral convertible bonds Commercial Paper
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
1500
1000
2000
2500
Fresenius Group Well-Balanced Debt Maturity Profile12
1 As of December 31 2019 and based on utilization of major financing instruments2 Excluding lease liabilities3 Pro Forma issuance of FSE EUR 750m bonds in Jan 2020 (average maturity 35)
EUR 750m Jan 2020
2380
13931859
650356 500 600
945
1712
1924
2020
697
2071
500 238
907 750
584
5000
1000
2000
3000
4000
5000
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Fresenius Medical Care Fresenius excl Fresenius Medical Care
5000
4000
3000
2000
1000
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Maturity 33 years3 on
average
eurom
55
23 23 23 19
32 36 33 41
45 41 44 40
Dec 31 16 Dec 31 17 Dec 31 18 Dec 31 19
Equity and non-controlling interest Debt Other liabilities
Fresenius Group Solid Balance Sheet Structure
Healthy Equity and Liability Split
bull Strong equity ratio of gt40 on average
bull Equity ratio kept in narrow range despite rapid growth of Fresenius Group
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 56
467 531 567 670
BS total (eurobn)
Including IFRS 16
Fresenius SE Solid Investment Grade Rating
57
ldquoFSE delivers solid organic growth thanks to positive underlying growth trends in the life-saving and life-sustaining products and therapies that the group offersrdquoSampP Jan 08 2019
ldquoFSErsquos rating remains anchored in investment-grade given its mature and defensive business risk profile its organic deleveraging ability based on free cash flow generation and its record of integrating acquisitions successfully and reducing financial leverage in line with communicated policiesrdquo Fitch April 17 2019
ldquoThe Baa3 long term issuer rating of FSE reflects its strong defensive business profile underpinned by large absolute scale global footprint and segmental diversification within the healthcare market supported by strong position in its four business segmentsrdquo Moodyrsquos May 20 2019
Rating History Rating Agenciesrsquo Key Statements
Following a positive outlook SampP upgraded Fresenius to BBB stable outlook in May 2019
SampP Moodylsquos Fitch
Corporate Credit Rating BBB Baa3 BBB-
Outlook stable stable stable
Current Credit Ratings
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Strong Access to Capital Markets
58
Major Financing Instruments
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Bonds euro250 m euro800 m$105 bn
euro750 m$15 bn
euro500 m euro12 bn$12 bn
$300m euro26 bn euro500 m euro10 bn$500 m
euro175 bn
euro750 m1
euro750 m2
SyndicatedLoans
$35 bn $898 m $385 bn $18 bneuro245 bn
$41 bneuro700 m
$115 bneuro205 bn
euro530 bn$355 bn
euro100 m
SchuldscheinLoans
euro400 m euro125 m euro500 m euro112 m $400 m euro10 bn euro700 m
Convertible Bonds
euro900 m euro500 m
Equity euro10 bn euro400 m
1 January 2020 euro750million 2020-2028 bonds issued by Fresenius SE amp Co KGaA2 March 2020 euro750million 2020-2027 bonds issued by Fresenius SE amp Co KGaA
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Debt and Cash Flow Structure
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 59
1 Incl consolidation adjustments2 Incl Fresenius financing subsidiaries3 Controlling stake4 Incl subsidiaries 5 Based on market capitalization for FMC as of December 31 20196 Via German holding entities (Fresenius Kabi AG and Fresenius ProServe GmbH)
Fresenius Medical Care
Financing
Fresenius SE Financing
Group Net Debt ~euro256 bn1
DividendsRents Service Agreements
~323 100 77 (cross boarder)100
Profit transfer Agreements6
bull Separate financing of Fresenius SE and Fresenius Medical Care
bull No joint financing facilities or mutual guarantees
bull Fresenius Kabi Fresenius Helios and Fresenius Vamed financed primarily through Fresenius SE to avoid structural subordination
bull Subsidiary debt consists mainly of lease liabilities which are on balance acc to IFRS 16 from 2019 onwards
FSE Net Debt2~euro128 bn
incl Net Debt of KabiHeliosVamed
StockMarketValue~euro62 bn5
FSE Net Debt2~euro114 bn
excl Net Debt of KabiHeliosVamed
euro12774 m Net Debt4
Thereof lease liabilities euro4705m
euro951 m Net Debt4
Thereof lease liabilities euro1042m
euro84 m Net Debt4
Thereof lease liabilities euro392m
euro371 m Net Debt4
Thereof lease liabilities euro369m
Fresenius Group Key Credit Figures
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 60
1 Adjusted for IFRS 162 Before special items pro forma acquisitionsdivestitures3 Before special items
20191 2019 2018 2017
Debt (eurom) thereof US$ denominated
2123328
2725834
1898428
1904231
Net debt (eurom) 19579 25604 16275 17406
Net debtEBITDA2
Net debt at year-end exchange rate EBITDA at LTM average FX rates
314 360 273 279
Net debtEBITDA2
at LTM average FX rates for both net debt and EBITDA
314 361 271 284
Operating Cash flowSales 99 120 112 116
EBITDANet Interest3 121 99 106 96
Appendix
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 61
Fresenius Group FY19 Key Financials
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom FY191 IFRS 16effect
specialitems
FY19 reported
Δ YoY cc12
Sales 35524 -115 - 35409 6
EBIT 4599 89 -57 4631 -2
Net interest -510 -204 -5 -719 9
Income taxes -955 30 42 -883 -5
Net income3 1915 -36 4 1883 0
Balance sheet total 61237 5769 - 67006
Operating Cashflow 3514 749 - 4263
1 Before special items adjusted for IFRS 16 effect2 On a comparable basis 2018 adjusted for divestitures of Care Coordination activities at FMC3 Net income attributable to shareholders of Fresenius SE amp Co KGaA
For a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
62
Fresenius Group Cash Flow
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 63
eurom 20191 Margin 2019 Margin 2018 Margin Δ YoY1918
Operating Cash Flow 3514 99 4263 120 3742 112 14
Capex (net) -2433 -69 -2433 -68 -2077 -62 -17
Free Cash Flow(before acquisitions and dividends)
1081 30 1830 52 1665 50 10
Acquisitions (net) -2423 -2423 613 --
Dividends -952 -952 -904 5
Free Cash Flow(after acquisitions and dividends) -2294 -65 -1545 -44 1374 41 --
1 2019 adjusted for IFRS 16
Fresenius Group Calculation of Noncontrolling Interest
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom FY19 FY18
Earnings before tax and noncontrolling interest 4089 3998
Taxes -955 -883
Noncontrolling interest thereof -1219 -1243
Fresenius Medical Care net income not attributable to Fresenius (FY19 ~69)
-897 -928
Noncontrolling interest holders in Fresenius Medical Care -239 -244
Noncontrolling interest holders in Fresenius Kabi (-euro49 m) Fresenius Helios (-euro13 m) Fresenius Vamed (-euro2 m) and due to Fresenius Vamedrsquos 23 external ownership (-euro19 m)
-83 -71
Net income attributable to Fresenius SE amp Co KGaA 1915 1872
64
On a comparable basis Before special items adjusted for IFRS16 effect FY18 adjusted for divestitures of Care Coordination activities at FMC
For a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
002
023 025029
032037
042044
055
062
93 08 09 10 11 12 13 14 15 16 17 18 19
25 2421 20 21 21 22 21 22 23 24
Fresenius SE Earnings-Linked Dividend Policy
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
euro per share
bull Dividend growth aligned to EPS1
growth
bull Pay-out Ratio 20 to 25
Dividend distribution (eurom)
Pay-out Ratio
075
2019 Pay-out Ratio 24 Dividend Policy
122 140 155 196 225 238 300 416114 343 445
080
1 Before special items
468
084
24
Track record
bull 27th consecutive dividend increase
bull CAGR dividend increase +15
65
32x1
Fresenius Medical Care Low Leverage Reflected by Solid Investment Grade Rating
66General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
60 6176
6483
2015 2016 2017 2018 2019
Free Cash Flow in of revenue
SampP Moodylsquos Fitch
Corporate Credit Rating BBB Baa3 BBB-
Outlook stable stable stable
Current Credit Ratings
1 Including IFRS16 effect
29x30x
27x
22x
18x
31x
27x25x
22x
21x
27x25x
25x
31x
26x23x
21x
18x
25x
15
20
25
30
35
40
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
1
Fresenius Medical Care Broad Mix of Financing Instruments
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 67
Total BS Debt
~euro138 m
1 As of December 31 2019
bull Optimize funding costs and ensure financial flexibility
bull Diversify investor base
bull Strong liquidity provided by sufficient financial cushion (~euro18 billion as of December 31 2019)
Well Positioned to Meet Financing Needs
Average interest ratecost of debt25 pa
Equity-neutralconvertible bonds 3
Commercial paper 7
Syndicated loans 14
Other financial liabilities 7
Bonds 36
Lease obligations 33
Fresenius Medical Care Well-Balanced Debt Maturity Profile12
68
eurom
Maturity 30 years on
average
1 As of December 31 2019 and based on utilization of major financing instruments2 Excluding lease liabilities
445
878623 650
356500 600
945
535
135
1236400
1000
380
0
500
1000
1500
2000
2500
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
Bonds Syndicated Loan Equity-neutral convertible bonds Commercial Paper AR Facility
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
2500
2000
1500
1000
Fresenius SE Overview Bonds
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 69
Issuer Volume(in millions)
Coupon type
Coupon (in )
MaturityTerm
ISIN (RegS)
WKN
Fresenius SE amp Co KGaAeuro500 Fix 2875 20132020 XS0873432511 A1HEWZ
Fresenius SE amp Co KGaAeuro450 Fix 300 20142021 XS1013955379 A1ZB7H
Fresenius SE amp Co KGaAeuro450 Fix 400 20142024 XS1026109204 A1ZC60
Fresenius SE amp Co KGaAeuro 500 Fix 1875 20192025 XS1936208252 A2NBMS
Fresenius SE amp Co KGaAeuro 750 Fix 1625 20202027 XS2152329053 A254TA
Fresenius SE amp Co KGaAeuro 750 Fix 075 20202028 XS2101357072 A254QN
Fresenius SE amp Co KGaAeuro 500 Fix 2875 20192029 XS1936208419 A2NBMT
Fresenius Finance Ireland plceuro700 Fix 0875 20172022 XS1554373164 A19B3F
Fresenius Finance Ireland plceuro700 Fix 150 20172024 XS1554373248 A19B3G
Fresenius Finance Ireland plceuro700 Fix 2125 20172027 XS1554373677 A19B3H
Fresenius Finance Ireland plceuro500 Fix 300 20172032 XS1554373834 A19B3J
Fresenius US Finance II IncUS$300 Fix 425 20142021 USU31436AG04 A1ZDVJ
Fresenius US Finance II IncUS$300 Fix 450 20152023 USU31436AH86 A1Z64A
As of April 8 2020
Fresenius Medical Care Overview Bonds
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 70
Issuer Volume(in millions)
Coupon type
Coupon (in )
MaturityTerm
ISIN (RegS)
WKN
FMC Finance VII SA euro300 Fix 525 20112021 XS0576395478 A1GLY6
Fresenius Medical Care US Finance Inc US$650 Fix 575 20112021 USU31433AA03 A1GL0J
Fresenius Medical Care US Finance II Inc US$500 Fix 4125 20142020 US35802XAH61 A1ZRTL
Fresenius Medical Care US Finance II Inc US$700 Fix 5875 20122022 USU31434AC42 A1GZRF
Fresenius Medical Care US Finance II Inc US$400 Fix 475 20142024 US35802XAJ28 A1ZRTN
Fresenius Medical Care US Finance III Inc US$500 Fix 375 20192029 USU3149FAA76 A2R3YR
Fresenius Medical Care AG amp Co KGaA euro650 Fix 0250 20192023 XS2084510069 A255DU
Fresenius Medical Care AG amp Co KGaA euro500 Fix 150 20182025 XS1854532949 A2NBE6
Fresenius Medical Care AG amp Co KGaA euro600 Fix 0625 20192026 XS2084497705 A255DV
Fresenius Medical Care AG amp Co KGaA euro500 Fix 1250 20192029 XS2084488209 A255DW
As of December 31 2019
Financial Calendar Contact
Financial Calendar 06 May 2020 Results Q120
30 July 2020 Results Q220
29 October 2020 Results Q320Please note that these dates could be subject to change
Annual General Meeting Due to the coronavirus pandemic the AGM scheduled for 20 May 2020 has been postponed A new date within the current financial year will be set as soon as the conditions for reliable planning and safe execution of the AGM are once again in place
Contact
Investor Relations amp SustainabilityFresenius SE amp Co KGaAphone +49 6172 608-2485e-mail ir-frefreseniuscomFor further information and current news wwwfreseniuscom
Follow us on Twitter wwwtwittercomfresenius_irand LinkedIn wwwlinkedincomcompanyfresenius-investor-relations
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 71
Fresenius Kabi A Leading Global Hospital Supplier
bull Comprehensive product portfolio for critically and chronically ill patients
bull Strong Emerging Markets presencebull Leading market positions
bull Focus on organic growth through geographic product rollouts and new product launches
bull Development of biosimilars with a focus on oncology and autoimmune diseases
Global Addressable Market 2019 bull ~euro97 bnGrowth Drivers bull Patent expirations rising demand for health care
services higher health care spending in Emerging Markets
Market Dynamics
Emerging Markets32
Sales 2019euro69 bn North America 35
Europe 33
Generic IV Drugs
Clinical Nutrition
Infusion Therapy
Medical Devices Transfusion Technology
Biosimilars
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 9
bull Market leader in size and quality with excellent growth prospects
bull ~51 share in German acute care hospital ~121 share in Spanish private hospital market
bull Quality is key defined quality targets publication of medical treatment results peer review processes
bull Broad revenue base with public and privately insured patients PPPs self-pay and Occupational Risk Prevention
bull Development of new business models to foster digitalization and profit from trend towards outpatient treatments
Fresenius Helios Europersquos Largest Private Hospital Operator
Hospital Market Size bull ~euro102 bn2 German Acute Care Hospital Marketbull ~euro15 bn2 Spanish Private Hospital Market Growth Drivers bull Aging population greenfield projects in Spain
potential market consolidation in Germany and Spain
Acute Care
Occupational Risk Prevention
Outpatient
1 Based on sales2 Market data based on company research Market definition does neither include
Public Private Partnerships (PPP) nor Occupational Risk Prevention centers (ORP)3 German Federal Statistical Office 2018 total costs gross of the German hospitals
less academic research and teaching
Market Dynamics
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Spain and Latin America36
Sales 2019euro92 bn Germany
64
10
bull Manages hospital constructionexpansion projects and provides services for health care facilities worldwide
bull Offers project development planning turnkey construction maintenance as well as technical management and total operational management
bull Strong track record More than 900 projects in over 90 countries completed
bull Leading European post-acute care provider operating in five European countries
Fresenius Vamed Leading Global Hospital Projects and Services Specialist
Market Dynamics
Growth Drivers bull Emerging Market demand for building and
developing hospital infrastructurebull Outsourcing of non-medical services from public to
private operators
Emerging Markets17
Sales 2019euro22 bn Europe 83
Projects
Services
Post-acute care
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 11
65
6
16 16
acute15 acute16 acute17 acute18 acute19
Fresenius Group Strong Track Record of Organic Sales Growth in All Business Segments
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Business Segments
5CAGR
6 6 6
45
acute15 acute16 acute17 acute18 acute19
67 7
45
acute15 acute16 acute17 acute18 acute19
8
5
7 7
4
acute15 acute16 acute17 acute18 acute19
34 4
3
5
acute15 acute16 acute17 acute18 acute19
12
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Global Trends offer Growth Opportunities for Fresenius
+63pa
by 2050
16
Growth in emergingmarketsover the next decade2
In 2019 9 of the worldpopulation is gt age 651
Growing healthcare sectorAging Population
100bnpa
while the European healthcare system saves6293bn
pa
Generic drugs save theUS healthcare system5
Significant savings for healthcare systems
+484x
Growth of adults withdiabetes worldwide2017ndash20454
GDP per capita quadrupledover last 20 years in emerging markets anddeveloping economies3
Chronically ill patientsIncreasing national income
Sources 1 UN 2019 Revision of World Population Prospects (2019) 2 UBS Longer Term Investments EM healthcare (2018) 3 IMF (2019) 4 IDF Diabetes Atlas (2017) 5 AAM report (2019) 6 UBS Longer Term Investments Generics (2018)
13
Worldwide growing dialysis market
Growing Markets with High Entry Barriers
Attractive marketsMarketing of existingvalue chain
Standardizing medical procedures
Attractive Product Pipeline
Marketconsolidation
Strengthening and extension of value chain
Home dialysis strategy
Entry into attractive biosimilars business
SynergiesDevelopment of post-acute care business
Innovating products
Strong Emerging Markets Presence
Greenfield investments in Spain
Expansion of geographic presence
Further Internationalization
Fresenius Group Growth Areas
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 14
Fresenius Group Medium-term Growth Targets 2020 ndash 2023 (CAGRs)
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 15
1 Net income attributable to shareholders of Fresenius SEampCoKGaA
Before special items
Organic sales growth
4 ndash 7 (plus ~1 small to mid-size acquisitions)
Organic net income1 growth
5 ndash 9(plus ~1 small to mid-size acquisitions)
confirmed
confirmed
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
The Fresenius Strategy
Drive Internation-
alization
Employees
Improveprofitability
Innovation
Quality
Better medicine and
health care services for ever more people
Hospital projects amp services
Hospital supplies ampservices
Dialysisproducts ampservices
Hospital operations
Forward thinking healthcare to improve the lives of patients
16
Our ESG Priorities Patients Employees and Compliance
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Caring for human rights
Protecting nature as the basis of life
Being an attractive employer
Doing the right thingServing the well-beingof the patient
Quality of medical outcomes and patient satisfaction
Quality and safety of products
Data protection
Code of Conduct
Compliance Organization
Compliance Management Systems (Prevent Detect Respond)
Personnel structure and diversity
Attract talent retain and develop employees
Employee engagement and participation
Occupational health and safety
Water
Energy
GHG emissions
Waste
Wastewater
No exploitative nor illegal child or forced labor
Working conditions
Non-discrimination
Data protection
17
ESG Rating Overview Continuous Improvement through Reporting and Engagement
Current Score CDP Climate CCDP Water C Prime C BB 39100
DJSI Europe 55100
Sector Average CDP Climate B- C- BBB - A 28 100 47 ndash 63 100
Previous Score CDP Climate D-CDP Water D- Prime C BB 33100 48 100
Next steps bull Improve management-level responsibility over ESG-related issues ie implement further emissions reduction and efficiency projects and related targets
bull Intensify dialogue with rating agencies
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 18
SustainabilityESG Decisive Steps for 2020
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Our Priorities
bull ldquoBetter medicine for more peoplerdquo
bull Patients Quality of products and services
bull People Being an attractive employer
bull Compliance Doing the right thing
Sustainability Governance
bull CEO sponsors Group sustainability efforts
bull New Group Sustainability Board in 2020
bull Strategy and KPI alignment program started in 2019 will continue in 2020
Remuneration
bull Remuneration proposal planned for AGM 2021
bull Based on new German legal framework and German Corporate Governance Code
bull Will include ESG performance indicators
19
Investments in own business
Strategic acquisitions
Dividends
Share buy backs
Fresenius Group Capital Deployment Focuses on SustainableValue Creation
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Leverageratio
30-351
1 Including IFRS 16
20
Review FY19
21General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group
bull Delivered on all targets - 16th consecutive record year
bull 27th consecutive dividend increase proposed
bull Fresenius Kabi expected to show healthy top-line growth whilst softness in North America weighs on EBIT in FY20
bull Fresenius Helios anticipated to show ongoing stabilization in Germany and continued strong growth in Spain in FY20
bull Fresenius Medical Care expected to show strong growth in FY20
bull Too early to quantify the financial impact of Covid-19
bull Fresenius Group back on growth trajectory in FY20
bull Medium-term growth targets confirmed
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 22
Fresenius Kabi Volume Headwinds Partially Offset by New Product Launches in North America
bull Ongoing volume headwinds anticipatedminus Intensified competitionminus Shortage tailwind essentially overminus Opioid market not expected to
recoverbull Pricing expected to be in-line with
historical trends however trending more towards mid-single digit price declines in base product portfolio
bull 15+ product launches expected in 2020 targeting an originator market of ~US$13 bn
bull Excellent pipeline gt50 files pending with the FDA
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 23
Current Portfolio 2023 Portfolio
IV drugs
Pre-filled syringes
IV solutions
Parenteral nutrition
Infusion pumps
Biosimilars
Compounding
Specialty Rx
Fresenius Kabi Rigorous Pursuit to Further Broaden and Diversify Portfolio in North America
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 24
GPOsHospitals ClinicsPhysician Offices Retail PharmacyHome Care
Strong medium light none
0
500
1000
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 20190
01
02
03
Fresenius Kabi Continued Positive Momentum in Emerging Markets
bull Strong organic sales growth expected
bull Continued positive momentum in LatinAmerica anticipated
bull Regulatory changes in China expected toweigh on EBIT development
bull Too early to quantify the financial impact ofCovid-19
Significant sales and volume growth in China over last decade
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 25
Sales (cc) Volume growth Sales growth (cc)
in euro million
CAGR ~10
100030
20
10
0 0
500
US
Progress of portfolio
bull Three more molecules in portfolio
bull Expect to start with clinical studies forthose molecules in 2021
Fresenius Kabi Biosimilar Update
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 26
Launch schedule
Europe
Pegfilgrastim
Adalimumab
Tocilizumab
2023
2019
2021
2021
2023
2023
Business plan
bull Total investment ceiling euro14 bn untilEBITDA break-even in 2023
bull High triple-digit euro million sales in 2024
Fresenius Kabi Launch of Idacio in Europe Progresses According to Plan
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 27
Launched
Approved
Submitted
Fresenius Kabi Divisionalization of Transfusion Medicine and Cell Therapies Business Fuels Growth
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 28
bull Business remains important part of Fresenius Kabi
bull Dynamic growth in FY19 and good growth prospects
bull Inauguration of new production building in Haina Dominican Republic to fuel growth of disposable products
bull New joint venture to advance new cell and gene therapies
Fresenius Helios Germany to Show Ongoing Stabilization in FY20
Mitigation of regulatory headwindsbull Chief doctor vacancies at record lowbull Appropriate level of nursing staff bull Optimization of processes and workflowsbull Cost optimization measures
Very positive reimbursement environmentbull 2020 DRG inflator set at 366
Investments in future growth fieldsbull Clustering strategy progressesbull Preventionbull Occupational medicinebull Telemedicine platform
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 29
Ramp-up of outpatient businessbull Outpatient surgery centersbull Specialization of medical centers
Excellent growth in Spainbull Opening of first proton therapy center in
Spain (first patient treated in December rsquo19)
bull Opening of Quironsalud Madrid university hospital expansion in Pozuelo
bull Private hospitals expected to show dynamic organic growth driven by admissions
bull Continued positive momentum for ORPs
Fresenius Helios Spain to Plow Ahead in FY20
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 30
Expansion in Latin America proceedsbull Five successful acquisitions in Colombia
contribute nicely in FY20minus Clinica Las Vegas Clinica del Prado
and CediMed in Medellin(1)
minus Centro Medico Imbanaco in Cali(2)
minus Clinica de la Mujer in Bogota(3)
bull Total expected sales contribution of approx euro180m equiv in FY20
bull Attractive risk-adjusted ROIs expected
Notes (1) All transactions closed in 2019 (2) Closing expected at the end of Q12020 (3) Closing expected in Q22020 subject to anti-trust clearance
Financial Review FY19
31General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Sales
+6FY19 euro33524 m
Net Income
+0FY19 euro1915 m
EBIT
-2FY19 euro4599 m
Fresenius Group FY19 Profit and Loss Statement
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
All growth rates in constant currency (cc)Before special items adjusted for IFRS 16 effectOn a comparable basis FY18 adjusted for divestitures of Care Coordination activities at FMC before special itemsNet income attributable to shareholders of Fresenius SE amp Co KGaA
Net Interest
-euro510 mFY18 -euro549 m
Income Tax Rate
234FY18 221
32
1 On a comparable basis Q418 adjusted for divestitures of Care Coordination activities at FMC Q419 adjusted for IFRS 16 effect
All figures before special itemsFor a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
Fresenius Group Q419 Business Segment Growth
Organic sales growth1
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
EBIT growth (cc)1
+5
+4
+4
+4
0
-1
5
+7
+4 0
33
Fresenius Kabi Organic Sales Growth by Product Segment
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom Q419Δ YoY
organic FY19Δ YoY
organic
IV Drugs 737 -1 2939 -1
Infusion Therapy 213 2 834 3
Clinical Nutrition 482 8 1898 9
Medical DevicesTransfusion Technology
334 10 1248 11
Total sales 1766 4 6919 4
34
Fresenius Kabi Organic Sales Growth by Regions
eurom Q419Δ YoY
organic FY19Δ YoY
organic
North America 609 -1 2424 -2
Europe 604 2 2313 2
Emerging Markets 553 12 2182 14
Total sales 1766 4 6919 4
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 35
Fresenius Kabi Q4 amp FY19 EBIT Growth
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom Q419 Δ YoY cc FY19 Δ YoY cc
North AmericaMargin
204335
-8-260 bps
907374
-3-50 bps
EuropeMargin
87144
-10-200 bps
328142
-7-160 bps
Emerging MarketsMargin
124224
7-90 bps
476218
19130 bps
Corporate and Corporate RampD -132 11 -511 2
Total EBITMargin
283160
-1-90 bps
1200173
3-10 bps
On a comparable basis before special items and adjusted for IFRS 16 effects
Margin growth at actual ratesFor a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
36
Fresenius Kabi Expected Organic Sales Growth 2020
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Broadly stable
bull Ongoing volume headwinds anticipated
bull Pricing expected to trend more towards mid-single digit price declines in base product portfolio
North America
Mid-single-digit growth
bull Growth driven by first biosimilar in the market (IDACIO)
bull Continued strong growth of clinical nutrition business expected
Europe
High single-digit growth
bull China Healthy volume growth anticipated regulatory headwinds weigh on business
bull Latin America Continued healthy growth expected
Emerging Markets
37
Fresenius Helios Q4 amp FY19 Key Financials
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom Q419 Δ YoY FY19 Δ YoY
Total sales 2344 41 9234 51
Thereof Helios Germany 1475 31 5940 31
Thereof Helios Spain 867 71 3292 71
Total EBIT3
Margin292
1255
10 bps1015110
-4-32
-70 bps
Thereof Helios GermanyMargin
14397
420 bps
57697
-8-62
-80 bps
Thereof Helios SpainMargin
134155
6-50 bps
434132
5-50 bps
Thereof Corporate 15 -- 5 --
1 Organic growth2 Adjusted for the post-acute care business transferred to Fresenius Vamed as of July 1 20183 Adjusted for IFRS 16 effectFor a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
38
Fresenius Helios Key Measures
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
FY19 FY18 Δ
No of hospitals Germany- Acute care hospitals
8683
8683
00
No of hospitals Spain(Hospitals)
51 47 9
No of beds Germany- Acute care hospitals
28907 28380
2932928802
-1-1
No of beds Spain(Hospitals)
7288 7019 4
Admissions Germany (acute care) 1206654 1218199
Admissions Spain (including outpatients) 15396051 13318066
39
Fresenius Vamed
1 Without German post-acute care business acquired from Fresenius Helios as of July 1 2018
2 Adjusted for IFRS 16 effect 3 Project business only4 Versus December 31 2018
bull Both business segments contributed to the organic sales growth of 4 in Q419
bull Stable service business is gaining weight (FY19 63 of sales FY09 32)
bull Geographically well-diversified order backlog is excellent foundation for future growth
eurom Q419 Δ YoY FY19 Δ YoY
Total salesThereof organic sales
737 64
2206 31161
Service business 374 11 1399 43251
Project business 363 1 807 13
Total EBIT2 66 8 131 1961
Order intake3 576 -13 1314 7
Order backlog3 2865 184
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 40
Fresenius Group FY19 amp Cash Flow
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Operating CF1 Capex (net) Free Cash Flow12
eurom FY2019 Margin FY2019 Margin FY2019 Margin
1947 111 -1113 -64 834 47
968 140 -716 -104 252 36
683 74 -477 -52 206 224
-46 -21 -52 -23 -98 -44
CorporateOther -38 na -75 na -113 na
1677 93 -1320 -73 357 20
3514 99 -2433 -69 1081 30
1 Adjusted for IFRS 162 Before acquisitions and dividends3 Incl FMC dividend of euro110 million4 Understated 27 excluding euro45 million of capex commitments from acquisitions
Excl FMC3
41
Fresenius Group 2020 Financial Outlook by Business Segment
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom (except otherwise stated) FY19 Base1 FY20e2
Sales growth (cc) 17477mid to high single digit
-range
Net income growth3 (cc) 1205mid to high single digit
-range
Sales growth (organic) 6919 3 - 6
EBIT growth (cc) 1205 -4 to 0
Sales growth (organic) 9234 3 - 6
EBIT growth (cc) 1025 3 - 7
Sales growth (organic) 2206 4 - 7
EBIT growth (cc) 134 5 - 9
1 Before special items including IFRS 16 effects including NxStage operations2 Before special items3 Net income attributable to shareholders of Fresenius Medical Care AG amp Co KGaA
For a detailed overview of special items please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
42
eurom (except otherwise stated) FY19 Base1 FY202
Sales growth (cc) 35409 4 - 7
Net income3 growth (cc) 1879 1 - 5
Fresenius Group 2020 Financial Guidance
1 Before special items including IFRS 16 effects including NxStage operations 2 Before special items3 Net income attributable to shareholders of Fresenius SEampCoKGaA
For a detailed overview of special items please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 43
FY19 base for Fresenius Group Guidance FY20
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
euromFresenius
GroupFresenius
Medical CareFresenius
Kabi
Sales reported (reported = base for guidance) 35409 17477 6919
Transaction costs Akorn 3
Revaluations of biosimilars contingent purchase price liabilities -32
EBIT (before special items = base Fresenius Kabi guidance) 1205
Net income reported 1883 1200
Transaction costs Akorn 3
Revaluations of biosimilars contingent purchase price liabilities -19
Gain related to divestitures of Care Coordination activities at FMC -15 -49
Transaction costs NxStage 6 18
Expenses associated with cost optimization program at FMC 21 67
Net income (before special items = base Fresenius Group amp FMC guidance) 1879 1236
44
Fresenius Group Financial Results by Business Segment
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 45
20191 20182 2017 Growth3
20192018
Sales euro17592 m euro16026 m euro17784 m 62
EBIT euro2281 m euro2292 m euro2562 m -42
Sales euro6919 m euro6544 m euro6358 m 4
EBIT euro1200 m euro1139 m euro1177 m 3
Sales euro9234 m euro8993 m euro8668 m 3
EBIT euro1015 m euro1052 m euro1052 m -4
Sales euro2206 m euro1688 m euro1228 m 30
EBIT euro131 m euro110 m euro76 m 18
Sales euro35524 m euro33009 m euro33886 m 62
EBIT euro4599 m euro4547 m euro4830 m -22Group
Before special items
1 Adjusted for IFRS 162 On a comparable basis 2018 adjusted for divestitures of Care Coordination activities 3 Growth rates at constant currency and adjusted for IFRS 16
Fresenius Group Margins by Business Segment
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 46
Before special items 2018 adjusted for divestitures of Care Coordination activities 2019 adjusted for IFRS 16
2019 2018 2017
EBITDA margin 178 192 185
EBIT margin 130 143 144
EBITDA margin 217 219 233
EBIT margin 173 174 185
EBITDA margin 148 159 165
EBIT margin 110 117 121
EBITDA margin 78 79 71
EBIT margin 59 65 62
EBITDA margin 174 183 185
EBIT margin 129 138 143Group
Credit Highlights amp Financing Structure
47General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Credit Highlights
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 48
Consistent Cash Generation
Proven Track Record of Deleveraging
Broad Mix of Financing Instruments
Well-Balanced Maturity Profile
Solid Balance Sheet Structure
Solid IG Rating and Strong Access to Capital Markets
120
103
126
114109
120 122116
112120
8
9
10
11
12
13
14
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
48 48 52 5358 55 55 54
6570
2
3
4
5
6
7
8
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
74
56
76
62
52
67 67 66
50 52
4
5
6
7
8
9
10
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Fresenius Group Consistent Cash Generation
Capex gross in of sales
FCF margin (before acquisitions amp dividends)CFFO margin
49General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
2019 including IFRS 16
32x
30x
27x
22x 23x
35x
30x
26x
36x
30x
26x27x
26x
25x
32x
27x
23x
28x
27x
31x 4
20
25
30
35
40
2001 2002 2003 2004 2005 Q106 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
3
2
Hospitals from
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Proven Track Record of Deleveraging
Net DebtEBITDA1
1 At actual FX rates from 2001 to 2010 and at average FX rates from 2011 onwards for both Net Debt and EBITDA before special items pro forma closed acquisitionsdivestitures2 Pro forma excluding advances made for the acquisition of hospitals from Rhoumln-Klinikum AG3 Both net debt and EBITDA including IFRS 16 effect and calculated at expected annual average exchange rates excluding further potential acquisitions4 Including acquisition of NxStage adjusted for IFRS 16 effect
Target 20203 towards thetop end of self-imposed
target corridor of 30 ndash 35x
50
36x
40
35
20
25
30
Equity-neutralconvertible bonds 3
Fresenius Group excl FMC Broad Mix of Financing Instruments
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 51
Total BS Debt
~euro136 bn
1 As of December 31 2019
bull Optimize funding costs and ensure financial flexibility
bull Diversify investor base
bull Strong liquidity provided by sufficient financial cushion (~euro22 billion as of December 31 2019)
Well Positioned to Meet Financing NeedsBonds 40
Lease obligations 14
Syndicated loans 15
Schuldscheinloans 16
Other financial liabilities 5
Commercial paper 7
Average interest ratecost of debt18 pa
Commercial paper 7
Fresenius Group Broad Mix of Financing Instruments
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 52
Total BS Debt
~euro273 bn
1 As of December 31 2019
bull Optimize funding costs and ensure financial flexibility
bull Diversify investor base
bull Strong liquidity provided by sufficient financial cushion (~euro40 billion as of December 31 2019)
Well Positioned to Meet Financing Needs
Average interest ratecost of debt22 pa
Equity-neutralconvertible bonds 3
Syndicated loans 14
Other financial liabilities 6
Bonds 38
Lease liabilities 24
Schuldschein loans 8
Fresenius Group Capitalization1
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 53
Instrument per Book Value in euro million in $ million4 oftotal cap
EBITDA LTM x
Syndicated Credit Agreement Revolver (euro US-$) 0 0 00 Syndicated Credit Agreement Term Loan A (euro US-$) 1976 2220 29 Bonds (euro US-$) 5501 6180 82 Convertible Bonds 465 522 07 Schuldschein Loans 2180 2449 33 Commercial Paper 953 1071 14 Lease Obligations 1876 2107 28 Other debt 675 758 10 Total Debt (FSE excl FMC) gross 13626 15307 203 Cash (excl FMC) 651 731 10 Total debt (FSE excl FMC) net 12975 14576 193 Total FMC debt net 12774 14350 190 Consolidation Adjustments (145) (163) (02)Total consolidated debt net 25604 28764 382 36x Market capitalization2 41470 46587 618 58x
Total capitalization 67074 75351 1000 94x FSE Group EBITDA3 7110
1 As of December 31 20192 Based on market capitalization for FSE and FMC as of December 31 20193 Pro Forma acquisitions before special items4 EURUSD exchange rate as of December 31 2019
Fresenius Group excl FMC Well-Balanced Debt Maturity Profile12
54
1 As of December 31 2019 and based on utilization of major financing instruments2 Excluding lease liabilities3 Pro Forma issuance of FSE EUR 750m bonds in Jan 2020 (average maturity 38)
Maturity 35 years3 on
average
eurom
EUR 750m Jan 2020
500717 700
267
1150
500700 750
500 500
153
903 927
106
304 393
430
421
238
207
84
500
953
0
500
1000
1500
2000
2500
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Bonds Syndicated Loan Schuldschein Loans Equity-neutral convertible bonds Commercial Paper
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
1500
1000
2000
2500
Fresenius Group Well-Balanced Debt Maturity Profile12
1 As of December 31 2019 and based on utilization of major financing instruments2 Excluding lease liabilities3 Pro Forma issuance of FSE EUR 750m bonds in Jan 2020 (average maturity 35)
EUR 750m Jan 2020
2380
13931859
650356 500 600
945
1712
1924
2020
697
2071
500 238
907 750
584
5000
1000
2000
3000
4000
5000
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Fresenius Medical Care Fresenius excl Fresenius Medical Care
5000
4000
3000
2000
1000
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Maturity 33 years3 on
average
eurom
55
23 23 23 19
32 36 33 41
45 41 44 40
Dec 31 16 Dec 31 17 Dec 31 18 Dec 31 19
Equity and non-controlling interest Debt Other liabilities
Fresenius Group Solid Balance Sheet Structure
Healthy Equity and Liability Split
bull Strong equity ratio of gt40 on average
bull Equity ratio kept in narrow range despite rapid growth of Fresenius Group
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 56
467 531 567 670
BS total (eurobn)
Including IFRS 16
Fresenius SE Solid Investment Grade Rating
57
ldquoFSE delivers solid organic growth thanks to positive underlying growth trends in the life-saving and life-sustaining products and therapies that the group offersrdquoSampP Jan 08 2019
ldquoFSErsquos rating remains anchored in investment-grade given its mature and defensive business risk profile its organic deleveraging ability based on free cash flow generation and its record of integrating acquisitions successfully and reducing financial leverage in line with communicated policiesrdquo Fitch April 17 2019
ldquoThe Baa3 long term issuer rating of FSE reflects its strong defensive business profile underpinned by large absolute scale global footprint and segmental diversification within the healthcare market supported by strong position in its four business segmentsrdquo Moodyrsquos May 20 2019
Rating History Rating Agenciesrsquo Key Statements
Following a positive outlook SampP upgraded Fresenius to BBB stable outlook in May 2019
SampP Moodylsquos Fitch
Corporate Credit Rating BBB Baa3 BBB-
Outlook stable stable stable
Current Credit Ratings
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Strong Access to Capital Markets
58
Major Financing Instruments
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Bonds euro250 m euro800 m$105 bn
euro750 m$15 bn
euro500 m euro12 bn$12 bn
$300m euro26 bn euro500 m euro10 bn$500 m
euro175 bn
euro750 m1
euro750 m2
SyndicatedLoans
$35 bn $898 m $385 bn $18 bneuro245 bn
$41 bneuro700 m
$115 bneuro205 bn
euro530 bn$355 bn
euro100 m
SchuldscheinLoans
euro400 m euro125 m euro500 m euro112 m $400 m euro10 bn euro700 m
Convertible Bonds
euro900 m euro500 m
Equity euro10 bn euro400 m
1 January 2020 euro750million 2020-2028 bonds issued by Fresenius SE amp Co KGaA2 March 2020 euro750million 2020-2027 bonds issued by Fresenius SE amp Co KGaA
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Debt and Cash Flow Structure
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 59
1 Incl consolidation adjustments2 Incl Fresenius financing subsidiaries3 Controlling stake4 Incl subsidiaries 5 Based on market capitalization for FMC as of December 31 20196 Via German holding entities (Fresenius Kabi AG and Fresenius ProServe GmbH)
Fresenius Medical Care
Financing
Fresenius SE Financing
Group Net Debt ~euro256 bn1
DividendsRents Service Agreements
~323 100 77 (cross boarder)100
Profit transfer Agreements6
bull Separate financing of Fresenius SE and Fresenius Medical Care
bull No joint financing facilities or mutual guarantees
bull Fresenius Kabi Fresenius Helios and Fresenius Vamed financed primarily through Fresenius SE to avoid structural subordination
bull Subsidiary debt consists mainly of lease liabilities which are on balance acc to IFRS 16 from 2019 onwards
FSE Net Debt2~euro128 bn
incl Net Debt of KabiHeliosVamed
StockMarketValue~euro62 bn5
FSE Net Debt2~euro114 bn
excl Net Debt of KabiHeliosVamed
euro12774 m Net Debt4
Thereof lease liabilities euro4705m
euro951 m Net Debt4
Thereof lease liabilities euro1042m
euro84 m Net Debt4
Thereof lease liabilities euro392m
euro371 m Net Debt4
Thereof lease liabilities euro369m
Fresenius Group Key Credit Figures
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 60
1 Adjusted for IFRS 162 Before special items pro forma acquisitionsdivestitures3 Before special items
20191 2019 2018 2017
Debt (eurom) thereof US$ denominated
2123328
2725834
1898428
1904231
Net debt (eurom) 19579 25604 16275 17406
Net debtEBITDA2
Net debt at year-end exchange rate EBITDA at LTM average FX rates
314 360 273 279
Net debtEBITDA2
at LTM average FX rates for both net debt and EBITDA
314 361 271 284
Operating Cash flowSales 99 120 112 116
EBITDANet Interest3 121 99 106 96
Appendix
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 61
Fresenius Group FY19 Key Financials
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom FY191 IFRS 16effect
specialitems
FY19 reported
Δ YoY cc12
Sales 35524 -115 - 35409 6
EBIT 4599 89 -57 4631 -2
Net interest -510 -204 -5 -719 9
Income taxes -955 30 42 -883 -5
Net income3 1915 -36 4 1883 0
Balance sheet total 61237 5769 - 67006
Operating Cashflow 3514 749 - 4263
1 Before special items adjusted for IFRS 16 effect2 On a comparable basis 2018 adjusted for divestitures of Care Coordination activities at FMC3 Net income attributable to shareholders of Fresenius SE amp Co KGaA
For a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
62
Fresenius Group Cash Flow
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 63
eurom 20191 Margin 2019 Margin 2018 Margin Δ YoY1918
Operating Cash Flow 3514 99 4263 120 3742 112 14
Capex (net) -2433 -69 -2433 -68 -2077 -62 -17
Free Cash Flow(before acquisitions and dividends)
1081 30 1830 52 1665 50 10
Acquisitions (net) -2423 -2423 613 --
Dividends -952 -952 -904 5
Free Cash Flow(after acquisitions and dividends) -2294 -65 -1545 -44 1374 41 --
1 2019 adjusted for IFRS 16
Fresenius Group Calculation of Noncontrolling Interest
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom FY19 FY18
Earnings before tax and noncontrolling interest 4089 3998
Taxes -955 -883
Noncontrolling interest thereof -1219 -1243
Fresenius Medical Care net income not attributable to Fresenius (FY19 ~69)
-897 -928
Noncontrolling interest holders in Fresenius Medical Care -239 -244
Noncontrolling interest holders in Fresenius Kabi (-euro49 m) Fresenius Helios (-euro13 m) Fresenius Vamed (-euro2 m) and due to Fresenius Vamedrsquos 23 external ownership (-euro19 m)
-83 -71
Net income attributable to Fresenius SE amp Co KGaA 1915 1872
64
On a comparable basis Before special items adjusted for IFRS16 effect FY18 adjusted for divestitures of Care Coordination activities at FMC
For a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
002
023 025029
032037
042044
055
062
93 08 09 10 11 12 13 14 15 16 17 18 19
25 2421 20 21 21 22 21 22 23 24
Fresenius SE Earnings-Linked Dividend Policy
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
euro per share
bull Dividend growth aligned to EPS1
growth
bull Pay-out Ratio 20 to 25
Dividend distribution (eurom)
Pay-out Ratio
075
2019 Pay-out Ratio 24 Dividend Policy
122 140 155 196 225 238 300 416114 343 445
080
1 Before special items
468
084
24
Track record
bull 27th consecutive dividend increase
bull CAGR dividend increase +15
65
32x1
Fresenius Medical Care Low Leverage Reflected by Solid Investment Grade Rating
66General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
60 6176
6483
2015 2016 2017 2018 2019
Free Cash Flow in of revenue
SampP Moodylsquos Fitch
Corporate Credit Rating BBB Baa3 BBB-
Outlook stable stable stable
Current Credit Ratings
1 Including IFRS16 effect
29x30x
27x
22x
18x
31x
27x25x
22x
21x
27x25x
25x
31x
26x23x
21x
18x
25x
15
20
25
30
35
40
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
1
Fresenius Medical Care Broad Mix of Financing Instruments
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 67
Total BS Debt
~euro138 m
1 As of December 31 2019
bull Optimize funding costs and ensure financial flexibility
bull Diversify investor base
bull Strong liquidity provided by sufficient financial cushion (~euro18 billion as of December 31 2019)
Well Positioned to Meet Financing Needs
Average interest ratecost of debt25 pa
Equity-neutralconvertible bonds 3
Commercial paper 7
Syndicated loans 14
Other financial liabilities 7
Bonds 36
Lease obligations 33
Fresenius Medical Care Well-Balanced Debt Maturity Profile12
68
eurom
Maturity 30 years on
average
1 As of December 31 2019 and based on utilization of major financing instruments2 Excluding lease liabilities
445
878623 650
356500 600
945
535
135
1236400
1000
380
0
500
1000
1500
2000
2500
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
Bonds Syndicated Loan Equity-neutral convertible bonds Commercial Paper AR Facility
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
2500
2000
1500
1000
Fresenius SE Overview Bonds
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 69
Issuer Volume(in millions)
Coupon type
Coupon (in )
MaturityTerm
ISIN (RegS)
WKN
Fresenius SE amp Co KGaAeuro500 Fix 2875 20132020 XS0873432511 A1HEWZ
Fresenius SE amp Co KGaAeuro450 Fix 300 20142021 XS1013955379 A1ZB7H
Fresenius SE amp Co KGaAeuro450 Fix 400 20142024 XS1026109204 A1ZC60
Fresenius SE amp Co KGaAeuro 500 Fix 1875 20192025 XS1936208252 A2NBMS
Fresenius SE amp Co KGaAeuro 750 Fix 1625 20202027 XS2152329053 A254TA
Fresenius SE amp Co KGaAeuro 750 Fix 075 20202028 XS2101357072 A254QN
Fresenius SE amp Co KGaAeuro 500 Fix 2875 20192029 XS1936208419 A2NBMT
Fresenius Finance Ireland plceuro700 Fix 0875 20172022 XS1554373164 A19B3F
Fresenius Finance Ireland plceuro700 Fix 150 20172024 XS1554373248 A19B3G
Fresenius Finance Ireland plceuro700 Fix 2125 20172027 XS1554373677 A19B3H
Fresenius Finance Ireland plceuro500 Fix 300 20172032 XS1554373834 A19B3J
Fresenius US Finance II IncUS$300 Fix 425 20142021 USU31436AG04 A1ZDVJ
Fresenius US Finance II IncUS$300 Fix 450 20152023 USU31436AH86 A1Z64A
As of April 8 2020
Fresenius Medical Care Overview Bonds
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 70
Issuer Volume(in millions)
Coupon type
Coupon (in )
MaturityTerm
ISIN (RegS)
WKN
FMC Finance VII SA euro300 Fix 525 20112021 XS0576395478 A1GLY6
Fresenius Medical Care US Finance Inc US$650 Fix 575 20112021 USU31433AA03 A1GL0J
Fresenius Medical Care US Finance II Inc US$500 Fix 4125 20142020 US35802XAH61 A1ZRTL
Fresenius Medical Care US Finance II Inc US$700 Fix 5875 20122022 USU31434AC42 A1GZRF
Fresenius Medical Care US Finance II Inc US$400 Fix 475 20142024 US35802XAJ28 A1ZRTN
Fresenius Medical Care US Finance III Inc US$500 Fix 375 20192029 USU3149FAA76 A2R3YR
Fresenius Medical Care AG amp Co KGaA euro650 Fix 0250 20192023 XS2084510069 A255DU
Fresenius Medical Care AG amp Co KGaA euro500 Fix 150 20182025 XS1854532949 A2NBE6
Fresenius Medical Care AG amp Co KGaA euro600 Fix 0625 20192026 XS2084497705 A255DV
Fresenius Medical Care AG amp Co KGaA euro500 Fix 1250 20192029 XS2084488209 A255DW
As of December 31 2019
Financial Calendar Contact
Financial Calendar 06 May 2020 Results Q120
30 July 2020 Results Q220
29 October 2020 Results Q320Please note that these dates could be subject to change
Annual General Meeting Due to the coronavirus pandemic the AGM scheduled for 20 May 2020 has been postponed A new date within the current financial year will be set as soon as the conditions for reliable planning and safe execution of the AGM are once again in place
Contact
Investor Relations amp SustainabilityFresenius SE amp Co KGaAphone +49 6172 608-2485e-mail ir-frefreseniuscomFor further information and current news wwwfreseniuscom
Follow us on Twitter wwwtwittercomfresenius_irand LinkedIn wwwlinkedincomcompanyfresenius-investor-relations
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 71
bull Market leader in size and quality with excellent growth prospects
bull ~51 share in German acute care hospital ~121 share in Spanish private hospital market
bull Quality is key defined quality targets publication of medical treatment results peer review processes
bull Broad revenue base with public and privately insured patients PPPs self-pay and Occupational Risk Prevention
bull Development of new business models to foster digitalization and profit from trend towards outpatient treatments
Fresenius Helios Europersquos Largest Private Hospital Operator
Hospital Market Size bull ~euro102 bn2 German Acute Care Hospital Marketbull ~euro15 bn2 Spanish Private Hospital Market Growth Drivers bull Aging population greenfield projects in Spain
potential market consolidation in Germany and Spain
Acute Care
Occupational Risk Prevention
Outpatient
1 Based on sales2 Market data based on company research Market definition does neither include
Public Private Partnerships (PPP) nor Occupational Risk Prevention centers (ORP)3 German Federal Statistical Office 2018 total costs gross of the German hospitals
less academic research and teaching
Market Dynamics
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Spain and Latin America36
Sales 2019euro92 bn Germany
64
10
bull Manages hospital constructionexpansion projects and provides services for health care facilities worldwide
bull Offers project development planning turnkey construction maintenance as well as technical management and total operational management
bull Strong track record More than 900 projects in over 90 countries completed
bull Leading European post-acute care provider operating in five European countries
Fresenius Vamed Leading Global Hospital Projects and Services Specialist
Market Dynamics
Growth Drivers bull Emerging Market demand for building and
developing hospital infrastructurebull Outsourcing of non-medical services from public to
private operators
Emerging Markets17
Sales 2019euro22 bn Europe 83
Projects
Services
Post-acute care
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 11
65
6
16 16
acute15 acute16 acute17 acute18 acute19
Fresenius Group Strong Track Record of Organic Sales Growth in All Business Segments
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Business Segments
5CAGR
6 6 6
45
acute15 acute16 acute17 acute18 acute19
67 7
45
acute15 acute16 acute17 acute18 acute19
8
5
7 7
4
acute15 acute16 acute17 acute18 acute19
34 4
3
5
acute15 acute16 acute17 acute18 acute19
12
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Global Trends offer Growth Opportunities for Fresenius
+63pa
by 2050
16
Growth in emergingmarketsover the next decade2
In 2019 9 of the worldpopulation is gt age 651
Growing healthcare sectorAging Population
100bnpa
while the European healthcare system saves6293bn
pa
Generic drugs save theUS healthcare system5
Significant savings for healthcare systems
+484x
Growth of adults withdiabetes worldwide2017ndash20454
GDP per capita quadrupledover last 20 years in emerging markets anddeveloping economies3
Chronically ill patientsIncreasing national income
Sources 1 UN 2019 Revision of World Population Prospects (2019) 2 UBS Longer Term Investments EM healthcare (2018) 3 IMF (2019) 4 IDF Diabetes Atlas (2017) 5 AAM report (2019) 6 UBS Longer Term Investments Generics (2018)
13
Worldwide growing dialysis market
Growing Markets with High Entry Barriers
Attractive marketsMarketing of existingvalue chain
Standardizing medical procedures
Attractive Product Pipeline
Marketconsolidation
Strengthening and extension of value chain
Home dialysis strategy
Entry into attractive biosimilars business
SynergiesDevelopment of post-acute care business
Innovating products
Strong Emerging Markets Presence
Greenfield investments in Spain
Expansion of geographic presence
Further Internationalization
Fresenius Group Growth Areas
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 14
Fresenius Group Medium-term Growth Targets 2020 ndash 2023 (CAGRs)
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 15
1 Net income attributable to shareholders of Fresenius SEampCoKGaA
Before special items
Organic sales growth
4 ndash 7 (plus ~1 small to mid-size acquisitions)
Organic net income1 growth
5 ndash 9(plus ~1 small to mid-size acquisitions)
confirmed
confirmed
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
The Fresenius Strategy
Drive Internation-
alization
Employees
Improveprofitability
Innovation
Quality
Better medicine and
health care services for ever more people
Hospital projects amp services
Hospital supplies ampservices
Dialysisproducts ampservices
Hospital operations
Forward thinking healthcare to improve the lives of patients
16
Our ESG Priorities Patients Employees and Compliance
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Caring for human rights
Protecting nature as the basis of life
Being an attractive employer
Doing the right thingServing the well-beingof the patient
Quality of medical outcomes and patient satisfaction
Quality and safety of products
Data protection
Code of Conduct
Compliance Organization
Compliance Management Systems (Prevent Detect Respond)
Personnel structure and diversity
Attract talent retain and develop employees
Employee engagement and participation
Occupational health and safety
Water
Energy
GHG emissions
Waste
Wastewater
No exploitative nor illegal child or forced labor
Working conditions
Non-discrimination
Data protection
17
ESG Rating Overview Continuous Improvement through Reporting and Engagement
Current Score CDP Climate CCDP Water C Prime C BB 39100
DJSI Europe 55100
Sector Average CDP Climate B- C- BBB - A 28 100 47 ndash 63 100
Previous Score CDP Climate D-CDP Water D- Prime C BB 33100 48 100
Next steps bull Improve management-level responsibility over ESG-related issues ie implement further emissions reduction and efficiency projects and related targets
bull Intensify dialogue with rating agencies
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 18
SustainabilityESG Decisive Steps for 2020
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Our Priorities
bull ldquoBetter medicine for more peoplerdquo
bull Patients Quality of products and services
bull People Being an attractive employer
bull Compliance Doing the right thing
Sustainability Governance
bull CEO sponsors Group sustainability efforts
bull New Group Sustainability Board in 2020
bull Strategy and KPI alignment program started in 2019 will continue in 2020
Remuneration
bull Remuneration proposal planned for AGM 2021
bull Based on new German legal framework and German Corporate Governance Code
bull Will include ESG performance indicators
19
Investments in own business
Strategic acquisitions
Dividends
Share buy backs
Fresenius Group Capital Deployment Focuses on SustainableValue Creation
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Leverageratio
30-351
1 Including IFRS 16
20
Review FY19
21General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group
bull Delivered on all targets - 16th consecutive record year
bull 27th consecutive dividend increase proposed
bull Fresenius Kabi expected to show healthy top-line growth whilst softness in North America weighs on EBIT in FY20
bull Fresenius Helios anticipated to show ongoing stabilization in Germany and continued strong growth in Spain in FY20
bull Fresenius Medical Care expected to show strong growth in FY20
bull Too early to quantify the financial impact of Covid-19
bull Fresenius Group back on growth trajectory in FY20
bull Medium-term growth targets confirmed
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 22
Fresenius Kabi Volume Headwinds Partially Offset by New Product Launches in North America
bull Ongoing volume headwinds anticipatedminus Intensified competitionminus Shortage tailwind essentially overminus Opioid market not expected to
recoverbull Pricing expected to be in-line with
historical trends however trending more towards mid-single digit price declines in base product portfolio
bull 15+ product launches expected in 2020 targeting an originator market of ~US$13 bn
bull Excellent pipeline gt50 files pending with the FDA
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 23
Current Portfolio 2023 Portfolio
IV drugs
Pre-filled syringes
IV solutions
Parenteral nutrition
Infusion pumps
Biosimilars
Compounding
Specialty Rx
Fresenius Kabi Rigorous Pursuit to Further Broaden and Diversify Portfolio in North America
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 24
GPOsHospitals ClinicsPhysician Offices Retail PharmacyHome Care
Strong medium light none
0
500
1000
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 20190
01
02
03
Fresenius Kabi Continued Positive Momentum in Emerging Markets
bull Strong organic sales growth expected
bull Continued positive momentum in LatinAmerica anticipated
bull Regulatory changes in China expected toweigh on EBIT development
bull Too early to quantify the financial impact ofCovid-19
Significant sales and volume growth in China over last decade
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 25
Sales (cc) Volume growth Sales growth (cc)
in euro million
CAGR ~10
100030
20
10
0 0
500
US
Progress of portfolio
bull Three more molecules in portfolio
bull Expect to start with clinical studies forthose molecules in 2021
Fresenius Kabi Biosimilar Update
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 26
Launch schedule
Europe
Pegfilgrastim
Adalimumab
Tocilizumab
2023
2019
2021
2021
2023
2023
Business plan
bull Total investment ceiling euro14 bn untilEBITDA break-even in 2023
bull High triple-digit euro million sales in 2024
Fresenius Kabi Launch of Idacio in Europe Progresses According to Plan
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 27
Launched
Approved
Submitted
Fresenius Kabi Divisionalization of Transfusion Medicine and Cell Therapies Business Fuels Growth
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 28
bull Business remains important part of Fresenius Kabi
bull Dynamic growth in FY19 and good growth prospects
bull Inauguration of new production building in Haina Dominican Republic to fuel growth of disposable products
bull New joint venture to advance new cell and gene therapies
Fresenius Helios Germany to Show Ongoing Stabilization in FY20
Mitigation of regulatory headwindsbull Chief doctor vacancies at record lowbull Appropriate level of nursing staff bull Optimization of processes and workflowsbull Cost optimization measures
Very positive reimbursement environmentbull 2020 DRG inflator set at 366
Investments in future growth fieldsbull Clustering strategy progressesbull Preventionbull Occupational medicinebull Telemedicine platform
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 29
Ramp-up of outpatient businessbull Outpatient surgery centersbull Specialization of medical centers
Excellent growth in Spainbull Opening of first proton therapy center in
Spain (first patient treated in December rsquo19)
bull Opening of Quironsalud Madrid university hospital expansion in Pozuelo
bull Private hospitals expected to show dynamic organic growth driven by admissions
bull Continued positive momentum for ORPs
Fresenius Helios Spain to Plow Ahead in FY20
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 30
Expansion in Latin America proceedsbull Five successful acquisitions in Colombia
contribute nicely in FY20minus Clinica Las Vegas Clinica del Prado
and CediMed in Medellin(1)
minus Centro Medico Imbanaco in Cali(2)
minus Clinica de la Mujer in Bogota(3)
bull Total expected sales contribution of approx euro180m equiv in FY20
bull Attractive risk-adjusted ROIs expected
Notes (1) All transactions closed in 2019 (2) Closing expected at the end of Q12020 (3) Closing expected in Q22020 subject to anti-trust clearance
Financial Review FY19
31General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Sales
+6FY19 euro33524 m
Net Income
+0FY19 euro1915 m
EBIT
-2FY19 euro4599 m
Fresenius Group FY19 Profit and Loss Statement
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
All growth rates in constant currency (cc)Before special items adjusted for IFRS 16 effectOn a comparable basis FY18 adjusted for divestitures of Care Coordination activities at FMC before special itemsNet income attributable to shareholders of Fresenius SE amp Co KGaA
Net Interest
-euro510 mFY18 -euro549 m
Income Tax Rate
234FY18 221
32
1 On a comparable basis Q418 adjusted for divestitures of Care Coordination activities at FMC Q419 adjusted for IFRS 16 effect
All figures before special itemsFor a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
Fresenius Group Q419 Business Segment Growth
Organic sales growth1
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
EBIT growth (cc)1
+5
+4
+4
+4
0
-1
5
+7
+4 0
33
Fresenius Kabi Organic Sales Growth by Product Segment
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom Q419Δ YoY
organic FY19Δ YoY
organic
IV Drugs 737 -1 2939 -1
Infusion Therapy 213 2 834 3
Clinical Nutrition 482 8 1898 9
Medical DevicesTransfusion Technology
334 10 1248 11
Total sales 1766 4 6919 4
34
Fresenius Kabi Organic Sales Growth by Regions
eurom Q419Δ YoY
organic FY19Δ YoY
organic
North America 609 -1 2424 -2
Europe 604 2 2313 2
Emerging Markets 553 12 2182 14
Total sales 1766 4 6919 4
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 35
Fresenius Kabi Q4 amp FY19 EBIT Growth
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom Q419 Δ YoY cc FY19 Δ YoY cc
North AmericaMargin
204335
-8-260 bps
907374
-3-50 bps
EuropeMargin
87144
-10-200 bps
328142
-7-160 bps
Emerging MarketsMargin
124224
7-90 bps
476218
19130 bps
Corporate and Corporate RampD -132 11 -511 2
Total EBITMargin
283160
-1-90 bps
1200173
3-10 bps
On a comparable basis before special items and adjusted for IFRS 16 effects
Margin growth at actual ratesFor a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
36
Fresenius Kabi Expected Organic Sales Growth 2020
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Broadly stable
bull Ongoing volume headwinds anticipated
bull Pricing expected to trend more towards mid-single digit price declines in base product portfolio
North America
Mid-single-digit growth
bull Growth driven by first biosimilar in the market (IDACIO)
bull Continued strong growth of clinical nutrition business expected
Europe
High single-digit growth
bull China Healthy volume growth anticipated regulatory headwinds weigh on business
bull Latin America Continued healthy growth expected
Emerging Markets
37
Fresenius Helios Q4 amp FY19 Key Financials
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom Q419 Δ YoY FY19 Δ YoY
Total sales 2344 41 9234 51
Thereof Helios Germany 1475 31 5940 31
Thereof Helios Spain 867 71 3292 71
Total EBIT3
Margin292
1255
10 bps1015110
-4-32
-70 bps
Thereof Helios GermanyMargin
14397
420 bps
57697
-8-62
-80 bps
Thereof Helios SpainMargin
134155
6-50 bps
434132
5-50 bps
Thereof Corporate 15 -- 5 --
1 Organic growth2 Adjusted for the post-acute care business transferred to Fresenius Vamed as of July 1 20183 Adjusted for IFRS 16 effectFor a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
38
Fresenius Helios Key Measures
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
FY19 FY18 Δ
No of hospitals Germany- Acute care hospitals
8683
8683
00
No of hospitals Spain(Hospitals)
51 47 9
No of beds Germany- Acute care hospitals
28907 28380
2932928802
-1-1
No of beds Spain(Hospitals)
7288 7019 4
Admissions Germany (acute care) 1206654 1218199
Admissions Spain (including outpatients) 15396051 13318066
39
Fresenius Vamed
1 Without German post-acute care business acquired from Fresenius Helios as of July 1 2018
2 Adjusted for IFRS 16 effect 3 Project business only4 Versus December 31 2018
bull Both business segments contributed to the organic sales growth of 4 in Q419
bull Stable service business is gaining weight (FY19 63 of sales FY09 32)
bull Geographically well-diversified order backlog is excellent foundation for future growth
eurom Q419 Δ YoY FY19 Δ YoY
Total salesThereof organic sales
737 64
2206 31161
Service business 374 11 1399 43251
Project business 363 1 807 13
Total EBIT2 66 8 131 1961
Order intake3 576 -13 1314 7
Order backlog3 2865 184
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 40
Fresenius Group FY19 amp Cash Flow
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Operating CF1 Capex (net) Free Cash Flow12
eurom FY2019 Margin FY2019 Margin FY2019 Margin
1947 111 -1113 -64 834 47
968 140 -716 -104 252 36
683 74 -477 -52 206 224
-46 -21 -52 -23 -98 -44
CorporateOther -38 na -75 na -113 na
1677 93 -1320 -73 357 20
3514 99 -2433 -69 1081 30
1 Adjusted for IFRS 162 Before acquisitions and dividends3 Incl FMC dividend of euro110 million4 Understated 27 excluding euro45 million of capex commitments from acquisitions
Excl FMC3
41
Fresenius Group 2020 Financial Outlook by Business Segment
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom (except otherwise stated) FY19 Base1 FY20e2
Sales growth (cc) 17477mid to high single digit
-range
Net income growth3 (cc) 1205mid to high single digit
-range
Sales growth (organic) 6919 3 - 6
EBIT growth (cc) 1205 -4 to 0
Sales growth (organic) 9234 3 - 6
EBIT growth (cc) 1025 3 - 7
Sales growth (organic) 2206 4 - 7
EBIT growth (cc) 134 5 - 9
1 Before special items including IFRS 16 effects including NxStage operations2 Before special items3 Net income attributable to shareholders of Fresenius Medical Care AG amp Co KGaA
For a detailed overview of special items please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
42
eurom (except otherwise stated) FY19 Base1 FY202
Sales growth (cc) 35409 4 - 7
Net income3 growth (cc) 1879 1 - 5
Fresenius Group 2020 Financial Guidance
1 Before special items including IFRS 16 effects including NxStage operations 2 Before special items3 Net income attributable to shareholders of Fresenius SEampCoKGaA
For a detailed overview of special items please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 43
FY19 base for Fresenius Group Guidance FY20
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
euromFresenius
GroupFresenius
Medical CareFresenius
Kabi
Sales reported (reported = base for guidance) 35409 17477 6919
Transaction costs Akorn 3
Revaluations of biosimilars contingent purchase price liabilities -32
EBIT (before special items = base Fresenius Kabi guidance) 1205
Net income reported 1883 1200
Transaction costs Akorn 3
Revaluations of biosimilars contingent purchase price liabilities -19
Gain related to divestitures of Care Coordination activities at FMC -15 -49
Transaction costs NxStage 6 18
Expenses associated with cost optimization program at FMC 21 67
Net income (before special items = base Fresenius Group amp FMC guidance) 1879 1236
44
Fresenius Group Financial Results by Business Segment
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 45
20191 20182 2017 Growth3
20192018
Sales euro17592 m euro16026 m euro17784 m 62
EBIT euro2281 m euro2292 m euro2562 m -42
Sales euro6919 m euro6544 m euro6358 m 4
EBIT euro1200 m euro1139 m euro1177 m 3
Sales euro9234 m euro8993 m euro8668 m 3
EBIT euro1015 m euro1052 m euro1052 m -4
Sales euro2206 m euro1688 m euro1228 m 30
EBIT euro131 m euro110 m euro76 m 18
Sales euro35524 m euro33009 m euro33886 m 62
EBIT euro4599 m euro4547 m euro4830 m -22Group
Before special items
1 Adjusted for IFRS 162 On a comparable basis 2018 adjusted for divestitures of Care Coordination activities 3 Growth rates at constant currency and adjusted for IFRS 16
Fresenius Group Margins by Business Segment
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 46
Before special items 2018 adjusted for divestitures of Care Coordination activities 2019 adjusted for IFRS 16
2019 2018 2017
EBITDA margin 178 192 185
EBIT margin 130 143 144
EBITDA margin 217 219 233
EBIT margin 173 174 185
EBITDA margin 148 159 165
EBIT margin 110 117 121
EBITDA margin 78 79 71
EBIT margin 59 65 62
EBITDA margin 174 183 185
EBIT margin 129 138 143Group
Credit Highlights amp Financing Structure
47General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Credit Highlights
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 48
Consistent Cash Generation
Proven Track Record of Deleveraging
Broad Mix of Financing Instruments
Well-Balanced Maturity Profile
Solid Balance Sheet Structure
Solid IG Rating and Strong Access to Capital Markets
120
103
126
114109
120 122116
112120
8
9
10
11
12
13
14
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
48 48 52 5358 55 55 54
6570
2
3
4
5
6
7
8
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
74
56
76
62
52
67 67 66
50 52
4
5
6
7
8
9
10
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Fresenius Group Consistent Cash Generation
Capex gross in of sales
FCF margin (before acquisitions amp dividends)CFFO margin
49General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
2019 including IFRS 16
32x
30x
27x
22x 23x
35x
30x
26x
36x
30x
26x27x
26x
25x
32x
27x
23x
28x
27x
31x 4
20
25
30
35
40
2001 2002 2003 2004 2005 Q106 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
3
2
Hospitals from
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Proven Track Record of Deleveraging
Net DebtEBITDA1
1 At actual FX rates from 2001 to 2010 and at average FX rates from 2011 onwards for both Net Debt and EBITDA before special items pro forma closed acquisitionsdivestitures2 Pro forma excluding advances made for the acquisition of hospitals from Rhoumln-Klinikum AG3 Both net debt and EBITDA including IFRS 16 effect and calculated at expected annual average exchange rates excluding further potential acquisitions4 Including acquisition of NxStage adjusted for IFRS 16 effect
Target 20203 towards thetop end of self-imposed
target corridor of 30 ndash 35x
50
36x
40
35
20
25
30
Equity-neutralconvertible bonds 3
Fresenius Group excl FMC Broad Mix of Financing Instruments
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 51
Total BS Debt
~euro136 bn
1 As of December 31 2019
bull Optimize funding costs and ensure financial flexibility
bull Diversify investor base
bull Strong liquidity provided by sufficient financial cushion (~euro22 billion as of December 31 2019)
Well Positioned to Meet Financing NeedsBonds 40
Lease obligations 14
Syndicated loans 15
Schuldscheinloans 16
Other financial liabilities 5
Commercial paper 7
Average interest ratecost of debt18 pa
Commercial paper 7
Fresenius Group Broad Mix of Financing Instruments
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 52
Total BS Debt
~euro273 bn
1 As of December 31 2019
bull Optimize funding costs and ensure financial flexibility
bull Diversify investor base
bull Strong liquidity provided by sufficient financial cushion (~euro40 billion as of December 31 2019)
Well Positioned to Meet Financing Needs
Average interest ratecost of debt22 pa
Equity-neutralconvertible bonds 3
Syndicated loans 14
Other financial liabilities 6
Bonds 38
Lease liabilities 24
Schuldschein loans 8
Fresenius Group Capitalization1
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 53
Instrument per Book Value in euro million in $ million4 oftotal cap
EBITDA LTM x
Syndicated Credit Agreement Revolver (euro US-$) 0 0 00 Syndicated Credit Agreement Term Loan A (euro US-$) 1976 2220 29 Bonds (euro US-$) 5501 6180 82 Convertible Bonds 465 522 07 Schuldschein Loans 2180 2449 33 Commercial Paper 953 1071 14 Lease Obligations 1876 2107 28 Other debt 675 758 10 Total Debt (FSE excl FMC) gross 13626 15307 203 Cash (excl FMC) 651 731 10 Total debt (FSE excl FMC) net 12975 14576 193 Total FMC debt net 12774 14350 190 Consolidation Adjustments (145) (163) (02)Total consolidated debt net 25604 28764 382 36x Market capitalization2 41470 46587 618 58x
Total capitalization 67074 75351 1000 94x FSE Group EBITDA3 7110
1 As of December 31 20192 Based on market capitalization for FSE and FMC as of December 31 20193 Pro Forma acquisitions before special items4 EURUSD exchange rate as of December 31 2019
Fresenius Group excl FMC Well-Balanced Debt Maturity Profile12
54
1 As of December 31 2019 and based on utilization of major financing instruments2 Excluding lease liabilities3 Pro Forma issuance of FSE EUR 750m bonds in Jan 2020 (average maturity 38)
Maturity 35 years3 on
average
eurom
EUR 750m Jan 2020
500717 700
267
1150
500700 750
500 500
153
903 927
106
304 393
430
421
238
207
84
500
953
0
500
1000
1500
2000
2500
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Bonds Syndicated Loan Schuldschein Loans Equity-neutral convertible bonds Commercial Paper
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
1500
1000
2000
2500
Fresenius Group Well-Balanced Debt Maturity Profile12
1 As of December 31 2019 and based on utilization of major financing instruments2 Excluding lease liabilities3 Pro Forma issuance of FSE EUR 750m bonds in Jan 2020 (average maturity 35)
EUR 750m Jan 2020
2380
13931859
650356 500 600
945
1712
1924
2020
697
2071
500 238
907 750
584
5000
1000
2000
3000
4000
5000
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Fresenius Medical Care Fresenius excl Fresenius Medical Care
5000
4000
3000
2000
1000
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Maturity 33 years3 on
average
eurom
55
23 23 23 19
32 36 33 41
45 41 44 40
Dec 31 16 Dec 31 17 Dec 31 18 Dec 31 19
Equity and non-controlling interest Debt Other liabilities
Fresenius Group Solid Balance Sheet Structure
Healthy Equity and Liability Split
bull Strong equity ratio of gt40 on average
bull Equity ratio kept in narrow range despite rapid growth of Fresenius Group
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 56
467 531 567 670
BS total (eurobn)
Including IFRS 16
Fresenius SE Solid Investment Grade Rating
57
ldquoFSE delivers solid organic growth thanks to positive underlying growth trends in the life-saving and life-sustaining products and therapies that the group offersrdquoSampP Jan 08 2019
ldquoFSErsquos rating remains anchored in investment-grade given its mature and defensive business risk profile its organic deleveraging ability based on free cash flow generation and its record of integrating acquisitions successfully and reducing financial leverage in line with communicated policiesrdquo Fitch April 17 2019
ldquoThe Baa3 long term issuer rating of FSE reflects its strong defensive business profile underpinned by large absolute scale global footprint and segmental diversification within the healthcare market supported by strong position in its four business segmentsrdquo Moodyrsquos May 20 2019
Rating History Rating Agenciesrsquo Key Statements
Following a positive outlook SampP upgraded Fresenius to BBB stable outlook in May 2019
SampP Moodylsquos Fitch
Corporate Credit Rating BBB Baa3 BBB-
Outlook stable stable stable
Current Credit Ratings
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Strong Access to Capital Markets
58
Major Financing Instruments
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Bonds euro250 m euro800 m$105 bn
euro750 m$15 bn
euro500 m euro12 bn$12 bn
$300m euro26 bn euro500 m euro10 bn$500 m
euro175 bn
euro750 m1
euro750 m2
SyndicatedLoans
$35 bn $898 m $385 bn $18 bneuro245 bn
$41 bneuro700 m
$115 bneuro205 bn
euro530 bn$355 bn
euro100 m
SchuldscheinLoans
euro400 m euro125 m euro500 m euro112 m $400 m euro10 bn euro700 m
Convertible Bonds
euro900 m euro500 m
Equity euro10 bn euro400 m
1 January 2020 euro750million 2020-2028 bonds issued by Fresenius SE amp Co KGaA2 March 2020 euro750million 2020-2027 bonds issued by Fresenius SE amp Co KGaA
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Debt and Cash Flow Structure
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 59
1 Incl consolidation adjustments2 Incl Fresenius financing subsidiaries3 Controlling stake4 Incl subsidiaries 5 Based on market capitalization for FMC as of December 31 20196 Via German holding entities (Fresenius Kabi AG and Fresenius ProServe GmbH)
Fresenius Medical Care
Financing
Fresenius SE Financing
Group Net Debt ~euro256 bn1
DividendsRents Service Agreements
~323 100 77 (cross boarder)100
Profit transfer Agreements6
bull Separate financing of Fresenius SE and Fresenius Medical Care
bull No joint financing facilities or mutual guarantees
bull Fresenius Kabi Fresenius Helios and Fresenius Vamed financed primarily through Fresenius SE to avoid structural subordination
bull Subsidiary debt consists mainly of lease liabilities which are on balance acc to IFRS 16 from 2019 onwards
FSE Net Debt2~euro128 bn
incl Net Debt of KabiHeliosVamed
StockMarketValue~euro62 bn5
FSE Net Debt2~euro114 bn
excl Net Debt of KabiHeliosVamed
euro12774 m Net Debt4
Thereof lease liabilities euro4705m
euro951 m Net Debt4
Thereof lease liabilities euro1042m
euro84 m Net Debt4
Thereof lease liabilities euro392m
euro371 m Net Debt4
Thereof lease liabilities euro369m
Fresenius Group Key Credit Figures
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 60
1 Adjusted for IFRS 162 Before special items pro forma acquisitionsdivestitures3 Before special items
20191 2019 2018 2017
Debt (eurom) thereof US$ denominated
2123328
2725834
1898428
1904231
Net debt (eurom) 19579 25604 16275 17406
Net debtEBITDA2
Net debt at year-end exchange rate EBITDA at LTM average FX rates
314 360 273 279
Net debtEBITDA2
at LTM average FX rates for both net debt and EBITDA
314 361 271 284
Operating Cash flowSales 99 120 112 116
EBITDANet Interest3 121 99 106 96
Appendix
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 61
Fresenius Group FY19 Key Financials
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom FY191 IFRS 16effect
specialitems
FY19 reported
Δ YoY cc12
Sales 35524 -115 - 35409 6
EBIT 4599 89 -57 4631 -2
Net interest -510 -204 -5 -719 9
Income taxes -955 30 42 -883 -5
Net income3 1915 -36 4 1883 0
Balance sheet total 61237 5769 - 67006
Operating Cashflow 3514 749 - 4263
1 Before special items adjusted for IFRS 16 effect2 On a comparable basis 2018 adjusted for divestitures of Care Coordination activities at FMC3 Net income attributable to shareholders of Fresenius SE amp Co KGaA
For a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
62
Fresenius Group Cash Flow
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 63
eurom 20191 Margin 2019 Margin 2018 Margin Δ YoY1918
Operating Cash Flow 3514 99 4263 120 3742 112 14
Capex (net) -2433 -69 -2433 -68 -2077 -62 -17
Free Cash Flow(before acquisitions and dividends)
1081 30 1830 52 1665 50 10
Acquisitions (net) -2423 -2423 613 --
Dividends -952 -952 -904 5
Free Cash Flow(after acquisitions and dividends) -2294 -65 -1545 -44 1374 41 --
1 2019 adjusted for IFRS 16
Fresenius Group Calculation of Noncontrolling Interest
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom FY19 FY18
Earnings before tax and noncontrolling interest 4089 3998
Taxes -955 -883
Noncontrolling interest thereof -1219 -1243
Fresenius Medical Care net income not attributable to Fresenius (FY19 ~69)
-897 -928
Noncontrolling interest holders in Fresenius Medical Care -239 -244
Noncontrolling interest holders in Fresenius Kabi (-euro49 m) Fresenius Helios (-euro13 m) Fresenius Vamed (-euro2 m) and due to Fresenius Vamedrsquos 23 external ownership (-euro19 m)
-83 -71
Net income attributable to Fresenius SE amp Co KGaA 1915 1872
64
On a comparable basis Before special items adjusted for IFRS16 effect FY18 adjusted for divestitures of Care Coordination activities at FMC
For a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
002
023 025029
032037
042044
055
062
93 08 09 10 11 12 13 14 15 16 17 18 19
25 2421 20 21 21 22 21 22 23 24
Fresenius SE Earnings-Linked Dividend Policy
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
euro per share
bull Dividend growth aligned to EPS1
growth
bull Pay-out Ratio 20 to 25
Dividend distribution (eurom)
Pay-out Ratio
075
2019 Pay-out Ratio 24 Dividend Policy
122 140 155 196 225 238 300 416114 343 445
080
1 Before special items
468
084
24
Track record
bull 27th consecutive dividend increase
bull CAGR dividend increase +15
65
32x1
Fresenius Medical Care Low Leverage Reflected by Solid Investment Grade Rating
66General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
60 6176
6483
2015 2016 2017 2018 2019
Free Cash Flow in of revenue
SampP Moodylsquos Fitch
Corporate Credit Rating BBB Baa3 BBB-
Outlook stable stable stable
Current Credit Ratings
1 Including IFRS16 effect
29x30x
27x
22x
18x
31x
27x25x
22x
21x
27x25x
25x
31x
26x23x
21x
18x
25x
15
20
25
30
35
40
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
1
Fresenius Medical Care Broad Mix of Financing Instruments
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 67
Total BS Debt
~euro138 m
1 As of December 31 2019
bull Optimize funding costs and ensure financial flexibility
bull Diversify investor base
bull Strong liquidity provided by sufficient financial cushion (~euro18 billion as of December 31 2019)
Well Positioned to Meet Financing Needs
Average interest ratecost of debt25 pa
Equity-neutralconvertible bonds 3
Commercial paper 7
Syndicated loans 14
Other financial liabilities 7
Bonds 36
Lease obligations 33
Fresenius Medical Care Well-Balanced Debt Maturity Profile12
68
eurom
Maturity 30 years on
average
1 As of December 31 2019 and based on utilization of major financing instruments2 Excluding lease liabilities
445
878623 650
356500 600
945
535
135
1236400
1000
380
0
500
1000
1500
2000
2500
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
Bonds Syndicated Loan Equity-neutral convertible bonds Commercial Paper AR Facility
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
2500
2000
1500
1000
Fresenius SE Overview Bonds
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 69
Issuer Volume(in millions)
Coupon type
Coupon (in )
MaturityTerm
ISIN (RegS)
WKN
Fresenius SE amp Co KGaAeuro500 Fix 2875 20132020 XS0873432511 A1HEWZ
Fresenius SE amp Co KGaAeuro450 Fix 300 20142021 XS1013955379 A1ZB7H
Fresenius SE amp Co KGaAeuro450 Fix 400 20142024 XS1026109204 A1ZC60
Fresenius SE amp Co KGaAeuro 500 Fix 1875 20192025 XS1936208252 A2NBMS
Fresenius SE amp Co KGaAeuro 750 Fix 1625 20202027 XS2152329053 A254TA
Fresenius SE amp Co KGaAeuro 750 Fix 075 20202028 XS2101357072 A254QN
Fresenius SE amp Co KGaAeuro 500 Fix 2875 20192029 XS1936208419 A2NBMT
Fresenius Finance Ireland plceuro700 Fix 0875 20172022 XS1554373164 A19B3F
Fresenius Finance Ireland plceuro700 Fix 150 20172024 XS1554373248 A19B3G
Fresenius Finance Ireland plceuro700 Fix 2125 20172027 XS1554373677 A19B3H
Fresenius Finance Ireland plceuro500 Fix 300 20172032 XS1554373834 A19B3J
Fresenius US Finance II IncUS$300 Fix 425 20142021 USU31436AG04 A1ZDVJ
Fresenius US Finance II IncUS$300 Fix 450 20152023 USU31436AH86 A1Z64A
As of April 8 2020
Fresenius Medical Care Overview Bonds
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 70
Issuer Volume(in millions)
Coupon type
Coupon (in )
MaturityTerm
ISIN (RegS)
WKN
FMC Finance VII SA euro300 Fix 525 20112021 XS0576395478 A1GLY6
Fresenius Medical Care US Finance Inc US$650 Fix 575 20112021 USU31433AA03 A1GL0J
Fresenius Medical Care US Finance II Inc US$500 Fix 4125 20142020 US35802XAH61 A1ZRTL
Fresenius Medical Care US Finance II Inc US$700 Fix 5875 20122022 USU31434AC42 A1GZRF
Fresenius Medical Care US Finance II Inc US$400 Fix 475 20142024 US35802XAJ28 A1ZRTN
Fresenius Medical Care US Finance III Inc US$500 Fix 375 20192029 USU3149FAA76 A2R3YR
Fresenius Medical Care AG amp Co KGaA euro650 Fix 0250 20192023 XS2084510069 A255DU
Fresenius Medical Care AG amp Co KGaA euro500 Fix 150 20182025 XS1854532949 A2NBE6
Fresenius Medical Care AG amp Co KGaA euro600 Fix 0625 20192026 XS2084497705 A255DV
Fresenius Medical Care AG amp Co KGaA euro500 Fix 1250 20192029 XS2084488209 A255DW
As of December 31 2019
Financial Calendar Contact
Financial Calendar 06 May 2020 Results Q120
30 July 2020 Results Q220
29 October 2020 Results Q320Please note that these dates could be subject to change
Annual General Meeting Due to the coronavirus pandemic the AGM scheduled for 20 May 2020 has been postponed A new date within the current financial year will be set as soon as the conditions for reliable planning and safe execution of the AGM are once again in place
Contact
Investor Relations amp SustainabilityFresenius SE amp Co KGaAphone +49 6172 608-2485e-mail ir-frefreseniuscomFor further information and current news wwwfreseniuscom
Follow us on Twitter wwwtwittercomfresenius_irand LinkedIn wwwlinkedincomcompanyfresenius-investor-relations
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 71
bull Manages hospital constructionexpansion projects and provides services for health care facilities worldwide
bull Offers project development planning turnkey construction maintenance as well as technical management and total operational management
bull Strong track record More than 900 projects in over 90 countries completed
bull Leading European post-acute care provider operating in five European countries
Fresenius Vamed Leading Global Hospital Projects and Services Specialist
Market Dynamics
Growth Drivers bull Emerging Market demand for building and
developing hospital infrastructurebull Outsourcing of non-medical services from public to
private operators
Emerging Markets17
Sales 2019euro22 bn Europe 83
Projects
Services
Post-acute care
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 11
65
6
16 16
acute15 acute16 acute17 acute18 acute19
Fresenius Group Strong Track Record of Organic Sales Growth in All Business Segments
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Business Segments
5CAGR
6 6 6
45
acute15 acute16 acute17 acute18 acute19
67 7
45
acute15 acute16 acute17 acute18 acute19
8
5
7 7
4
acute15 acute16 acute17 acute18 acute19
34 4
3
5
acute15 acute16 acute17 acute18 acute19
12
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Global Trends offer Growth Opportunities for Fresenius
+63pa
by 2050
16
Growth in emergingmarketsover the next decade2
In 2019 9 of the worldpopulation is gt age 651
Growing healthcare sectorAging Population
100bnpa
while the European healthcare system saves6293bn
pa
Generic drugs save theUS healthcare system5
Significant savings for healthcare systems
+484x
Growth of adults withdiabetes worldwide2017ndash20454
GDP per capita quadrupledover last 20 years in emerging markets anddeveloping economies3
Chronically ill patientsIncreasing national income
Sources 1 UN 2019 Revision of World Population Prospects (2019) 2 UBS Longer Term Investments EM healthcare (2018) 3 IMF (2019) 4 IDF Diabetes Atlas (2017) 5 AAM report (2019) 6 UBS Longer Term Investments Generics (2018)
13
Worldwide growing dialysis market
Growing Markets with High Entry Barriers
Attractive marketsMarketing of existingvalue chain
Standardizing medical procedures
Attractive Product Pipeline
Marketconsolidation
Strengthening and extension of value chain
Home dialysis strategy
Entry into attractive biosimilars business
SynergiesDevelopment of post-acute care business
Innovating products
Strong Emerging Markets Presence
Greenfield investments in Spain
Expansion of geographic presence
Further Internationalization
Fresenius Group Growth Areas
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 14
Fresenius Group Medium-term Growth Targets 2020 ndash 2023 (CAGRs)
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 15
1 Net income attributable to shareholders of Fresenius SEampCoKGaA
Before special items
Organic sales growth
4 ndash 7 (plus ~1 small to mid-size acquisitions)
Organic net income1 growth
5 ndash 9(plus ~1 small to mid-size acquisitions)
confirmed
confirmed
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
The Fresenius Strategy
Drive Internation-
alization
Employees
Improveprofitability
Innovation
Quality
Better medicine and
health care services for ever more people
Hospital projects amp services
Hospital supplies ampservices
Dialysisproducts ampservices
Hospital operations
Forward thinking healthcare to improve the lives of patients
16
Our ESG Priorities Patients Employees and Compliance
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Caring for human rights
Protecting nature as the basis of life
Being an attractive employer
Doing the right thingServing the well-beingof the patient
Quality of medical outcomes and patient satisfaction
Quality and safety of products
Data protection
Code of Conduct
Compliance Organization
Compliance Management Systems (Prevent Detect Respond)
Personnel structure and diversity
Attract talent retain and develop employees
Employee engagement and participation
Occupational health and safety
Water
Energy
GHG emissions
Waste
Wastewater
No exploitative nor illegal child or forced labor
Working conditions
Non-discrimination
Data protection
17
ESG Rating Overview Continuous Improvement through Reporting and Engagement
Current Score CDP Climate CCDP Water C Prime C BB 39100
DJSI Europe 55100
Sector Average CDP Climate B- C- BBB - A 28 100 47 ndash 63 100
Previous Score CDP Climate D-CDP Water D- Prime C BB 33100 48 100
Next steps bull Improve management-level responsibility over ESG-related issues ie implement further emissions reduction and efficiency projects and related targets
bull Intensify dialogue with rating agencies
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 18
SustainabilityESG Decisive Steps for 2020
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Our Priorities
bull ldquoBetter medicine for more peoplerdquo
bull Patients Quality of products and services
bull People Being an attractive employer
bull Compliance Doing the right thing
Sustainability Governance
bull CEO sponsors Group sustainability efforts
bull New Group Sustainability Board in 2020
bull Strategy and KPI alignment program started in 2019 will continue in 2020
Remuneration
bull Remuneration proposal planned for AGM 2021
bull Based on new German legal framework and German Corporate Governance Code
bull Will include ESG performance indicators
19
Investments in own business
Strategic acquisitions
Dividends
Share buy backs
Fresenius Group Capital Deployment Focuses on SustainableValue Creation
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Leverageratio
30-351
1 Including IFRS 16
20
Review FY19
21General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group
bull Delivered on all targets - 16th consecutive record year
bull 27th consecutive dividend increase proposed
bull Fresenius Kabi expected to show healthy top-line growth whilst softness in North America weighs on EBIT in FY20
bull Fresenius Helios anticipated to show ongoing stabilization in Germany and continued strong growth in Spain in FY20
bull Fresenius Medical Care expected to show strong growth in FY20
bull Too early to quantify the financial impact of Covid-19
bull Fresenius Group back on growth trajectory in FY20
bull Medium-term growth targets confirmed
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 22
Fresenius Kabi Volume Headwinds Partially Offset by New Product Launches in North America
bull Ongoing volume headwinds anticipatedminus Intensified competitionminus Shortage tailwind essentially overminus Opioid market not expected to
recoverbull Pricing expected to be in-line with
historical trends however trending more towards mid-single digit price declines in base product portfolio
bull 15+ product launches expected in 2020 targeting an originator market of ~US$13 bn
bull Excellent pipeline gt50 files pending with the FDA
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 23
Current Portfolio 2023 Portfolio
IV drugs
Pre-filled syringes
IV solutions
Parenteral nutrition
Infusion pumps
Biosimilars
Compounding
Specialty Rx
Fresenius Kabi Rigorous Pursuit to Further Broaden and Diversify Portfolio in North America
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 24
GPOsHospitals ClinicsPhysician Offices Retail PharmacyHome Care
Strong medium light none
0
500
1000
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 20190
01
02
03
Fresenius Kabi Continued Positive Momentum in Emerging Markets
bull Strong organic sales growth expected
bull Continued positive momentum in LatinAmerica anticipated
bull Regulatory changes in China expected toweigh on EBIT development
bull Too early to quantify the financial impact ofCovid-19
Significant sales and volume growth in China over last decade
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 25
Sales (cc) Volume growth Sales growth (cc)
in euro million
CAGR ~10
100030
20
10
0 0
500
US
Progress of portfolio
bull Three more molecules in portfolio
bull Expect to start with clinical studies forthose molecules in 2021
Fresenius Kabi Biosimilar Update
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 26
Launch schedule
Europe
Pegfilgrastim
Adalimumab
Tocilizumab
2023
2019
2021
2021
2023
2023
Business plan
bull Total investment ceiling euro14 bn untilEBITDA break-even in 2023
bull High triple-digit euro million sales in 2024
Fresenius Kabi Launch of Idacio in Europe Progresses According to Plan
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 27
Launched
Approved
Submitted
Fresenius Kabi Divisionalization of Transfusion Medicine and Cell Therapies Business Fuels Growth
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 28
bull Business remains important part of Fresenius Kabi
bull Dynamic growth in FY19 and good growth prospects
bull Inauguration of new production building in Haina Dominican Republic to fuel growth of disposable products
bull New joint venture to advance new cell and gene therapies
Fresenius Helios Germany to Show Ongoing Stabilization in FY20
Mitigation of regulatory headwindsbull Chief doctor vacancies at record lowbull Appropriate level of nursing staff bull Optimization of processes and workflowsbull Cost optimization measures
Very positive reimbursement environmentbull 2020 DRG inflator set at 366
Investments in future growth fieldsbull Clustering strategy progressesbull Preventionbull Occupational medicinebull Telemedicine platform
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 29
Ramp-up of outpatient businessbull Outpatient surgery centersbull Specialization of medical centers
Excellent growth in Spainbull Opening of first proton therapy center in
Spain (first patient treated in December rsquo19)
bull Opening of Quironsalud Madrid university hospital expansion in Pozuelo
bull Private hospitals expected to show dynamic organic growth driven by admissions
bull Continued positive momentum for ORPs
Fresenius Helios Spain to Plow Ahead in FY20
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 30
Expansion in Latin America proceedsbull Five successful acquisitions in Colombia
contribute nicely in FY20minus Clinica Las Vegas Clinica del Prado
and CediMed in Medellin(1)
minus Centro Medico Imbanaco in Cali(2)
minus Clinica de la Mujer in Bogota(3)
bull Total expected sales contribution of approx euro180m equiv in FY20
bull Attractive risk-adjusted ROIs expected
Notes (1) All transactions closed in 2019 (2) Closing expected at the end of Q12020 (3) Closing expected in Q22020 subject to anti-trust clearance
Financial Review FY19
31General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Sales
+6FY19 euro33524 m
Net Income
+0FY19 euro1915 m
EBIT
-2FY19 euro4599 m
Fresenius Group FY19 Profit and Loss Statement
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
All growth rates in constant currency (cc)Before special items adjusted for IFRS 16 effectOn a comparable basis FY18 adjusted for divestitures of Care Coordination activities at FMC before special itemsNet income attributable to shareholders of Fresenius SE amp Co KGaA
Net Interest
-euro510 mFY18 -euro549 m
Income Tax Rate
234FY18 221
32
1 On a comparable basis Q418 adjusted for divestitures of Care Coordination activities at FMC Q419 adjusted for IFRS 16 effect
All figures before special itemsFor a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
Fresenius Group Q419 Business Segment Growth
Organic sales growth1
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
EBIT growth (cc)1
+5
+4
+4
+4
0
-1
5
+7
+4 0
33
Fresenius Kabi Organic Sales Growth by Product Segment
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom Q419Δ YoY
organic FY19Δ YoY
organic
IV Drugs 737 -1 2939 -1
Infusion Therapy 213 2 834 3
Clinical Nutrition 482 8 1898 9
Medical DevicesTransfusion Technology
334 10 1248 11
Total sales 1766 4 6919 4
34
Fresenius Kabi Organic Sales Growth by Regions
eurom Q419Δ YoY
organic FY19Δ YoY
organic
North America 609 -1 2424 -2
Europe 604 2 2313 2
Emerging Markets 553 12 2182 14
Total sales 1766 4 6919 4
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 35
Fresenius Kabi Q4 amp FY19 EBIT Growth
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom Q419 Δ YoY cc FY19 Δ YoY cc
North AmericaMargin
204335
-8-260 bps
907374
-3-50 bps
EuropeMargin
87144
-10-200 bps
328142
-7-160 bps
Emerging MarketsMargin
124224
7-90 bps
476218
19130 bps
Corporate and Corporate RampD -132 11 -511 2
Total EBITMargin
283160
-1-90 bps
1200173
3-10 bps
On a comparable basis before special items and adjusted for IFRS 16 effects
Margin growth at actual ratesFor a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
36
Fresenius Kabi Expected Organic Sales Growth 2020
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Broadly stable
bull Ongoing volume headwinds anticipated
bull Pricing expected to trend more towards mid-single digit price declines in base product portfolio
North America
Mid-single-digit growth
bull Growth driven by first biosimilar in the market (IDACIO)
bull Continued strong growth of clinical nutrition business expected
Europe
High single-digit growth
bull China Healthy volume growth anticipated regulatory headwinds weigh on business
bull Latin America Continued healthy growth expected
Emerging Markets
37
Fresenius Helios Q4 amp FY19 Key Financials
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom Q419 Δ YoY FY19 Δ YoY
Total sales 2344 41 9234 51
Thereof Helios Germany 1475 31 5940 31
Thereof Helios Spain 867 71 3292 71
Total EBIT3
Margin292
1255
10 bps1015110
-4-32
-70 bps
Thereof Helios GermanyMargin
14397
420 bps
57697
-8-62
-80 bps
Thereof Helios SpainMargin
134155
6-50 bps
434132
5-50 bps
Thereof Corporate 15 -- 5 --
1 Organic growth2 Adjusted for the post-acute care business transferred to Fresenius Vamed as of July 1 20183 Adjusted for IFRS 16 effectFor a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
38
Fresenius Helios Key Measures
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
FY19 FY18 Δ
No of hospitals Germany- Acute care hospitals
8683
8683
00
No of hospitals Spain(Hospitals)
51 47 9
No of beds Germany- Acute care hospitals
28907 28380
2932928802
-1-1
No of beds Spain(Hospitals)
7288 7019 4
Admissions Germany (acute care) 1206654 1218199
Admissions Spain (including outpatients) 15396051 13318066
39
Fresenius Vamed
1 Without German post-acute care business acquired from Fresenius Helios as of July 1 2018
2 Adjusted for IFRS 16 effect 3 Project business only4 Versus December 31 2018
bull Both business segments contributed to the organic sales growth of 4 in Q419
bull Stable service business is gaining weight (FY19 63 of sales FY09 32)
bull Geographically well-diversified order backlog is excellent foundation for future growth
eurom Q419 Δ YoY FY19 Δ YoY
Total salesThereof organic sales
737 64
2206 31161
Service business 374 11 1399 43251
Project business 363 1 807 13
Total EBIT2 66 8 131 1961
Order intake3 576 -13 1314 7
Order backlog3 2865 184
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 40
Fresenius Group FY19 amp Cash Flow
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Operating CF1 Capex (net) Free Cash Flow12
eurom FY2019 Margin FY2019 Margin FY2019 Margin
1947 111 -1113 -64 834 47
968 140 -716 -104 252 36
683 74 -477 -52 206 224
-46 -21 -52 -23 -98 -44
CorporateOther -38 na -75 na -113 na
1677 93 -1320 -73 357 20
3514 99 -2433 -69 1081 30
1 Adjusted for IFRS 162 Before acquisitions and dividends3 Incl FMC dividend of euro110 million4 Understated 27 excluding euro45 million of capex commitments from acquisitions
Excl FMC3
41
Fresenius Group 2020 Financial Outlook by Business Segment
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom (except otherwise stated) FY19 Base1 FY20e2
Sales growth (cc) 17477mid to high single digit
-range
Net income growth3 (cc) 1205mid to high single digit
-range
Sales growth (organic) 6919 3 - 6
EBIT growth (cc) 1205 -4 to 0
Sales growth (organic) 9234 3 - 6
EBIT growth (cc) 1025 3 - 7
Sales growth (organic) 2206 4 - 7
EBIT growth (cc) 134 5 - 9
1 Before special items including IFRS 16 effects including NxStage operations2 Before special items3 Net income attributable to shareholders of Fresenius Medical Care AG amp Co KGaA
For a detailed overview of special items please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
42
eurom (except otherwise stated) FY19 Base1 FY202
Sales growth (cc) 35409 4 - 7
Net income3 growth (cc) 1879 1 - 5
Fresenius Group 2020 Financial Guidance
1 Before special items including IFRS 16 effects including NxStage operations 2 Before special items3 Net income attributable to shareholders of Fresenius SEampCoKGaA
For a detailed overview of special items please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 43
FY19 base for Fresenius Group Guidance FY20
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
euromFresenius
GroupFresenius
Medical CareFresenius
Kabi
Sales reported (reported = base for guidance) 35409 17477 6919
Transaction costs Akorn 3
Revaluations of biosimilars contingent purchase price liabilities -32
EBIT (before special items = base Fresenius Kabi guidance) 1205
Net income reported 1883 1200
Transaction costs Akorn 3
Revaluations of biosimilars contingent purchase price liabilities -19
Gain related to divestitures of Care Coordination activities at FMC -15 -49
Transaction costs NxStage 6 18
Expenses associated with cost optimization program at FMC 21 67
Net income (before special items = base Fresenius Group amp FMC guidance) 1879 1236
44
Fresenius Group Financial Results by Business Segment
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 45
20191 20182 2017 Growth3
20192018
Sales euro17592 m euro16026 m euro17784 m 62
EBIT euro2281 m euro2292 m euro2562 m -42
Sales euro6919 m euro6544 m euro6358 m 4
EBIT euro1200 m euro1139 m euro1177 m 3
Sales euro9234 m euro8993 m euro8668 m 3
EBIT euro1015 m euro1052 m euro1052 m -4
Sales euro2206 m euro1688 m euro1228 m 30
EBIT euro131 m euro110 m euro76 m 18
Sales euro35524 m euro33009 m euro33886 m 62
EBIT euro4599 m euro4547 m euro4830 m -22Group
Before special items
1 Adjusted for IFRS 162 On a comparable basis 2018 adjusted for divestitures of Care Coordination activities 3 Growth rates at constant currency and adjusted for IFRS 16
Fresenius Group Margins by Business Segment
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 46
Before special items 2018 adjusted for divestitures of Care Coordination activities 2019 adjusted for IFRS 16
2019 2018 2017
EBITDA margin 178 192 185
EBIT margin 130 143 144
EBITDA margin 217 219 233
EBIT margin 173 174 185
EBITDA margin 148 159 165
EBIT margin 110 117 121
EBITDA margin 78 79 71
EBIT margin 59 65 62
EBITDA margin 174 183 185
EBIT margin 129 138 143Group
Credit Highlights amp Financing Structure
47General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Credit Highlights
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 48
Consistent Cash Generation
Proven Track Record of Deleveraging
Broad Mix of Financing Instruments
Well-Balanced Maturity Profile
Solid Balance Sheet Structure
Solid IG Rating and Strong Access to Capital Markets
120
103
126
114109
120 122116
112120
8
9
10
11
12
13
14
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
48 48 52 5358 55 55 54
6570
2
3
4
5
6
7
8
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
74
56
76
62
52
67 67 66
50 52
4
5
6
7
8
9
10
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Fresenius Group Consistent Cash Generation
Capex gross in of sales
FCF margin (before acquisitions amp dividends)CFFO margin
49General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
2019 including IFRS 16
32x
30x
27x
22x 23x
35x
30x
26x
36x
30x
26x27x
26x
25x
32x
27x
23x
28x
27x
31x 4
20
25
30
35
40
2001 2002 2003 2004 2005 Q106 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
3
2
Hospitals from
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Proven Track Record of Deleveraging
Net DebtEBITDA1
1 At actual FX rates from 2001 to 2010 and at average FX rates from 2011 onwards for both Net Debt and EBITDA before special items pro forma closed acquisitionsdivestitures2 Pro forma excluding advances made for the acquisition of hospitals from Rhoumln-Klinikum AG3 Both net debt and EBITDA including IFRS 16 effect and calculated at expected annual average exchange rates excluding further potential acquisitions4 Including acquisition of NxStage adjusted for IFRS 16 effect
Target 20203 towards thetop end of self-imposed
target corridor of 30 ndash 35x
50
36x
40
35
20
25
30
Equity-neutralconvertible bonds 3
Fresenius Group excl FMC Broad Mix of Financing Instruments
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 51
Total BS Debt
~euro136 bn
1 As of December 31 2019
bull Optimize funding costs and ensure financial flexibility
bull Diversify investor base
bull Strong liquidity provided by sufficient financial cushion (~euro22 billion as of December 31 2019)
Well Positioned to Meet Financing NeedsBonds 40
Lease obligations 14
Syndicated loans 15
Schuldscheinloans 16
Other financial liabilities 5
Commercial paper 7
Average interest ratecost of debt18 pa
Commercial paper 7
Fresenius Group Broad Mix of Financing Instruments
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 52
Total BS Debt
~euro273 bn
1 As of December 31 2019
bull Optimize funding costs and ensure financial flexibility
bull Diversify investor base
bull Strong liquidity provided by sufficient financial cushion (~euro40 billion as of December 31 2019)
Well Positioned to Meet Financing Needs
Average interest ratecost of debt22 pa
Equity-neutralconvertible bonds 3
Syndicated loans 14
Other financial liabilities 6
Bonds 38
Lease liabilities 24
Schuldschein loans 8
Fresenius Group Capitalization1
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 53
Instrument per Book Value in euro million in $ million4 oftotal cap
EBITDA LTM x
Syndicated Credit Agreement Revolver (euro US-$) 0 0 00 Syndicated Credit Agreement Term Loan A (euro US-$) 1976 2220 29 Bonds (euro US-$) 5501 6180 82 Convertible Bonds 465 522 07 Schuldschein Loans 2180 2449 33 Commercial Paper 953 1071 14 Lease Obligations 1876 2107 28 Other debt 675 758 10 Total Debt (FSE excl FMC) gross 13626 15307 203 Cash (excl FMC) 651 731 10 Total debt (FSE excl FMC) net 12975 14576 193 Total FMC debt net 12774 14350 190 Consolidation Adjustments (145) (163) (02)Total consolidated debt net 25604 28764 382 36x Market capitalization2 41470 46587 618 58x
Total capitalization 67074 75351 1000 94x FSE Group EBITDA3 7110
1 As of December 31 20192 Based on market capitalization for FSE and FMC as of December 31 20193 Pro Forma acquisitions before special items4 EURUSD exchange rate as of December 31 2019
Fresenius Group excl FMC Well-Balanced Debt Maturity Profile12
54
1 As of December 31 2019 and based on utilization of major financing instruments2 Excluding lease liabilities3 Pro Forma issuance of FSE EUR 750m bonds in Jan 2020 (average maturity 38)
Maturity 35 years3 on
average
eurom
EUR 750m Jan 2020
500717 700
267
1150
500700 750
500 500
153
903 927
106
304 393
430
421
238
207
84
500
953
0
500
1000
1500
2000
2500
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Bonds Syndicated Loan Schuldschein Loans Equity-neutral convertible bonds Commercial Paper
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
1500
1000
2000
2500
Fresenius Group Well-Balanced Debt Maturity Profile12
1 As of December 31 2019 and based on utilization of major financing instruments2 Excluding lease liabilities3 Pro Forma issuance of FSE EUR 750m bonds in Jan 2020 (average maturity 35)
EUR 750m Jan 2020
2380
13931859
650356 500 600
945
1712
1924
2020
697
2071
500 238
907 750
584
5000
1000
2000
3000
4000
5000
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Fresenius Medical Care Fresenius excl Fresenius Medical Care
5000
4000
3000
2000
1000
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Maturity 33 years3 on
average
eurom
55
23 23 23 19
32 36 33 41
45 41 44 40
Dec 31 16 Dec 31 17 Dec 31 18 Dec 31 19
Equity and non-controlling interest Debt Other liabilities
Fresenius Group Solid Balance Sheet Structure
Healthy Equity and Liability Split
bull Strong equity ratio of gt40 on average
bull Equity ratio kept in narrow range despite rapid growth of Fresenius Group
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 56
467 531 567 670
BS total (eurobn)
Including IFRS 16
Fresenius SE Solid Investment Grade Rating
57
ldquoFSE delivers solid organic growth thanks to positive underlying growth trends in the life-saving and life-sustaining products and therapies that the group offersrdquoSampP Jan 08 2019
ldquoFSErsquos rating remains anchored in investment-grade given its mature and defensive business risk profile its organic deleveraging ability based on free cash flow generation and its record of integrating acquisitions successfully and reducing financial leverage in line with communicated policiesrdquo Fitch April 17 2019
ldquoThe Baa3 long term issuer rating of FSE reflects its strong defensive business profile underpinned by large absolute scale global footprint and segmental diversification within the healthcare market supported by strong position in its four business segmentsrdquo Moodyrsquos May 20 2019
Rating History Rating Agenciesrsquo Key Statements
Following a positive outlook SampP upgraded Fresenius to BBB stable outlook in May 2019
SampP Moodylsquos Fitch
Corporate Credit Rating BBB Baa3 BBB-
Outlook stable stable stable
Current Credit Ratings
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Strong Access to Capital Markets
58
Major Financing Instruments
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Bonds euro250 m euro800 m$105 bn
euro750 m$15 bn
euro500 m euro12 bn$12 bn
$300m euro26 bn euro500 m euro10 bn$500 m
euro175 bn
euro750 m1
euro750 m2
SyndicatedLoans
$35 bn $898 m $385 bn $18 bneuro245 bn
$41 bneuro700 m
$115 bneuro205 bn
euro530 bn$355 bn
euro100 m
SchuldscheinLoans
euro400 m euro125 m euro500 m euro112 m $400 m euro10 bn euro700 m
Convertible Bonds
euro900 m euro500 m
Equity euro10 bn euro400 m
1 January 2020 euro750million 2020-2028 bonds issued by Fresenius SE amp Co KGaA2 March 2020 euro750million 2020-2027 bonds issued by Fresenius SE amp Co KGaA
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Debt and Cash Flow Structure
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 59
1 Incl consolidation adjustments2 Incl Fresenius financing subsidiaries3 Controlling stake4 Incl subsidiaries 5 Based on market capitalization for FMC as of December 31 20196 Via German holding entities (Fresenius Kabi AG and Fresenius ProServe GmbH)
Fresenius Medical Care
Financing
Fresenius SE Financing
Group Net Debt ~euro256 bn1
DividendsRents Service Agreements
~323 100 77 (cross boarder)100
Profit transfer Agreements6
bull Separate financing of Fresenius SE and Fresenius Medical Care
bull No joint financing facilities or mutual guarantees
bull Fresenius Kabi Fresenius Helios and Fresenius Vamed financed primarily through Fresenius SE to avoid structural subordination
bull Subsidiary debt consists mainly of lease liabilities which are on balance acc to IFRS 16 from 2019 onwards
FSE Net Debt2~euro128 bn
incl Net Debt of KabiHeliosVamed
StockMarketValue~euro62 bn5
FSE Net Debt2~euro114 bn
excl Net Debt of KabiHeliosVamed
euro12774 m Net Debt4
Thereof lease liabilities euro4705m
euro951 m Net Debt4
Thereof lease liabilities euro1042m
euro84 m Net Debt4
Thereof lease liabilities euro392m
euro371 m Net Debt4
Thereof lease liabilities euro369m
Fresenius Group Key Credit Figures
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 60
1 Adjusted for IFRS 162 Before special items pro forma acquisitionsdivestitures3 Before special items
20191 2019 2018 2017
Debt (eurom) thereof US$ denominated
2123328
2725834
1898428
1904231
Net debt (eurom) 19579 25604 16275 17406
Net debtEBITDA2
Net debt at year-end exchange rate EBITDA at LTM average FX rates
314 360 273 279
Net debtEBITDA2
at LTM average FX rates for both net debt and EBITDA
314 361 271 284
Operating Cash flowSales 99 120 112 116
EBITDANet Interest3 121 99 106 96
Appendix
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 61
Fresenius Group FY19 Key Financials
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom FY191 IFRS 16effect
specialitems
FY19 reported
Δ YoY cc12
Sales 35524 -115 - 35409 6
EBIT 4599 89 -57 4631 -2
Net interest -510 -204 -5 -719 9
Income taxes -955 30 42 -883 -5
Net income3 1915 -36 4 1883 0
Balance sheet total 61237 5769 - 67006
Operating Cashflow 3514 749 - 4263
1 Before special items adjusted for IFRS 16 effect2 On a comparable basis 2018 adjusted for divestitures of Care Coordination activities at FMC3 Net income attributable to shareholders of Fresenius SE amp Co KGaA
For a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
62
Fresenius Group Cash Flow
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 63
eurom 20191 Margin 2019 Margin 2018 Margin Δ YoY1918
Operating Cash Flow 3514 99 4263 120 3742 112 14
Capex (net) -2433 -69 -2433 -68 -2077 -62 -17
Free Cash Flow(before acquisitions and dividends)
1081 30 1830 52 1665 50 10
Acquisitions (net) -2423 -2423 613 --
Dividends -952 -952 -904 5
Free Cash Flow(after acquisitions and dividends) -2294 -65 -1545 -44 1374 41 --
1 2019 adjusted for IFRS 16
Fresenius Group Calculation of Noncontrolling Interest
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom FY19 FY18
Earnings before tax and noncontrolling interest 4089 3998
Taxes -955 -883
Noncontrolling interest thereof -1219 -1243
Fresenius Medical Care net income not attributable to Fresenius (FY19 ~69)
-897 -928
Noncontrolling interest holders in Fresenius Medical Care -239 -244
Noncontrolling interest holders in Fresenius Kabi (-euro49 m) Fresenius Helios (-euro13 m) Fresenius Vamed (-euro2 m) and due to Fresenius Vamedrsquos 23 external ownership (-euro19 m)
-83 -71
Net income attributable to Fresenius SE amp Co KGaA 1915 1872
64
On a comparable basis Before special items adjusted for IFRS16 effect FY18 adjusted for divestitures of Care Coordination activities at FMC
For a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
002
023 025029
032037
042044
055
062
93 08 09 10 11 12 13 14 15 16 17 18 19
25 2421 20 21 21 22 21 22 23 24
Fresenius SE Earnings-Linked Dividend Policy
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
euro per share
bull Dividend growth aligned to EPS1
growth
bull Pay-out Ratio 20 to 25
Dividend distribution (eurom)
Pay-out Ratio
075
2019 Pay-out Ratio 24 Dividend Policy
122 140 155 196 225 238 300 416114 343 445
080
1 Before special items
468
084
24
Track record
bull 27th consecutive dividend increase
bull CAGR dividend increase +15
65
32x1
Fresenius Medical Care Low Leverage Reflected by Solid Investment Grade Rating
66General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
60 6176
6483
2015 2016 2017 2018 2019
Free Cash Flow in of revenue
SampP Moodylsquos Fitch
Corporate Credit Rating BBB Baa3 BBB-
Outlook stable stable stable
Current Credit Ratings
1 Including IFRS16 effect
29x30x
27x
22x
18x
31x
27x25x
22x
21x
27x25x
25x
31x
26x23x
21x
18x
25x
15
20
25
30
35
40
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
1
Fresenius Medical Care Broad Mix of Financing Instruments
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 67
Total BS Debt
~euro138 m
1 As of December 31 2019
bull Optimize funding costs and ensure financial flexibility
bull Diversify investor base
bull Strong liquidity provided by sufficient financial cushion (~euro18 billion as of December 31 2019)
Well Positioned to Meet Financing Needs
Average interest ratecost of debt25 pa
Equity-neutralconvertible bonds 3
Commercial paper 7
Syndicated loans 14
Other financial liabilities 7
Bonds 36
Lease obligations 33
Fresenius Medical Care Well-Balanced Debt Maturity Profile12
68
eurom
Maturity 30 years on
average
1 As of December 31 2019 and based on utilization of major financing instruments2 Excluding lease liabilities
445
878623 650
356500 600
945
535
135
1236400
1000
380
0
500
1000
1500
2000
2500
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
Bonds Syndicated Loan Equity-neutral convertible bonds Commercial Paper AR Facility
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
2500
2000
1500
1000
Fresenius SE Overview Bonds
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 69
Issuer Volume(in millions)
Coupon type
Coupon (in )
MaturityTerm
ISIN (RegS)
WKN
Fresenius SE amp Co KGaAeuro500 Fix 2875 20132020 XS0873432511 A1HEWZ
Fresenius SE amp Co KGaAeuro450 Fix 300 20142021 XS1013955379 A1ZB7H
Fresenius SE amp Co KGaAeuro450 Fix 400 20142024 XS1026109204 A1ZC60
Fresenius SE amp Co KGaAeuro 500 Fix 1875 20192025 XS1936208252 A2NBMS
Fresenius SE amp Co KGaAeuro 750 Fix 1625 20202027 XS2152329053 A254TA
Fresenius SE amp Co KGaAeuro 750 Fix 075 20202028 XS2101357072 A254QN
Fresenius SE amp Co KGaAeuro 500 Fix 2875 20192029 XS1936208419 A2NBMT
Fresenius Finance Ireland plceuro700 Fix 0875 20172022 XS1554373164 A19B3F
Fresenius Finance Ireland plceuro700 Fix 150 20172024 XS1554373248 A19B3G
Fresenius Finance Ireland plceuro700 Fix 2125 20172027 XS1554373677 A19B3H
Fresenius Finance Ireland plceuro500 Fix 300 20172032 XS1554373834 A19B3J
Fresenius US Finance II IncUS$300 Fix 425 20142021 USU31436AG04 A1ZDVJ
Fresenius US Finance II IncUS$300 Fix 450 20152023 USU31436AH86 A1Z64A
As of April 8 2020
Fresenius Medical Care Overview Bonds
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 70
Issuer Volume(in millions)
Coupon type
Coupon (in )
MaturityTerm
ISIN (RegS)
WKN
FMC Finance VII SA euro300 Fix 525 20112021 XS0576395478 A1GLY6
Fresenius Medical Care US Finance Inc US$650 Fix 575 20112021 USU31433AA03 A1GL0J
Fresenius Medical Care US Finance II Inc US$500 Fix 4125 20142020 US35802XAH61 A1ZRTL
Fresenius Medical Care US Finance II Inc US$700 Fix 5875 20122022 USU31434AC42 A1GZRF
Fresenius Medical Care US Finance II Inc US$400 Fix 475 20142024 US35802XAJ28 A1ZRTN
Fresenius Medical Care US Finance III Inc US$500 Fix 375 20192029 USU3149FAA76 A2R3YR
Fresenius Medical Care AG amp Co KGaA euro650 Fix 0250 20192023 XS2084510069 A255DU
Fresenius Medical Care AG amp Co KGaA euro500 Fix 150 20182025 XS1854532949 A2NBE6
Fresenius Medical Care AG amp Co KGaA euro600 Fix 0625 20192026 XS2084497705 A255DV
Fresenius Medical Care AG amp Co KGaA euro500 Fix 1250 20192029 XS2084488209 A255DW
As of December 31 2019
Financial Calendar Contact
Financial Calendar 06 May 2020 Results Q120
30 July 2020 Results Q220
29 October 2020 Results Q320Please note that these dates could be subject to change
Annual General Meeting Due to the coronavirus pandemic the AGM scheduled for 20 May 2020 has been postponed A new date within the current financial year will be set as soon as the conditions for reliable planning and safe execution of the AGM are once again in place
Contact
Investor Relations amp SustainabilityFresenius SE amp Co KGaAphone +49 6172 608-2485e-mail ir-frefreseniuscomFor further information and current news wwwfreseniuscom
Follow us on Twitter wwwtwittercomfresenius_irand LinkedIn wwwlinkedincomcompanyfresenius-investor-relations
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 71
65
6
16 16
acute15 acute16 acute17 acute18 acute19
Fresenius Group Strong Track Record of Organic Sales Growth in All Business Segments
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Business Segments
5CAGR
6 6 6
45
acute15 acute16 acute17 acute18 acute19
67 7
45
acute15 acute16 acute17 acute18 acute19
8
5
7 7
4
acute15 acute16 acute17 acute18 acute19
34 4
3
5
acute15 acute16 acute17 acute18 acute19
12
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Global Trends offer Growth Opportunities for Fresenius
+63pa
by 2050
16
Growth in emergingmarketsover the next decade2
In 2019 9 of the worldpopulation is gt age 651
Growing healthcare sectorAging Population
100bnpa
while the European healthcare system saves6293bn
pa
Generic drugs save theUS healthcare system5
Significant savings for healthcare systems
+484x
Growth of adults withdiabetes worldwide2017ndash20454
GDP per capita quadrupledover last 20 years in emerging markets anddeveloping economies3
Chronically ill patientsIncreasing national income
Sources 1 UN 2019 Revision of World Population Prospects (2019) 2 UBS Longer Term Investments EM healthcare (2018) 3 IMF (2019) 4 IDF Diabetes Atlas (2017) 5 AAM report (2019) 6 UBS Longer Term Investments Generics (2018)
13
Worldwide growing dialysis market
Growing Markets with High Entry Barriers
Attractive marketsMarketing of existingvalue chain
Standardizing medical procedures
Attractive Product Pipeline
Marketconsolidation
Strengthening and extension of value chain
Home dialysis strategy
Entry into attractive biosimilars business
SynergiesDevelopment of post-acute care business
Innovating products
Strong Emerging Markets Presence
Greenfield investments in Spain
Expansion of geographic presence
Further Internationalization
Fresenius Group Growth Areas
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 14
Fresenius Group Medium-term Growth Targets 2020 ndash 2023 (CAGRs)
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 15
1 Net income attributable to shareholders of Fresenius SEampCoKGaA
Before special items
Organic sales growth
4 ndash 7 (plus ~1 small to mid-size acquisitions)
Organic net income1 growth
5 ndash 9(plus ~1 small to mid-size acquisitions)
confirmed
confirmed
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
The Fresenius Strategy
Drive Internation-
alization
Employees
Improveprofitability
Innovation
Quality
Better medicine and
health care services for ever more people
Hospital projects amp services
Hospital supplies ampservices
Dialysisproducts ampservices
Hospital operations
Forward thinking healthcare to improve the lives of patients
16
Our ESG Priorities Patients Employees and Compliance
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Caring for human rights
Protecting nature as the basis of life
Being an attractive employer
Doing the right thingServing the well-beingof the patient
Quality of medical outcomes and patient satisfaction
Quality and safety of products
Data protection
Code of Conduct
Compliance Organization
Compliance Management Systems (Prevent Detect Respond)
Personnel structure and diversity
Attract talent retain and develop employees
Employee engagement and participation
Occupational health and safety
Water
Energy
GHG emissions
Waste
Wastewater
No exploitative nor illegal child or forced labor
Working conditions
Non-discrimination
Data protection
17
ESG Rating Overview Continuous Improvement through Reporting and Engagement
Current Score CDP Climate CCDP Water C Prime C BB 39100
DJSI Europe 55100
Sector Average CDP Climate B- C- BBB - A 28 100 47 ndash 63 100
Previous Score CDP Climate D-CDP Water D- Prime C BB 33100 48 100
Next steps bull Improve management-level responsibility over ESG-related issues ie implement further emissions reduction and efficiency projects and related targets
bull Intensify dialogue with rating agencies
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 18
SustainabilityESG Decisive Steps for 2020
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Our Priorities
bull ldquoBetter medicine for more peoplerdquo
bull Patients Quality of products and services
bull People Being an attractive employer
bull Compliance Doing the right thing
Sustainability Governance
bull CEO sponsors Group sustainability efforts
bull New Group Sustainability Board in 2020
bull Strategy and KPI alignment program started in 2019 will continue in 2020
Remuneration
bull Remuneration proposal planned for AGM 2021
bull Based on new German legal framework and German Corporate Governance Code
bull Will include ESG performance indicators
19
Investments in own business
Strategic acquisitions
Dividends
Share buy backs
Fresenius Group Capital Deployment Focuses on SustainableValue Creation
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Leverageratio
30-351
1 Including IFRS 16
20
Review FY19
21General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group
bull Delivered on all targets - 16th consecutive record year
bull 27th consecutive dividend increase proposed
bull Fresenius Kabi expected to show healthy top-line growth whilst softness in North America weighs on EBIT in FY20
bull Fresenius Helios anticipated to show ongoing stabilization in Germany and continued strong growth in Spain in FY20
bull Fresenius Medical Care expected to show strong growth in FY20
bull Too early to quantify the financial impact of Covid-19
bull Fresenius Group back on growth trajectory in FY20
bull Medium-term growth targets confirmed
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 22
Fresenius Kabi Volume Headwinds Partially Offset by New Product Launches in North America
bull Ongoing volume headwinds anticipatedminus Intensified competitionminus Shortage tailwind essentially overminus Opioid market not expected to
recoverbull Pricing expected to be in-line with
historical trends however trending more towards mid-single digit price declines in base product portfolio
bull 15+ product launches expected in 2020 targeting an originator market of ~US$13 bn
bull Excellent pipeline gt50 files pending with the FDA
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 23
Current Portfolio 2023 Portfolio
IV drugs
Pre-filled syringes
IV solutions
Parenteral nutrition
Infusion pumps
Biosimilars
Compounding
Specialty Rx
Fresenius Kabi Rigorous Pursuit to Further Broaden and Diversify Portfolio in North America
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 24
GPOsHospitals ClinicsPhysician Offices Retail PharmacyHome Care
Strong medium light none
0
500
1000
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 20190
01
02
03
Fresenius Kabi Continued Positive Momentum in Emerging Markets
bull Strong organic sales growth expected
bull Continued positive momentum in LatinAmerica anticipated
bull Regulatory changes in China expected toweigh on EBIT development
bull Too early to quantify the financial impact ofCovid-19
Significant sales and volume growth in China over last decade
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 25
Sales (cc) Volume growth Sales growth (cc)
in euro million
CAGR ~10
100030
20
10
0 0
500
US
Progress of portfolio
bull Three more molecules in portfolio
bull Expect to start with clinical studies forthose molecules in 2021
Fresenius Kabi Biosimilar Update
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 26
Launch schedule
Europe
Pegfilgrastim
Adalimumab
Tocilizumab
2023
2019
2021
2021
2023
2023
Business plan
bull Total investment ceiling euro14 bn untilEBITDA break-even in 2023
bull High triple-digit euro million sales in 2024
Fresenius Kabi Launch of Idacio in Europe Progresses According to Plan
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 27
Launched
Approved
Submitted
Fresenius Kabi Divisionalization of Transfusion Medicine and Cell Therapies Business Fuels Growth
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 28
bull Business remains important part of Fresenius Kabi
bull Dynamic growth in FY19 and good growth prospects
bull Inauguration of new production building in Haina Dominican Republic to fuel growth of disposable products
bull New joint venture to advance new cell and gene therapies
Fresenius Helios Germany to Show Ongoing Stabilization in FY20
Mitigation of regulatory headwindsbull Chief doctor vacancies at record lowbull Appropriate level of nursing staff bull Optimization of processes and workflowsbull Cost optimization measures
Very positive reimbursement environmentbull 2020 DRG inflator set at 366
Investments in future growth fieldsbull Clustering strategy progressesbull Preventionbull Occupational medicinebull Telemedicine platform
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 29
Ramp-up of outpatient businessbull Outpatient surgery centersbull Specialization of medical centers
Excellent growth in Spainbull Opening of first proton therapy center in
Spain (first patient treated in December rsquo19)
bull Opening of Quironsalud Madrid university hospital expansion in Pozuelo
bull Private hospitals expected to show dynamic organic growth driven by admissions
bull Continued positive momentum for ORPs
Fresenius Helios Spain to Plow Ahead in FY20
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 30
Expansion in Latin America proceedsbull Five successful acquisitions in Colombia
contribute nicely in FY20minus Clinica Las Vegas Clinica del Prado
and CediMed in Medellin(1)
minus Centro Medico Imbanaco in Cali(2)
minus Clinica de la Mujer in Bogota(3)
bull Total expected sales contribution of approx euro180m equiv in FY20
bull Attractive risk-adjusted ROIs expected
Notes (1) All transactions closed in 2019 (2) Closing expected at the end of Q12020 (3) Closing expected in Q22020 subject to anti-trust clearance
Financial Review FY19
31General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Sales
+6FY19 euro33524 m
Net Income
+0FY19 euro1915 m
EBIT
-2FY19 euro4599 m
Fresenius Group FY19 Profit and Loss Statement
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
All growth rates in constant currency (cc)Before special items adjusted for IFRS 16 effectOn a comparable basis FY18 adjusted for divestitures of Care Coordination activities at FMC before special itemsNet income attributable to shareholders of Fresenius SE amp Co KGaA
Net Interest
-euro510 mFY18 -euro549 m
Income Tax Rate
234FY18 221
32
1 On a comparable basis Q418 adjusted for divestitures of Care Coordination activities at FMC Q419 adjusted for IFRS 16 effect
All figures before special itemsFor a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
Fresenius Group Q419 Business Segment Growth
Organic sales growth1
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
EBIT growth (cc)1
+5
+4
+4
+4
0
-1
5
+7
+4 0
33
Fresenius Kabi Organic Sales Growth by Product Segment
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom Q419Δ YoY
organic FY19Δ YoY
organic
IV Drugs 737 -1 2939 -1
Infusion Therapy 213 2 834 3
Clinical Nutrition 482 8 1898 9
Medical DevicesTransfusion Technology
334 10 1248 11
Total sales 1766 4 6919 4
34
Fresenius Kabi Organic Sales Growth by Regions
eurom Q419Δ YoY
organic FY19Δ YoY
organic
North America 609 -1 2424 -2
Europe 604 2 2313 2
Emerging Markets 553 12 2182 14
Total sales 1766 4 6919 4
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 35
Fresenius Kabi Q4 amp FY19 EBIT Growth
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom Q419 Δ YoY cc FY19 Δ YoY cc
North AmericaMargin
204335
-8-260 bps
907374
-3-50 bps
EuropeMargin
87144
-10-200 bps
328142
-7-160 bps
Emerging MarketsMargin
124224
7-90 bps
476218
19130 bps
Corporate and Corporate RampD -132 11 -511 2
Total EBITMargin
283160
-1-90 bps
1200173
3-10 bps
On a comparable basis before special items and adjusted for IFRS 16 effects
Margin growth at actual ratesFor a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
36
Fresenius Kabi Expected Organic Sales Growth 2020
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Broadly stable
bull Ongoing volume headwinds anticipated
bull Pricing expected to trend more towards mid-single digit price declines in base product portfolio
North America
Mid-single-digit growth
bull Growth driven by first biosimilar in the market (IDACIO)
bull Continued strong growth of clinical nutrition business expected
Europe
High single-digit growth
bull China Healthy volume growth anticipated regulatory headwinds weigh on business
bull Latin America Continued healthy growth expected
Emerging Markets
37
Fresenius Helios Q4 amp FY19 Key Financials
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom Q419 Δ YoY FY19 Δ YoY
Total sales 2344 41 9234 51
Thereof Helios Germany 1475 31 5940 31
Thereof Helios Spain 867 71 3292 71
Total EBIT3
Margin292
1255
10 bps1015110
-4-32
-70 bps
Thereof Helios GermanyMargin
14397
420 bps
57697
-8-62
-80 bps
Thereof Helios SpainMargin
134155
6-50 bps
434132
5-50 bps
Thereof Corporate 15 -- 5 --
1 Organic growth2 Adjusted for the post-acute care business transferred to Fresenius Vamed as of July 1 20183 Adjusted for IFRS 16 effectFor a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
38
Fresenius Helios Key Measures
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
FY19 FY18 Δ
No of hospitals Germany- Acute care hospitals
8683
8683
00
No of hospitals Spain(Hospitals)
51 47 9
No of beds Germany- Acute care hospitals
28907 28380
2932928802
-1-1
No of beds Spain(Hospitals)
7288 7019 4
Admissions Germany (acute care) 1206654 1218199
Admissions Spain (including outpatients) 15396051 13318066
39
Fresenius Vamed
1 Without German post-acute care business acquired from Fresenius Helios as of July 1 2018
2 Adjusted for IFRS 16 effect 3 Project business only4 Versus December 31 2018
bull Both business segments contributed to the organic sales growth of 4 in Q419
bull Stable service business is gaining weight (FY19 63 of sales FY09 32)
bull Geographically well-diversified order backlog is excellent foundation for future growth
eurom Q419 Δ YoY FY19 Δ YoY
Total salesThereof organic sales
737 64
2206 31161
Service business 374 11 1399 43251
Project business 363 1 807 13
Total EBIT2 66 8 131 1961
Order intake3 576 -13 1314 7
Order backlog3 2865 184
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 40
Fresenius Group FY19 amp Cash Flow
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Operating CF1 Capex (net) Free Cash Flow12
eurom FY2019 Margin FY2019 Margin FY2019 Margin
1947 111 -1113 -64 834 47
968 140 -716 -104 252 36
683 74 -477 -52 206 224
-46 -21 -52 -23 -98 -44
CorporateOther -38 na -75 na -113 na
1677 93 -1320 -73 357 20
3514 99 -2433 -69 1081 30
1 Adjusted for IFRS 162 Before acquisitions and dividends3 Incl FMC dividend of euro110 million4 Understated 27 excluding euro45 million of capex commitments from acquisitions
Excl FMC3
41
Fresenius Group 2020 Financial Outlook by Business Segment
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom (except otherwise stated) FY19 Base1 FY20e2
Sales growth (cc) 17477mid to high single digit
-range
Net income growth3 (cc) 1205mid to high single digit
-range
Sales growth (organic) 6919 3 - 6
EBIT growth (cc) 1205 -4 to 0
Sales growth (organic) 9234 3 - 6
EBIT growth (cc) 1025 3 - 7
Sales growth (organic) 2206 4 - 7
EBIT growth (cc) 134 5 - 9
1 Before special items including IFRS 16 effects including NxStage operations2 Before special items3 Net income attributable to shareholders of Fresenius Medical Care AG amp Co KGaA
For a detailed overview of special items please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
42
eurom (except otherwise stated) FY19 Base1 FY202
Sales growth (cc) 35409 4 - 7
Net income3 growth (cc) 1879 1 - 5
Fresenius Group 2020 Financial Guidance
1 Before special items including IFRS 16 effects including NxStage operations 2 Before special items3 Net income attributable to shareholders of Fresenius SEampCoKGaA
For a detailed overview of special items please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 43
FY19 base for Fresenius Group Guidance FY20
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
euromFresenius
GroupFresenius
Medical CareFresenius
Kabi
Sales reported (reported = base for guidance) 35409 17477 6919
Transaction costs Akorn 3
Revaluations of biosimilars contingent purchase price liabilities -32
EBIT (before special items = base Fresenius Kabi guidance) 1205
Net income reported 1883 1200
Transaction costs Akorn 3
Revaluations of biosimilars contingent purchase price liabilities -19
Gain related to divestitures of Care Coordination activities at FMC -15 -49
Transaction costs NxStage 6 18
Expenses associated with cost optimization program at FMC 21 67
Net income (before special items = base Fresenius Group amp FMC guidance) 1879 1236
44
Fresenius Group Financial Results by Business Segment
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 45
20191 20182 2017 Growth3
20192018
Sales euro17592 m euro16026 m euro17784 m 62
EBIT euro2281 m euro2292 m euro2562 m -42
Sales euro6919 m euro6544 m euro6358 m 4
EBIT euro1200 m euro1139 m euro1177 m 3
Sales euro9234 m euro8993 m euro8668 m 3
EBIT euro1015 m euro1052 m euro1052 m -4
Sales euro2206 m euro1688 m euro1228 m 30
EBIT euro131 m euro110 m euro76 m 18
Sales euro35524 m euro33009 m euro33886 m 62
EBIT euro4599 m euro4547 m euro4830 m -22Group
Before special items
1 Adjusted for IFRS 162 On a comparable basis 2018 adjusted for divestitures of Care Coordination activities 3 Growth rates at constant currency and adjusted for IFRS 16
Fresenius Group Margins by Business Segment
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 46
Before special items 2018 adjusted for divestitures of Care Coordination activities 2019 adjusted for IFRS 16
2019 2018 2017
EBITDA margin 178 192 185
EBIT margin 130 143 144
EBITDA margin 217 219 233
EBIT margin 173 174 185
EBITDA margin 148 159 165
EBIT margin 110 117 121
EBITDA margin 78 79 71
EBIT margin 59 65 62
EBITDA margin 174 183 185
EBIT margin 129 138 143Group
Credit Highlights amp Financing Structure
47General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Credit Highlights
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 48
Consistent Cash Generation
Proven Track Record of Deleveraging
Broad Mix of Financing Instruments
Well-Balanced Maturity Profile
Solid Balance Sheet Structure
Solid IG Rating and Strong Access to Capital Markets
120
103
126
114109
120 122116
112120
8
9
10
11
12
13
14
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
48 48 52 5358 55 55 54
6570
2
3
4
5
6
7
8
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
74
56
76
62
52
67 67 66
50 52
4
5
6
7
8
9
10
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Fresenius Group Consistent Cash Generation
Capex gross in of sales
FCF margin (before acquisitions amp dividends)CFFO margin
49General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
2019 including IFRS 16
32x
30x
27x
22x 23x
35x
30x
26x
36x
30x
26x27x
26x
25x
32x
27x
23x
28x
27x
31x 4
20
25
30
35
40
2001 2002 2003 2004 2005 Q106 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
3
2
Hospitals from
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Proven Track Record of Deleveraging
Net DebtEBITDA1
1 At actual FX rates from 2001 to 2010 and at average FX rates from 2011 onwards for both Net Debt and EBITDA before special items pro forma closed acquisitionsdivestitures2 Pro forma excluding advances made for the acquisition of hospitals from Rhoumln-Klinikum AG3 Both net debt and EBITDA including IFRS 16 effect and calculated at expected annual average exchange rates excluding further potential acquisitions4 Including acquisition of NxStage adjusted for IFRS 16 effect
Target 20203 towards thetop end of self-imposed
target corridor of 30 ndash 35x
50
36x
40
35
20
25
30
Equity-neutralconvertible bonds 3
Fresenius Group excl FMC Broad Mix of Financing Instruments
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 51
Total BS Debt
~euro136 bn
1 As of December 31 2019
bull Optimize funding costs and ensure financial flexibility
bull Diversify investor base
bull Strong liquidity provided by sufficient financial cushion (~euro22 billion as of December 31 2019)
Well Positioned to Meet Financing NeedsBonds 40
Lease obligations 14
Syndicated loans 15
Schuldscheinloans 16
Other financial liabilities 5
Commercial paper 7
Average interest ratecost of debt18 pa
Commercial paper 7
Fresenius Group Broad Mix of Financing Instruments
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 52
Total BS Debt
~euro273 bn
1 As of December 31 2019
bull Optimize funding costs and ensure financial flexibility
bull Diversify investor base
bull Strong liquidity provided by sufficient financial cushion (~euro40 billion as of December 31 2019)
Well Positioned to Meet Financing Needs
Average interest ratecost of debt22 pa
Equity-neutralconvertible bonds 3
Syndicated loans 14
Other financial liabilities 6
Bonds 38
Lease liabilities 24
Schuldschein loans 8
Fresenius Group Capitalization1
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 53
Instrument per Book Value in euro million in $ million4 oftotal cap
EBITDA LTM x
Syndicated Credit Agreement Revolver (euro US-$) 0 0 00 Syndicated Credit Agreement Term Loan A (euro US-$) 1976 2220 29 Bonds (euro US-$) 5501 6180 82 Convertible Bonds 465 522 07 Schuldschein Loans 2180 2449 33 Commercial Paper 953 1071 14 Lease Obligations 1876 2107 28 Other debt 675 758 10 Total Debt (FSE excl FMC) gross 13626 15307 203 Cash (excl FMC) 651 731 10 Total debt (FSE excl FMC) net 12975 14576 193 Total FMC debt net 12774 14350 190 Consolidation Adjustments (145) (163) (02)Total consolidated debt net 25604 28764 382 36x Market capitalization2 41470 46587 618 58x
Total capitalization 67074 75351 1000 94x FSE Group EBITDA3 7110
1 As of December 31 20192 Based on market capitalization for FSE and FMC as of December 31 20193 Pro Forma acquisitions before special items4 EURUSD exchange rate as of December 31 2019
Fresenius Group excl FMC Well-Balanced Debt Maturity Profile12
54
1 As of December 31 2019 and based on utilization of major financing instruments2 Excluding lease liabilities3 Pro Forma issuance of FSE EUR 750m bonds in Jan 2020 (average maturity 38)
Maturity 35 years3 on
average
eurom
EUR 750m Jan 2020
500717 700
267
1150
500700 750
500 500
153
903 927
106
304 393
430
421
238
207
84
500
953
0
500
1000
1500
2000
2500
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Bonds Syndicated Loan Schuldschein Loans Equity-neutral convertible bonds Commercial Paper
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
1500
1000
2000
2500
Fresenius Group Well-Balanced Debt Maturity Profile12
1 As of December 31 2019 and based on utilization of major financing instruments2 Excluding lease liabilities3 Pro Forma issuance of FSE EUR 750m bonds in Jan 2020 (average maturity 35)
EUR 750m Jan 2020
2380
13931859
650356 500 600
945
1712
1924
2020
697
2071
500 238
907 750
584
5000
1000
2000
3000
4000
5000
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Fresenius Medical Care Fresenius excl Fresenius Medical Care
5000
4000
3000
2000
1000
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Maturity 33 years3 on
average
eurom
55
23 23 23 19
32 36 33 41
45 41 44 40
Dec 31 16 Dec 31 17 Dec 31 18 Dec 31 19
Equity and non-controlling interest Debt Other liabilities
Fresenius Group Solid Balance Sheet Structure
Healthy Equity and Liability Split
bull Strong equity ratio of gt40 on average
bull Equity ratio kept in narrow range despite rapid growth of Fresenius Group
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 56
467 531 567 670
BS total (eurobn)
Including IFRS 16
Fresenius SE Solid Investment Grade Rating
57
ldquoFSE delivers solid organic growth thanks to positive underlying growth trends in the life-saving and life-sustaining products and therapies that the group offersrdquoSampP Jan 08 2019
ldquoFSErsquos rating remains anchored in investment-grade given its mature and defensive business risk profile its organic deleveraging ability based on free cash flow generation and its record of integrating acquisitions successfully and reducing financial leverage in line with communicated policiesrdquo Fitch April 17 2019
ldquoThe Baa3 long term issuer rating of FSE reflects its strong defensive business profile underpinned by large absolute scale global footprint and segmental diversification within the healthcare market supported by strong position in its four business segmentsrdquo Moodyrsquos May 20 2019
Rating History Rating Agenciesrsquo Key Statements
Following a positive outlook SampP upgraded Fresenius to BBB stable outlook in May 2019
SampP Moodylsquos Fitch
Corporate Credit Rating BBB Baa3 BBB-
Outlook stable stable stable
Current Credit Ratings
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Strong Access to Capital Markets
58
Major Financing Instruments
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Bonds euro250 m euro800 m$105 bn
euro750 m$15 bn
euro500 m euro12 bn$12 bn
$300m euro26 bn euro500 m euro10 bn$500 m
euro175 bn
euro750 m1
euro750 m2
SyndicatedLoans
$35 bn $898 m $385 bn $18 bneuro245 bn
$41 bneuro700 m
$115 bneuro205 bn
euro530 bn$355 bn
euro100 m
SchuldscheinLoans
euro400 m euro125 m euro500 m euro112 m $400 m euro10 bn euro700 m
Convertible Bonds
euro900 m euro500 m
Equity euro10 bn euro400 m
1 January 2020 euro750million 2020-2028 bonds issued by Fresenius SE amp Co KGaA2 March 2020 euro750million 2020-2027 bonds issued by Fresenius SE amp Co KGaA
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Debt and Cash Flow Structure
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 59
1 Incl consolidation adjustments2 Incl Fresenius financing subsidiaries3 Controlling stake4 Incl subsidiaries 5 Based on market capitalization for FMC as of December 31 20196 Via German holding entities (Fresenius Kabi AG and Fresenius ProServe GmbH)
Fresenius Medical Care
Financing
Fresenius SE Financing
Group Net Debt ~euro256 bn1
DividendsRents Service Agreements
~323 100 77 (cross boarder)100
Profit transfer Agreements6
bull Separate financing of Fresenius SE and Fresenius Medical Care
bull No joint financing facilities or mutual guarantees
bull Fresenius Kabi Fresenius Helios and Fresenius Vamed financed primarily through Fresenius SE to avoid structural subordination
bull Subsidiary debt consists mainly of lease liabilities which are on balance acc to IFRS 16 from 2019 onwards
FSE Net Debt2~euro128 bn
incl Net Debt of KabiHeliosVamed
StockMarketValue~euro62 bn5
FSE Net Debt2~euro114 bn
excl Net Debt of KabiHeliosVamed
euro12774 m Net Debt4
Thereof lease liabilities euro4705m
euro951 m Net Debt4
Thereof lease liabilities euro1042m
euro84 m Net Debt4
Thereof lease liabilities euro392m
euro371 m Net Debt4
Thereof lease liabilities euro369m
Fresenius Group Key Credit Figures
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 60
1 Adjusted for IFRS 162 Before special items pro forma acquisitionsdivestitures3 Before special items
20191 2019 2018 2017
Debt (eurom) thereof US$ denominated
2123328
2725834
1898428
1904231
Net debt (eurom) 19579 25604 16275 17406
Net debtEBITDA2
Net debt at year-end exchange rate EBITDA at LTM average FX rates
314 360 273 279
Net debtEBITDA2
at LTM average FX rates for both net debt and EBITDA
314 361 271 284
Operating Cash flowSales 99 120 112 116
EBITDANet Interest3 121 99 106 96
Appendix
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 61
Fresenius Group FY19 Key Financials
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom FY191 IFRS 16effect
specialitems
FY19 reported
Δ YoY cc12
Sales 35524 -115 - 35409 6
EBIT 4599 89 -57 4631 -2
Net interest -510 -204 -5 -719 9
Income taxes -955 30 42 -883 -5
Net income3 1915 -36 4 1883 0
Balance sheet total 61237 5769 - 67006
Operating Cashflow 3514 749 - 4263
1 Before special items adjusted for IFRS 16 effect2 On a comparable basis 2018 adjusted for divestitures of Care Coordination activities at FMC3 Net income attributable to shareholders of Fresenius SE amp Co KGaA
For a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
62
Fresenius Group Cash Flow
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 63
eurom 20191 Margin 2019 Margin 2018 Margin Δ YoY1918
Operating Cash Flow 3514 99 4263 120 3742 112 14
Capex (net) -2433 -69 -2433 -68 -2077 -62 -17
Free Cash Flow(before acquisitions and dividends)
1081 30 1830 52 1665 50 10
Acquisitions (net) -2423 -2423 613 --
Dividends -952 -952 -904 5
Free Cash Flow(after acquisitions and dividends) -2294 -65 -1545 -44 1374 41 --
1 2019 adjusted for IFRS 16
Fresenius Group Calculation of Noncontrolling Interest
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom FY19 FY18
Earnings before tax and noncontrolling interest 4089 3998
Taxes -955 -883
Noncontrolling interest thereof -1219 -1243
Fresenius Medical Care net income not attributable to Fresenius (FY19 ~69)
-897 -928
Noncontrolling interest holders in Fresenius Medical Care -239 -244
Noncontrolling interest holders in Fresenius Kabi (-euro49 m) Fresenius Helios (-euro13 m) Fresenius Vamed (-euro2 m) and due to Fresenius Vamedrsquos 23 external ownership (-euro19 m)
-83 -71
Net income attributable to Fresenius SE amp Co KGaA 1915 1872
64
On a comparable basis Before special items adjusted for IFRS16 effect FY18 adjusted for divestitures of Care Coordination activities at FMC
For a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
002
023 025029
032037
042044
055
062
93 08 09 10 11 12 13 14 15 16 17 18 19
25 2421 20 21 21 22 21 22 23 24
Fresenius SE Earnings-Linked Dividend Policy
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
euro per share
bull Dividend growth aligned to EPS1
growth
bull Pay-out Ratio 20 to 25
Dividend distribution (eurom)
Pay-out Ratio
075
2019 Pay-out Ratio 24 Dividend Policy
122 140 155 196 225 238 300 416114 343 445
080
1 Before special items
468
084
24
Track record
bull 27th consecutive dividend increase
bull CAGR dividend increase +15
65
32x1
Fresenius Medical Care Low Leverage Reflected by Solid Investment Grade Rating
66General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
60 6176
6483
2015 2016 2017 2018 2019
Free Cash Flow in of revenue
SampP Moodylsquos Fitch
Corporate Credit Rating BBB Baa3 BBB-
Outlook stable stable stable
Current Credit Ratings
1 Including IFRS16 effect
29x30x
27x
22x
18x
31x
27x25x
22x
21x
27x25x
25x
31x
26x23x
21x
18x
25x
15
20
25
30
35
40
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
1
Fresenius Medical Care Broad Mix of Financing Instruments
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 67
Total BS Debt
~euro138 m
1 As of December 31 2019
bull Optimize funding costs and ensure financial flexibility
bull Diversify investor base
bull Strong liquidity provided by sufficient financial cushion (~euro18 billion as of December 31 2019)
Well Positioned to Meet Financing Needs
Average interest ratecost of debt25 pa
Equity-neutralconvertible bonds 3
Commercial paper 7
Syndicated loans 14
Other financial liabilities 7
Bonds 36
Lease obligations 33
Fresenius Medical Care Well-Balanced Debt Maturity Profile12
68
eurom
Maturity 30 years on
average
1 As of December 31 2019 and based on utilization of major financing instruments2 Excluding lease liabilities
445
878623 650
356500 600
945
535
135
1236400
1000
380
0
500
1000
1500
2000
2500
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
Bonds Syndicated Loan Equity-neutral convertible bonds Commercial Paper AR Facility
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
2500
2000
1500
1000
Fresenius SE Overview Bonds
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 69
Issuer Volume(in millions)
Coupon type
Coupon (in )
MaturityTerm
ISIN (RegS)
WKN
Fresenius SE amp Co KGaAeuro500 Fix 2875 20132020 XS0873432511 A1HEWZ
Fresenius SE amp Co KGaAeuro450 Fix 300 20142021 XS1013955379 A1ZB7H
Fresenius SE amp Co KGaAeuro450 Fix 400 20142024 XS1026109204 A1ZC60
Fresenius SE amp Co KGaAeuro 500 Fix 1875 20192025 XS1936208252 A2NBMS
Fresenius SE amp Co KGaAeuro 750 Fix 1625 20202027 XS2152329053 A254TA
Fresenius SE amp Co KGaAeuro 750 Fix 075 20202028 XS2101357072 A254QN
Fresenius SE amp Co KGaAeuro 500 Fix 2875 20192029 XS1936208419 A2NBMT
Fresenius Finance Ireland plceuro700 Fix 0875 20172022 XS1554373164 A19B3F
Fresenius Finance Ireland plceuro700 Fix 150 20172024 XS1554373248 A19B3G
Fresenius Finance Ireland plceuro700 Fix 2125 20172027 XS1554373677 A19B3H
Fresenius Finance Ireland plceuro500 Fix 300 20172032 XS1554373834 A19B3J
Fresenius US Finance II IncUS$300 Fix 425 20142021 USU31436AG04 A1ZDVJ
Fresenius US Finance II IncUS$300 Fix 450 20152023 USU31436AH86 A1Z64A
As of April 8 2020
Fresenius Medical Care Overview Bonds
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 70
Issuer Volume(in millions)
Coupon type
Coupon (in )
MaturityTerm
ISIN (RegS)
WKN
FMC Finance VII SA euro300 Fix 525 20112021 XS0576395478 A1GLY6
Fresenius Medical Care US Finance Inc US$650 Fix 575 20112021 USU31433AA03 A1GL0J
Fresenius Medical Care US Finance II Inc US$500 Fix 4125 20142020 US35802XAH61 A1ZRTL
Fresenius Medical Care US Finance II Inc US$700 Fix 5875 20122022 USU31434AC42 A1GZRF
Fresenius Medical Care US Finance II Inc US$400 Fix 475 20142024 US35802XAJ28 A1ZRTN
Fresenius Medical Care US Finance III Inc US$500 Fix 375 20192029 USU3149FAA76 A2R3YR
Fresenius Medical Care AG amp Co KGaA euro650 Fix 0250 20192023 XS2084510069 A255DU
Fresenius Medical Care AG amp Co KGaA euro500 Fix 150 20182025 XS1854532949 A2NBE6
Fresenius Medical Care AG amp Co KGaA euro600 Fix 0625 20192026 XS2084497705 A255DV
Fresenius Medical Care AG amp Co KGaA euro500 Fix 1250 20192029 XS2084488209 A255DW
As of December 31 2019
Financial Calendar Contact
Financial Calendar 06 May 2020 Results Q120
30 July 2020 Results Q220
29 October 2020 Results Q320Please note that these dates could be subject to change
Annual General Meeting Due to the coronavirus pandemic the AGM scheduled for 20 May 2020 has been postponed A new date within the current financial year will be set as soon as the conditions for reliable planning and safe execution of the AGM are once again in place
Contact
Investor Relations amp SustainabilityFresenius SE amp Co KGaAphone +49 6172 608-2485e-mail ir-frefreseniuscomFor further information and current news wwwfreseniuscom
Follow us on Twitter wwwtwittercomfresenius_irand LinkedIn wwwlinkedincomcompanyfresenius-investor-relations
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 71
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Global Trends offer Growth Opportunities for Fresenius
+63pa
by 2050
16
Growth in emergingmarketsover the next decade2
In 2019 9 of the worldpopulation is gt age 651
Growing healthcare sectorAging Population
100bnpa
while the European healthcare system saves6293bn
pa
Generic drugs save theUS healthcare system5
Significant savings for healthcare systems
+484x
Growth of adults withdiabetes worldwide2017ndash20454
GDP per capita quadrupledover last 20 years in emerging markets anddeveloping economies3
Chronically ill patientsIncreasing national income
Sources 1 UN 2019 Revision of World Population Prospects (2019) 2 UBS Longer Term Investments EM healthcare (2018) 3 IMF (2019) 4 IDF Diabetes Atlas (2017) 5 AAM report (2019) 6 UBS Longer Term Investments Generics (2018)
13
Worldwide growing dialysis market
Growing Markets with High Entry Barriers
Attractive marketsMarketing of existingvalue chain
Standardizing medical procedures
Attractive Product Pipeline
Marketconsolidation
Strengthening and extension of value chain
Home dialysis strategy
Entry into attractive biosimilars business
SynergiesDevelopment of post-acute care business
Innovating products
Strong Emerging Markets Presence
Greenfield investments in Spain
Expansion of geographic presence
Further Internationalization
Fresenius Group Growth Areas
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 14
Fresenius Group Medium-term Growth Targets 2020 ndash 2023 (CAGRs)
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 15
1 Net income attributable to shareholders of Fresenius SEampCoKGaA
Before special items
Organic sales growth
4 ndash 7 (plus ~1 small to mid-size acquisitions)
Organic net income1 growth
5 ndash 9(plus ~1 small to mid-size acquisitions)
confirmed
confirmed
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
The Fresenius Strategy
Drive Internation-
alization
Employees
Improveprofitability
Innovation
Quality
Better medicine and
health care services for ever more people
Hospital projects amp services
Hospital supplies ampservices
Dialysisproducts ampservices
Hospital operations
Forward thinking healthcare to improve the lives of patients
16
Our ESG Priorities Patients Employees and Compliance
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Caring for human rights
Protecting nature as the basis of life
Being an attractive employer
Doing the right thingServing the well-beingof the patient
Quality of medical outcomes and patient satisfaction
Quality and safety of products
Data protection
Code of Conduct
Compliance Organization
Compliance Management Systems (Prevent Detect Respond)
Personnel structure and diversity
Attract talent retain and develop employees
Employee engagement and participation
Occupational health and safety
Water
Energy
GHG emissions
Waste
Wastewater
No exploitative nor illegal child or forced labor
Working conditions
Non-discrimination
Data protection
17
ESG Rating Overview Continuous Improvement through Reporting and Engagement
Current Score CDP Climate CCDP Water C Prime C BB 39100
DJSI Europe 55100
Sector Average CDP Climate B- C- BBB - A 28 100 47 ndash 63 100
Previous Score CDP Climate D-CDP Water D- Prime C BB 33100 48 100
Next steps bull Improve management-level responsibility over ESG-related issues ie implement further emissions reduction and efficiency projects and related targets
bull Intensify dialogue with rating agencies
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 18
SustainabilityESG Decisive Steps for 2020
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Our Priorities
bull ldquoBetter medicine for more peoplerdquo
bull Patients Quality of products and services
bull People Being an attractive employer
bull Compliance Doing the right thing
Sustainability Governance
bull CEO sponsors Group sustainability efforts
bull New Group Sustainability Board in 2020
bull Strategy and KPI alignment program started in 2019 will continue in 2020
Remuneration
bull Remuneration proposal planned for AGM 2021
bull Based on new German legal framework and German Corporate Governance Code
bull Will include ESG performance indicators
19
Investments in own business
Strategic acquisitions
Dividends
Share buy backs
Fresenius Group Capital Deployment Focuses on SustainableValue Creation
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Leverageratio
30-351
1 Including IFRS 16
20
Review FY19
21General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group
bull Delivered on all targets - 16th consecutive record year
bull 27th consecutive dividend increase proposed
bull Fresenius Kabi expected to show healthy top-line growth whilst softness in North America weighs on EBIT in FY20
bull Fresenius Helios anticipated to show ongoing stabilization in Germany and continued strong growth in Spain in FY20
bull Fresenius Medical Care expected to show strong growth in FY20
bull Too early to quantify the financial impact of Covid-19
bull Fresenius Group back on growth trajectory in FY20
bull Medium-term growth targets confirmed
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 22
Fresenius Kabi Volume Headwinds Partially Offset by New Product Launches in North America
bull Ongoing volume headwinds anticipatedminus Intensified competitionminus Shortage tailwind essentially overminus Opioid market not expected to
recoverbull Pricing expected to be in-line with
historical trends however trending more towards mid-single digit price declines in base product portfolio
bull 15+ product launches expected in 2020 targeting an originator market of ~US$13 bn
bull Excellent pipeline gt50 files pending with the FDA
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 23
Current Portfolio 2023 Portfolio
IV drugs
Pre-filled syringes
IV solutions
Parenteral nutrition
Infusion pumps
Biosimilars
Compounding
Specialty Rx
Fresenius Kabi Rigorous Pursuit to Further Broaden and Diversify Portfolio in North America
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 24
GPOsHospitals ClinicsPhysician Offices Retail PharmacyHome Care
Strong medium light none
0
500
1000
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 20190
01
02
03
Fresenius Kabi Continued Positive Momentum in Emerging Markets
bull Strong organic sales growth expected
bull Continued positive momentum in LatinAmerica anticipated
bull Regulatory changes in China expected toweigh on EBIT development
bull Too early to quantify the financial impact ofCovid-19
Significant sales and volume growth in China over last decade
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 25
Sales (cc) Volume growth Sales growth (cc)
in euro million
CAGR ~10
100030
20
10
0 0
500
US
Progress of portfolio
bull Three more molecules in portfolio
bull Expect to start with clinical studies forthose molecules in 2021
Fresenius Kabi Biosimilar Update
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 26
Launch schedule
Europe
Pegfilgrastim
Adalimumab
Tocilizumab
2023
2019
2021
2021
2023
2023
Business plan
bull Total investment ceiling euro14 bn untilEBITDA break-even in 2023
bull High triple-digit euro million sales in 2024
Fresenius Kabi Launch of Idacio in Europe Progresses According to Plan
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 27
Launched
Approved
Submitted
Fresenius Kabi Divisionalization of Transfusion Medicine and Cell Therapies Business Fuels Growth
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 28
bull Business remains important part of Fresenius Kabi
bull Dynamic growth in FY19 and good growth prospects
bull Inauguration of new production building in Haina Dominican Republic to fuel growth of disposable products
bull New joint venture to advance new cell and gene therapies
Fresenius Helios Germany to Show Ongoing Stabilization in FY20
Mitigation of regulatory headwindsbull Chief doctor vacancies at record lowbull Appropriate level of nursing staff bull Optimization of processes and workflowsbull Cost optimization measures
Very positive reimbursement environmentbull 2020 DRG inflator set at 366
Investments in future growth fieldsbull Clustering strategy progressesbull Preventionbull Occupational medicinebull Telemedicine platform
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 29
Ramp-up of outpatient businessbull Outpatient surgery centersbull Specialization of medical centers
Excellent growth in Spainbull Opening of first proton therapy center in
Spain (first patient treated in December rsquo19)
bull Opening of Quironsalud Madrid university hospital expansion in Pozuelo
bull Private hospitals expected to show dynamic organic growth driven by admissions
bull Continued positive momentum for ORPs
Fresenius Helios Spain to Plow Ahead in FY20
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 30
Expansion in Latin America proceedsbull Five successful acquisitions in Colombia
contribute nicely in FY20minus Clinica Las Vegas Clinica del Prado
and CediMed in Medellin(1)
minus Centro Medico Imbanaco in Cali(2)
minus Clinica de la Mujer in Bogota(3)
bull Total expected sales contribution of approx euro180m equiv in FY20
bull Attractive risk-adjusted ROIs expected
Notes (1) All transactions closed in 2019 (2) Closing expected at the end of Q12020 (3) Closing expected in Q22020 subject to anti-trust clearance
Financial Review FY19
31General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Sales
+6FY19 euro33524 m
Net Income
+0FY19 euro1915 m
EBIT
-2FY19 euro4599 m
Fresenius Group FY19 Profit and Loss Statement
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
All growth rates in constant currency (cc)Before special items adjusted for IFRS 16 effectOn a comparable basis FY18 adjusted for divestitures of Care Coordination activities at FMC before special itemsNet income attributable to shareholders of Fresenius SE amp Co KGaA
Net Interest
-euro510 mFY18 -euro549 m
Income Tax Rate
234FY18 221
32
1 On a comparable basis Q418 adjusted for divestitures of Care Coordination activities at FMC Q419 adjusted for IFRS 16 effect
All figures before special itemsFor a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
Fresenius Group Q419 Business Segment Growth
Organic sales growth1
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
EBIT growth (cc)1
+5
+4
+4
+4
0
-1
5
+7
+4 0
33
Fresenius Kabi Organic Sales Growth by Product Segment
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom Q419Δ YoY
organic FY19Δ YoY
organic
IV Drugs 737 -1 2939 -1
Infusion Therapy 213 2 834 3
Clinical Nutrition 482 8 1898 9
Medical DevicesTransfusion Technology
334 10 1248 11
Total sales 1766 4 6919 4
34
Fresenius Kabi Organic Sales Growth by Regions
eurom Q419Δ YoY
organic FY19Δ YoY
organic
North America 609 -1 2424 -2
Europe 604 2 2313 2
Emerging Markets 553 12 2182 14
Total sales 1766 4 6919 4
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 35
Fresenius Kabi Q4 amp FY19 EBIT Growth
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom Q419 Δ YoY cc FY19 Δ YoY cc
North AmericaMargin
204335
-8-260 bps
907374
-3-50 bps
EuropeMargin
87144
-10-200 bps
328142
-7-160 bps
Emerging MarketsMargin
124224
7-90 bps
476218
19130 bps
Corporate and Corporate RampD -132 11 -511 2
Total EBITMargin
283160
-1-90 bps
1200173
3-10 bps
On a comparable basis before special items and adjusted for IFRS 16 effects
Margin growth at actual ratesFor a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
36
Fresenius Kabi Expected Organic Sales Growth 2020
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Broadly stable
bull Ongoing volume headwinds anticipated
bull Pricing expected to trend more towards mid-single digit price declines in base product portfolio
North America
Mid-single-digit growth
bull Growth driven by first biosimilar in the market (IDACIO)
bull Continued strong growth of clinical nutrition business expected
Europe
High single-digit growth
bull China Healthy volume growth anticipated regulatory headwinds weigh on business
bull Latin America Continued healthy growth expected
Emerging Markets
37
Fresenius Helios Q4 amp FY19 Key Financials
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom Q419 Δ YoY FY19 Δ YoY
Total sales 2344 41 9234 51
Thereof Helios Germany 1475 31 5940 31
Thereof Helios Spain 867 71 3292 71
Total EBIT3
Margin292
1255
10 bps1015110
-4-32
-70 bps
Thereof Helios GermanyMargin
14397
420 bps
57697
-8-62
-80 bps
Thereof Helios SpainMargin
134155
6-50 bps
434132
5-50 bps
Thereof Corporate 15 -- 5 --
1 Organic growth2 Adjusted for the post-acute care business transferred to Fresenius Vamed as of July 1 20183 Adjusted for IFRS 16 effectFor a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
38
Fresenius Helios Key Measures
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
FY19 FY18 Δ
No of hospitals Germany- Acute care hospitals
8683
8683
00
No of hospitals Spain(Hospitals)
51 47 9
No of beds Germany- Acute care hospitals
28907 28380
2932928802
-1-1
No of beds Spain(Hospitals)
7288 7019 4
Admissions Germany (acute care) 1206654 1218199
Admissions Spain (including outpatients) 15396051 13318066
39
Fresenius Vamed
1 Without German post-acute care business acquired from Fresenius Helios as of July 1 2018
2 Adjusted for IFRS 16 effect 3 Project business only4 Versus December 31 2018
bull Both business segments contributed to the organic sales growth of 4 in Q419
bull Stable service business is gaining weight (FY19 63 of sales FY09 32)
bull Geographically well-diversified order backlog is excellent foundation for future growth
eurom Q419 Δ YoY FY19 Δ YoY
Total salesThereof organic sales
737 64
2206 31161
Service business 374 11 1399 43251
Project business 363 1 807 13
Total EBIT2 66 8 131 1961
Order intake3 576 -13 1314 7
Order backlog3 2865 184
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 40
Fresenius Group FY19 amp Cash Flow
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Operating CF1 Capex (net) Free Cash Flow12
eurom FY2019 Margin FY2019 Margin FY2019 Margin
1947 111 -1113 -64 834 47
968 140 -716 -104 252 36
683 74 -477 -52 206 224
-46 -21 -52 -23 -98 -44
CorporateOther -38 na -75 na -113 na
1677 93 -1320 -73 357 20
3514 99 -2433 -69 1081 30
1 Adjusted for IFRS 162 Before acquisitions and dividends3 Incl FMC dividend of euro110 million4 Understated 27 excluding euro45 million of capex commitments from acquisitions
Excl FMC3
41
Fresenius Group 2020 Financial Outlook by Business Segment
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom (except otherwise stated) FY19 Base1 FY20e2
Sales growth (cc) 17477mid to high single digit
-range
Net income growth3 (cc) 1205mid to high single digit
-range
Sales growth (organic) 6919 3 - 6
EBIT growth (cc) 1205 -4 to 0
Sales growth (organic) 9234 3 - 6
EBIT growth (cc) 1025 3 - 7
Sales growth (organic) 2206 4 - 7
EBIT growth (cc) 134 5 - 9
1 Before special items including IFRS 16 effects including NxStage operations2 Before special items3 Net income attributable to shareholders of Fresenius Medical Care AG amp Co KGaA
For a detailed overview of special items please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
42
eurom (except otherwise stated) FY19 Base1 FY202
Sales growth (cc) 35409 4 - 7
Net income3 growth (cc) 1879 1 - 5
Fresenius Group 2020 Financial Guidance
1 Before special items including IFRS 16 effects including NxStage operations 2 Before special items3 Net income attributable to shareholders of Fresenius SEampCoKGaA
For a detailed overview of special items please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 43
FY19 base for Fresenius Group Guidance FY20
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
euromFresenius
GroupFresenius
Medical CareFresenius
Kabi
Sales reported (reported = base for guidance) 35409 17477 6919
Transaction costs Akorn 3
Revaluations of biosimilars contingent purchase price liabilities -32
EBIT (before special items = base Fresenius Kabi guidance) 1205
Net income reported 1883 1200
Transaction costs Akorn 3
Revaluations of biosimilars contingent purchase price liabilities -19
Gain related to divestitures of Care Coordination activities at FMC -15 -49
Transaction costs NxStage 6 18
Expenses associated with cost optimization program at FMC 21 67
Net income (before special items = base Fresenius Group amp FMC guidance) 1879 1236
44
Fresenius Group Financial Results by Business Segment
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 45
20191 20182 2017 Growth3
20192018
Sales euro17592 m euro16026 m euro17784 m 62
EBIT euro2281 m euro2292 m euro2562 m -42
Sales euro6919 m euro6544 m euro6358 m 4
EBIT euro1200 m euro1139 m euro1177 m 3
Sales euro9234 m euro8993 m euro8668 m 3
EBIT euro1015 m euro1052 m euro1052 m -4
Sales euro2206 m euro1688 m euro1228 m 30
EBIT euro131 m euro110 m euro76 m 18
Sales euro35524 m euro33009 m euro33886 m 62
EBIT euro4599 m euro4547 m euro4830 m -22Group
Before special items
1 Adjusted for IFRS 162 On a comparable basis 2018 adjusted for divestitures of Care Coordination activities 3 Growth rates at constant currency and adjusted for IFRS 16
Fresenius Group Margins by Business Segment
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 46
Before special items 2018 adjusted for divestitures of Care Coordination activities 2019 adjusted for IFRS 16
2019 2018 2017
EBITDA margin 178 192 185
EBIT margin 130 143 144
EBITDA margin 217 219 233
EBIT margin 173 174 185
EBITDA margin 148 159 165
EBIT margin 110 117 121
EBITDA margin 78 79 71
EBIT margin 59 65 62
EBITDA margin 174 183 185
EBIT margin 129 138 143Group
Credit Highlights amp Financing Structure
47General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Credit Highlights
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 48
Consistent Cash Generation
Proven Track Record of Deleveraging
Broad Mix of Financing Instruments
Well-Balanced Maturity Profile
Solid Balance Sheet Structure
Solid IG Rating and Strong Access to Capital Markets
120
103
126
114109
120 122116
112120
8
9
10
11
12
13
14
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
48 48 52 5358 55 55 54
6570
2
3
4
5
6
7
8
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
74
56
76
62
52
67 67 66
50 52
4
5
6
7
8
9
10
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Fresenius Group Consistent Cash Generation
Capex gross in of sales
FCF margin (before acquisitions amp dividends)CFFO margin
49General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
2019 including IFRS 16
32x
30x
27x
22x 23x
35x
30x
26x
36x
30x
26x27x
26x
25x
32x
27x
23x
28x
27x
31x 4
20
25
30
35
40
2001 2002 2003 2004 2005 Q106 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
3
2
Hospitals from
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Proven Track Record of Deleveraging
Net DebtEBITDA1
1 At actual FX rates from 2001 to 2010 and at average FX rates from 2011 onwards for both Net Debt and EBITDA before special items pro forma closed acquisitionsdivestitures2 Pro forma excluding advances made for the acquisition of hospitals from Rhoumln-Klinikum AG3 Both net debt and EBITDA including IFRS 16 effect and calculated at expected annual average exchange rates excluding further potential acquisitions4 Including acquisition of NxStage adjusted for IFRS 16 effect
Target 20203 towards thetop end of self-imposed
target corridor of 30 ndash 35x
50
36x
40
35
20
25
30
Equity-neutralconvertible bonds 3
Fresenius Group excl FMC Broad Mix of Financing Instruments
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 51
Total BS Debt
~euro136 bn
1 As of December 31 2019
bull Optimize funding costs and ensure financial flexibility
bull Diversify investor base
bull Strong liquidity provided by sufficient financial cushion (~euro22 billion as of December 31 2019)
Well Positioned to Meet Financing NeedsBonds 40
Lease obligations 14
Syndicated loans 15
Schuldscheinloans 16
Other financial liabilities 5
Commercial paper 7
Average interest ratecost of debt18 pa
Commercial paper 7
Fresenius Group Broad Mix of Financing Instruments
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 52
Total BS Debt
~euro273 bn
1 As of December 31 2019
bull Optimize funding costs and ensure financial flexibility
bull Diversify investor base
bull Strong liquidity provided by sufficient financial cushion (~euro40 billion as of December 31 2019)
Well Positioned to Meet Financing Needs
Average interest ratecost of debt22 pa
Equity-neutralconvertible bonds 3
Syndicated loans 14
Other financial liabilities 6
Bonds 38
Lease liabilities 24
Schuldschein loans 8
Fresenius Group Capitalization1
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 53
Instrument per Book Value in euro million in $ million4 oftotal cap
EBITDA LTM x
Syndicated Credit Agreement Revolver (euro US-$) 0 0 00 Syndicated Credit Agreement Term Loan A (euro US-$) 1976 2220 29 Bonds (euro US-$) 5501 6180 82 Convertible Bonds 465 522 07 Schuldschein Loans 2180 2449 33 Commercial Paper 953 1071 14 Lease Obligations 1876 2107 28 Other debt 675 758 10 Total Debt (FSE excl FMC) gross 13626 15307 203 Cash (excl FMC) 651 731 10 Total debt (FSE excl FMC) net 12975 14576 193 Total FMC debt net 12774 14350 190 Consolidation Adjustments (145) (163) (02)Total consolidated debt net 25604 28764 382 36x Market capitalization2 41470 46587 618 58x
Total capitalization 67074 75351 1000 94x FSE Group EBITDA3 7110
1 As of December 31 20192 Based on market capitalization for FSE and FMC as of December 31 20193 Pro Forma acquisitions before special items4 EURUSD exchange rate as of December 31 2019
Fresenius Group excl FMC Well-Balanced Debt Maturity Profile12
54
1 As of December 31 2019 and based on utilization of major financing instruments2 Excluding lease liabilities3 Pro Forma issuance of FSE EUR 750m bonds in Jan 2020 (average maturity 38)
Maturity 35 years3 on
average
eurom
EUR 750m Jan 2020
500717 700
267
1150
500700 750
500 500
153
903 927
106
304 393
430
421
238
207
84
500
953
0
500
1000
1500
2000
2500
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Bonds Syndicated Loan Schuldschein Loans Equity-neutral convertible bonds Commercial Paper
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
1500
1000
2000
2500
Fresenius Group Well-Balanced Debt Maturity Profile12
1 As of December 31 2019 and based on utilization of major financing instruments2 Excluding lease liabilities3 Pro Forma issuance of FSE EUR 750m bonds in Jan 2020 (average maturity 35)
EUR 750m Jan 2020
2380
13931859
650356 500 600
945
1712
1924
2020
697
2071
500 238
907 750
584
5000
1000
2000
3000
4000
5000
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Fresenius Medical Care Fresenius excl Fresenius Medical Care
5000
4000
3000
2000
1000
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Maturity 33 years3 on
average
eurom
55
23 23 23 19
32 36 33 41
45 41 44 40
Dec 31 16 Dec 31 17 Dec 31 18 Dec 31 19
Equity and non-controlling interest Debt Other liabilities
Fresenius Group Solid Balance Sheet Structure
Healthy Equity and Liability Split
bull Strong equity ratio of gt40 on average
bull Equity ratio kept in narrow range despite rapid growth of Fresenius Group
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 56
467 531 567 670
BS total (eurobn)
Including IFRS 16
Fresenius SE Solid Investment Grade Rating
57
ldquoFSE delivers solid organic growth thanks to positive underlying growth trends in the life-saving and life-sustaining products and therapies that the group offersrdquoSampP Jan 08 2019
ldquoFSErsquos rating remains anchored in investment-grade given its mature and defensive business risk profile its organic deleveraging ability based on free cash flow generation and its record of integrating acquisitions successfully and reducing financial leverage in line with communicated policiesrdquo Fitch April 17 2019
ldquoThe Baa3 long term issuer rating of FSE reflects its strong defensive business profile underpinned by large absolute scale global footprint and segmental diversification within the healthcare market supported by strong position in its four business segmentsrdquo Moodyrsquos May 20 2019
Rating History Rating Agenciesrsquo Key Statements
Following a positive outlook SampP upgraded Fresenius to BBB stable outlook in May 2019
SampP Moodylsquos Fitch
Corporate Credit Rating BBB Baa3 BBB-
Outlook stable stable stable
Current Credit Ratings
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Strong Access to Capital Markets
58
Major Financing Instruments
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Bonds euro250 m euro800 m$105 bn
euro750 m$15 bn
euro500 m euro12 bn$12 bn
$300m euro26 bn euro500 m euro10 bn$500 m
euro175 bn
euro750 m1
euro750 m2
SyndicatedLoans
$35 bn $898 m $385 bn $18 bneuro245 bn
$41 bneuro700 m
$115 bneuro205 bn
euro530 bn$355 bn
euro100 m
SchuldscheinLoans
euro400 m euro125 m euro500 m euro112 m $400 m euro10 bn euro700 m
Convertible Bonds
euro900 m euro500 m
Equity euro10 bn euro400 m
1 January 2020 euro750million 2020-2028 bonds issued by Fresenius SE amp Co KGaA2 March 2020 euro750million 2020-2027 bonds issued by Fresenius SE amp Co KGaA
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Debt and Cash Flow Structure
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 59
1 Incl consolidation adjustments2 Incl Fresenius financing subsidiaries3 Controlling stake4 Incl subsidiaries 5 Based on market capitalization for FMC as of December 31 20196 Via German holding entities (Fresenius Kabi AG and Fresenius ProServe GmbH)
Fresenius Medical Care
Financing
Fresenius SE Financing
Group Net Debt ~euro256 bn1
DividendsRents Service Agreements
~323 100 77 (cross boarder)100
Profit transfer Agreements6
bull Separate financing of Fresenius SE and Fresenius Medical Care
bull No joint financing facilities or mutual guarantees
bull Fresenius Kabi Fresenius Helios and Fresenius Vamed financed primarily through Fresenius SE to avoid structural subordination
bull Subsidiary debt consists mainly of lease liabilities which are on balance acc to IFRS 16 from 2019 onwards
FSE Net Debt2~euro128 bn
incl Net Debt of KabiHeliosVamed
StockMarketValue~euro62 bn5
FSE Net Debt2~euro114 bn
excl Net Debt of KabiHeliosVamed
euro12774 m Net Debt4
Thereof lease liabilities euro4705m
euro951 m Net Debt4
Thereof lease liabilities euro1042m
euro84 m Net Debt4
Thereof lease liabilities euro392m
euro371 m Net Debt4
Thereof lease liabilities euro369m
Fresenius Group Key Credit Figures
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 60
1 Adjusted for IFRS 162 Before special items pro forma acquisitionsdivestitures3 Before special items
20191 2019 2018 2017
Debt (eurom) thereof US$ denominated
2123328
2725834
1898428
1904231
Net debt (eurom) 19579 25604 16275 17406
Net debtEBITDA2
Net debt at year-end exchange rate EBITDA at LTM average FX rates
314 360 273 279
Net debtEBITDA2
at LTM average FX rates for both net debt and EBITDA
314 361 271 284
Operating Cash flowSales 99 120 112 116
EBITDANet Interest3 121 99 106 96
Appendix
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 61
Fresenius Group FY19 Key Financials
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom FY191 IFRS 16effect
specialitems
FY19 reported
Δ YoY cc12
Sales 35524 -115 - 35409 6
EBIT 4599 89 -57 4631 -2
Net interest -510 -204 -5 -719 9
Income taxes -955 30 42 -883 -5
Net income3 1915 -36 4 1883 0
Balance sheet total 61237 5769 - 67006
Operating Cashflow 3514 749 - 4263
1 Before special items adjusted for IFRS 16 effect2 On a comparable basis 2018 adjusted for divestitures of Care Coordination activities at FMC3 Net income attributable to shareholders of Fresenius SE amp Co KGaA
For a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
62
Fresenius Group Cash Flow
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 63
eurom 20191 Margin 2019 Margin 2018 Margin Δ YoY1918
Operating Cash Flow 3514 99 4263 120 3742 112 14
Capex (net) -2433 -69 -2433 -68 -2077 -62 -17
Free Cash Flow(before acquisitions and dividends)
1081 30 1830 52 1665 50 10
Acquisitions (net) -2423 -2423 613 --
Dividends -952 -952 -904 5
Free Cash Flow(after acquisitions and dividends) -2294 -65 -1545 -44 1374 41 --
1 2019 adjusted for IFRS 16
Fresenius Group Calculation of Noncontrolling Interest
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom FY19 FY18
Earnings before tax and noncontrolling interest 4089 3998
Taxes -955 -883
Noncontrolling interest thereof -1219 -1243
Fresenius Medical Care net income not attributable to Fresenius (FY19 ~69)
-897 -928
Noncontrolling interest holders in Fresenius Medical Care -239 -244
Noncontrolling interest holders in Fresenius Kabi (-euro49 m) Fresenius Helios (-euro13 m) Fresenius Vamed (-euro2 m) and due to Fresenius Vamedrsquos 23 external ownership (-euro19 m)
-83 -71
Net income attributable to Fresenius SE amp Co KGaA 1915 1872
64
On a comparable basis Before special items adjusted for IFRS16 effect FY18 adjusted for divestitures of Care Coordination activities at FMC
For a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
002
023 025029
032037
042044
055
062
93 08 09 10 11 12 13 14 15 16 17 18 19
25 2421 20 21 21 22 21 22 23 24
Fresenius SE Earnings-Linked Dividend Policy
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
euro per share
bull Dividend growth aligned to EPS1
growth
bull Pay-out Ratio 20 to 25
Dividend distribution (eurom)
Pay-out Ratio
075
2019 Pay-out Ratio 24 Dividend Policy
122 140 155 196 225 238 300 416114 343 445
080
1 Before special items
468
084
24
Track record
bull 27th consecutive dividend increase
bull CAGR dividend increase +15
65
32x1
Fresenius Medical Care Low Leverage Reflected by Solid Investment Grade Rating
66General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
60 6176
6483
2015 2016 2017 2018 2019
Free Cash Flow in of revenue
SampP Moodylsquos Fitch
Corporate Credit Rating BBB Baa3 BBB-
Outlook stable stable stable
Current Credit Ratings
1 Including IFRS16 effect
29x30x
27x
22x
18x
31x
27x25x
22x
21x
27x25x
25x
31x
26x23x
21x
18x
25x
15
20
25
30
35
40
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
1
Fresenius Medical Care Broad Mix of Financing Instruments
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 67
Total BS Debt
~euro138 m
1 As of December 31 2019
bull Optimize funding costs and ensure financial flexibility
bull Diversify investor base
bull Strong liquidity provided by sufficient financial cushion (~euro18 billion as of December 31 2019)
Well Positioned to Meet Financing Needs
Average interest ratecost of debt25 pa
Equity-neutralconvertible bonds 3
Commercial paper 7
Syndicated loans 14
Other financial liabilities 7
Bonds 36
Lease obligations 33
Fresenius Medical Care Well-Balanced Debt Maturity Profile12
68
eurom
Maturity 30 years on
average
1 As of December 31 2019 and based on utilization of major financing instruments2 Excluding lease liabilities
445
878623 650
356500 600
945
535
135
1236400
1000
380
0
500
1000
1500
2000
2500
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
Bonds Syndicated Loan Equity-neutral convertible bonds Commercial Paper AR Facility
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
2500
2000
1500
1000
Fresenius SE Overview Bonds
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 69
Issuer Volume(in millions)
Coupon type
Coupon (in )
MaturityTerm
ISIN (RegS)
WKN
Fresenius SE amp Co KGaAeuro500 Fix 2875 20132020 XS0873432511 A1HEWZ
Fresenius SE amp Co KGaAeuro450 Fix 300 20142021 XS1013955379 A1ZB7H
Fresenius SE amp Co KGaAeuro450 Fix 400 20142024 XS1026109204 A1ZC60
Fresenius SE amp Co KGaAeuro 500 Fix 1875 20192025 XS1936208252 A2NBMS
Fresenius SE amp Co KGaAeuro 750 Fix 1625 20202027 XS2152329053 A254TA
Fresenius SE amp Co KGaAeuro 750 Fix 075 20202028 XS2101357072 A254QN
Fresenius SE amp Co KGaAeuro 500 Fix 2875 20192029 XS1936208419 A2NBMT
Fresenius Finance Ireland plceuro700 Fix 0875 20172022 XS1554373164 A19B3F
Fresenius Finance Ireland plceuro700 Fix 150 20172024 XS1554373248 A19B3G
Fresenius Finance Ireland plceuro700 Fix 2125 20172027 XS1554373677 A19B3H
Fresenius Finance Ireland plceuro500 Fix 300 20172032 XS1554373834 A19B3J
Fresenius US Finance II IncUS$300 Fix 425 20142021 USU31436AG04 A1ZDVJ
Fresenius US Finance II IncUS$300 Fix 450 20152023 USU31436AH86 A1Z64A
As of April 8 2020
Fresenius Medical Care Overview Bonds
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 70
Issuer Volume(in millions)
Coupon type
Coupon (in )
MaturityTerm
ISIN (RegS)
WKN
FMC Finance VII SA euro300 Fix 525 20112021 XS0576395478 A1GLY6
Fresenius Medical Care US Finance Inc US$650 Fix 575 20112021 USU31433AA03 A1GL0J
Fresenius Medical Care US Finance II Inc US$500 Fix 4125 20142020 US35802XAH61 A1ZRTL
Fresenius Medical Care US Finance II Inc US$700 Fix 5875 20122022 USU31434AC42 A1GZRF
Fresenius Medical Care US Finance II Inc US$400 Fix 475 20142024 US35802XAJ28 A1ZRTN
Fresenius Medical Care US Finance III Inc US$500 Fix 375 20192029 USU3149FAA76 A2R3YR
Fresenius Medical Care AG amp Co KGaA euro650 Fix 0250 20192023 XS2084510069 A255DU
Fresenius Medical Care AG amp Co KGaA euro500 Fix 150 20182025 XS1854532949 A2NBE6
Fresenius Medical Care AG amp Co KGaA euro600 Fix 0625 20192026 XS2084497705 A255DV
Fresenius Medical Care AG amp Co KGaA euro500 Fix 1250 20192029 XS2084488209 A255DW
As of December 31 2019
Financial Calendar Contact
Financial Calendar 06 May 2020 Results Q120
30 July 2020 Results Q220
29 October 2020 Results Q320Please note that these dates could be subject to change
Annual General Meeting Due to the coronavirus pandemic the AGM scheduled for 20 May 2020 has been postponed A new date within the current financial year will be set as soon as the conditions for reliable planning and safe execution of the AGM are once again in place
Contact
Investor Relations amp SustainabilityFresenius SE amp Co KGaAphone +49 6172 608-2485e-mail ir-frefreseniuscomFor further information and current news wwwfreseniuscom
Follow us on Twitter wwwtwittercomfresenius_irand LinkedIn wwwlinkedincomcompanyfresenius-investor-relations
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 71
Worldwide growing dialysis market
Growing Markets with High Entry Barriers
Attractive marketsMarketing of existingvalue chain
Standardizing medical procedures
Attractive Product Pipeline
Marketconsolidation
Strengthening and extension of value chain
Home dialysis strategy
Entry into attractive biosimilars business
SynergiesDevelopment of post-acute care business
Innovating products
Strong Emerging Markets Presence
Greenfield investments in Spain
Expansion of geographic presence
Further Internationalization
Fresenius Group Growth Areas
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 14
Fresenius Group Medium-term Growth Targets 2020 ndash 2023 (CAGRs)
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 15
1 Net income attributable to shareholders of Fresenius SEampCoKGaA
Before special items
Organic sales growth
4 ndash 7 (plus ~1 small to mid-size acquisitions)
Organic net income1 growth
5 ndash 9(plus ~1 small to mid-size acquisitions)
confirmed
confirmed
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
The Fresenius Strategy
Drive Internation-
alization
Employees
Improveprofitability
Innovation
Quality
Better medicine and
health care services for ever more people
Hospital projects amp services
Hospital supplies ampservices
Dialysisproducts ampservices
Hospital operations
Forward thinking healthcare to improve the lives of patients
16
Our ESG Priorities Patients Employees and Compliance
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Caring for human rights
Protecting nature as the basis of life
Being an attractive employer
Doing the right thingServing the well-beingof the patient
Quality of medical outcomes and patient satisfaction
Quality and safety of products
Data protection
Code of Conduct
Compliance Organization
Compliance Management Systems (Prevent Detect Respond)
Personnel structure and diversity
Attract talent retain and develop employees
Employee engagement and participation
Occupational health and safety
Water
Energy
GHG emissions
Waste
Wastewater
No exploitative nor illegal child or forced labor
Working conditions
Non-discrimination
Data protection
17
ESG Rating Overview Continuous Improvement through Reporting and Engagement
Current Score CDP Climate CCDP Water C Prime C BB 39100
DJSI Europe 55100
Sector Average CDP Climate B- C- BBB - A 28 100 47 ndash 63 100
Previous Score CDP Climate D-CDP Water D- Prime C BB 33100 48 100
Next steps bull Improve management-level responsibility over ESG-related issues ie implement further emissions reduction and efficiency projects and related targets
bull Intensify dialogue with rating agencies
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 18
SustainabilityESG Decisive Steps for 2020
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Our Priorities
bull ldquoBetter medicine for more peoplerdquo
bull Patients Quality of products and services
bull People Being an attractive employer
bull Compliance Doing the right thing
Sustainability Governance
bull CEO sponsors Group sustainability efforts
bull New Group Sustainability Board in 2020
bull Strategy and KPI alignment program started in 2019 will continue in 2020
Remuneration
bull Remuneration proposal planned for AGM 2021
bull Based on new German legal framework and German Corporate Governance Code
bull Will include ESG performance indicators
19
Investments in own business
Strategic acquisitions
Dividends
Share buy backs
Fresenius Group Capital Deployment Focuses on SustainableValue Creation
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Leverageratio
30-351
1 Including IFRS 16
20
Review FY19
21General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group
bull Delivered on all targets - 16th consecutive record year
bull 27th consecutive dividend increase proposed
bull Fresenius Kabi expected to show healthy top-line growth whilst softness in North America weighs on EBIT in FY20
bull Fresenius Helios anticipated to show ongoing stabilization in Germany and continued strong growth in Spain in FY20
bull Fresenius Medical Care expected to show strong growth in FY20
bull Too early to quantify the financial impact of Covid-19
bull Fresenius Group back on growth trajectory in FY20
bull Medium-term growth targets confirmed
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 22
Fresenius Kabi Volume Headwinds Partially Offset by New Product Launches in North America
bull Ongoing volume headwinds anticipatedminus Intensified competitionminus Shortage tailwind essentially overminus Opioid market not expected to
recoverbull Pricing expected to be in-line with
historical trends however trending more towards mid-single digit price declines in base product portfolio
bull 15+ product launches expected in 2020 targeting an originator market of ~US$13 bn
bull Excellent pipeline gt50 files pending with the FDA
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 23
Current Portfolio 2023 Portfolio
IV drugs
Pre-filled syringes
IV solutions
Parenteral nutrition
Infusion pumps
Biosimilars
Compounding
Specialty Rx
Fresenius Kabi Rigorous Pursuit to Further Broaden and Diversify Portfolio in North America
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 24
GPOsHospitals ClinicsPhysician Offices Retail PharmacyHome Care
Strong medium light none
0
500
1000
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 20190
01
02
03
Fresenius Kabi Continued Positive Momentum in Emerging Markets
bull Strong organic sales growth expected
bull Continued positive momentum in LatinAmerica anticipated
bull Regulatory changes in China expected toweigh on EBIT development
bull Too early to quantify the financial impact ofCovid-19
Significant sales and volume growth in China over last decade
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 25
Sales (cc) Volume growth Sales growth (cc)
in euro million
CAGR ~10
100030
20
10
0 0
500
US
Progress of portfolio
bull Three more molecules in portfolio
bull Expect to start with clinical studies forthose molecules in 2021
Fresenius Kabi Biosimilar Update
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 26
Launch schedule
Europe
Pegfilgrastim
Adalimumab
Tocilizumab
2023
2019
2021
2021
2023
2023
Business plan
bull Total investment ceiling euro14 bn untilEBITDA break-even in 2023
bull High triple-digit euro million sales in 2024
Fresenius Kabi Launch of Idacio in Europe Progresses According to Plan
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 27
Launched
Approved
Submitted
Fresenius Kabi Divisionalization of Transfusion Medicine and Cell Therapies Business Fuels Growth
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 28
bull Business remains important part of Fresenius Kabi
bull Dynamic growth in FY19 and good growth prospects
bull Inauguration of new production building in Haina Dominican Republic to fuel growth of disposable products
bull New joint venture to advance new cell and gene therapies
Fresenius Helios Germany to Show Ongoing Stabilization in FY20
Mitigation of regulatory headwindsbull Chief doctor vacancies at record lowbull Appropriate level of nursing staff bull Optimization of processes and workflowsbull Cost optimization measures
Very positive reimbursement environmentbull 2020 DRG inflator set at 366
Investments in future growth fieldsbull Clustering strategy progressesbull Preventionbull Occupational medicinebull Telemedicine platform
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 29
Ramp-up of outpatient businessbull Outpatient surgery centersbull Specialization of medical centers
Excellent growth in Spainbull Opening of first proton therapy center in
Spain (first patient treated in December rsquo19)
bull Opening of Quironsalud Madrid university hospital expansion in Pozuelo
bull Private hospitals expected to show dynamic organic growth driven by admissions
bull Continued positive momentum for ORPs
Fresenius Helios Spain to Plow Ahead in FY20
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 30
Expansion in Latin America proceedsbull Five successful acquisitions in Colombia
contribute nicely in FY20minus Clinica Las Vegas Clinica del Prado
and CediMed in Medellin(1)
minus Centro Medico Imbanaco in Cali(2)
minus Clinica de la Mujer in Bogota(3)
bull Total expected sales contribution of approx euro180m equiv in FY20
bull Attractive risk-adjusted ROIs expected
Notes (1) All transactions closed in 2019 (2) Closing expected at the end of Q12020 (3) Closing expected in Q22020 subject to anti-trust clearance
Financial Review FY19
31General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Sales
+6FY19 euro33524 m
Net Income
+0FY19 euro1915 m
EBIT
-2FY19 euro4599 m
Fresenius Group FY19 Profit and Loss Statement
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
All growth rates in constant currency (cc)Before special items adjusted for IFRS 16 effectOn a comparable basis FY18 adjusted for divestitures of Care Coordination activities at FMC before special itemsNet income attributable to shareholders of Fresenius SE amp Co KGaA
Net Interest
-euro510 mFY18 -euro549 m
Income Tax Rate
234FY18 221
32
1 On a comparable basis Q418 adjusted for divestitures of Care Coordination activities at FMC Q419 adjusted for IFRS 16 effect
All figures before special itemsFor a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
Fresenius Group Q419 Business Segment Growth
Organic sales growth1
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
EBIT growth (cc)1
+5
+4
+4
+4
0
-1
5
+7
+4 0
33
Fresenius Kabi Organic Sales Growth by Product Segment
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom Q419Δ YoY
organic FY19Δ YoY
organic
IV Drugs 737 -1 2939 -1
Infusion Therapy 213 2 834 3
Clinical Nutrition 482 8 1898 9
Medical DevicesTransfusion Technology
334 10 1248 11
Total sales 1766 4 6919 4
34
Fresenius Kabi Organic Sales Growth by Regions
eurom Q419Δ YoY
organic FY19Δ YoY
organic
North America 609 -1 2424 -2
Europe 604 2 2313 2
Emerging Markets 553 12 2182 14
Total sales 1766 4 6919 4
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 35
Fresenius Kabi Q4 amp FY19 EBIT Growth
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom Q419 Δ YoY cc FY19 Δ YoY cc
North AmericaMargin
204335
-8-260 bps
907374
-3-50 bps
EuropeMargin
87144
-10-200 bps
328142
-7-160 bps
Emerging MarketsMargin
124224
7-90 bps
476218
19130 bps
Corporate and Corporate RampD -132 11 -511 2
Total EBITMargin
283160
-1-90 bps
1200173
3-10 bps
On a comparable basis before special items and adjusted for IFRS 16 effects
Margin growth at actual ratesFor a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
36
Fresenius Kabi Expected Organic Sales Growth 2020
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Broadly stable
bull Ongoing volume headwinds anticipated
bull Pricing expected to trend more towards mid-single digit price declines in base product portfolio
North America
Mid-single-digit growth
bull Growth driven by first biosimilar in the market (IDACIO)
bull Continued strong growth of clinical nutrition business expected
Europe
High single-digit growth
bull China Healthy volume growth anticipated regulatory headwinds weigh on business
bull Latin America Continued healthy growth expected
Emerging Markets
37
Fresenius Helios Q4 amp FY19 Key Financials
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom Q419 Δ YoY FY19 Δ YoY
Total sales 2344 41 9234 51
Thereof Helios Germany 1475 31 5940 31
Thereof Helios Spain 867 71 3292 71
Total EBIT3
Margin292
1255
10 bps1015110
-4-32
-70 bps
Thereof Helios GermanyMargin
14397
420 bps
57697
-8-62
-80 bps
Thereof Helios SpainMargin
134155
6-50 bps
434132
5-50 bps
Thereof Corporate 15 -- 5 --
1 Organic growth2 Adjusted for the post-acute care business transferred to Fresenius Vamed as of July 1 20183 Adjusted for IFRS 16 effectFor a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
38
Fresenius Helios Key Measures
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
FY19 FY18 Δ
No of hospitals Germany- Acute care hospitals
8683
8683
00
No of hospitals Spain(Hospitals)
51 47 9
No of beds Germany- Acute care hospitals
28907 28380
2932928802
-1-1
No of beds Spain(Hospitals)
7288 7019 4
Admissions Germany (acute care) 1206654 1218199
Admissions Spain (including outpatients) 15396051 13318066
39
Fresenius Vamed
1 Without German post-acute care business acquired from Fresenius Helios as of July 1 2018
2 Adjusted for IFRS 16 effect 3 Project business only4 Versus December 31 2018
bull Both business segments contributed to the organic sales growth of 4 in Q419
bull Stable service business is gaining weight (FY19 63 of sales FY09 32)
bull Geographically well-diversified order backlog is excellent foundation for future growth
eurom Q419 Δ YoY FY19 Δ YoY
Total salesThereof organic sales
737 64
2206 31161
Service business 374 11 1399 43251
Project business 363 1 807 13
Total EBIT2 66 8 131 1961
Order intake3 576 -13 1314 7
Order backlog3 2865 184
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 40
Fresenius Group FY19 amp Cash Flow
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Operating CF1 Capex (net) Free Cash Flow12
eurom FY2019 Margin FY2019 Margin FY2019 Margin
1947 111 -1113 -64 834 47
968 140 -716 -104 252 36
683 74 -477 -52 206 224
-46 -21 -52 -23 -98 -44
CorporateOther -38 na -75 na -113 na
1677 93 -1320 -73 357 20
3514 99 -2433 -69 1081 30
1 Adjusted for IFRS 162 Before acquisitions and dividends3 Incl FMC dividend of euro110 million4 Understated 27 excluding euro45 million of capex commitments from acquisitions
Excl FMC3
41
Fresenius Group 2020 Financial Outlook by Business Segment
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom (except otherwise stated) FY19 Base1 FY20e2
Sales growth (cc) 17477mid to high single digit
-range
Net income growth3 (cc) 1205mid to high single digit
-range
Sales growth (organic) 6919 3 - 6
EBIT growth (cc) 1205 -4 to 0
Sales growth (organic) 9234 3 - 6
EBIT growth (cc) 1025 3 - 7
Sales growth (organic) 2206 4 - 7
EBIT growth (cc) 134 5 - 9
1 Before special items including IFRS 16 effects including NxStage operations2 Before special items3 Net income attributable to shareholders of Fresenius Medical Care AG amp Co KGaA
For a detailed overview of special items please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
42
eurom (except otherwise stated) FY19 Base1 FY202
Sales growth (cc) 35409 4 - 7
Net income3 growth (cc) 1879 1 - 5
Fresenius Group 2020 Financial Guidance
1 Before special items including IFRS 16 effects including NxStage operations 2 Before special items3 Net income attributable to shareholders of Fresenius SEampCoKGaA
For a detailed overview of special items please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 43
FY19 base for Fresenius Group Guidance FY20
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
euromFresenius
GroupFresenius
Medical CareFresenius
Kabi
Sales reported (reported = base for guidance) 35409 17477 6919
Transaction costs Akorn 3
Revaluations of biosimilars contingent purchase price liabilities -32
EBIT (before special items = base Fresenius Kabi guidance) 1205
Net income reported 1883 1200
Transaction costs Akorn 3
Revaluations of biosimilars contingent purchase price liabilities -19
Gain related to divestitures of Care Coordination activities at FMC -15 -49
Transaction costs NxStage 6 18
Expenses associated with cost optimization program at FMC 21 67
Net income (before special items = base Fresenius Group amp FMC guidance) 1879 1236
44
Fresenius Group Financial Results by Business Segment
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 45
20191 20182 2017 Growth3
20192018
Sales euro17592 m euro16026 m euro17784 m 62
EBIT euro2281 m euro2292 m euro2562 m -42
Sales euro6919 m euro6544 m euro6358 m 4
EBIT euro1200 m euro1139 m euro1177 m 3
Sales euro9234 m euro8993 m euro8668 m 3
EBIT euro1015 m euro1052 m euro1052 m -4
Sales euro2206 m euro1688 m euro1228 m 30
EBIT euro131 m euro110 m euro76 m 18
Sales euro35524 m euro33009 m euro33886 m 62
EBIT euro4599 m euro4547 m euro4830 m -22Group
Before special items
1 Adjusted for IFRS 162 On a comparable basis 2018 adjusted for divestitures of Care Coordination activities 3 Growth rates at constant currency and adjusted for IFRS 16
Fresenius Group Margins by Business Segment
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 46
Before special items 2018 adjusted for divestitures of Care Coordination activities 2019 adjusted for IFRS 16
2019 2018 2017
EBITDA margin 178 192 185
EBIT margin 130 143 144
EBITDA margin 217 219 233
EBIT margin 173 174 185
EBITDA margin 148 159 165
EBIT margin 110 117 121
EBITDA margin 78 79 71
EBIT margin 59 65 62
EBITDA margin 174 183 185
EBIT margin 129 138 143Group
Credit Highlights amp Financing Structure
47General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Credit Highlights
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 48
Consistent Cash Generation
Proven Track Record of Deleveraging
Broad Mix of Financing Instruments
Well-Balanced Maturity Profile
Solid Balance Sheet Structure
Solid IG Rating and Strong Access to Capital Markets
120
103
126
114109
120 122116
112120
8
9
10
11
12
13
14
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
48 48 52 5358 55 55 54
6570
2
3
4
5
6
7
8
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
74
56
76
62
52
67 67 66
50 52
4
5
6
7
8
9
10
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Fresenius Group Consistent Cash Generation
Capex gross in of sales
FCF margin (before acquisitions amp dividends)CFFO margin
49General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
2019 including IFRS 16
32x
30x
27x
22x 23x
35x
30x
26x
36x
30x
26x27x
26x
25x
32x
27x
23x
28x
27x
31x 4
20
25
30
35
40
2001 2002 2003 2004 2005 Q106 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
3
2
Hospitals from
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Proven Track Record of Deleveraging
Net DebtEBITDA1
1 At actual FX rates from 2001 to 2010 and at average FX rates from 2011 onwards for both Net Debt and EBITDA before special items pro forma closed acquisitionsdivestitures2 Pro forma excluding advances made for the acquisition of hospitals from Rhoumln-Klinikum AG3 Both net debt and EBITDA including IFRS 16 effect and calculated at expected annual average exchange rates excluding further potential acquisitions4 Including acquisition of NxStage adjusted for IFRS 16 effect
Target 20203 towards thetop end of self-imposed
target corridor of 30 ndash 35x
50
36x
40
35
20
25
30
Equity-neutralconvertible bonds 3
Fresenius Group excl FMC Broad Mix of Financing Instruments
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 51
Total BS Debt
~euro136 bn
1 As of December 31 2019
bull Optimize funding costs and ensure financial flexibility
bull Diversify investor base
bull Strong liquidity provided by sufficient financial cushion (~euro22 billion as of December 31 2019)
Well Positioned to Meet Financing NeedsBonds 40
Lease obligations 14
Syndicated loans 15
Schuldscheinloans 16
Other financial liabilities 5
Commercial paper 7
Average interest ratecost of debt18 pa
Commercial paper 7
Fresenius Group Broad Mix of Financing Instruments
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 52
Total BS Debt
~euro273 bn
1 As of December 31 2019
bull Optimize funding costs and ensure financial flexibility
bull Diversify investor base
bull Strong liquidity provided by sufficient financial cushion (~euro40 billion as of December 31 2019)
Well Positioned to Meet Financing Needs
Average interest ratecost of debt22 pa
Equity-neutralconvertible bonds 3
Syndicated loans 14
Other financial liabilities 6
Bonds 38
Lease liabilities 24
Schuldschein loans 8
Fresenius Group Capitalization1
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 53
Instrument per Book Value in euro million in $ million4 oftotal cap
EBITDA LTM x
Syndicated Credit Agreement Revolver (euro US-$) 0 0 00 Syndicated Credit Agreement Term Loan A (euro US-$) 1976 2220 29 Bonds (euro US-$) 5501 6180 82 Convertible Bonds 465 522 07 Schuldschein Loans 2180 2449 33 Commercial Paper 953 1071 14 Lease Obligations 1876 2107 28 Other debt 675 758 10 Total Debt (FSE excl FMC) gross 13626 15307 203 Cash (excl FMC) 651 731 10 Total debt (FSE excl FMC) net 12975 14576 193 Total FMC debt net 12774 14350 190 Consolidation Adjustments (145) (163) (02)Total consolidated debt net 25604 28764 382 36x Market capitalization2 41470 46587 618 58x
Total capitalization 67074 75351 1000 94x FSE Group EBITDA3 7110
1 As of December 31 20192 Based on market capitalization for FSE and FMC as of December 31 20193 Pro Forma acquisitions before special items4 EURUSD exchange rate as of December 31 2019
Fresenius Group excl FMC Well-Balanced Debt Maturity Profile12
54
1 As of December 31 2019 and based on utilization of major financing instruments2 Excluding lease liabilities3 Pro Forma issuance of FSE EUR 750m bonds in Jan 2020 (average maturity 38)
Maturity 35 years3 on
average
eurom
EUR 750m Jan 2020
500717 700
267
1150
500700 750
500 500
153
903 927
106
304 393
430
421
238
207
84
500
953
0
500
1000
1500
2000
2500
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Bonds Syndicated Loan Schuldschein Loans Equity-neutral convertible bonds Commercial Paper
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
1500
1000
2000
2500
Fresenius Group Well-Balanced Debt Maturity Profile12
1 As of December 31 2019 and based on utilization of major financing instruments2 Excluding lease liabilities3 Pro Forma issuance of FSE EUR 750m bonds in Jan 2020 (average maturity 35)
EUR 750m Jan 2020
2380
13931859
650356 500 600
945
1712
1924
2020
697
2071
500 238
907 750
584
5000
1000
2000
3000
4000
5000
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Fresenius Medical Care Fresenius excl Fresenius Medical Care
5000
4000
3000
2000
1000
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Maturity 33 years3 on
average
eurom
55
23 23 23 19
32 36 33 41
45 41 44 40
Dec 31 16 Dec 31 17 Dec 31 18 Dec 31 19
Equity and non-controlling interest Debt Other liabilities
Fresenius Group Solid Balance Sheet Structure
Healthy Equity and Liability Split
bull Strong equity ratio of gt40 on average
bull Equity ratio kept in narrow range despite rapid growth of Fresenius Group
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 56
467 531 567 670
BS total (eurobn)
Including IFRS 16
Fresenius SE Solid Investment Grade Rating
57
ldquoFSE delivers solid organic growth thanks to positive underlying growth trends in the life-saving and life-sustaining products and therapies that the group offersrdquoSampP Jan 08 2019
ldquoFSErsquos rating remains anchored in investment-grade given its mature and defensive business risk profile its organic deleveraging ability based on free cash flow generation and its record of integrating acquisitions successfully and reducing financial leverage in line with communicated policiesrdquo Fitch April 17 2019
ldquoThe Baa3 long term issuer rating of FSE reflects its strong defensive business profile underpinned by large absolute scale global footprint and segmental diversification within the healthcare market supported by strong position in its four business segmentsrdquo Moodyrsquos May 20 2019
Rating History Rating Agenciesrsquo Key Statements
Following a positive outlook SampP upgraded Fresenius to BBB stable outlook in May 2019
SampP Moodylsquos Fitch
Corporate Credit Rating BBB Baa3 BBB-
Outlook stable stable stable
Current Credit Ratings
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Strong Access to Capital Markets
58
Major Financing Instruments
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Bonds euro250 m euro800 m$105 bn
euro750 m$15 bn
euro500 m euro12 bn$12 bn
$300m euro26 bn euro500 m euro10 bn$500 m
euro175 bn
euro750 m1
euro750 m2
SyndicatedLoans
$35 bn $898 m $385 bn $18 bneuro245 bn
$41 bneuro700 m
$115 bneuro205 bn
euro530 bn$355 bn
euro100 m
SchuldscheinLoans
euro400 m euro125 m euro500 m euro112 m $400 m euro10 bn euro700 m
Convertible Bonds
euro900 m euro500 m
Equity euro10 bn euro400 m
1 January 2020 euro750million 2020-2028 bonds issued by Fresenius SE amp Co KGaA2 March 2020 euro750million 2020-2027 bonds issued by Fresenius SE amp Co KGaA
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Debt and Cash Flow Structure
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 59
1 Incl consolidation adjustments2 Incl Fresenius financing subsidiaries3 Controlling stake4 Incl subsidiaries 5 Based on market capitalization for FMC as of December 31 20196 Via German holding entities (Fresenius Kabi AG and Fresenius ProServe GmbH)
Fresenius Medical Care
Financing
Fresenius SE Financing
Group Net Debt ~euro256 bn1
DividendsRents Service Agreements
~323 100 77 (cross boarder)100
Profit transfer Agreements6
bull Separate financing of Fresenius SE and Fresenius Medical Care
bull No joint financing facilities or mutual guarantees
bull Fresenius Kabi Fresenius Helios and Fresenius Vamed financed primarily through Fresenius SE to avoid structural subordination
bull Subsidiary debt consists mainly of lease liabilities which are on balance acc to IFRS 16 from 2019 onwards
FSE Net Debt2~euro128 bn
incl Net Debt of KabiHeliosVamed
StockMarketValue~euro62 bn5
FSE Net Debt2~euro114 bn
excl Net Debt of KabiHeliosVamed
euro12774 m Net Debt4
Thereof lease liabilities euro4705m
euro951 m Net Debt4
Thereof lease liabilities euro1042m
euro84 m Net Debt4
Thereof lease liabilities euro392m
euro371 m Net Debt4
Thereof lease liabilities euro369m
Fresenius Group Key Credit Figures
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 60
1 Adjusted for IFRS 162 Before special items pro forma acquisitionsdivestitures3 Before special items
20191 2019 2018 2017
Debt (eurom) thereof US$ denominated
2123328
2725834
1898428
1904231
Net debt (eurom) 19579 25604 16275 17406
Net debtEBITDA2
Net debt at year-end exchange rate EBITDA at LTM average FX rates
314 360 273 279
Net debtEBITDA2
at LTM average FX rates for both net debt and EBITDA
314 361 271 284
Operating Cash flowSales 99 120 112 116
EBITDANet Interest3 121 99 106 96
Appendix
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 61
Fresenius Group FY19 Key Financials
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom FY191 IFRS 16effect
specialitems
FY19 reported
Δ YoY cc12
Sales 35524 -115 - 35409 6
EBIT 4599 89 -57 4631 -2
Net interest -510 -204 -5 -719 9
Income taxes -955 30 42 -883 -5
Net income3 1915 -36 4 1883 0
Balance sheet total 61237 5769 - 67006
Operating Cashflow 3514 749 - 4263
1 Before special items adjusted for IFRS 16 effect2 On a comparable basis 2018 adjusted for divestitures of Care Coordination activities at FMC3 Net income attributable to shareholders of Fresenius SE amp Co KGaA
For a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
62
Fresenius Group Cash Flow
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 63
eurom 20191 Margin 2019 Margin 2018 Margin Δ YoY1918
Operating Cash Flow 3514 99 4263 120 3742 112 14
Capex (net) -2433 -69 -2433 -68 -2077 -62 -17
Free Cash Flow(before acquisitions and dividends)
1081 30 1830 52 1665 50 10
Acquisitions (net) -2423 -2423 613 --
Dividends -952 -952 -904 5
Free Cash Flow(after acquisitions and dividends) -2294 -65 -1545 -44 1374 41 --
1 2019 adjusted for IFRS 16
Fresenius Group Calculation of Noncontrolling Interest
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom FY19 FY18
Earnings before tax and noncontrolling interest 4089 3998
Taxes -955 -883
Noncontrolling interest thereof -1219 -1243
Fresenius Medical Care net income not attributable to Fresenius (FY19 ~69)
-897 -928
Noncontrolling interest holders in Fresenius Medical Care -239 -244
Noncontrolling interest holders in Fresenius Kabi (-euro49 m) Fresenius Helios (-euro13 m) Fresenius Vamed (-euro2 m) and due to Fresenius Vamedrsquos 23 external ownership (-euro19 m)
-83 -71
Net income attributable to Fresenius SE amp Co KGaA 1915 1872
64
On a comparable basis Before special items adjusted for IFRS16 effect FY18 adjusted for divestitures of Care Coordination activities at FMC
For a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
002
023 025029
032037
042044
055
062
93 08 09 10 11 12 13 14 15 16 17 18 19
25 2421 20 21 21 22 21 22 23 24
Fresenius SE Earnings-Linked Dividend Policy
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
euro per share
bull Dividend growth aligned to EPS1
growth
bull Pay-out Ratio 20 to 25
Dividend distribution (eurom)
Pay-out Ratio
075
2019 Pay-out Ratio 24 Dividend Policy
122 140 155 196 225 238 300 416114 343 445
080
1 Before special items
468
084
24
Track record
bull 27th consecutive dividend increase
bull CAGR dividend increase +15
65
32x1
Fresenius Medical Care Low Leverage Reflected by Solid Investment Grade Rating
66General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
60 6176
6483
2015 2016 2017 2018 2019
Free Cash Flow in of revenue
SampP Moodylsquos Fitch
Corporate Credit Rating BBB Baa3 BBB-
Outlook stable stable stable
Current Credit Ratings
1 Including IFRS16 effect
29x30x
27x
22x
18x
31x
27x25x
22x
21x
27x25x
25x
31x
26x23x
21x
18x
25x
15
20
25
30
35
40
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
1
Fresenius Medical Care Broad Mix of Financing Instruments
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 67
Total BS Debt
~euro138 m
1 As of December 31 2019
bull Optimize funding costs and ensure financial flexibility
bull Diversify investor base
bull Strong liquidity provided by sufficient financial cushion (~euro18 billion as of December 31 2019)
Well Positioned to Meet Financing Needs
Average interest ratecost of debt25 pa
Equity-neutralconvertible bonds 3
Commercial paper 7
Syndicated loans 14
Other financial liabilities 7
Bonds 36
Lease obligations 33
Fresenius Medical Care Well-Balanced Debt Maturity Profile12
68
eurom
Maturity 30 years on
average
1 As of December 31 2019 and based on utilization of major financing instruments2 Excluding lease liabilities
445
878623 650
356500 600
945
535
135
1236400
1000
380
0
500
1000
1500
2000
2500
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
Bonds Syndicated Loan Equity-neutral convertible bonds Commercial Paper AR Facility
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
2500
2000
1500
1000
Fresenius SE Overview Bonds
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 69
Issuer Volume(in millions)
Coupon type
Coupon (in )
MaturityTerm
ISIN (RegS)
WKN
Fresenius SE amp Co KGaAeuro500 Fix 2875 20132020 XS0873432511 A1HEWZ
Fresenius SE amp Co KGaAeuro450 Fix 300 20142021 XS1013955379 A1ZB7H
Fresenius SE amp Co KGaAeuro450 Fix 400 20142024 XS1026109204 A1ZC60
Fresenius SE amp Co KGaAeuro 500 Fix 1875 20192025 XS1936208252 A2NBMS
Fresenius SE amp Co KGaAeuro 750 Fix 1625 20202027 XS2152329053 A254TA
Fresenius SE amp Co KGaAeuro 750 Fix 075 20202028 XS2101357072 A254QN
Fresenius SE amp Co KGaAeuro 500 Fix 2875 20192029 XS1936208419 A2NBMT
Fresenius Finance Ireland plceuro700 Fix 0875 20172022 XS1554373164 A19B3F
Fresenius Finance Ireland plceuro700 Fix 150 20172024 XS1554373248 A19B3G
Fresenius Finance Ireland plceuro700 Fix 2125 20172027 XS1554373677 A19B3H
Fresenius Finance Ireland plceuro500 Fix 300 20172032 XS1554373834 A19B3J
Fresenius US Finance II IncUS$300 Fix 425 20142021 USU31436AG04 A1ZDVJ
Fresenius US Finance II IncUS$300 Fix 450 20152023 USU31436AH86 A1Z64A
As of April 8 2020
Fresenius Medical Care Overview Bonds
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 70
Issuer Volume(in millions)
Coupon type
Coupon (in )
MaturityTerm
ISIN (RegS)
WKN
FMC Finance VII SA euro300 Fix 525 20112021 XS0576395478 A1GLY6
Fresenius Medical Care US Finance Inc US$650 Fix 575 20112021 USU31433AA03 A1GL0J
Fresenius Medical Care US Finance II Inc US$500 Fix 4125 20142020 US35802XAH61 A1ZRTL
Fresenius Medical Care US Finance II Inc US$700 Fix 5875 20122022 USU31434AC42 A1GZRF
Fresenius Medical Care US Finance II Inc US$400 Fix 475 20142024 US35802XAJ28 A1ZRTN
Fresenius Medical Care US Finance III Inc US$500 Fix 375 20192029 USU3149FAA76 A2R3YR
Fresenius Medical Care AG amp Co KGaA euro650 Fix 0250 20192023 XS2084510069 A255DU
Fresenius Medical Care AG amp Co KGaA euro500 Fix 150 20182025 XS1854532949 A2NBE6
Fresenius Medical Care AG amp Co KGaA euro600 Fix 0625 20192026 XS2084497705 A255DV
Fresenius Medical Care AG amp Co KGaA euro500 Fix 1250 20192029 XS2084488209 A255DW
As of December 31 2019
Financial Calendar Contact
Financial Calendar 06 May 2020 Results Q120
30 July 2020 Results Q220
29 October 2020 Results Q320Please note that these dates could be subject to change
Annual General Meeting Due to the coronavirus pandemic the AGM scheduled for 20 May 2020 has been postponed A new date within the current financial year will be set as soon as the conditions for reliable planning and safe execution of the AGM are once again in place
Contact
Investor Relations amp SustainabilityFresenius SE amp Co KGaAphone +49 6172 608-2485e-mail ir-frefreseniuscomFor further information and current news wwwfreseniuscom
Follow us on Twitter wwwtwittercomfresenius_irand LinkedIn wwwlinkedincomcompanyfresenius-investor-relations
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 71
Fresenius Group Medium-term Growth Targets 2020 ndash 2023 (CAGRs)
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 15
1 Net income attributable to shareholders of Fresenius SEampCoKGaA
Before special items
Organic sales growth
4 ndash 7 (plus ~1 small to mid-size acquisitions)
Organic net income1 growth
5 ndash 9(plus ~1 small to mid-size acquisitions)
confirmed
confirmed
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
The Fresenius Strategy
Drive Internation-
alization
Employees
Improveprofitability
Innovation
Quality
Better medicine and
health care services for ever more people
Hospital projects amp services
Hospital supplies ampservices
Dialysisproducts ampservices
Hospital operations
Forward thinking healthcare to improve the lives of patients
16
Our ESG Priorities Patients Employees and Compliance
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Caring for human rights
Protecting nature as the basis of life
Being an attractive employer
Doing the right thingServing the well-beingof the patient
Quality of medical outcomes and patient satisfaction
Quality and safety of products
Data protection
Code of Conduct
Compliance Organization
Compliance Management Systems (Prevent Detect Respond)
Personnel structure and diversity
Attract talent retain and develop employees
Employee engagement and participation
Occupational health and safety
Water
Energy
GHG emissions
Waste
Wastewater
No exploitative nor illegal child or forced labor
Working conditions
Non-discrimination
Data protection
17
ESG Rating Overview Continuous Improvement through Reporting and Engagement
Current Score CDP Climate CCDP Water C Prime C BB 39100
DJSI Europe 55100
Sector Average CDP Climate B- C- BBB - A 28 100 47 ndash 63 100
Previous Score CDP Climate D-CDP Water D- Prime C BB 33100 48 100
Next steps bull Improve management-level responsibility over ESG-related issues ie implement further emissions reduction and efficiency projects and related targets
bull Intensify dialogue with rating agencies
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 18
SustainabilityESG Decisive Steps for 2020
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Our Priorities
bull ldquoBetter medicine for more peoplerdquo
bull Patients Quality of products and services
bull People Being an attractive employer
bull Compliance Doing the right thing
Sustainability Governance
bull CEO sponsors Group sustainability efforts
bull New Group Sustainability Board in 2020
bull Strategy and KPI alignment program started in 2019 will continue in 2020
Remuneration
bull Remuneration proposal planned for AGM 2021
bull Based on new German legal framework and German Corporate Governance Code
bull Will include ESG performance indicators
19
Investments in own business
Strategic acquisitions
Dividends
Share buy backs
Fresenius Group Capital Deployment Focuses on SustainableValue Creation
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Leverageratio
30-351
1 Including IFRS 16
20
Review FY19
21General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group
bull Delivered on all targets - 16th consecutive record year
bull 27th consecutive dividend increase proposed
bull Fresenius Kabi expected to show healthy top-line growth whilst softness in North America weighs on EBIT in FY20
bull Fresenius Helios anticipated to show ongoing stabilization in Germany and continued strong growth in Spain in FY20
bull Fresenius Medical Care expected to show strong growth in FY20
bull Too early to quantify the financial impact of Covid-19
bull Fresenius Group back on growth trajectory in FY20
bull Medium-term growth targets confirmed
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 22
Fresenius Kabi Volume Headwinds Partially Offset by New Product Launches in North America
bull Ongoing volume headwinds anticipatedminus Intensified competitionminus Shortage tailwind essentially overminus Opioid market not expected to
recoverbull Pricing expected to be in-line with
historical trends however trending more towards mid-single digit price declines in base product portfolio
bull 15+ product launches expected in 2020 targeting an originator market of ~US$13 bn
bull Excellent pipeline gt50 files pending with the FDA
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 23
Current Portfolio 2023 Portfolio
IV drugs
Pre-filled syringes
IV solutions
Parenteral nutrition
Infusion pumps
Biosimilars
Compounding
Specialty Rx
Fresenius Kabi Rigorous Pursuit to Further Broaden and Diversify Portfolio in North America
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 24
GPOsHospitals ClinicsPhysician Offices Retail PharmacyHome Care
Strong medium light none
0
500
1000
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 20190
01
02
03
Fresenius Kabi Continued Positive Momentum in Emerging Markets
bull Strong organic sales growth expected
bull Continued positive momentum in LatinAmerica anticipated
bull Regulatory changes in China expected toweigh on EBIT development
bull Too early to quantify the financial impact ofCovid-19
Significant sales and volume growth in China over last decade
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 25
Sales (cc) Volume growth Sales growth (cc)
in euro million
CAGR ~10
100030
20
10
0 0
500
US
Progress of portfolio
bull Three more molecules in portfolio
bull Expect to start with clinical studies forthose molecules in 2021
Fresenius Kabi Biosimilar Update
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 26
Launch schedule
Europe
Pegfilgrastim
Adalimumab
Tocilizumab
2023
2019
2021
2021
2023
2023
Business plan
bull Total investment ceiling euro14 bn untilEBITDA break-even in 2023
bull High triple-digit euro million sales in 2024
Fresenius Kabi Launch of Idacio in Europe Progresses According to Plan
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 27
Launched
Approved
Submitted
Fresenius Kabi Divisionalization of Transfusion Medicine and Cell Therapies Business Fuels Growth
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 28
bull Business remains important part of Fresenius Kabi
bull Dynamic growth in FY19 and good growth prospects
bull Inauguration of new production building in Haina Dominican Republic to fuel growth of disposable products
bull New joint venture to advance new cell and gene therapies
Fresenius Helios Germany to Show Ongoing Stabilization in FY20
Mitigation of regulatory headwindsbull Chief doctor vacancies at record lowbull Appropriate level of nursing staff bull Optimization of processes and workflowsbull Cost optimization measures
Very positive reimbursement environmentbull 2020 DRG inflator set at 366
Investments in future growth fieldsbull Clustering strategy progressesbull Preventionbull Occupational medicinebull Telemedicine platform
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 29
Ramp-up of outpatient businessbull Outpatient surgery centersbull Specialization of medical centers
Excellent growth in Spainbull Opening of first proton therapy center in
Spain (first patient treated in December rsquo19)
bull Opening of Quironsalud Madrid university hospital expansion in Pozuelo
bull Private hospitals expected to show dynamic organic growth driven by admissions
bull Continued positive momentum for ORPs
Fresenius Helios Spain to Plow Ahead in FY20
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 30
Expansion in Latin America proceedsbull Five successful acquisitions in Colombia
contribute nicely in FY20minus Clinica Las Vegas Clinica del Prado
and CediMed in Medellin(1)
minus Centro Medico Imbanaco in Cali(2)
minus Clinica de la Mujer in Bogota(3)
bull Total expected sales contribution of approx euro180m equiv in FY20
bull Attractive risk-adjusted ROIs expected
Notes (1) All transactions closed in 2019 (2) Closing expected at the end of Q12020 (3) Closing expected in Q22020 subject to anti-trust clearance
Financial Review FY19
31General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Sales
+6FY19 euro33524 m
Net Income
+0FY19 euro1915 m
EBIT
-2FY19 euro4599 m
Fresenius Group FY19 Profit and Loss Statement
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
All growth rates in constant currency (cc)Before special items adjusted for IFRS 16 effectOn a comparable basis FY18 adjusted for divestitures of Care Coordination activities at FMC before special itemsNet income attributable to shareholders of Fresenius SE amp Co KGaA
Net Interest
-euro510 mFY18 -euro549 m
Income Tax Rate
234FY18 221
32
1 On a comparable basis Q418 adjusted for divestitures of Care Coordination activities at FMC Q419 adjusted for IFRS 16 effect
All figures before special itemsFor a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
Fresenius Group Q419 Business Segment Growth
Organic sales growth1
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
EBIT growth (cc)1
+5
+4
+4
+4
0
-1
5
+7
+4 0
33
Fresenius Kabi Organic Sales Growth by Product Segment
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom Q419Δ YoY
organic FY19Δ YoY
organic
IV Drugs 737 -1 2939 -1
Infusion Therapy 213 2 834 3
Clinical Nutrition 482 8 1898 9
Medical DevicesTransfusion Technology
334 10 1248 11
Total sales 1766 4 6919 4
34
Fresenius Kabi Organic Sales Growth by Regions
eurom Q419Δ YoY
organic FY19Δ YoY
organic
North America 609 -1 2424 -2
Europe 604 2 2313 2
Emerging Markets 553 12 2182 14
Total sales 1766 4 6919 4
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 35
Fresenius Kabi Q4 amp FY19 EBIT Growth
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom Q419 Δ YoY cc FY19 Δ YoY cc
North AmericaMargin
204335
-8-260 bps
907374
-3-50 bps
EuropeMargin
87144
-10-200 bps
328142
-7-160 bps
Emerging MarketsMargin
124224
7-90 bps
476218
19130 bps
Corporate and Corporate RampD -132 11 -511 2
Total EBITMargin
283160
-1-90 bps
1200173
3-10 bps
On a comparable basis before special items and adjusted for IFRS 16 effects
Margin growth at actual ratesFor a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
36
Fresenius Kabi Expected Organic Sales Growth 2020
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Broadly stable
bull Ongoing volume headwinds anticipated
bull Pricing expected to trend more towards mid-single digit price declines in base product portfolio
North America
Mid-single-digit growth
bull Growth driven by first biosimilar in the market (IDACIO)
bull Continued strong growth of clinical nutrition business expected
Europe
High single-digit growth
bull China Healthy volume growth anticipated regulatory headwinds weigh on business
bull Latin America Continued healthy growth expected
Emerging Markets
37
Fresenius Helios Q4 amp FY19 Key Financials
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom Q419 Δ YoY FY19 Δ YoY
Total sales 2344 41 9234 51
Thereof Helios Germany 1475 31 5940 31
Thereof Helios Spain 867 71 3292 71
Total EBIT3
Margin292
1255
10 bps1015110
-4-32
-70 bps
Thereof Helios GermanyMargin
14397
420 bps
57697
-8-62
-80 bps
Thereof Helios SpainMargin
134155
6-50 bps
434132
5-50 bps
Thereof Corporate 15 -- 5 --
1 Organic growth2 Adjusted for the post-acute care business transferred to Fresenius Vamed as of July 1 20183 Adjusted for IFRS 16 effectFor a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
38
Fresenius Helios Key Measures
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
FY19 FY18 Δ
No of hospitals Germany- Acute care hospitals
8683
8683
00
No of hospitals Spain(Hospitals)
51 47 9
No of beds Germany- Acute care hospitals
28907 28380
2932928802
-1-1
No of beds Spain(Hospitals)
7288 7019 4
Admissions Germany (acute care) 1206654 1218199
Admissions Spain (including outpatients) 15396051 13318066
39
Fresenius Vamed
1 Without German post-acute care business acquired from Fresenius Helios as of July 1 2018
2 Adjusted for IFRS 16 effect 3 Project business only4 Versus December 31 2018
bull Both business segments contributed to the organic sales growth of 4 in Q419
bull Stable service business is gaining weight (FY19 63 of sales FY09 32)
bull Geographically well-diversified order backlog is excellent foundation for future growth
eurom Q419 Δ YoY FY19 Δ YoY
Total salesThereof organic sales
737 64
2206 31161
Service business 374 11 1399 43251
Project business 363 1 807 13
Total EBIT2 66 8 131 1961
Order intake3 576 -13 1314 7
Order backlog3 2865 184
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 40
Fresenius Group FY19 amp Cash Flow
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Operating CF1 Capex (net) Free Cash Flow12
eurom FY2019 Margin FY2019 Margin FY2019 Margin
1947 111 -1113 -64 834 47
968 140 -716 -104 252 36
683 74 -477 -52 206 224
-46 -21 -52 -23 -98 -44
CorporateOther -38 na -75 na -113 na
1677 93 -1320 -73 357 20
3514 99 -2433 -69 1081 30
1 Adjusted for IFRS 162 Before acquisitions and dividends3 Incl FMC dividend of euro110 million4 Understated 27 excluding euro45 million of capex commitments from acquisitions
Excl FMC3
41
Fresenius Group 2020 Financial Outlook by Business Segment
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom (except otherwise stated) FY19 Base1 FY20e2
Sales growth (cc) 17477mid to high single digit
-range
Net income growth3 (cc) 1205mid to high single digit
-range
Sales growth (organic) 6919 3 - 6
EBIT growth (cc) 1205 -4 to 0
Sales growth (organic) 9234 3 - 6
EBIT growth (cc) 1025 3 - 7
Sales growth (organic) 2206 4 - 7
EBIT growth (cc) 134 5 - 9
1 Before special items including IFRS 16 effects including NxStage operations2 Before special items3 Net income attributable to shareholders of Fresenius Medical Care AG amp Co KGaA
For a detailed overview of special items please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
42
eurom (except otherwise stated) FY19 Base1 FY202
Sales growth (cc) 35409 4 - 7
Net income3 growth (cc) 1879 1 - 5
Fresenius Group 2020 Financial Guidance
1 Before special items including IFRS 16 effects including NxStage operations 2 Before special items3 Net income attributable to shareholders of Fresenius SEampCoKGaA
For a detailed overview of special items please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 43
FY19 base for Fresenius Group Guidance FY20
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
euromFresenius
GroupFresenius
Medical CareFresenius
Kabi
Sales reported (reported = base for guidance) 35409 17477 6919
Transaction costs Akorn 3
Revaluations of biosimilars contingent purchase price liabilities -32
EBIT (before special items = base Fresenius Kabi guidance) 1205
Net income reported 1883 1200
Transaction costs Akorn 3
Revaluations of biosimilars contingent purchase price liabilities -19
Gain related to divestitures of Care Coordination activities at FMC -15 -49
Transaction costs NxStage 6 18
Expenses associated with cost optimization program at FMC 21 67
Net income (before special items = base Fresenius Group amp FMC guidance) 1879 1236
44
Fresenius Group Financial Results by Business Segment
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 45
20191 20182 2017 Growth3
20192018
Sales euro17592 m euro16026 m euro17784 m 62
EBIT euro2281 m euro2292 m euro2562 m -42
Sales euro6919 m euro6544 m euro6358 m 4
EBIT euro1200 m euro1139 m euro1177 m 3
Sales euro9234 m euro8993 m euro8668 m 3
EBIT euro1015 m euro1052 m euro1052 m -4
Sales euro2206 m euro1688 m euro1228 m 30
EBIT euro131 m euro110 m euro76 m 18
Sales euro35524 m euro33009 m euro33886 m 62
EBIT euro4599 m euro4547 m euro4830 m -22Group
Before special items
1 Adjusted for IFRS 162 On a comparable basis 2018 adjusted for divestitures of Care Coordination activities 3 Growth rates at constant currency and adjusted for IFRS 16
Fresenius Group Margins by Business Segment
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 46
Before special items 2018 adjusted for divestitures of Care Coordination activities 2019 adjusted for IFRS 16
2019 2018 2017
EBITDA margin 178 192 185
EBIT margin 130 143 144
EBITDA margin 217 219 233
EBIT margin 173 174 185
EBITDA margin 148 159 165
EBIT margin 110 117 121
EBITDA margin 78 79 71
EBIT margin 59 65 62
EBITDA margin 174 183 185
EBIT margin 129 138 143Group
Credit Highlights amp Financing Structure
47General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Credit Highlights
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 48
Consistent Cash Generation
Proven Track Record of Deleveraging
Broad Mix of Financing Instruments
Well-Balanced Maturity Profile
Solid Balance Sheet Structure
Solid IG Rating and Strong Access to Capital Markets
120
103
126
114109
120 122116
112120
8
9
10
11
12
13
14
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
48 48 52 5358 55 55 54
6570
2
3
4
5
6
7
8
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
74
56
76
62
52
67 67 66
50 52
4
5
6
7
8
9
10
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Fresenius Group Consistent Cash Generation
Capex gross in of sales
FCF margin (before acquisitions amp dividends)CFFO margin
49General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
2019 including IFRS 16
32x
30x
27x
22x 23x
35x
30x
26x
36x
30x
26x27x
26x
25x
32x
27x
23x
28x
27x
31x 4
20
25
30
35
40
2001 2002 2003 2004 2005 Q106 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
3
2
Hospitals from
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Proven Track Record of Deleveraging
Net DebtEBITDA1
1 At actual FX rates from 2001 to 2010 and at average FX rates from 2011 onwards for both Net Debt and EBITDA before special items pro forma closed acquisitionsdivestitures2 Pro forma excluding advances made for the acquisition of hospitals from Rhoumln-Klinikum AG3 Both net debt and EBITDA including IFRS 16 effect and calculated at expected annual average exchange rates excluding further potential acquisitions4 Including acquisition of NxStage adjusted for IFRS 16 effect
Target 20203 towards thetop end of self-imposed
target corridor of 30 ndash 35x
50
36x
40
35
20
25
30
Equity-neutralconvertible bonds 3
Fresenius Group excl FMC Broad Mix of Financing Instruments
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 51
Total BS Debt
~euro136 bn
1 As of December 31 2019
bull Optimize funding costs and ensure financial flexibility
bull Diversify investor base
bull Strong liquidity provided by sufficient financial cushion (~euro22 billion as of December 31 2019)
Well Positioned to Meet Financing NeedsBonds 40
Lease obligations 14
Syndicated loans 15
Schuldscheinloans 16
Other financial liabilities 5
Commercial paper 7
Average interest ratecost of debt18 pa
Commercial paper 7
Fresenius Group Broad Mix of Financing Instruments
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 52
Total BS Debt
~euro273 bn
1 As of December 31 2019
bull Optimize funding costs and ensure financial flexibility
bull Diversify investor base
bull Strong liquidity provided by sufficient financial cushion (~euro40 billion as of December 31 2019)
Well Positioned to Meet Financing Needs
Average interest ratecost of debt22 pa
Equity-neutralconvertible bonds 3
Syndicated loans 14
Other financial liabilities 6
Bonds 38
Lease liabilities 24
Schuldschein loans 8
Fresenius Group Capitalization1
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 53
Instrument per Book Value in euro million in $ million4 oftotal cap
EBITDA LTM x
Syndicated Credit Agreement Revolver (euro US-$) 0 0 00 Syndicated Credit Agreement Term Loan A (euro US-$) 1976 2220 29 Bonds (euro US-$) 5501 6180 82 Convertible Bonds 465 522 07 Schuldschein Loans 2180 2449 33 Commercial Paper 953 1071 14 Lease Obligations 1876 2107 28 Other debt 675 758 10 Total Debt (FSE excl FMC) gross 13626 15307 203 Cash (excl FMC) 651 731 10 Total debt (FSE excl FMC) net 12975 14576 193 Total FMC debt net 12774 14350 190 Consolidation Adjustments (145) (163) (02)Total consolidated debt net 25604 28764 382 36x Market capitalization2 41470 46587 618 58x
Total capitalization 67074 75351 1000 94x FSE Group EBITDA3 7110
1 As of December 31 20192 Based on market capitalization for FSE and FMC as of December 31 20193 Pro Forma acquisitions before special items4 EURUSD exchange rate as of December 31 2019
Fresenius Group excl FMC Well-Balanced Debt Maturity Profile12
54
1 As of December 31 2019 and based on utilization of major financing instruments2 Excluding lease liabilities3 Pro Forma issuance of FSE EUR 750m bonds in Jan 2020 (average maturity 38)
Maturity 35 years3 on
average
eurom
EUR 750m Jan 2020
500717 700
267
1150
500700 750
500 500
153
903 927
106
304 393
430
421
238
207
84
500
953
0
500
1000
1500
2000
2500
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Bonds Syndicated Loan Schuldschein Loans Equity-neutral convertible bonds Commercial Paper
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
1500
1000
2000
2500
Fresenius Group Well-Balanced Debt Maturity Profile12
1 As of December 31 2019 and based on utilization of major financing instruments2 Excluding lease liabilities3 Pro Forma issuance of FSE EUR 750m bonds in Jan 2020 (average maturity 35)
EUR 750m Jan 2020
2380
13931859
650356 500 600
945
1712
1924
2020
697
2071
500 238
907 750
584
5000
1000
2000
3000
4000
5000
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Fresenius Medical Care Fresenius excl Fresenius Medical Care
5000
4000
3000
2000
1000
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Maturity 33 years3 on
average
eurom
55
23 23 23 19
32 36 33 41
45 41 44 40
Dec 31 16 Dec 31 17 Dec 31 18 Dec 31 19
Equity and non-controlling interest Debt Other liabilities
Fresenius Group Solid Balance Sheet Structure
Healthy Equity and Liability Split
bull Strong equity ratio of gt40 on average
bull Equity ratio kept in narrow range despite rapid growth of Fresenius Group
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 56
467 531 567 670
BS total (eurobn)
Including IFRS 16
Fresenius SE Solid Investment Grade Rating
57
ldquoFSE delivers solid organic growth thanks to positive underlying growth trends in the life-saving and life-sustaining products and therapies that the group offersrdquoSampP Jan 08 2019
ldquoFSErsquos rating remains anchored in investment-grade given its mature and defensive business risk profile its organic deleveraging ability based on free cash flow generation and its record of integrating acquisitions successfully and reducing financial leverage in line with communicated policiesrdquo Fitch April 17 2019
ldquoThe Baa3 long term issuer rating of FSE reflects its strong defensive business profile underpinned by large absolute scale global footprint and segmental diversification within the healthcare market supported by strong position in its four business segmentsrdquo Moodyrsquos May 20 2019
Rating History Rating Agenciesrsquo Key Statements
Following a positive outlook SampP upgraded Fresenius to BBB stable outlook in May 2019
SampP Moodylsquos Fitch
Corporate Credit Rating BBB Baa3 BBB-
Outlook stable stable stable
Current Credit Ratings
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Strong Access to Capital Markets
58
Major Financing Instruments
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Bonds euro250 m euro800 m$105 bn
euro750 m$15 bn
euro500 m euro12 bn$12 bn
$300m euro26 bn euro500 m euro10 bn$500 m
euro175 bn
euro750 m1
euro750 m2
SyndicatedLoans
$35 bn $898 m $385 bn $18 bneuro245 bn
$41 bneuro700 m
$115 bneuro205 bn
euro530 bn$355 bn
euro100 m
SchuldscheinLoans
euro400 m euro125 m euro500 m euro112 m $400 m euro10 bn euro700 m
Convertible Bonds
euro900 m euro500 m
Equity euro10 bn euro400 m
1 January 2020 euro750million 2020-2028 bonds issued by Fresenius SE amp Co KGaA2 March 2020 euro750million 2020-2027 bonds issued by Fresenius SE amp Co KGaA
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Debt and Cash Flow Structure
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 59
1 Incl consolidation adjustments2 Incl Fresenius financing subsidiaries3 Controlling stake4 Incl subsidiaries 5 Based on market capitalization for FMC as of December 31 20196 Via German holding entities (Fresenius Kabi AG and Fresenius ProServe GmbH)
Fresenius Medical Care
Financing
Fresenius SE Financing
Group Net Debt ~euro256 bn1
DividendsRents Service Agreements
~323 100 77 (cross boarder)100
Profit transfer Agreements6
bull Separate financing of Fresenius SE and Fresenius Medical Care
bull No joint financing facilities or mutual guarantees
bull Fresenius Kabi Fresenius Helios and Fresenius Vamed financed primarily through Fresenius SE to avoid structural subordination
bull Subsidiary debt consists mainly of lease liabilities which are on balance acc to IFRS 16 from 2019 onwards
FSE Net Debt2~euro128 bn
incl Net Debt of KabiHeliosVamed
StockMarketValue~euro62 bn5
FSE Net Debt2~euro114 bn
excl Net Debt of KabiHeliosVamed
euro12774 m Net Debt4
Thereof lease liabilities euro4705m
euro951 m Net Debt4
Thereof lease liabilities euro1042m
euro84 m Net Debt4
Thereof lease liabilities euro392m
euro371 m Net Debt4
Thereof lease liabilities euro369m
Fresenius Group Key Credit Figures
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 60
1 Adjusted for IFRS 162 Before special items pro forma acquisitionsdivestitures3 Before special items
20191 2019 2018 2017
Debt (eurom) thereof US$ denominated
2123328
2725834
1898428
1904231
Net debt (eurom) 19579 25604 16275 17406
Net debtEBITDA2
Net debt at year-end exchange rate EBITDA at LTM average FX rates
314 360 273 279
Net debtEBITDA2
at LTM average FX rates for both net debt and EBITDA
314 361 271 284
Operating Cash flowSales 99 120 112 116
EBITDANet Interest3 121 99 106 96
Appendix
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 61
Fresenius Group FY19 Key Financials
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom FY191 IFRS 16effect
specialitems
FY19 reported
Δ YoY cc12
Sales 35524 -115 - 35409 6
EBIT 4599 89 -57 4631 -2
Net interest -510 -204 -5 -719 9
Income taxes -955 30 42 -883 -5
Net income3 1915 -36 4 1883 0
Balance sheet total 61237 5769 - 67006
Operating Cashflow 3514 749 - 4263
1 Before special items adjusted for IFRS 16 effect2 On a comparable basis 2018 adjusted for divestitures of Care Coordination activities at FMC3 Net income attributable to shareholders of Fresenius SE amp Co KGaA
For a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
62
Fresenius Group Cash Flow
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 63
eurom 20191 Margin 2019 Margin 2018 Margin Δ YoY1918
Operating Cash Flow 3514 99 4263 120 3742 112 14
Capex (net) -2433 -69 -2433 -68 -2077 -62 -17
Free Cash Flow(before acquisitions and dividends)
1081 30 1830 52 1665 50 10
Acquisitions (net) -2423 -2423 613 --
Dividends -952 -952 -904 5
Free Cash Flow(after acquisitions and dividends) -2294 -65 -1545 -44 1374 41 --
1 2019 adjusted for IFRS 16
Fresenius Group Calculation of Noncontrolling Interest
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom FY19 FY18
Earnings before tax and noncontrolling interest 4089 3998
Taxes -955 -883
Noncontrolling interest thereof -1219 -1243
Fresenius Medical Care net income not attributable to Fresenius (FY19 ~69)
-897 -928
Noncontrolling interest holders in Fresenius Medical Care -239 -244
Noncontrolling interest holders in Fresenius Kabi (-euro49 m) Fresenius Helios (-euro13 m) Fresenius Vamed (-euro2 m) and due to Fresenius Vamedrsquos 23 external ownership (-euro19 m)
-83 -71
Net income attributable to Fresenius SE amp Co KGaA 1915 1872
64
On a comparable basis Before special items adjusted for IFRS16 effect FY18 adjusted for divestitures of Care Coordination activities at FMC
For a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
002
023 025029
032037
042044
055
062
93 08 09 10 11 12 13 14 15 16 17 18 19
25 2421 20 21 21 22 21 22 23 24
Fresenius SE Earnings-Linked Dividend Policy
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
euro per share
bull Dividend growth aligned to EPS1
growth
bull Pay-out Ratio 20 to 25
Dividend distribution (eurom)
Pay-out Ratio
075
2019 Pay-out Ratio 24 Dividend Policy
122 140 155 196 225 238 300 416114 343 445
080
1 Before special items
468
084
24
Track record
bull 27th consecutive dividend increase
bull CAGR dividend increase +15
65
32x1
Fresenius Medical Care Low Leverage Reflected by Solid Investment Grade Rating
66General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
60 6176
6483
2015 2016 2017 2018 2019
Free Cash Flow in of revenue
SampP Moodylsquos Fitch
Corporate Credit Rating BBB Baa3 BBB-
Outlook stable stable stable
Current Credit Ratings
1 Including IFRS16 effect
29x30x
27x
22x
18x
31x
27x25x
22x
21x
27x25x
25x
31x
26x23x
21x
18x
25x
15
20
25
30
35
40
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
1
Fresenius Medical Care Broad Mix of Financing Instruments
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 67
Total BS Debt
~euro138 m
1 As of December 31 2019
bull Optimize funding costs and ensure financial flexibility
bull Diversify investor base
bull Strong liquidity provided by sufficient financial cushion (~euro18 billion as of December 31 2019)
Well Positioned to Meet Financing Needs
Average interest ratecost of debt25 pa
Equity-neutralconvertible bonds 3
Commercial paper 7
Syndicated loans 14
Other financial liabilities 7
Bonds 36
Lease obligations 33
Fresenius Medical Care Well-Balanced Debt Maturity Profile12
68
eurom
Maturity 30 years on
average
1 As of December 31 2019 and based on utilization of major financing instruments2 Excluding lease liabilities
445
878623 650
356500 600
945
535
135
1236400
1000
380
0
500
1000
1500
2000
2500
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
Bonds Syndicated Loan Equity-neutral convertible bonds Commercial Paper AR Facility
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
2500
2000
1500
1000
Fresenius SE Overview Bonds
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 69
Issuer Volume(in millions)
Coupon type
Coupon (in )
MaturityTerm
ISIN (RegS)
WKN
Fresenius SE amp Co KGaAeuro500 Fix 2875 20132020 XS0873432511 A1HEWZ
Fresenius SE amp Co KGaAeuro450 Fix 300 20142021 XS1013955379 A1ZB7H
Fresenius SE amp Co KGaAeuro450 Fix 400 20142024 XS1026109204 A1ZC60
Fresenius SE amp Co KGaAeuro 500 Fix 1875 20192025 XS1936208252 A2NBMS
Fresenius SE amp Co KGaAeuro 750 Fix 1625 20202027 XS2152329053 A254TA
Fresenius SE amp Co KGaAeuro 750 Fix 075 20202028 XS2101357072 A254QN
Fresenius SE amp Co KGaAeuro 500 Fix 2875 20192029 XS1936208419 A2NBMT
Fresenius Finance Ireland plceuro700 Fix 0875 20172022 XS1554373164 A19B3F
Fresenius Finance Ireland plceuro700 Fix 150 20172024 XS1554373248 A19B3G
Fresenius Finance Ireland plceuro700 Fix 2125 20172027 XS1554373677 A19B3H
Fresenius Finance Ireland plceuro500 Fix 300 20172032 XS1554373834 A19B3J
Fresenius US Finance II IncUS$300 Fix 425 20142021 USU31436AG04 A1ZDVJ
Fresenius US Finance II IncUS$300 Fix 450 20152023 USU31436AH86 A1Z64A
As of April 8 2020
Fresenius Medical Care Overview Bonds
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 70
Issuer Volume(in millions)
Coupon type
Coupon (in )
MaturityTerm
ISIN (RegS)
WKN
FMC Finance VII SA euro300 Fix 525 20112021 XS0576395478 A1GLY6
Fresenius Medical Care US Finance Inc US$650 Fix 575 20112021 USU31433AA03 A1GL0J
Fresenius Medical Care US Finance II Inc US$500 Fix 4125 20142020 US35802XAH61 A1ZRTL
Fresenius Medical Care US Finance II Inc US$700 Fix 5875 20122022 USU31434AC42 A1GZRF
Fresenius Medical Care US Finance II Inc US$400 Fix 475 20142024 US35802XAJ28 A1ZRTN
Fresenius Medical Care US Finance III Inc US$500 Fix 375 20192029 USU3149FAA76 A2R3YR
Fresenius Medical Care AG amp Co KGaA euro650 Fix 0250 20192023 XS2084510069 A255DU
Fresenius Medical Care AG amp Co KGaA euro500 Fix 150 20182025 XS1854532949 A2NBE6
Fresenius Medical Care AG amp Co KGaA euro600 Fix 0625 20192026 XS2084497705 A255DV
Fresenius Medical Care AG amp Co KGaA euro500 Fix 1250 20192029 XS2084488209 A255DW
As of December 31 2019
Financial Calendar Contact
Financial Calendar 06 May 2020 Results Q120
30 July 2020 Results Q220
29 October 2020 Results Q320Please note that these dates could be subject to change
Annual General Meeting Due to the coronavirus pandemic the AGM scheduled for 20 May 2020 has been postponed A new date within the current financial year will be set as soon as the conditions for reliable planning and safe execution of the AGM are once again in place
Contact
Investor Relations amp SustainabilityFresenius SE amp Co KGaAphone +49 6172 608-2485e-mail ir-frefreseniuscomFor further information and current news wwwfreseniuscom
Follow us on Twitter wwwtwittercomfresenius_irand LinkedIn wwwlinkedincomcompanyfresenius-investor-relations
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 71
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
The Fresenius Strategy
Drive Internation-
alization
Employees
Improveprofitability
Innovation
Quality
Better medicine and
health care services for ever more people
Hospital projects amp services
Hospital supplies ampservices
Dialysisproducts ampservices
Hospital operations
Forward thinking healthcare to improve the lives of patients
16
Our ESG Priorities Patients Employees and Compliance
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Caring for human rights
Protecting nature as the basis of life
Being an attractive employer
Doing the right thingServing the well-beingof the patient
Quality of medical outcomes and patient satisfaction
Quality and safety of products
Data protection
Code of Conduct
Compliance Organization
Compliance Management Systems (Prevent Detect Respond)
Personnel structure and diversity
Attract talent retain and develop employees
Employee engagement and participation
Occupational health and safety
Water
Energy
GHG emissions
Waste
Wastewater
No exploitative nor illegal child or forced labor
Working conditions
Non-discrimination
Data protection
17
ESG Rating Overview Continuous Improvement through Reporting and Engagement
Current Score CDP Climate CCDP Water C Prime C BB 39100
DJSI Europe 55100
Sector Average CDP Climate B- C- BBB - A 28 100 47 ndash 63 100
Previous Score CDP Climate D-CDP Water D- Prime C BB 33100 48 100
Next steps bull Improve management-level responsibility over ESG-related issues ie implement further emissions reduction and efficiency projects and related targets
bull Intensify dialogue with rating agencies
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 18
SustainabilityESG Decisive Steps for 2020
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Our Priorities
bull ldquoBetter medicine for more peoplerdquo
bull Patients Quality of products and services
bull People Being an attractive employer
bull Compliance Doing the right thing
Sustainability Governance
bull CEO sponsors Group sustainability efforts
bull New Group Sustainability Board in 2020
bull Strategy and KPI alignment program started in 2019 will continue in 2020
Remuneration
bull Remuneration proposal planned for AGM 2021
bull Based on new German legal framework and German Corporate Governance Code
bull Will include ESG performance indicators
19
Investments in own business
Strategic acquisitions
Dividends
Share buy backs
Fresenius Group Capital Deployment Focuses on SustainableValue Creation
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Leverageratio
30-351
1 Including IFRS 16
20
Review FY19
21General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group
bull Delivered on all targets - 16th consecutive record year
bull 27th consecutive dividend increase proposed
bull Fresenius Kabi expected to show healthy top-line growth whilst softness in North America weighs on EBIT in FY20
bull Fresenius Helios anticipated to show ongoing stabilization in Germany and continued strong growth in Spain in FY20
bull Fresenius Medical Care expected to show strong growth in FY20
bull Too early to quantify the financial impact of Covid-19
bull Fresenius Group back on growth trajectory in FY20
bull Medium-term growth targets confirmed
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 22
Fresenius Kabi Volume Headwinds Partially Offset by New Product Launches in North America
bull Ongoing volume headwinds anticipatedminus Intensified competitionminus Shortage tailwind essentially overminus Opioid market not expected to
recoverbull Pricing expected to be in-line with
historical trends however trending more towards mid-single digit price declines in base product portfolio
bull 15+ product launches expected in 2020 targeting an originator market of ~US$13 bn
bull Excellent pipeline gt50 files pending with the FDA
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 23
Current Portfolio 2023 Portfolio
IV drugs
Pre-filled syringes
IV solutions
Parenteral nutrition
Infusion pumps
Biosimilars
Compounding
Specialty Rx
Fresenius Kabi Rigorous Pursuit to Further Broaden and Diversify Portfolio in North America
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 24
GPOsHospitals ClinicsPhysician Offices Retail PharmacyHome Care
Strong medium light none
0
500
1000
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 20190
01
02
03
Fresenius Kabi Continued Positive Momentum in Emerging Markets
bull Strong organic sales growth expected
bull Continued positive momentum in LatinAmerica anticipated
bull Regulatory changes in China expected toweigh on EBIT development
bull Too early to quantify the financial impact ofCovid-19
Significant sales and volume growth in China over last decade
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 25
Sales (cc) Volume growth Sales growth (cc)
in euro million
CAGR ~10
100030
20
10
0 0
500
US
Progress of portfolio
bull Three more molecules in portfolio
bull Expect to start with clinical studies forthose molecules in 2021
Fresenius Kabi Biosimilar Update
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 26
Launch schedule
Europe
Pegfilgrastim
Adalimumab
Tocilizumab
2023
2019
2021
2021
2023
2023
Business plan
bull Total investment ceiling euro14 bn untilEBITDA break-even in 2023
bull High triple-digit euro million sales in 2024
Fresenius Kabi Launch of Idacio in Europe Progresses According to Plan
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 27
Launched
Approved
Submitted
Fresenius Kabi Divisionalization of Transfusion Medicine and Cell Therapies Business Fuels Growth
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 28
bull Business remains important part of Fresenius Kabi
bull Dynamic growth in FY19 and good growth prospects
bull Inauguration of new production building in Haina Dominican Republic to fuel growth of disposable products
bull New joint venture to advance new cell and gene therapies
Fresenius Helios Germany to Show Ongoing Stabilization in FY20
Mitigation of regulatory headwindsbull Chief doctor vacancies at record lowbull Appropriate level of nursing staff bull Optimization of processes and workflowsbull Cost optimization measures
Very positive reimbursement environmentbull 2020 DRG inflator set at 366
Investments in future growth fieldsbull Clustering strategy progressesbull Preventionbull Occupational medicinebull Telemedicine platform
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 29
Ramp-up of outpatient businessbull Outpatient surgery centersbull Specialization of medical centers
Excellent growth in Spainbull Opening of first proton therapy center in
Spain (first patient treated in December rsquo19)
bull Opening of Quironsalud Madrid university hospital expansion in Pozuelo
bull Private hospitals expected to show dynamic organic growth driven by admissions
bull Continued positive momentum for ORPs
Fresenius Helios Spain to Plow Ahead in FY20
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 30
Expansion in Latin America proceedsbull Five successful acquisitions in Colombia
contribute nicely in FY20minus Clinica Las Vegas Clinica del Prado
and CediMed in Medellin(1)
minus Centro Medico Imbanaco in Cali(2)
minus Clinica de la Mujer in Bogota(3)
bull Total expected sales contribution of approx euro180m equiv in FY20
bull Attractive risk-adjusted ROIs expected
Notes (1) All transactions closed in 2019 (2) Closing expected at the end of Q12020 (3) Closing expected in Q22020 subject to anti-trust clearance
Financial Review FY19
31General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Sales
+6FY19 euro33524 m
Net Income
+0FY19 euro1915 m
EBIT
-2FY19 euro4599 m
Fresenius Group FY19 Profit and Loss Statement
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
All growth rates in constant currency (cc)Before special items adjusted for IFRS 16 effectOn a comparable basis FY18 adjusted for divestitures of Care Coordination activities at FMC before special itemsNet income attributable to shareholders of Fresenius SE amp Co KGaA
Net Interest
-euro510 mFY18 -euro549 m
Income Tax Rate
234FY18 221
32
1 On a comparable basis Q418 adjusted for divestitures of Care Coordination activities at FMC Q419 adjusted for IFRS 16 effect
All figures before special itemsFor a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
Fresenius Group Q419 Business Segment Growth
Organic sales growth1
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
EBIT growth (cc)1
+5
+4
+4
+4
0
-1
5
+7
+4 0
33
Fresenius Kabi Organic Sales Growth by Product Segment
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom Q419Δ YoY
organic FY19Δ YoY
organic
IV Drugs 737 -1 2939 -1
Infusion Therapy 213 2 834 3
Clinical Nutrition 482 8 1898 9
Medical DevicesTransfusion Technology
334 10 1248 11
Total sales 1766 4 6919 4
34
Fresenius Kabi Organic Sales Growth by Regions
eurom Q419Δ YoY
organic FY19Δ YoY
organic
North America 609 -1 2424 -2
Europe 604 2 2313 2
Emerging Markets 553 12 2182 14
Total sales 1766 4 6919 4
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 35
Fresenius Kabi Q4 amp FY19 EBIT Growth
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom Q419 Δ YoY cc FY19 Δ YoY cc
North AmericaMargin
204335
-8-260 bps
907374
-3-50 bps
EuropeMargin
87144
-10-200 bps
328142
-7-160 bps
Emerging MarketsMargin
124224
7-90 bps
476218
19130 bps
Corporate and Corporate RampD -132 11 -511 2
Total EBITMargin
283160
-1-90 bps
1200173
3-10 bps
On a comparable basis before special items and adjusted for IFRS 16 effects
Margin growth at actual ratesFor a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
36
Fresenius Kabi Expected Organic Sales Growth 2020
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Broadly stable
bull Ongoing volume headwinds anticipated
bull Pricing expected to trend more towards mid-single digit price declines in base product portfolio
North America
Mid-single-digit growth
bull Growth driven by first biosimilar in the market (IDACIO)
bull Continued strong growth of clinical nutrition business expected
Europe
High single-digit growth
bull China Healthy volume growth anticipated regulatory headwinds weigh on business
bull Latin America Continued healthy growth expected
Emerging Markets
37
Fresenius Helios Q4 amp FY19 Key Financials
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom Q419 Δ YoY FY19 Δ YoY
Total sales 2344 41 9234 51
Thereof Helios Germany 1475 31 5940 31
Thereof Helios Spain 867 71 3292 71
Total EBIT3
Margin292
1255
10 bps1015110
-4-32
-70 bps
Thereof Helios GermanyMargin
14397
420 bps
57697
-8-62
-80 bps
Thereof Helios SpainMargin
134155
6-50 bps
434132
5-50 bps
Thereof Corporate 15 -- 5 --
1 Organic growth2 Adjusted for the post-acute care business transferred to Fresenius Vamed as of July 1 20183 Adjusted for IFRS 16 effectFor a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
38
Fresenius Helios Key Measures
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
FY19 FY18 Δ
No of hospitals Germany- Acute care hospitals
8683
8683
00
No of hospitals Spain(Hospitals)
51 47 9
No of beds Germany- Acute care hospitals
28907 28380
2932928802
-1-1
No of beds Spain(Hospitals)
7288 7019 4
Admissions Germany (acute care) 1206654 1218199
Admissions Spain (including outpatients) 15396051 13318066
39
Fresenius Vamed
1 Without German post-acute care business acquired from Fresenius Helios as of July 1 2018
2 Adjusted for IFRS 16 effect 3 Project business only4 Versus December 31 2018
bull Both business segments contributed to the organic sales growth of 4 in Q419
bull Stable service business is gaining weight (FY19 63 of sales FY09 32)
bull Geographically well-diversified order backlog is excellent foundation for future growth
eurom Q419 Δ YoY FY19 Δ YoY
Total salesThereof organic sales
737 64
2206 31161
Service business 374 11 1399 43251
Project business 363 1 807 13
Total EBIT2 66 8 131 1961
Order intake3 576 -13 1314 7
Order backlog3 2865 184
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 40
Fresenius Group FY19 amp Cash Flow
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Operating CF1 Capex (net) Free Cash Flow12
eurom FY2019 Margin FY2019 Margin FY2019 Margin
1947 111 -1113 -64 834 47
968 140 -716 -104 252 36
683 74 -477 -52 206 224
-46 -21 -52 -23 -98 -44
CorporateOther -38 na -75 na -113 na
1677 93 -1320 -73 357 20
3514 99 -2433 -69 1081 30
1 Adjusted for IFRS 162 Before acquisitions and dividends3 Incl FMC dividend of euro110 million4 Understated 27 excluding euro45 million of capex commitments from acquisitions
Excl FMC3
41
Fresenius Group 2020 Financial Outlook by Business Segment
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom (except otherwise stated) FY19 Base1 FY20e2
Sales growth (cc) 17477mid to high single digit
-range
Net income growth3 (cc) 1205mid to high single digit
-range
Sales growth (organic) 6919 3 - 6
EBIT growth (cc) 1205 -4 to 0
Sales growth (organic) 9234 3 - 6
EBIT growth (cc) 1025 3 - 7
Sales growth (organic) 2206 4 - 7
EBIT growth (cc) 134 5 - 9
1 Before special items including IFRS 16 effects including NxStage operations2 Before special items3 Net income attributable to shareholders of Fresenius Medical Care AG amp Co KGaA
For a detailed overview of special items please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
42
eurom (except otherwise stated) FY19 Base1 FY202
Sales growth (cc) 35409 4 - 7
Net income3 growth (cc) 1879 1 - 5
Fresenius Group 2020 Financial Guidance
1 Before special items including IFRS 16 effects including NxStage operations 2 Before special items3 Net income attributable to shareholders of Fresenius SEampCoKGaA
For a detailed overview of special items please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 43
FY19 base for Fresenius Group Guidance FY20
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
euromFresenius
GroupFresenius
Medical CareFresenius
Kabi
Sales reported (reported = base for guidance) 35409 17477 6919
Transaction costs Akorn 3
Revaluations of biosimilars contingent purchase price liabilities -32
EBIT (before special items = base Fresenius Kabi guidance) 1205
Net income reported 1883 1200
Transaction costs Akorn 3
Revaluations of biosimilars contingent purchase price liabilities -19
Gain related to divestitures of Care Coordination activities at FMC -15 -49
Transaction costs NxStage 6 18
Expenses associated with cost optimization program at FMC 21 67
Net income (before special items = base Fresenius Group amp FMC guidance) 1879 1236
44
Fresenius Group Financial Results by Business Segment
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 45
20191 20182 2017 Growth3
20192018
Sales euro17592 m euro16026 m euro17784 m 62
EBIT euro2281 m euro2292 m euro2562 m -42
Sales euro6919 m euro6544 m euro6358 m 4
EBIT euro1200 m euro1139 m euro1177 m 3
Sales euro9234 m euro8993 m euro8668 m 3
EBIT euro1015 m euro1052 m euro1052 m -4
Sales euro2206 m euro1688 m euro1228 m 30
EBIT euro131 m euro110 m euro76 m 18
Sales euro35524 m euro33009 m euro33886 m 62
EBIT euro4599 m euro4547 m euro4830 m -22Group
Before special items
1 Adjusted for IFRS 162 On a comparable basis 2018 adjusted for divestitures of Care Coordination activities 3 Growth rates at constant currency and adjusted for IFRS 16
Fresenius Group Margins by Business Segment
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 46
Before special items 2018 adjusted for divestitures of Care Coordination activities 2019 adjusted for IFRS 16
2019 2018 2017
EBITDA margin 178 192 185
EBIT margin 130 143 144
EBITDA margin 217 219 233
EBIT margin 173 174 185
EBITDA margin 148 159 165
EBIT margin 110 117 121
EBITDA margin 78 79 71
EBIT margin 59 65 62
EBITDA margin 174 183 185
EBIT margin 129 138 143Group
Credit Highlights amp Financing Structure
47General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Credit Highlights
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 48
Consistent Cash Generation
Proven Track Record of Deleveraging
Broad Mix of Financing Instruments
Well-Balanced Maturity Profile
Solid Balance Sheet Structure
Solid IG Rating and Strong Access to Capital Markets
120
103
126
114109
120 122116
112120
8
9
10
11
12
13
14
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
48 48 52 5358 55 55 54
6570
2
3
4
5
6
7
8
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
74
56
76
62
52
67 67 66
50 52
4
5
6
7
8
9
10
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Fresenius Group Consistent Cash Generation
Capex gross in of sales
FCF margin (before acquisitions amp dividends)CFFO margin
49General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
2019 including IFRS 16
32x
30x
27x
22x 23x
35x
30x
26x
36x
30x
26x27x
26x
25x
32x
27x
23x
28x
27x
31x 4
20
25
30
35
40
2001 2002 2003 2004 2005 Q106 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
3
2
Hospitals from
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Proven Track Record of Deleveraging
Net DebtEBITDA1
1 At actual FX rates from 2001 to 2010 and at average FX rates from 2011 onwards for both Net Debt and EBITDA before special items pro forma closed acquisitionsdivestitures2 Pro forma excluding advances made for the acquisition of hospitals from Rhoumln-Klinikum AG3 Both net debt and EBITDA including IFRS 16 effect and calculated at expected annual average exchange rates excluding further potential acquisitions4 Including acquisition of NxStage adjusted for IFRS 16 effect
Target 20203 towards thetop end of self-imposed
target corridor of 30 ndash 35x
50
36x
40
35
20
25
30
Equity-neutralconvertible bonds 3
Fresenius Group excl FMC Broad Mix of Financing Instruments
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 51
Total BS Debt
~euro136 bn
1 As of December 31 2019
bull Optimize funding costs and ensure financial flexibility
bull Diversify investor base
bull Strong liquidity provided by sufficient financial cushion (~euro22 billion as of December 31 2019)
Well Positioned to Meet Financing NeedsBonds 40
Lease obligations 14
Syndicated loans 15
Schuldscheinloans 16
Other financial liabilities 5
Commercial paper 7
Average interest ratecost of debt18 pa
Commercial paper 7
Fresenius Group Broad Mix of Financing Instruments
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 52
Total BS Debt
~euro273 bn
1 As of December 31 2019
bull Optimize funding costs and ensure financial flexibility
bull Diversify investor base
bull Strong liquidity provided by sufficient financial cushion (~euro40 billion as of December 31 2019)
Well Positioned to Meet Financing Needs
Average interest ratecost of debt22 pa
Equity-neutralconvertible bonds 3
Syndicated loans 14
Other financial liabilities 6
Bonds 38
Lease liabilities 24
Schuldschein loans 8
Fresenius Group Capitalization1
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 53
Instrument per Book Value in euro million in $ million4 oftotal cap
EBITDA LTM x
Syndicated Credit Agreement Revolver (euro US-$) 0 0 00 Syndicated Credit Agreement Term Loan A (euro US-$) 1976 2220 29 Bonds (euro US-$) 5501 6180 82 Convertible Bonds 465 522 07 Schuldschein Loans 2180 2449 33 Commercial Paper 953 1071 14 Lease Obligations 1876 2107 28 Other debt 675 758 10 Total Debt (FSE excl FMC) gross 13626 15307 203 Cash (excl FMC) 651 731 10 Total debt (FSE excl FMC) net 12975 14576 193 Total FMC debt net 12774 14350 190 Consolidation Adjustments (145) (163) (02)Total consolidated debt net 25604 28764 382 36x Market capitalization2 41470 46587 618 58x
Total capitalization 67074 75351 1000 94x FSE Group EBITDA3 7110
1 As of December 31 20192 Based on market capitalization for FSE and FMC as of December 31 20193 Pro Forma acquisitions before special items4 EURUSD exchange rate as of December 31 2019
Fresenius Group excl FMC Well-Balanced Debt Maturity Profile12
54
1 As of December 31 2019 and based on utilization of major financing instruments2 Excluding lease liabilities3 Pro Forma issuance of FSE EUR 750m bonds in Jan 2020 (average maturity 38)
Maturity 35 years3 on
average
eurom
EUR 750m Jan 2020
500717 700
267
1150
500700 750
500 500
153
903 927
106
304 393
430
421
238
207
84
500
953
0
500
1000
1500
2000
2500
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Bonds Syndicated Loan Schuldschein Loans Equity-neutral convertible bonds Commercial Paper
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
1500
1000
2000
2500
Fresenius Group Well-Balanced Debt Maturity Profile12
1 As of December 31 2019 and based on utilization of major financing instruments2 Excluding lease liabilities3 Pro Forma issuance of FSE EUR 750m bonds in Jan 2020 (average maturity 35)
EUR 750m Jan 2020
2380
13931859
650356 500 600
945
1712
1924
2020
697
2071
500 238
907 750
584
5000
1000
2000
3000
4000
5000
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Fresenius Medical Care Fresenius excl Fresenius Medical Care
5000
4000
3000
2000
1000
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Maturity 33 years3 on
average
eurom
55
23 23 23 19
32 36 33 41
45 41 44 40
Dec 31 16 Dec 31 17 Dec 31 18 Dec 31 19
Equity and non-controlling interest Debt Other liabilities
Fresenius Group Solid Balance Sheet Structure
Healthy Equity and Liability Split
bull Strong equity ratio of gt40 on average
bull Equity ratio kept in narrow range despite rapid growth of Fresenius Group
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 56
467 531 567 670
BS total (eurobn)
Including IFRS 16
Fresenius SE Solid Investment Grade Rating
57
ldquoFSE delivers solid organic growth thanks to positive underlying growth trends in the life-saving and life-sustaining products and therapies that the group offersrdquoSampP Jan 08 2019
ldquoFSErsquos rating remains anchored in investment-grade given its mature and defensive business risk profile its organic deleveraging ability based on free cash flow generation and its record of integrating acquisitions successfully and reducing financial leverage in line with communicated policiesrdquo Fitch April 17 2019
ldquoThe Baa3 long term issuer rating of FSE reflects its strong defensive business profile underpinned by large absolute scale global footprint and segmental diversification within the healthcare market supported by strong position in its four business segmentsrdquo Moodyrsquos May 20 2019
Rating History Rating Agenciesrsquo Key Statements
Following a positive outlook SampP upgraded Fresenius to BBB stable outlook in May 2019
SampP Moodylsquos Fitch
Corporate Credit Rating BBB Baa3 BBB-
Outlook stable stable stable
Current Credit Ratings
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Strong Access to Capital Markets
58
Major Financing Instruments
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Bonds euro250 m euro800 m$105 bn
euro750 m$15 bn
euro500 m euro12 bn$12 bn
$300m euro26 bn euro500 m euro10 bn$500 m
euro175 bn
euro750 m1
euro750 m2
SyndicatedLoans
$35 bn $898 m $385 bn $18 bneuro245 bn
$41 bneuro700 m
$115 bneuro205 bn
euro530 bn$355 bn
euro100 m
SchuldscheinLoans
euro400 m euro125 m euro500 m euro112 m $400 m euro10 bn euro700 m
Convertible Bonds
euro900 m euro500 m
Equity euro10 bn euro400 m
1 January 2020 euro750million 2020-2028 bonds issued by Fresenius SE amp Co KGaA2 March 2020 euro750million 2020-2027 bonds issued by Fresenius SE amp Co KGaA
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Debt and Cash Flow Structure
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 59
1 Incl consolidation adjustments2 Incl Fresenius financing subsidiaries3 Controlling stake4 Incl subsidiaries 5 Based on market capitalization for FMC as of December 31 20196 Via German holding entities (Fresenius Kabi AG and Fresenius ProServe GmbH)
Fresenius Medical Care
Financing
Fresenius SE Financing
Group Net Debt ~euro256 bn1
DividendsRents Service Agreements
~323 100 77 (cross boarder)100
Profit transfer Agreements6
bull Separate financing of Fresenius SE and Fresenius Medical Care
bull No joint financing facilities or mutual guarantees
bull Fresenius Kabi Fresenius Helios and Fresenius Vamed financed primarily through Fresenius SE to avoid structural subordination
bull Subsidiary debt consists mainly of lease liabilities which are on balance acc to IFRS 16 from 2019 onwards
FSE Net Debt2~euro128 bn
incl Net Debt of KabiHeliosVamed
StockMarketValue~euro62 bn5
FSE Net Debt2~euro114 bn
excl Net Debt of KabiHeliosVamed
euro12774 m Net Debt4
Thereof lease liabilities euro4705m
euro951 m Net Debt4
Thereof lease liabilities euro1042m
euro84 m Net Debt4
Thereof lease liabilities euro392m
euro371 m Net Debt4
Thereof lease liabilities euro369m
Fresenius Group Key Credit Figures
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 60
1 Adjusted for IFRS 162 Before special items pro forma acquisitionsdivestitures3 Before special items
20191 2019 2018 2017
Debt (eurom) thereof US$ denominated
2123328
2725834
1898428
1904231
Net debt (eurom) 19579 25604 16275 17406
Net debtEBITDA2
Net debt at year-end exchange rate EBITDA at LTM average FX rates
314 360 273 279
Net debtEBITDA2
at LTM average FX rates for both net debt and EBITDA
314 361 271 284
Operating Cash flowSales 99 120 112 116
EBITDANet Interest3 121 99 106 96
Appendix
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 61
Fresenius Group FY19 Key Financials
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom FY191 IFRS 16effect
specialitems
FY19 reported
Δ YoY cc12
Sales 35524 -115 - 35409 6
EBIT 4599 89 -57 4631 -2
Net interest -510 -204 -5 -719 9
Income taxes -955 30 42 -883 -5
Net income3 1915 -36 4 1883 0
Balance sheet total 61237 5769 - 67006
Operating Cashflow 3514 749 - 4263
1 Before special items adjusted for IFRS 16 effect2 On a comparable basis 2018 adjusted for divestitures of Care Coordination activities at FMC3 Net income attributable to shareholders of Fresenius SE amp Co KGaA
For a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
62
Fresenius Group Cash Flow
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 63
eurom 20191 Margin 2019 Margin 2018 Margin Δ YoY1918
Operating Cash Flow 3514 99 4263 120 3742 112 14
Capex (net) -2433 -69 -2433 -68 -2077 -62 -17
Free Cash Flow(before acquisitions and dividends)
1081 30 1830 52 1665 50 10
Acquisitions (net) -2423 -2423 613 --
Dividends -952 -952 -904 5
Free Cash Flow(after acquisitions and dividends) -2294 -65 -1545 -44 1374 41 --
1 2019 adjusted for IFRS 16
Fresenius Group Calculation of Noncontrolling Interest
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom FY19 FY18
Earnings before tax and noncontrolling interest 4089 3998
Taxes -955 -883
Noncontrolling interest thereof -1219 -1243
Fresenius Medical Care net income not attributable to Fresenius (FY19 ~69)
-897 -928
Noncontrolling interest holders in Fresenius Medical Care -239 -244
Noncontrolling interest holders in Fresenius Kabi (-euro49 m) Fresenius Helios (-euro13 m) Fresenius Vamed (-euro2 m) and due to Fresenius Vamedrsquos 23 external ownership (-euro19 m)
-83 -71
Net income attributable to Fresenius SE amp Co KGaA 1915 1872
64
On a comparable basis Before special items adjusted for IFRS16 effect FY18 adjusted for divestitures of Care Coordination activities at FMC
For a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
002
023 025029
032037
042044
055
062
93 08 09 10 11 12 13 14 15 16 17 18 19
25 2421 20 21 21 22 21 22 23 24
Fresenius SE Earnings-Linked Dividend Policy
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
euro per share
bull Dividend growth aligned to EPS1
growth
bull Pay-out Ratio 20 to 25
Dividend distribution (eurom)
Pay-out Ratio
075
2019 Pay-out Ratio 24 Dividend Policy
122 140 155 196 225 238 300 416114 343 445
080
1 Before special items
468
084
24
Track record
bull 27th consecutive dividend increase
bull CAGR dividend increase +15
65
32x1
Fresenius Medical Care Low Leverage Reflected by Solid Investment Grade Rating
66General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
60 6176
6483
2015 2016 2017 2018 2019
Free Cash Flow in of revenue
SampP Moodylsquos Fitch
Corporate Credit Rating BBB Baa3 BBB-
Outlook stable stable stable
Current Credit Ratings
1 Including IFRS16 effect
29x30x
27x
22x
18x
31x
27x25x
22x
21x
27x25x
25x
31x
26x23x
21x
18x
25x
15
20
25
30
35
40
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
1
Fresenius Medical Care Broad Mix of Financing Instruments
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 67
Total BS Debt
~euro138 m
1 As of December 31 2019
bull Optimize funding costs and ensure financial flexibility
bull Diversify investor base
bull Strong liquidity provided by sufficient financial cushion (~euro18 billion as of December 31 2019)
Well Positioned to Meet Financing Needs
Average interest ratecost of debt25 pa
Equity-neutralconvertible bonds 3
Commercial paper 7
Syndicated loans 14
Other financial liabilities 7
Bonds 36
Lease obligations 33
Fresenius Medical Care Well-Balanced Debt Maturity Profile12
68
eurom
Maturity 30 years on
average
1 As of December 31 2019 and based on utilization of major financing instruments2 Excluding lease liabilities
445
878623 650
356500 600
945
535
135
1236400
1000
380
0
500
1000
1500
2000
2500
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
Bonds Syndicated Loan Equity-neutral convertible bonds Commercial Paper AR Facility
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
2500
2000
1500
1000
Fresenius SE Overview Bonds
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 69
Issuer Volume(in millions)
Coupon type
Coupon (in )
MaturityTerm
ISIN (RegS)
WKN
Fresenius SE amp Co KGaAeuro500 Fix 2875 20132020 XS0873432511 A1HEWZ
Fresenius SE amp Co KGaAeuro450 Fix 300 20142021 XS1013955379 A1ZB7H
Fresenius SE amp Co KGaAeuro450 Fix 400 20142024 XS1026109204 A1ZC60
Fresenius SE amp Co KGaAeuro 500 Fix 1875 20192025 XS1936208252 A2NBMS
Fresenius SE amp Co KGaAeuro 750 Fix 1625 20202027 XS2152329053 A254TA
Fresenius SE amp Co KGaAeuro 750 Fix 075 20202028 XS2101357072 A254QN
Fresenius SE amp Co KGaAeuro 500 Fix 2875 20192029 XS1936208419 A2NBMT
Fresenius Finance Ireland plceuro700 Fix 0875 20172022 XS1554373164 A19B3F
Fresenius Finance Ireland plceuro700 Fix 150 20172024 XS1554373248 A19B3G
Fresenius Finance Ireland plceuro700 Fix 2125 20172027 XS1554373677 A19B3H
Fresenius Finance Ireland plceuro500 Fix 300 20172032 XS1554373834 A19B3J
Fresenius US Finance II IncUS$300 Fix 425 20142021 USU31436AG04 A1ZDVJ
Fresenius US Finance II IncUS$300 Fix 450 20152023 USU31436AH86 A1Z64A
As of April 8 2020
Fresenius Medical Care Overview Bonds
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 70
Issuer Volume(in millions)
Coupon type
Coupon (in )
MaturityTerm
ISIN (RegS)
WKN
FMC Finance VII SA euro300 Fix 525 20112021 XS0576395478 A1GLY6
Fresenius Medical Care US Finance Inc US$650 Fix 575 20112021 USU31433AA03 A1GL0J
Fresenius Medical Care US Finance II Inc US$500 Fix 4125 20142020 US35802XAH61 A1ZRTL
Fresenius Medical Care US Finance II Inc US$700 Fix 5875 20122022 USU31434AC42 A1GZRF
Fresenius Medical Care US Finance II Inc US$400 Fix 475 20142024 US35802XAJ28 A1ZRTN
Fresenius Medical Care US Finance III Inc US$500 Fix 375 20192029 USU3149FAA76 A2R3YR
Fresenius Medical Care AG amp Co KGaA euro650 Fix 0250 20192023 XS2084510069 A255DU
Fresenius Medical Care AG amp Co KGaA euro500 Fix 150 20182025 XS1854532949 A2NBE6
Fresenius Medical Care AG amp Co KGaA euro600 Fix 0625 20192026 XS2084497705 A255DV
Fresenius Medical Care AG amp Co KGaA euro500 Fix 1250 20192029 XS2084488209 A255DW
As of December 31 2019
Financial Calendar Contact
Financial Calendar 06 May 2020 Results Q120
30 July 2020 Results Q220
29 October 2020 Results Q320Please note that these dates could be subject to change
Annual General Meeting Due to the coronavirus pandemic the AGM scheduled for 20 May 2020 has been postponed A new date within the current financial year will be set as soon as the conditions for reliable planning and safe execution of the AGM are once again in place
Contact
Investor Relations amp SustainabilityFresenius SE amp Co KGaAphone +49 6172 608-2485e-mail ir-frefreseniuscomFor further information and current news wwwfreseniuscom
Follow us on Twitter wwwtwittercomfresenius_irand LinkedIn wwwlinkedincomcompanyfresenius-investor-relations
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 71
Our ESG Priorities Patients Employees and Compliance
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Caring for human rights
Protecting nature as the basis of life
Being an attractive employer
Doing the right thingServing the well-beingof the patient
Quality of medical outcomes and patient satisfaction
Quality and safety of products
Data protection
Code of Conduct
Compliance Organization
Compliance Management Systems (Prevent Detect Respond)
Personnel structure and diversity
Attract talent retain and develop employees
Employee engagement and participation
Occupational health and safety
Water
Energy
GHG emissions
Waste
Wastewater
No exploitative nor illegal child or forced labor
Working conditions
Non-discrimination
Data protection
17
ESG Rating Overview Continuous Improvement through Reporting and Engagement
Current Score CDP Climate CCDP Water C Prime C BB 39100
DJSI Europe 55100
Sector Average CDP Climate B- C- BBB - A 28 100 47 ndash 63 100
Previous Score CDP Climate D-CDP Water D- Prime C BB 33100 48 100
Next steps bull Improve management-level responsibility over ESG-related issues ie implement further emissions reduction and efficiency projects and related targets
bull Intensify dialogue with rating agencies
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 18
SustainabilityESG Decisive Steps for 2020
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Our Priorities
bull ldquoBetter medicine for more peoplerdquo
bull Patients Quality of products and services
bull People Being an attractive employer
bull Compliance Doing the right thing
Sustainability Governance
bull CEO sponsors Group sustainability efforts
bull New Group Sustainability Board in 2020
bull Strategy and KPI alignment program started in 2019 will continue in 2020
Remuneration
bull Remuneration proposal planned for AGM 2021
bull Based on new German legal framework and German Corporate Governance Code
bull Will include ESG performance indicators
19
Investments in own business
Strategic acquisitions
Dividends
Share buy backs
Fresenius Group Capital Deployment Focuses on SustainableValue Creation
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Leverageratio
30-351
1 Including IFRS 16
20
Review FY19
21General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group
bull Delivered on all targets - 16th consecutive record year
bull 27th consecutive dividend increase proposed
bull Fresenius Kabi expected to show healthy top-line growth whilst softness in North America weighs on EBIT in FY20
bull Fresenius Helios anticipated to show ongoing stabilization in Germany and continued strong growth in Spain in FY20
bull Fresenius Medical Care expected to show strong growth in FY20
bull Too early to quantify the financial impact of Covid-19
bull Fresenius Group back on growth trajectory in FY20
bull Medium-term growth targets confirmed
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 22
Fresenius Kabi Volume Headwinds Partially Offset by New Product Launches in North America
bull Ongoing volume headwinds anticipatedminus Intensified competitionminus Shortage tailwind essentially overminus Opioid market not expected to
recoverbull Pricing expected to be in-line with
historical trends however trending more towards mid-single digit price declines in base product portfolio
bull 15+ product launches expected in 2020 targeting an originator market of ~US$13 bn
bull Excellent pipeline gt50 files pending with the FDA
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 23
Current Portfolio 2023 Portfolio
IV drugs
Pre-filled syringes
IV solutions
Parenteral nutrition
Infusion pumps
Biosimilars
Compounding
Specialty Rx
Fresenius Kabi Rigorous Pursuit to Further Broaden and Diversify Portfolio in North America
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 24
GPOsHospitals ClinicsPhysician Offices Retail PharmacyHome Care
Strong medium light none
0
500
1000
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 20190
01
02
03
Fresenius Kabi Continued Positive Momentum in Emerging Markets
bull Strong organic sales growth expected
bull Continued positive momentum in LatinAmerica anticipated
bull Regulatory changes in China expected toweigh on EBIT development
bull Too early to quantify the financial impact ofCovid-19
Significant sales and volume growth in China over last decade
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 25
Sales (cc) Volume growth Sales growth (cc)
in euro million
CAGR ~10
100030
20
10
0 0
500
US
Progress of portfolio
bull Three more molecules in portfolio
bull Expect to start with clinical studies forthose molecules in 2021
Fresenius Kabi Biosimilar Update
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 26
Launch schedule
Europe
Pegfilgrastim
Adalimumab
Tocilizumab
2023
2019
2021
2021
2023
2023
Business plan
bull Total investment ceiling euro14 bn untilEBITDA break-even in 2023
bull High triple-digit euro million sales in 2024
Fresenius Kabi Launch of Idacio in Europe Progresses According to Plan
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 27
Launched
Approved
Submitted
Fresenius Kabi Divisionalization of Transfusion Medicine and Cell Therapies Business Fuels Growth
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 28
bull Business remains important part of Fresenius Kabi
bull Dynamic growth in FY19 and good growth prospects
bull Inauguration of new production building in Haina Dominican Republic to fuel growth of disposable products
bull New joint venture to advance new cell and gene therapies
Fresenius Helios Germany to Show Ongoing Stabilization in FY20
Mitigation of regulatory headwindsbull Chief doctor vacancies at record lowbull Appropriate level of nursing staff bull Optimization of processes and workflowsbull Cost optimization measures
Very positive reimbursement environmentbull 2020 DRG inflator set at 366
Investments in future growth fieldsbull Clustering strategy progressesbull Preventionbull Occupational medicinebull Telemedicine platform
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 29
Ramp-up of outpatient businessbull Outpatient surgery centersbull Specialization of medical centers
Excellent growth in Spainbull Opening of first proton therapy center in
Spain (first patient treated in December rsquo19)
bull Opening of Quironsalud Madrid university hospital expansion in Pozuelo
bull Private hospitals expected to show dynamic organic growth driven by admissions
bull Continued positive momentum for ORPs
Fresenius Helios Spain to Plow Ahead in FY20
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 30
Expansion in Latin America proceedsbull Five successful acquisitions in Colombia
contribute nicely in FY20minus Clinica Las Vegas Clinica del Prado
and CediMed in Medellin(1)
minus Centro Medico Imbanaco in Cali(2)
minus Clinica de la Mujer in Bogota(3)
bull Total expected sales contribution of approx euro180m equiv in FY20
bull Attractive risk-adjusted ROIs expected
Notes (1) All transactions closed in 2019 (2) Closing expected at the end of Q12020 (3) Closing expected in Q22020 subject to anti-trust clearance
Financial Review FY19
31General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Sales
+6FY19 euro33524 m
Net Income
+0FY19 euro1915 m
EBIT
-2FY19 euro4599 m
Fresenius Group FY19 Profit and Loss Statement
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
All growth rates in constant currency (cc)Before special items adjusted for IFRS 16 effectOn a comparable basis FY18 adjusted for divestitures of Care Coordination activities at FMC before special itemsNet income attributable to shareholders of Fresenius SE amp Co KGaA
Net Interest
-euro510 mFY18 -euro549 m
Income Tax Rate
234FY18 221
32
1 On a comparable basis Q418 adjusted for divestitures of Care Coordination activities at FMC Q419 adjusted for IFRS 16 effect
All figures before special itemsFor a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
Fresenius Group Q419 Business Segment Growth
Organic sales growth1
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
EBIT growth (cc)1
+5
+4
+4
+4
0
-1
5
+7
+4 0
33
Fresenius Kabi Organic Sales Growth by Product Segment
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom Q419Δ YoY
organic FY19Δ YoY
organic
IV Drugs 737 -1 2939 -1
Infusion Therapy 213 2 834 3
Clinical Nutrition 482 8 1898 9
Medical DevicesTransfusion Technology
334 10 1248 11
Total sales 1766 4 6919 4
34
Fresenius Kabi Organic Sales Growth by Regions
eurom Q419Δ YoY
organic FY19Δ YoY
organic
North America 609 -1 2424 -2
Europe 604 2 2313 2
Emerging Markets 553 12 2182 14
Total sales 1766 4 6919 4
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 35
Fresenius Kabi Q4 amp FY19 EBIT Growth
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom Q419 Δ YoY cc FY19 Δ YoY cc
North AmericaMargin
204335
-8-260 bps
907374
-3-50 bps
EuropeMargin
87144
-10-200 bps
328142
-7-160 bps
Emerging MarketsMargin
124224
7-90 bps
476218
19130 bps
Corporate and Corporate RampD -132 11 -511 2
Total EBITMargin
283160
-1-90 bps
1200173
3-10 bps
On a comparable basis before special items and adjusted for IFRS 16 effects
Margin growth at actual ratesFor a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
36
Fresenius Kabi Expected Organic Sales Growth 2020
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Broadly stable
bull Ongoing volume headwinds anticipated
bull Pricing expected to trend more towards mid-single digit price declines in base product portfolio
North America
Mid-single-digit growth
bull Growth driven by first biosimilar in the market (IDACIO)
bull Continued strong growth of clinical nutrition business expected
Europe
High single-digit growth
bull China Healthy volume growth anticipated regulatory headwinds weigh on business
bull Latin America Continued healthy growth expected
Emerging Markets
37
Fresenius Helios Q4 amp FY19 Key Financials
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom Q419 Δ YoY FY19 Δ YoY
Total sales 2344 41 9234 51
Thereof Helios Germany 1475 31 5940 31
Thereof Helios Spain 867 71 3292 71
Total EBIT3
Margin292
1255
10 bps1015110
-4-32
-70 bps
Thereof Helios GermanyMargin
14397
420 bps
57697
-8-62
-80 bps
Thereof Helios SpainMargin
134155
6-50 bps
434132
5-50 bps
Thereof Corporate 15 -- 5 --
1 Organic growth2 Adjusted for the post-acute care business transferred to Fresenius Vamed as of July 1 20183 Adjusted for IFRS 16 effectFor a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
38
Fresenius Helios Key Measures
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
FY19 FY18 Δ
No of hospitals Germany- Acute care hospitals
8683
8683
00
No of hospitals Spain(Hospitals)
51 47 9
No of beds Germany- Acute care hospitals
28907 28380
2932928802
-1-1
No of beds Spain(Hospitals)
7288 7019 4
Admissions Germany (acute care) 1206654 1218199
Admissions Spain (including outpatients) 15396051 13318066
39
Fresenius Vamed
1 Without German post-acute care business acquired from Fresenius Helios as of July 1 2018
2 Adjusted for IFRS 16 effect 3 Project business only4 Versus December 31 2018
bull Both business segments contributed to the organic sales growth of 4 in Q419
bull Stable service business is gaining weight (FY19 63 of sales FY09 32)
bull Geographically well-diversified order backlog is excellent foundation for future growth
eurom Q419 Δ YoY FY19 Δ YoY
Total salesThereof organic sales
737 64
2206 31161
Service business 374 11 1399 43251
Project business 363 1 807 13
Total EBIT2 66 8 131 1961
Order intake3 576 -13 1314 7
Order backlog3 2865 184
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 40
Fresenius Group FY19 amp Cash Flow
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Operating CF1 Capex (net) Free Cash Flow12
eurom FY2019 Margin FY2019 Margin FY2019 Margin
1947 111 -1113 -64 834 47
968 140 -716 -104 252 36
683 74 -477 -52 206 224
-46 -21 -52 -23 -98 -44
CorporateOther -38 na -75 na -113 na
1677 93 -1320 -73 357 20
3514 99 -2433 -69 1081 30
1 Adjusted for IFRS 162 Before acquisitions and dividends3 Incl FMC dividend of euro110 million4 Understated 27 excluding euro45 million of capex commitments from acquisitions
Excl FMC3
41
Fresenius Group 2020 Financial Outlook by Business Segment
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom (except otherwise stated) FY19 Base1 FY20e2
Sales growth (cc) 17477mid to high single digit
-range
Net income growth3 (cc) 1205mid to high single digit
-range
Sales growth (organic) 6919 3 - 6
EBIT growth (cc) 1205 -4 to 0
Sales growth (organic) 9234 3 - 6
EBIT growth (cc) 1025 3 - 7
Sales growth (organic) 2206 4 - 7
EBIT growth (cc) 134 5 - 9
1 Before special items including IFRS 16 effects including NxStage operations2 Before special items3 Net income attributable to shareholders of Fresenius Medical Care AG amp Co KGaA
For a detailed overview of special items please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
42
eurom (except otherwise stated) FY19 Base1 FY202
Sales growth (cc) 35409 4 - 7
Net income3 growth (cc) 1879 1 - 5
Fresenius Group 2020 Financial Guidance
1 Before special items including IFRS 16 effects including NxStage operations 2 Before special items3 Net income attributable to shareholders of Fresenius SEampCoKGaA
For a detailed overview of special items please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 43
FY19 base for Fresenius Group Guidance FY20
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
euromFresenius
GroupFresenius
Medical CareFresenius
Kabi
Sales reported (reported = base for guidance) 35409 17477 6919
Transaction costs Akorn 3
Revaluations of biosimilars contingent purchase price liabilities -32
EBIT (before special items = base Fresenius Kabi guidance) 1205
Net income reported 1883 1200
Transaction costs Akorn 3
Revaluations of biosimilars contingent purchase price liabilities -19
Gain related to divestitures of Care Coordination activities at FMC -15 -49
Transaction costs NxStage 6 18
Expenses associated with cost optimization program at FMC 21 67
Net income (before special items = base Fresenius Group amp FMC guidance) 1879 1236
44
Fresenius Group Financial Results by Business Segment
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 45
20191 20182 2017 Growth3
20192018
Sales euro17592 m euro16026 m euro17784 m 62
EBIT euro2281 m euro2292 m euro2562 m -42
Sales euro6919 m euro6544 m euro6358 m 4
EBIT euro1200 m euro1139 m euro1177 m 3
Sales euro9234 m euro8993 m euro8668 m 3
EBIT euro1015 m euro1052 m euro1052 m -4
Sales euro2206 m euro1688 m euro1228 m 30
EBIT euro131 m euro110 m euro76 m 18
Sales euro35524 m euro33009 m euro33886 m 62
EBIT euro4599 m euro4547 m euro4830 m -22Group
Before special items
1 Adjusted for IFRS 162 On a comparable basis 2018 adjusted for divestitures of Care Coordination activities 3 Growth rates at constant currency and adjusted for IFRS 16
Fresenius Group Margins by Business Segment
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 46
Before special items 2018 adjusted for divestitures of Care Coordination activities 2019 adjusted for IFRS 16
2019 2018 2017
EBITDA margin 178 192 185
EBIT margin 130 143 144
EBITDA margin 217 219 233
EBIT margin 173 174 185
EBITDA margin 148 159 165
EBIT margin 110 117 121
EBITDA margin 78 79 71
EBIT margin 59 65 62
EBITDA margin 174 183 185
EBIT margin 129 138 143Group
Credit Highlights amp Financing Structure
47General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Credit Highlights
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 48
Consistent Cash Generation
Proven Track Record of Deleveraging
Broad Mix of Financing Instruments
Well-Balanced Maturity Profile
Solid Balance Sheet Structure
Solid IG Rating and Strong Access to Capital Markets
120
103
126
114109
120 122116
112120
8
9
10
11
12
13
14
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
48 48 52 5358 55 55 54
6570
2
3
4
5
6
7
8
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
74
56
76
62
52
67 67 66
50 52
4
5
6
7
8
9
10
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Fresenius Group Consistent Cash Generation
Capex gross in of sales
FCF margin (before acquisitions amp dividends)CFFO margin
49General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
2019 including IFRS 16
32x
30x
27x
22x 23x
35x
30x
26x
36x
30x
26x27x
26x
25x
32x
27x
23x
28x
27x
31x 4
20
25
30
35
40
2001 2002 2003 2004 2005 Q106 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
3
2
Hospitals from
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Proven Track Record of Deleveraging
Net DebtEBITDA1
1 At actual FX rates from 2001 to 2010 and at average FX rates from 2011 onwards for both Net Debt and EBITDA before special items pro forma closed acquisitionsdivestitures2 Pro forma excluding advances made for the acquisition of hospitals from Rhoumln-Klinikum AG3 Both net debt and EBITDA including IFRS 16 effect and calculated at expected annual average exchange rates excluding further potential acquisitions4 Including acquisition of NxStage adjusted for IFRS 16 effect
Target 20203 towards thetop end of self-imposed
target corridor of 30 ndash 35x
50
36x
40
35
20
25
30
Equity-neutralconvertible bonds 3
Fresenius Group excl FMC Broad Mix of Financing Instruments
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 51
Total BS Debt
~euro136 bn
1 As of December 31 2019
bull Optimize funding costs and ensure financial flexibility
bull Diversify investor base
bull Strong liquidity provided by sufficient financial cushion (~euro22 billion as of December 31 2019)
Well Positioned to Meet Financing NeedsBonds 40
Lease obligations 14
Syndicated loans 15
Schuldscheinloans 16
Other financial liabilities 5
Commercial paper 7
Average interest ratecost of debt18 pa
Commercial paper 7
Fresenius Group Broad Mix of Financing Instruments
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 52
Total BS Debt
~euro273 bn
1 As of December 31 2019
bull Optimize funding costs and ensure financial flexibility
bull Diversify investor base
bull Strong liquidity provided by sufficient financial cushion (~euro40 billion as of December 31 2019)
Well Positioned to Meet Financing Needs
Average interest ratecost of debt22 pa
Equity-neutralconvertible bonds 3
Syndicated loans 14
Other financial liabilities 6
Bonds 38
Lease liabilities 24
Schuldschein loans 8
Fresenius Group Capitalization1
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 53
Instrument per Book Value in euro million in $ million4 oftotal cap
EBITDA LTM x
Syndicated Credit Agreement Revolver (euro US-$) 0 0 00 Syndicated Credit Agreement Term Loan A (euro US-$) 1976 2220 29 Bonds (euro US-$) 5501 6180 82 Convertible Bonds 465 522 07 Schuldschein Loans 2180 2449 33 Commercial Paper 953 1071 14 Lease Obligations 1876 2107 28 Other debt 675 758 10 Total Debt (FSE excl FMC) gross 13626 15307 203 Cash (excl FMC) 651 731 10 Total debt (FSE excl FMC) net 12975 14576 193 Total FMC debt net 12774 14350 190 Consolidation Adjustments (145) (163) (02)Total consolidated debt net 25604 28764 382 36x Market capitalization2 41470 46587 618 58x
Total capitalization 67074 75351 1000 94x FSE Group EBITDA3 7110
1 As of December 31 20192 Based on market capitalization for FSE and FMC as of December 31 20193 Pro Forma acquisitions before special items4 EURUSD exchange rate as of December 31 2019
Fresenius Group excl FMC Well-Balanced Debt Maturity Profile12
54
1 As of December 31 2019 and based on utilization of major financing instruments2 Excluding lease liabilities3 Pro Forma issuance of FSE EUR 750m bonds in Jan 2020 (average maturity 38)
Maturity 35 years3 on
average
eurom
EUR 750m Jan 2020
500717 700
267
1150
500700 750
500 500
153
903 927
106
304 393
430
421
238
207
84
500
953
0
500
1000
1500
2000
2500
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Bonds Syndicated Loan Schuldschein Loans Equity-neutral convertible bonds Commercial Paper
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
1500
1000
2000
2500
Fresenius Group Well-Balanced Debt Maturity Profile12
1 As of December 31 2019 and based on utilization of major financing instruments2 Excluding lease liabilities3 Pro Forma issuance of FSE EUR 750m bonds in Jan 2020 (average maturity 35)
EUR 750m Jan 2020
2380
13931859
650356 500 600
945
1712
1924
2020
697
2071
500 238
907 750
584
5000
1000
2000
3000
4000
5000
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Fresenius Medical Care Fresenius excl Fresenius Medical Care
5000
4000
3000
2000
1000
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Maturity 33 years3 on
average
eurom
55
23 23 23 19
32 36 33 41
45 41 44 40
Dec 31 16 Dec 31 17 Dec 31 18 Dec 31 19
Equity and non-controlling interest Debt Other liabilities
Fresenius Group Solid Balance Sheet Structure
Healthy Equity and Liability Split
bull Strong equity ratio of gt40 on average
bull Equity ratio kept in narrow range despite rapid growth of Fresenius Group
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 56
467 531 567 670
BS total (eurobn)
Including IFRS 16
Fresenius SE Solid Investment Grade Rating
57
ldquoFSE delivers solid organic growth thanks to positive underlying growth trends in the life-saving and life-sustaining products and therapies that the group offersrdquoSampP Jan 08 2019
ldquoFSErsquos rating remains anchored in investment-grade given its mature and defensive business risk profile its organic deleveraging ability based on free cash flow generation and its record of integrating acquisitions successfully and reducing financial leverage in line with communicated policiesrdquo Fitch April 17 2019
ldquoThe Baa3 long term issuer rating of FSE reflects its strong defensive business profile underpinned by large absolute scale global footprint and segmental diversification within the healthcare market supported by strong position in its four business segmentsrdquo Moodyrsquos May 20 2019
Rating History Rating Agenciesrsquo Key Statements
Following a positive outlook SampP upgraded Fresenius to BBB stable outlook in May 2019
SampP Moodylsquos Fitch
Corporate Credit Rating BBB Baa3 BBB-
Outlook stable stable stable
Current Credit Ratings
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Strong Access to Capital Markets
58
Major Financing Instruments
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Bonds euro250 m euro800 m$105 bn
euro750 m$15 bn
euro500 m euro12 bn$12 bn
$300m euro26 bn euro500 m euro10 bn$500 m
euro175 bn
euro750 m1
euro750 m2
SyndicatedLoans
$35 bn $898 m $385 bn $18 bneuro245 bn
$41 bneuro700 m
$115 bneuro205 bn
euro530 bn$355 bn
euro100 m
SchuldscheinLoans
euro400 m euro125 m euro500 m euro112 m $400 m euro10 bn euro700 m
Convertible Bonds
euro900 m euro500 m
Equity euro10 bn euro400 m
1 January 2020 euro750million 2020-2028 bonds issued by Fresenius SE amp Co KGaA2 March 2020 euro750million 2020-2027 bonds issued by Fresenius SE amp Co KGaA
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Debt and Cash Flow Structure
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 59
1 Incl consolidation adjustments2 Incl Fresenius financing subsidiaries3 Controlling stake4 Incl subsidiaries 5 Based on market capitalization for FMC as of December 31 20196 Via German holding entities (Fresenius Kabi AG and Fresenius ProServe GmbH)
Fresenius Medical Care
Financing
Fresenius SE Financing
Group Net Debt ~euro256 bn1
DividendsRents Service Agreements
~323 100 77 (cross boarder)100
Profit transfer Agreements6
bull Separate financing of Fresenius SE and Fresenius Medical Care
bull No joint financing facilities or mutual guarantees
bull Fresenius Kabi Fresenius Helios and Fresenius Vamed financed primarily through Fresenius SE to avoid structural subordination
bull Subsidiary debt consists mainly of lease liabilities which are on balance acc to IFRS 16 from 2019 onwards
FSE Net Debt2~euro128 bn
incl Net Debt of KabiHeliosVamed
StockMarketValue~euro62 bn5
FSE Net Debt2~euro114 bn
excl Net Debt of KabiHeliosVamed
euro12774 m Net Debt4
Thereof lease liabilities euro4705m
euro951 m Net Debt4
Thereof lease liabilities euro1042m
euro84 m Net Debt4
Thereof lease liabilities euro392m
euro371 m Net Debt4
Thereof lease liabilities euro369m
Fresenius Group Key Credit Figures
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 60
1 Adjusted for IFRS 162 Before special items pro forma acquisitionsdivestitures3 Before special items
20191 2019 2018 2017
Debt (eurom) thereof US$ denominated
2123328
2725834
1898428
1904231
Net debt (eurom) 19579 25604 16275 17406
Net debtEBITDA2
Net debt at year-end exchange rate EBITDA at LTM average FX rates
314 360 273 279
Net debtEBITDA2
at LTM average FX rates for both net debt and EBITDA
314 361 271 284
Operating Cash flowSales 99 120 112 116
EBITDANet Interest3 121 99 106 96
Appendix
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 61
Fresenius Group FY19 Key Financials
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom FY191 IFRS 16effect
specialitems
FY19 reported
Δ YoY cc12
Sales 35524 -115 - 35409 6
EBIT 4599 89 -57 4631 -2
Net interest -510 -204 -5 -719 9
Income taxes -955 30 42 -883 -5
Net income3 1915 -36 4 1883 0
Balance sheet total 61237 5769 - 67006
Operating Cashflow 3514 749 - 4263
1 Before special items adjusted for IFRS 16 effect2 On a comparable basis 2018 adjusted for divestitures of Care Coordination activities at FMC3 Net income attributable to shareholders of Fresenius SE amp Co KGaA
For a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
62
Fresenius Group Cash Flow
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 63
eurom 20191 Margin 2019 Margin 2018 Margin Δ YoY1918
Operating Cash Flow 3514 99 4263 120 3742 112 14
Capex (net) -2433 -69 -2433 -68 -2077 -62 -17
Free Cash Flow(before acquisitions and dividends)
1081 30 1830 52 1665 50 10
Acquisitions (net) -2423 -2423 613 --
Dividends -952 -952 -904 5
Free Cash Flow(after acquisitions and dividends) -2294 -65 -1545 -44 1374 41 --
1 2019 adjusted for IFRS 16
Fresenius Group Calculation of Noncontrolling Interest
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom FY19 FY18
Earnings before tax and noncontrolling interest 4089 3998
Taxes -955 -883
Noncontrolling interest thereof -1219 -1243
Fresenius Medical Care net income not attributable to Fresenius (FY19 ~69)
-897 -928
Noncontrolling interest holders in Fresenius Medical Care -239 -244
Noncontrolling interest holders in Fresenius Kabi (-euro49 m) Fresenius Helios (-euro13 m) Fresenius Vamed (-euro2 m) and due to Fresenius Vamedrsquos 23 external ownership (-euro19 m)
-83 -71
Net income attributable to Fresenius SE amp Co KGaA 1915 1872
64
On a comparable basis Before special items adjusted for IFRS16 effect FY18 adjusted for divestitures of Care Coordination activities at FMC
For a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
002
023 025029
032037
042044
055
062
93 08 09 10 11 12 13 14 15 16 17 18 19
25 2421 20 21 21 22 21 22 23 24
Fresenius SE Earnings-Linked Dividend Policy
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
euro per share
bull Dividend growth aligned to EPS1
growth
bull Pay-out Ratio 20 to 25
Dividend distribution (eurom)
Pay-out Ratio
075
2019 Pay-out Ratio 24 Dividend Policy
122 140 155 196 225 238 300 416114 343 445
080
1 Before special items
468
084
24
Track record
bull 27th consecutive dividend increase
bull CAGR dividend increase +15
65
32x1
Fresenius Medical Care Low Leverage Reflected by Solid Investment Grade Rating
66General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
60 6176
6483
2015 2016 2017 2018 2019
Free Cash Flow in of revenue
SampP Moodylsquos Fitch
Corporate Credit Rating BBB Baa3 BBB-
Outlook stable stable stable
Current Credit Ratings
1 Including IFRS16 effect
29x30x
27x
22x
18x
31x
27x25x
22x
21x
27x25x
25x
31x
26x23x
21x
18x
25x
15
20
25
30
35
40
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
1
Fresenius Medical Care Broad Mix of Financing Instruments
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 67
Total BS Debt
~euro138 m
1 As of December 31 2019
bull Optimize funding costs and ensure financial flexibility
bull Diversify investor base
bull Strong liquidity provided by sufficient financial cushion (~euro18 billion as of December 31 2019)
Well Positioned to Meet Financing Needs
Average interest ratecost of debt25 pa
Equity-neutralconvertible bonds 3
Commercial paper 7
Syndicated loans 14
Other financial liabilities 7
Bonds 36
Lease obligations 33
Fresenius Medical Care Well-Balanced Debt Maturity Profile12
68
eurom
Maturity 30 years on
average
1 As of December 31 2019 and based on utilization of major financing instruments2 Excluding lease liabilities
445
878623 650
356500 600
945
535
135
1236400
1000
380
0
500
1000
1500
2000
2500
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
Bonds Syndicated Loan Equity-neutral convertible bonds Commercial Paper AR Facility
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
2500
2000
1500
1000
Fresenius SE Overview Bonds
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 69
Issuer Volume(in millions)
Coupon type
Coupon (in )
MaturityTerm
ISIN (RegS)
WKN
Fresenius SE amp Co KGaAeuro500 Fix 2875 20132020 XS0873432511 A1HEWZ
Fresenius SE amp Co KGaAeuro450 Fix 300 20142021 XS1013955379 A1ZB7H
Fresenius SE amp Co KGaAeuro450 Fix 400 20142024 XS1026109204 A1ZC60
Fresenius SE amp Co KGaAeuro 500 Fix 1875 20192025 XS1936208252 A2NBMS
Fresenius SE amp Co KGaAeuro 750 Fix 1625 20202027 XS2152329053 A254TA
Fresenius SE amp Co KGaAeuro 750 Fix 075 20202028 XS2101357072 A254QN
Fresenius SE amp Co KGaAeuro 500 Fix 2875 20192029 XS1936208419 A2NBMT
Fresenius Finance Ireland plceuro700 Fix 0875 20172022 XS1554373164 A19B3F
Fresenius Finance Ireland plceuro700 Fix 150 20172024 XS1554373248 A19B3G
Fresenius Finance Ireland plceuro700 Fix 2125 20172027 XS1554373677 A19B3H
Fresenius Finance Ireland plceuro500 Fix 300 20172032 XS1554373834 A19B3J
Fresenius US Finance II IncUS$300 Fix 425 20142021 USU31436AG04 A1ZDVJ
Fresenius US Finance II IncUS$300 Fix 450 20152023 USU31436AH86 A1Z64A
As of April 8 2020
Fresenius Medical Care Overview Bonds
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 70
Issuer Volume(in millions)
Coupon type
Coupon (in )
MaturityTerm
ISIN (RegS)
WKN
FMC Finance VII SA euro300 Fix 525 20112021 XS0576395478 A1GLY6
Fresenius Medical Care US Finance Inc US$650 Fix 575 20112021 USU31433AA03 A1GL0J
Fresenius Medical Care US Finance II Inc US$500 Fix 4125 20142020 US35802XAH61 A1ZRTL
Fresenius Medical Care US Finance II Inc US$700 Fix 5875 20122022 USU31434AC42 A1GZRF
Fresenius Medical Care US Finance II Inc US$400 Fix 475 20142024 US35802XAJ28 A1ZRTN
Fresenius Medical Care US Finance III Inc US$500 Fix 375 20192029 USU3149FAA76 A2R3YR
Fresenius Medical Care AG amp Co KGaA euro650 Fix 0250 20192023 XS2084510069 A255DU
Fresenius Medical Care AG amp Co KGaA euro500 Fix 150 20182025 XS1854532949 A2NBE6
Fresenius Medical Care AG amp Co KGaA euro600 Fix 0625 20192026 XS2084497705 A255DV
Fresenius Medical Care AG amp Co KGaA euro500 Fix 1250 20192029 XS2084488209 A255DW
As of December 31 2019
Financial Calendar Contact
Financial Calendar 06 May 2020 Results Q120
30 July 2020 Results Q220
29 October 2020 Results Q320Please note that these dates could be subject to change
Annual General Meeting Due to the coronavirus pandemic the AGM scheduled for 20 May 2020 has been postponed A new date within the current financial year will be set as soon as the conditions for reliable planning and safe execution of the AGM are once again in place
Contact
Investor Relations amp SustainabilityFresenius SE amp Co KGaAphone +49 6172 608-2485e-mail ir-frefreseniuscomFor further information and current news wwwfreseniuscom
Follow us on Twitter wwwtwittercomfresenius_irand LinkedIn wwwlinkedincomcompanyfresenius-investor-relations
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 71
ESG Rating Overview Continuous Improvement through Reporting and Engagement
Current Score CDP Climate CCDP Water C Prime C BB 39100
DJSI Europe 55100
Sector Average CDP Climate B- C- BBB - A 28 100 47 ndash 63 100
Previous Score CDP Climate D-CDP Water D- Prime C BB 33100 48 100
Next steps bull Improve management-level responsibility over ESG-related issues ie implement further emissions reduction and efficiency projects and related targets
bull Intensify dialogue with rating agencies
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 18
SustainabilityESG Decisive Steps for 2020
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Our Priorities
bull ldquoBetter medicine for more peoplerdquo
bull Patients Quality of products and services
bull People Being an attractive employer
bull Compliance Doing the right thing
Sustainability Governance
bull CEO sponsors Group sustainability efforts
bull New Group Sustainability Board in 2020
bull Strategy and KPI alignment program started in 2019 will continue in 2020
Remuneration
bull Remuneration proposal planned for AGM 2021
bull Based on new German legal framework and German Corporate Governance Code
bull Will include ESG performance indicators
19
Investments in own business
Strategic acquisitions
Dividends
Share buy backs
Fresenius Group Capital Deployment Focuses on SustainableValue Creation
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Leverageratio
30-351
1 Including IFRS 16
20
Review FY19
21General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group
bull Delivered on all targets - 16th consecutive record year
bull 27th consecutive dividend increase proposed
bull Fresenius Kabi expected to show healthy top-line growth whilst softness in North America weighs on EBIT in FY20
bull Fresenius Helios anticipated to show ongoing stabilization in Germany and continued strong growth in Spain in FY20
bull Fresenius Medical Care expected to show strong growth in FY20
bull Too early to quantify the financial impact of Covid-19
bull Fresenius Group back on growth trajectory in FY20
bull Medium-term growth targets confirmed
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 22
Fresenius Kabi Volume Headwinds Partially Offset by New Product Launches in North America
bull Ongoing volume headwinds anticipatedminus Intensified competitionminus Shortage tailwind essentially overminus Opioid market not expected to
recoverbull Pricing expected to be in-line with
historical trends however trending more towards mid-single digit price declines in base product portfolio
bull 15+ product launches expected in 2020 targeting an originator market of ~US$13 bn
bull Excellent pipeline gt50 files pending with the FDA
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 23
Current Portfolio 2023 Portfolio
IV drugs
Pre-filled syringes
IV solutions
Parenteral nutrition
Infusion pumps
Biosimilars
Compounding
Specialty Rx
Fresenius Kabi Rigorous Pursuit to Further Broaden and Diversify Portfolio in North America
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 24
GPOsHospitals ClinicsPhysician Offices Retail PharmacyHome Care
Strong medium light none
0
500
1000
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 20190
01
02
03
Fresenius Kabi Continued Positive Momentum in Emerging Markets
bull Strong organic sales growth expected
bull Continued positive momentum in LatinAmerica anticipated
bull Regulatory changes in China expected toweigh on EBIT development
bull Too early to quantify the financial impact ofCovid-19
Significant sales and volume growth in China over last decade
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 25
Sales (cc) Volume growth Sales growth (cc)
in euro million
CAGR ~10
100030
20
10
0 0
500
US
Progress of portfolio
bull Three more molecules in portfolio
bull Expect to start with clinical studies forthose molecules in 2021
Fresenius Kabi Biosimilar Update
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 26
Launch schedule
Europe
Pegfilgrastim
Adalimumab
Tocilizumab
2023
2019
2021
2021
2023
2023
Business plan
bull Total investment ceiling euro14 bn untilEBITDA break-even in 2023
bull High triple-digit euro million sales in 2024
Fresenius Kabi Launch of Idacio in Europe Progresses According to Plan
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 27
Launched
Approved
Submitted
Fresenius Kabi Divisionalization of Transfusion Medicine and Cell Therapies Business Fuels Growth
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 28
bull Business remains important part of Fresenius Kabi
bull Dynamic growth in FY19 and good growth prospects
bull Inauguration of new production building in Haina Dominican Republic to fuel growth of disposable products
bull New joint venture to advance new cell and gene therapies
Fresenius Helios Germany to Show Ongoing Stabilization in FY20
Mitigation of regulatory headwindsbull Chief doctor vacancies at record lowbull Appropriate level of nursing staff bull Optimization of processes and workflowsbull Cost optimization measures
Very positive reimbursement environmentbull 2020 DRG inflator set at 366
Investments in future growth fieldsbull Clustering strategy progressesbull Preventionbull Occupational medicinebull Telemedicine platform
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 29
Ramp-up of outpatient businessbull Outpatient surgery centersbull Specialization of medical centers
Excellent growth in Spainbull Opening of first proton therapy center in
Spain (first patient treated in December rsquo19)
bull Opening of Quironsalud Madrid university hospital expansion in Pozuelo
bull Private hospitals expected to show dynamic organic growth driven by admissions
bull Continued positive momentum for ORPs
Fresenius Helios Spain to Plow Ahead in FY20
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 30
Expansion in Latin America proceedsbull Five successful acquisitions in Colombia
contribute nicely in FY20minus Clinica Las Vegas Clinica del Prado
and CediMed in Medellin(1)
minus Centro Medico Imbanaco in Cali(2)
minus Clinica de la Mujer in Bogota(3)
bull Total expected sales contribution of approx euro180m equiv in FY20
bull Attractive risk-adjusted ROIs expected
Notes (1) All transactions closed in 2019 (2) Closing expected at the end of Q12020 (3) Closing expected in Q22020 subject to anti-trust clearance
Financial Review FY19
31General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Sales
+6FY19 euro33524 m
Net Income
+0FY19 euro1915 m
EBIT
-2FY19 euro4599 m
Fresenius Group FY19 Profit and Loss Statement
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
All growth rates in constant currency (cc)Before special items adjusted for IFRS 16 effectOn a comparable basis FY18 adjusted for divestitures of Care Coordination activities at FMC before special itemsNet income attributable to shareholders of Fresenius SE amp Co KGaA
Net Interest
-euro510 mFY18 -euro549 m
Income Tax Rate
234FY18 221
32
1 On a comparable basis Q418 adjusted for divestitures of Care Coordination activities at FMC Q419 adjusted for IFRS 16 effect
All figures before special itemsFor a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
Fresenius Group Q419 Business Segment Growth
Organic sales growth1
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
EBIT growth (cc)1
+5
+4
+4
+4
0
-1
5
+7
+4 0
33
Fresenius Kabi Organic Sales Growth by Product Segment
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom Q419Δ YoY
organic FY19Δ YoY
organic
IV Drugs 737 -1 2939 -1
Infusion Therapy 213 2 834 3
Clinical Nutrition 482 8 1898 9
Medical DevicesTransfusion Technology
334 10 1248 11
Total sales 1766 4 6919 4
34
Fresenius Kabi Organic Sales Growth by Regions
eurom Q419Δ YoY
organic FY19Δ YoY
organic
North America 609 -1 2424 -2
Europe 604 2 2313 2
Emerging Markets 553 12 2182 14
Total sales 1766 4 6919 4
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 35
Fresenius Kabi Q4 amp FY19 EBIT Growth
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom Q419 Δ YoY cc FY19 Δ YoY cc
North AmericaMargin
204335
-8-260 bps
907374
-3-50 bps
EuropeMargin
87144
-10-200 bps
328142
-7-160 bps
Emerging MarketsMargin
124224
7-90 bps
476218
19130 bps
Corporate and Corporate RampD -132 11 -511 2
Total EBITMargin
283160
-1-90 bps
1200173
3-10 bps
On a comparable basis before special items and adjusted for IFRS 16 effects
Margin growth at actual ratesFor a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
36
Fresenius Kabi Expected Organic Sales Growth 2020
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Broadly stable
bull Ongoing volume headwinds anticipated
bull Pricing expected to trend more towards mid-single digit price declines in base product portfolio
North America
Mid-single-digit growth
bull Growth driven by first biosimilar in the market (IDACIO)
bull Continued strong growth of clinical nutrition business expected
Europe
High single-digit growth
bull China Healthy volume growth anticipated regulatory headwinds weigh on business
bull Latin America Continued healthy growth expected
Emerging Markets
37
Fresenius Helios Q4 amp FY19 Key Financials
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom Q419 Δ YoY FY19 Δ YoY
Total sales 2344 41 9234 51
Thereof Helios Germany 1475 31 5940 31
Thereof Helios Spain 867 71 3292 71
Total EBIT3
Margin292
1255
10 bps1015110
-4-32
-70 bps
Thereof Helios GermanyMargin
14397
420 bps
57697
-8-62
-80 bps
Thereof Helios SpainMargin
134155
6-50 bps
434132
5-50 bps
Thereof Corporate 15 -- 5 --
1 Organic growth2 Adjusted for the post-acute care business transferred to Fresenius Vamed as of July 1 20183 Adjusted for IFRS 16 effectFor a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
38
Fresenius Helios Key Measures
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
FY19 FY18 Δ
No of hospitals Germany- Acute care hospitals
8683
8683
00
No of hospitals Spain(Hospitals)
51 47 9
No of beds Germany- Acute care hospitals
28907 28380
2932928802
-1-1
No of beds Spain(Hospitals)
7288 7019 4
Admissions Germany (acute care) 1206654 1218199
Admissions Spain (including outpatients) 15396051 13318066
39
Fresenius Vamed
1 Without German post-acute care business acquired from Fresenius Helios as of July 1 2018
2 Adjusted for IFRS 16 effect 3 Project business only4 Versus December 31 2018
bull Both business segments contributed to the organic sales growth of 4 in Q419
bull Stable service business is gaining weight (FY19 63 of sales FY09 32)
bull Geographically well-diversified order backlog is excellent foundation for future growth
eurom Q419 Δ YoY FY19 Δ YoY
Total salesThereof organic sales
737 64
2206 31161
Service business 374 11 1399 43251
Project business 363 1 807 13
Total EBIT2 66 8 131 1961
Order intake3 576 -13 1314 7
Order backlog3 2865 184
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 40
Fresenius Group FY19 amp Cash Flow
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Operating CF1 Capex (net) Free Cash Flow12
eurom FY2019 Margin FY2019 Margin FY2019 Margin
1947 111 -1113 -64 834 47
968 140 -716 -104 252 36
683 74 -477 -52 206 224
-46 -21 -52 -23 -98 -44
CorporateOther -38 na -75 na -113 na
1677 93 -1320 -73 357 20
3514 99 -2433 -69 1081 30
1 Adjusted for IFRS 162 Before acquisitions and dividends3 Incl FMC dividend of euro110 million4 Understated 27 excluding euro45 million of capex commitments from acquisitions
Excl FMC3
41
Fresenius Group 2020 Financial Outlook by Business Segment
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom (except otherwise stated) FY19 Base1 FY20e2
Sales growth (cc) 17477mid to high single digit
-range
Net income growth3 (cc) 1205mid to high single digit
-range
Sales growth (organic) 6919 3 - 6
EBIT growth (cc) 1205 -4 to 0
Sales growth (organic) 9234 3 - 6
EBIT growth (cc) 1025 3 - 7
Sales growth (organic) 2206 4 - 7
EBIT growth (cc) 134 5 - 9
1 Before special items including IFRS 16 effects including NxStage operations2 Before special items3 Net income attributable to shareholders of Fresenius Medical Care AG amp Co KGaA
For a detailed overview of special items please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
42
eurom (except otherwise stated) FY19 Base1 FY202
Sales growth (cc) 35409 4 - 7
Net income3 growth (cc) 1879 1 - 5
Fresenius Group 2020 Financial Guidance
1 Before special items including IFRS 16 effects including NxStage operations 2 Before special items3 Net income attributable to shareholders of Fresenius SEampCoKGaA
For a detailed overview of special items please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 43
FY19 base for Fresenius Group Guidance FY20
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
euromFresenius
GroupFresenius
Medical CareFresenius
Kabi
Sales reported (reported = base for guidance) 35409 17477 6919
Transaction costs Akorn 3
Revaluations of biosimilars contingent purchase price liabilities -32
EBIT (before special items = base Fresenius Kabi guidance) 1205
Net income reported 1883 1200
Transaction costs Akorn 3
Revaluations of biosimilars contingent purchase price liabilities -19
Gain related to divestitures of Care Coordination activities at FMC -15 -49
Transaction costs NxStage 6 18
Expenses associated with cost optimization program at FMC 21 67
Net income (before special items = base Fresenius Group amp FMC guidance) 1879 1236
44
Fresenius Group Financial Results by Business Segment
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 45
20191 20182 2017 Growth3
20192018
Sales euro17592 m euro16026 m euro17784 m 62
EBIT euro2281 m euro2292 m euro2562 m -42
Sales euro6919 m euro6544 m euro6358 m 4
EBIT euro1200 m euro1139 m euro1177 m 3
Sales euro9234 m euro8993 m euro8668 m 3
EBIT euro1015 m euro1052 m euro1052 m -4
Sales euro2206 m euro1688 m euro1228 m 30
EBIT euro131 m euro110 m euro76 m 18
Sales euro35524 m euro33009 m euro33886 m 62
EBIT euro4599 m euro4547 m euro4830 m -22Group
Before special items
1 Adjusted for IFRS 162 On a comparable basis 2018 adjusted for divestitures of Care Coordination activities 3 Growth rates at constant currency and adjusted for IFRS 16
Fresenius Group Margins by Business Segment
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 46
Before special items 2018 adjusted for divestitures of Care Coordination activities 2019 adjusted for IFRS 16
2019 2018 2017
EBITDA margin 178 192 185
EBIT margin 130 143 144
EBITDA margin 217 219 233
EBIT margin 173 174 185
EBITDA margin 148 159 165
EBIT margin 110 117 121
EBITDA margin 78 79 71
EBIT margin 59 65 62
EBITDA margin 174 183 185
EBIT margin 129 138 143Group
Credit Highlights amp Financing Structure
47General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Credit Highlights
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 48
Consistent Cash Generation
Proven Track Record of Deleveraging
Broad Mix of Financing Instruments
Well-Balanced Maturity Profile
Solid Balance Sheet Structure
Solid IG Rating and Strong Access to Capital Markets
120
103
126
114109
120 122116
112120
8
9
10
11
12
13
14
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
48 48 52 5358 55 55 54
6570
2
3
4
5
6
7
8
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
74
56
76
62
52
67 67 66
50 52
4
5
6
7
8
9
10
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Fresenius Group Consistent Cash Generation
Capex gross in of sales
FCF margin (before acquisitions amp dividends)CFFO margin
49General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
2019 including IFRS 16
32x
30x
27x
22x 23x
35x
30x
26x
36x
30x
26x27x
26x
25x
32x
27x
23x
28x
27x
31x 4
20
25
30
35
40
2001 2002 2003 2004 2005 Q106 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
3
2
Hospitals from
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Proven Track Record of Deleveraging
Net DebtEBITDA1
1 At actual FX rates from 2001 to 2010 and at average FX rates from 2011 onwards for both Net Debt and EBITDA before special items pro forma closed acquisitionsdivestitures2 Pro forma excluding advances made for the acquisition of hospitals from Rhoumln-Klinikum AG3 Both net debt and EBITDA including IFRS 16 effect and calculated at expected annual average exchange rates excluding further potential acquisitions4 Including acquisition of NxStage adjusted for IFRS 16 effect
Target 20203 towards thetop end of self-imposed
target corridor of 30 ndash 35x
50
36x
40
35
20
25
30
Equity-neutralconvertible bonds 3
Fresenius Group excl FMC Broad Mix of Financing Instruments
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 51
Total BS Debt
~euro136 bn
1 As of December 31 2019
bull Optimize funding costs and ensure financial flexibility
bull Diversify investor base
bull Strong liquidity provided by sufficient financial cushion (~euro22 billion as of December 31 2019)
Well Positioned to Meet Financing NeedsBonds 40
Lease obligations 14
Syndicated loans 15
Schuldscheinloans 16
Other financial liabilities 5
Commercial paper 7
Average interest ratecost of debt18 pa
Commercial paper 7
Fresenius Group Broad Mix of Financing Instruments
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 52
Total BS Debt
~euro273 bn
1 As of December 31 2019
bull Optimize funding costs and ensure financial flexibility
bull Diversify investor base
bull Strong liquidity provided by sufficient financial cushion (~euro40 billion as of December 31 2019)
Well Positioned to Meet Financing Needs
Average interest ratecost of debt22 pa
Equity-neutralconvertible bonds 3
Syndicated loans 14
Other financial liabilities 6
Bonds 38
Lease liabilities 24
Schuldschein loans 8
Fresenius Group Capitalization1
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 53
Instrument per Book Value in euro million in $ million4 oftotal cap
EBITDA LTM x
Syndicated Credit Agreement Revolver (euro US-$) 0 0 00 Syndicated Credit Agreement Term Loan A (euro US-$) 1976 2220 29 Bonds (euro US-$) 5501 6180 82 Convertible Bonds 465 522 07 Schuldschein Loans 2180 2449 33 Commercial Paper 953 1071 14 Lease Obligations 1876 2107 28 Other debt 675 758 10 Total Debt (FSE excl FMC) gross 13626 15307 203 Cash (excl FMC) 651 731 10 Total debt (FSE excl FMC) net 12975 14576 193 Total FMC debt net 12774 14350 190 Consolidation Adjustments (145) (163) (02)Total consolidated debt net 25604 28764 382 36x Market capitalization2 41470 46587 618 58x
Total capitalization 67074 75351 1000 94x FSE Group EBITDA3 7110
1 As of December 31 20192 Based on market capitalization for FSE and FMC as of December 31 20193 Pro Forma acquisitions before special items4 EURUSD exchange rate as of December 31 2019
Fresenius Group excl FMC Well-Balanced Debt Maturity Profile12
54
1 As of December 31 2019 and based on utilization of major financing instruments2 Excluding lease liabilities3 Pro Forma issuance of FSE EUR 750m bonds in Jan 2020 (average maturity 38)
Maturity 35 years3 on
average
eurom
EUR 750m Jan 2020
500717 700
267
1150
500700 750
500 500
153
903 927
106
304 393
430
421
238
207
84
500
953
0
500
1000
1500
2000
2500
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Bonds Syndicated Loan Schuldschein Loans Equity-neutral convertible bonds Commercial Paper
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
1500
1000
2000
2500
Fresenius Group Well-Balanced Debt Maturity Profile12
1 As of December 31 2019 and based on utilization of major financing instruments2 Excluding lease liabilities3 Pro Forma issuance of FSE EUR 750m bonds in Jan 2020 (average maturity 35)
EUR 750m Jan 2020
2380
13931859
650356 500 600
945
1712
1924
2020
697
2071
500 238
907 750
584
5000
1000
2000
3000
4000
5000
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Fresenius Medical Care Fresenius excl Fresenius Medical Care
5000
4000
3000
2000
1000
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Maturity 33 years3 on
average
eurom
55
23 23 23 19
32 36 33 41
45 41 44 40
Dec 31 16 Dec 31 17 Dec 31 18 Dec 31 19
Equity and non-controlling interest Debt Other liabilities
Fresenius Group Solid Balance Sheet Structure
Healthy Equity and Liability Split
bull Strong equity ratio of gt40 on average
bull Equity ratio kept in narrow range despite rapid growth of Fresenius Group
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 56
467 531 567 670
BS total (eurobn)
Including IFRS 16
Fresenius SE Solid Investment Grade Rating
57
ldquoFSE delivers solid organic growth thanks to positive underlying growth trends in the life-saving and life-sustaining products and therapies that the group offersrdquoSampP Jan 08 2019
ldquoFSErsquos rating remains anchored in investment-grade given its mature and defensive business risk profile its organic deleveraging ability based on free cash flow generation and its record of integrating acquisitions successfully and reducing financial leverage in line with communicated policiesrdquo Fitch April 17 2019
ldquoThe Baa3 long term issuer rating of FSE reflects its strong defensive business profile underpinned by large absolute scale global footprint and segmental diversification within the healthcare market supported by strong position in its four business segmentsrdquo Moodyrsquos May 20 2019
Rating History Rating Agenciesrsquo Key Statements
Following a positive outlook SampP upgraded Fresenius to BBB stable outlook in May 2019
SampP Moodylsquos Fitch
Corporate Credit Rating BBB Baa3 BBB-
Outlook stable stable stable
Current Credit Ratings
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Strong Access to Capital Markets
58
Major Financing Instruments
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Bonds euro250 m euro800 m$105 bn
euro750 m$15 bn
euro500 m euro12 bn$12 bn
$300m euro26 bn euro500 m euro10 bn$500 m
euro175 bn
euro750 m1
euro750 m2
SyndicatedLoans
$35 bn $898 m $385 bn $18 bneuro245 bn
$41 bneuro700 m
$115 bneuro205 bn
euro530 bn$355 bn
euro100 m
SchuldscheinLoans
euro400 m euro125 m euro500 m euro112 m $400 m euro10 bn euro700 m
Convertible Bonds
euro900 m euro500 m
Equity euro10 bn euro400 m
1 January 2020 euro750million 2020-2028 bonds issued by Fresenius SE amp Co KGaA2 March 2020 euro750million 2020-2027 bonds issued by Fresenius SE amp Co KGaA
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Debt and Cash Flow Structure
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 59
1 Incl consolidation adjustments2 Incl Fresenius financing subsidiaries3 Controlling stake4 Incl subsidiaries 5 Based on market capitalization for FMC as of December 31 20196 Via German holding entities (Fresenius Kabi AG and Fresenius ProServe GmbH)
Fresenius Medical Care
Financing
Fresenius SE Financing
Group Net Debt ~euro256 bn1
DividendsRents Service Agreements
~323 100 77 (cross boarder)100
Profit transfer Agreements6
bull Separate financing of Fresenius SE and Fresenius Medical Care
bull No joint financing facilities or mutual guarantees
bull Fresenius Kabi Fresenius Helios and Fresenius Vamed financed primarily through Fresenius SE to avoid structural subordination
bull Subsidiary debt consists mainly of lease liabilities which are on balance acc to IFRS 16 from 2019 onwards
FSE Net Debt2~euro128 bn
incl Net Debt of KabiHeliosVamed
StockMarketValue~euro62 bn5
FSE Net Debt2~euro114 bn
excl Net Debt of KabiHeliosVamed
euro12774 m Net Debt4
Thereof lease liabilities euro4705m
euro951 m Net Debt4
Thereof lease liabilities euro1042m
euro84 m Net Debt4
Thereof lease liabilities euro392m
euro371 m Net Debt4
Thereof lease liabilities euro369m
Fresenius Group Key Credit Figures
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 60
1 Adjusted for IFRS 162 Before special items pro forma acquisitionsdivestitures3 Before special items
20191 2019 2018 2017
Debt (eurom) thereof US$ denominated
2123328
2725834
1898428
1904231
Net debt (eurom) 19579 25604 16275 17406
Net debtEBITDA2
Net debt at year-end exchange rate EBITDA at LTM average FX rates
314 360 273 279
Net debtEBITDA2
at LTM average FX rates for both net debt and EBITDA
314 361 271 284
Operating Cash flowSales 99 120 112 116
EBITDANet Interest3 121 99 106 96
Appendix
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 61
Fresenius Group FY19 Key Financials
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom FY191 IFRS 16effect
specialitems
FY19 reported
Δ YoY cc12
Sales 35524 -115 - 35409 6
EBIT 4599 89 -57 4631 -2
Net interest -510 -204 -5 -719 9
Income taxes -955 30 42 -883 -5
Net income3 1915 -36 4 1883 0
Balance sheet total 61237 5769 - 67006
Operating Cashflow 3514 749 - 4263
1 Before special items adjusted for IFRS 16 effect2 On a comparable basis 2018 adjusted for divestitures of Care Coordination activities at FMC3 Net income attributable to shareholders of Fresenius SE amp Co KGaA
For a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
62
Fresenius Group Cash Flow
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 63
eurom 20191 Margin 2019 Margin 2018 Margin Δ YoY1918
Operating Cash Flow 3514 99 4263 120 3742 112 14
Capex (net) -2433 -69 -2433 -68 -2077 -62 -17
Free Cash Flow(before acquisitions and dividends)
1081 30 1830 52 1665 50 10
Acquisitions (net) -2423 -2423 613 --
Dividends -952 -952 -904 5
Free Cash Flow(after acquisitions and dividends) -2294 -65 -1545 -44 1374 41 --
1 2019 adjusted for IFRS 16
Fresenius Group Calculation of Noncontrolling Interest
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom FY19 FY18
Earnings before tax and noncontrolling interest 4089 3998
Taxes -955 -883
Noncontrolling interest thereof -1219 -1243
Fresenius Medical Care net income not attributable to Fresenius (FY19 ~69)
-897 -928
Noncontrolling interest holders in Fresenius Medical Care -239 -244
Noncontrolling interest holders in Fresenius Kabi (-euro49 m) Fresenius Helios (-euro13 m) Fresenius Vamed (-euro2 m) and due to Fresenius Vamedrsquos 23 external ownership (-euro19 m)
-83 -71
Net income attributable to Fresenius SE amp Co KGaA 1915 1872
64
On a comparable basis Before special items adjusted for IFRS16 effect FY18 adjusted for divestitures of Care Coordination activities at FMC
For a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
002
023 025029
032037
042044
055
062
93 08 09 10 11 12 13 14 15 16 17 18 19
25 2421 20 21 21 22 21 22 23 24
Fresenius SE Earnings-Linked Dividend Policy
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
euro per share
bull Dividend growth aligned to EPS1
growth
bull Pay-out Ratio 20 to 25
Dividend distribution (eurom)
Pay-out Ratio
075
2019 Pay-out Ratio 24 Dividend Policy
122 140 155 196 225 238 300 416114 343 445
080
1 Before special items
468
084
24
Track record
bull 27th consecutive dividend increase
bull CAGR dividend increase +15
65
32x1
Fresenius Medical Care Low Leverage Reflected by Solid Investment Grade Rating
66General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
60 6176
6483
2015 2016 2017 2018 2019
Free Cash Flow in of revenue
SampP Moodylsquos Fitch
Corporate Credit Rating BBB Baa3 BBB-
Outlook stable stable stable
Current Credit Ratings
1 Including IFRS16 effect
29x30x
27x
22x
18x
31x
27x25x
22x
21x
27x25x
25x
31x
26x23x
21x
18x
25x
15
20
25
30
35
40
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
1
Fresenius Medical Care Broad Mix of Financing Instruments
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 67
Total BS Debt
~euro138 m
1 As of December 31 2019
bull Optimize funding costs and ensure financial flexibility
bull Diversify investor base
bull Strong liquidity provided by sufficient financial cushion (~euro18 billion as of December 31 2019)
Well Positioned to Meet Financing Needs
Average interest ratecost of debt25 pa
Equity-neutralconvertible bonds 3
Commercial paper 7
Syndicated loans 14
Other financial liabilities 7
Bonds 36
Lease obligations 33
Fresenius Medical Care Well-Balanced Debt Maturity Profile12
68
eurom
Maturity 30 years on
average
1 As of December 31 2019 and based on utilization of major financing instruments2 Excluding lease liabilities
445
878623 650
356500 600
945
535
135
1236400
1000
380
0
500
1000
1500
2000
2500
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
Bonds Syndicated Loan Equity-neutral convertible bonds Commercial Paper AR Facility
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
2500
2000
1500
1000
Fresenius SE Overview Bonds
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 69
Issuer Volume(in millions)
Coupon type
Coupon (in )
MaturityTerm
ISIN (RegS)
WKN
Fresenius SE amp Co KGaAeuro500 Fix 2875 20132020 XS0873432511 A1HEWZ
Fresenius SE amp Co KGaAeuro450 Fix 300 20142021 XS1013955379 A1ZB7H
Fresenius SE amp Co KGaAeuro450 Fix 400 20142024 XS1026109204 A1ZC60
Fresenius SE amp Co KGaAeuro 500 Fix 1875 20192025 XS1936208252 A2NBMS
Fresenius SE amp Co KGaAeuro 750 Fix 1625 20202027 XS2152329053 A254TA
Fresenius SE amp Co KGaAeuro 750 Fix 075 20202028 XS2101357072 A254QN
Fresenius SE amp Co KGaAeuro 500 Fix 2875 20192029 XS1936208419 A2NBMT
Fresenius Finance Ireland plceuro700 Fix 0875 20172022 XS1554373164 A19B3F
Fresenius Finance Ireland plceuro700 Fix 150 20172024 XS1554373248 A19B3G
Fresenius Finance Ireland plceuro700 Fix 2125 20172027 XS1554373677 A19B3H
Fresenius Finance Ireland plceuro500 Fix 300 20172032 XS1554373834 A19B3J
Fresenius US Finance II IncUS$300 Fix 425 20142021 USU31436AG04 A1ZDVJ
Fresenius US Finance II IncUS$300 Fix 450 20152023 USU31436AH86 A1Z64A
As of April 8 2020
Fresenius Medical Care Overview Bonds
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 70
Issuer Volume(in millions)
Coupon type
Coupon (in )
MaturityTerm
ISIN (RegS)
WKN
FMC Finance VII SA euro300 Fix 525 20112021 XS0576395478 A1GLY6
Fresenius Medical Care US Finance Inc US$650 Fix 575 20112021 USU31433AA03 A1GL0J
Fresenius Medical Care US Finance II Inc US$500 Fix 4125 20142020 US35802XAH61 A1ZRTL
Fresenius Medical Care US Finance II Inc US$700 Fix 5875 20122022 USU31434AC42 A1GZRF
Fresenius Medical Care US Finance II Inc US$400 Fix 475 20142024 US35802XAJ28 A1ZRTN
Fresenius Medical Care US Finance III Inc US$500 Fix 375 20192029 USU3149FAA76 A2R3YR
Fresenius Medical Care AG amp Co KGaA euro650 Fix 0250 20192023 XS2084510069 A255DU
Fresenius Medical Care AG amp Co KGaA euro500 Fix 150 20182025 XS1854532949 A2NBE6
Fresenius Medical Care AG amp Co KGaA euro600 Fix 0625 20192026 XS2084497705 A255DV
Fresenius Medical Care AG amp Co KGaA euro500 Fix 1250 20192029 XS2084488209 A255DW
As of December 31 2019
Financial Calendar Contact
Financial Calendar 06 May 2020 Results Q120
30 July 2020 Results Q220
29 October 2020 Results Q320Please note that these dates could be subject to change
Annual General Meeting Due to the coronavirus pandemic the AGM scheduled for 20 May 2020 has been postponed A new date within the current financial year will be set as soon as the conditions for reliable planning and safe execution of the AGM are once again in place
Contact
Investor Relations amp SustainabilityFresenius SE amp Co KGaAphone +49 6172 608-2485e-mail ir-frefreseniuscomFor further information and current news wwwfreseniuscom
Follow us on Twitter wwwtwittercomfresenius_irand LinkedIn wwwlinkedincomcompanyfresenius-investor-relations
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 71
SustainabilityESG Decisive Steps for 2020
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Our Priorities
bull ldquoBetter medicine for more peoplerdquo
bull Patients Quality of products and services
bull People Being an attractive employer
bull Compliance Doing the right thing
Sustainability Governance
bull CEO sponsors Group sustainability efforts
bull New Group Sustainability Board in 2020
bull Strategy and KPI alignment program started in 2019 will continue in 2020
Remuneration
bull Remuneration proposal planned for AGM 2021
bull Based on new German legal framework and German Corporate Governance Code
bull Will include ESG performance indicators
19
Investments in own business
Strategic acquisitions
Dividends
Share buy backs
Fresenius Group Capital Deployment Focuses on SustainableValue Creation
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Leverageratio
30-351
1 Including IFRS 16
20
Review FY19
21General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group
bull Delivered on all targets - 16th consecutive record year
bull 27th consecutive dividend increase proposed
bull Fresenius Kabi expected to show healthy top-line growth whilst softness in North America weighs on EBIT in FY20
bull Fresenius Helios anticipated to show ongoing stabilization in Germany and continued strong growth in Spain in FY20
bull Fresenius Medical Care expected to show strong growth in FY20
bull Too early to quantify the financial impact of Covid-19
bull Fresenius Group back on growth trajectory in FY20
bull Medium-term growth targets confirmed
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 22
Fresenius Kabi Volume Headwinds Partially Offset by New Product Launches in North America
bull Ongoing volume headwinds anticipatedminus Intensified competitionminus Shortage tailwind essentially overminus Opioid market not expected to
recoverbull Pricing expected to be in-line with
historical trends however trending more towards mid-single digit price declines in base product portfolio
bull 15+ product launches expected in 2020 targeting an originator market of ~US$13 bn
bull Excellent pipeline gt50 files pending with the FDA
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 23
Current Portfolio 2023 Portfolio
IV drugs
Pre-filled syringes
IV solutions
Parenteral nutrition
Infusion pumps
Biosimilars
Compounding
Specialty Rx
Fresenius Kabi Rigorous Pursuit to Further Broaden and Diversify Portfolio in North America
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 24
GPOsHospitals ClinicsPhysician Offices Retail PharmacyHome Care
Strong medium light none
0
500
1000
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 20190
01
02
03
Fresenius Kabi Continued Positive Momentum in Emerging Markets
bull Strong organic sales growth expected
bull Continued positive momentum in LatinAmerica anticipated
bull Regulatory changes in China expected toweigh on EBIT development
bull Too early to quantify the financial impact ofCovid-19
Significant sales and volume growth in China over last decade
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 25
Sales (cc) Volume growth Sales growth (cc)
in euro million
CAGR ~10
100030
20
10
0 0
500
US
Progress of portfolio
bull Three more molecules in portfolio
bull Expect to start with clinical studies forthose molecules in 2021
Fresenius Kabi Biosimilar Update
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 26
Launch schedule
Europe
Pegfilgrastim
Adalimumab
Tocilizumab
2023
2019
2021
2021
2023
2023
Business plan
bull Total investment ceiling euro14 bn untilEBITDA break-even in 2023
bull High triple-digit euro million sales in 2024
Fresenius Kabi Launch of Idacio in Europe Progresses According to Plan
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 27
Launched
Approved
Submitted
Fresenius Kabi Divisionalization of Transfusion Medicine and Cell Therapies Business Fuels Growth
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 28
bull Business remains important part of Fresenius Kabi
bull Dynamic growth in FY19 and good growth prospects
bull Inauguration of new production building in Haina Dominican Republic to fuel growth of disposable products
bull New joint venture to advance new cell and gene therapies
Fresenius Helios Germany to Show Ongoing Stabilization in FY20
Mitigation of regulatory headwindsbull Chief doctor vacancies at record lowbull Appropriate level of nursing staff bull Optimization of processes and workflowsbull Cost optimization measures
Very positive reimbursement environmentbull 2020 DRG inflator set at 366
Investments in future growth fieldsbull Clustering strategy progressesbull Preventionbull Occupational medicinebull Telemedicine platform
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 29
Ramp-up of outpatient businessbull Outpatient surgery centersbull Specialization of medical centers
Excellent growth in Spainbull Opening of first proton therapy center in
Spain (first patient treated in December rsquo19)
bull Opening of Quironsalud Madrid university hospital expansion in Pozuelo
bull Private hospitals expected to show dynamic organic growth driven by admissions
bull Continued positive momentum for ORPs
Fresenius Helios Spain to Plow Ahead in FY20
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 30
Expansion in Latin America proceedsbull Five successful acquisitions in Colombia
contribute nicely in FY20minus Clinica Las Vegas Clinica del Prado
and CediMed in Medellin(1)
minus Centro Medico Imbanaco in Cali(2)
minus Clinica de la Mujer in Bogota(3)
bull Total expected sales contribution of approx euro180m equiv in FY20
bull Attractive risk-adjusted ROIs expected
Notes (1) All transactions closed in 2019 (2) Closing expected at the end of Q12020 (3) Closing expected in Q22020 subject to anti-trust clearance
Financial Review FY19
31General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Sales
+6FY19 euro33524 m
Net Income
+0FY19 euro1915 m
EBIT
-2FY19 euro4599 m
Fresenius Group FY19 Profit and Loss Statement
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
All growth rates in constant currency (cc)Before special items adjusted for IFRS 16 effectOn a comparable basis FY18 adjusted for divestitures of Care Coordination activities at FMC before special itemsNet income attributable to shareholders of Fresenius SE amp Co KGaA
Net Interest
-euro510 mFY18 -euro549 m
Income Tax Rate
234FY18 221
32
1 On a comparable basis Q418 adjusted for divestitures of Care Coordination activities at FMC Q419 adjusted for IFRS 16 effect
All figures before special itemsFor a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
Fresenius Group Q419 Business Segment Growth
Organic sales growth1
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
EBIT growth (cc)1
+5
+4
+4
+4
0
-1
5
+7
+4 0
33
Fresenius Kabi Organic Sales Growth by Product Segment
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom Q419Δ YoY
organic FY19Δ YoY
organic
IV Drugs 737 -1 2939 -1
Infusion Therapy 213 2 834 3
Clinical Nutrition 482 8 1898 9
Medical DevicesTransfusion Technology
334 10 1248 11
Total sales 1766 4 6919 4
34
Fresenius Kabi Organic Sales Growth by Regions
eurom Q419Δ YoY
organic FY19Δ YoY
organic
North America 609 -1 2424 -2
Europe 604 2 2313 2
Emerging Markets 553 12 2182 14
Total sales 1766 4 6919 4
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 35
Fresenius Kabi Q4 amp FY19 EBIT Growth
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom Q419 Δ YoY cc FY19 Δ YoY cc
North AmericaMargin
204335
-8-260 bps
907374
-3-50 bps
EuropeMargin
87144
-10-200 bps
328142
-7-160 bps
Emerging MarketsMargin
124224
7-90 bps
476218
19130 bps
Corporate and Corporate RampD -132 11 -511 2
Total EBITMargin
283160
-1-90 bps
1200173
3-10 bps
On a comparable basis before special items and adjusted for IFRS 16 effects
Margin growth at actual ratesFor a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
36
Fresenius Kabi Expected Organic Sales Growth 2020
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Broadly stable
bull Ongoing volume headwinds anticipated
bull Pricing expected to trend more towards mid-single digit price declines in base product portfolio
North America
Mid-single-digit growth
bull Growth driven by first biosimilar in the market (IDACIO)
bull Continued strong growth of clinical nutrition business expected
Europe
High single-digit growth
bull China Healthy volume growth anticipated regulatory headwinds weigh on business
bull Latin America Continued healthy growth expected
Emerging Markets
37
Fresenius Helios Q4 amp FY19 Key Financials
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom Q419 Δ YoY FY19 Δ YoY
Total sales 2344 41 9234 51
Thereof Helios Germany 1475 31 5940 31
Thereof Helios Spain 867 71 3292 71
Total EBIT3
Margin292
1255
10 bps1015110
-4-32
-70 bps
Thereof Helios GermanyMargin
14397
420 bps
57697
-8-62
-80 bps
Thereof Helios SpainMargin
134155
6-50 bps
434132
5-50 bps
Thereof Corporate 15 -- 5 --
1 Organic growth2 Adjusted for the post-acute care business transferred to Fresenius Vamed as of July 1 20183 Adjusted for IFRS 16 effectFor a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
38
Fresenius Helios Key Measures
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
FY19 FY18 Δ
No of hospitals Germany- Acute care hospitals
8683
8683
00
No of hospitals Spain(Hospitals)
51 47 9
No of beds Germany- Acute care hospitals
28907 28380
2932928802
-1-1
No of beds Spain(Hospitals)
7288 7019 4
Admissions Germany (acute care) 1206654 1218199
Admissions Spain (including outpatients) 15396051 13318066
39
Fresenius Vamed
1 Without German post-acute care business acquired from Fresenius Helios as of July 1 2018
2 Adjusted for IFRS 16 effect 3 Project business only4 Versus December 31 2018
bull Both business segments contributed to the organic sales growth of 4 in Q419
bull Stable service business is gaining weight (FY19 63 of sales FY09 32)
bull Geographically well-diversified order backlog is excellent foundation for future growth
eurom Q419 Δ YoY FY19 Δ YoY
Total salesThereof organic sales
737 64
2206 31161
Service business 374 11 1399 43251
Project business 363 1 807 13
Total EBIT2 66 8 131 1961
Order intake3 576 -13 1314 7
Order backlog3 2865 184
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 40
Fresenius Group FY19 amp Cash Flow
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Operating CF1 Capex (net) Free Cash Flow12
eurom FY2019 Margin FY2019 Margin FY2019 Margin
1947 111 -1113 -64 834 47
968 140 -716 -104 252 36
683 74 -477 -52 206 224
-46 -21 -52 -23 -98 -44
CorporateOther -38 na -75 na -113 na
1677 93 -1320 -73 357 20
3514 99 -2433 -69 1081 30
1 Adjusted for IFRS 162 Before acquisitions and dividends3 Incl FMC dividend of euro110 million4 Understated 27 excluding euro45 million of capex commitments from acquisitions
Excl FMC3
41
Fresenius Group 2020 Financial Outlook by Business Segment
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom (except otherwise stated) FY19 Base1 FY20e2
Sales growth (cc) 17477mid to high single digit
-range
Net income growth3 (cc) 1205mid to high single digit
-range
Sales growth (organic) 6919 3 - 6
EBIT growth (cc) 1205 -4 to 0
Sales growth (organic) 9234 3 - 6
EBIT growth (cc) 1025 3 - 7
Sales growth (organic) 2206 4 - 7
EBIT growth (cc) 134 5 - 9
1 Before special items including IFRS 16 effects including NxStage operations2 Before special items3 Net income attributable to shareholders of Fresenius Medical Care AG amp Co KGaA
For a detailed overview of special items please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
42
eurom (except otherwise stated) FY19 Base1 FY202
Sales growth (cc) 35409 4 - 7
Net income3 growth (cc) 1879 1 - 5
Fresenius Group 2020 Financial Guidance
1 Before special items including IFRS 16 effects including NxStage operations 2 Before special items3 Net income attributable to shareholders of Fresenius SEampCoKGaA
For a detailed overview of special items please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 43
FY19 base for Fresenius Group Guidance FY20
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
euromFresenius
GroupFresenius
Medical CareFresenius
Kabi
Sales reported (reported = base for guidance) 35409 17477 6919
Transaction costs Akorn 3
Revaluations of biosimilars contingent purchase price liabilities -32
EBIT (before special items = base Fresenius Kabi guidance) 1205
Net income reported 1883 1200
Transaction costs Akorn 3
Revaluations of biosimilars contingent purchase price liabilities -19
Gain related to divestitures of Care Coordination activities at FMC -15 -49
Transaction costs NxStage 6 18
Expenses associated with cost optimization program at FMC 21 67
Net income (before special items = base Fresenius Group amp FMC guidance) 1879 1236
44
Fresenius Group Financial Results by Business Segment
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 45
20191 20182 2017 Growth3
20192018
Sales euro17592 m euro16026 m euro17784 m 62
EBIT euro2281 m euro2292 m euro2562 m -42
Sales euro6919 m euro6544 m euro6358 m 4
EBIT euro1200 m euro1139 m euro1177 m 3
Sales euro9234 m euro8993 m euro8668 m 3
EBIT euro1015 m euro1052 m euro1052 m -4
Sales euro2206 m euro1688 m euro1228 m 30
EBIT euro131 m euro110 m euro76 m 18
Sales euro35524 m euro33009 m euro33886 m 62
EBIT euro4599 m euro4547 m euro4830 m -22Group
Before special items
1 Adjusted for IFRS 162 On a comparable basis 2018 adjusted for divestitures of Care Coordination activities 3 Growth rates at constant currency and adjusted for IFRS 16
Fresenius Group Margins by Business Segment
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 46
Before special items 2018 adjusted for divestitures of Care Coordination activities 2019 adjusted for IFRS 16
2019 2018 2017
EBITDA margin 178 192 185
EBIT margin 130 143 144
EBITDA margin 217 219 233
EBIT margin 173 174 185
EBITDA margin 148 159 165
EBIT margin 110 117 121
EBITDA margin 78 79 71
EBIT margin 59 65 62
EBITDA margin 174 183 185
EBIT margin 129 138 143Group
Credit Highlights amp Financing Structure
47General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Credit Highlights
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 48
Consistent Cash Generation
Proven Track Record of Deleveraging
Broad Mix of Financing Instruments
Well-Balanced Maturity Profile
Solid Balance Sheet Structure
Solid IG Rating and Strong Access to Capital Markets
120
103
126
114109
120 122116
112120
8
9
10
11
12
13
14
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
48 48 52 5358 55 55 54
6570
2
3
4
5
6
7
8
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
74
56
76
62
52
67 67 66
50 52
4
5
6
7
8
9
10
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Fresenius Group Consistent Cash Generation
Capex gross in of sales
FCF margin (before acquisitions amp dividends)CFFO margin
49General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
2019 including IFRS 16
32x
30x
27x
22x 23x
35x
30x
26x
36x
30x
26x27x
26x
25x
32x
27x
23x
28x
27x
31x 4
20
25
30
35
40
2001 2002 2003 2004 2005 Q106 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
3
2
Hospitals from
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Proven Track Record of Deleveraging
Net DebtEBITDA1
1 At actual FX rates from 2001 to 2010 and at average FX rates from 2011 onwards for both Net Debt and EBITDA before special items pro forma closed acquisitionsdivestitures2 Pro forma excluding advances made for the acquisition of hospitals from Rhoumln-Klinikum AG3 Both net debt and EBITDA including IFRS 16 effect and calculated at expected annual average exchange rates excluding further potential acquisitions4 Including acquisition of NxStage adjusted for IFRS 16 effect
Target 20203 towards thetop end of self-imposed
target corridor of 30 ndash 35x
50
36x
40
35
20
25
30
Equity-neutralconvertible bonds 3
Fresenius Group excl FMC Broad Mix of Financing Instruments
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 51
Total BS Debt
~euro136 bn
1 As of December 31 2019
bull Optimize funding costs and ensure financial flexibility
bull Diversify investor base
bull Strong liquidity provided by sufficient financial cushion (~euro22 billion as of December 31 2019)
Well Positioned to Meet Financing NeedsBonds 40
Lease obligations 14
Syndicated loans 15
Schuldscheinloans 16
Other financial liabilities 5
Commercial paper 7
Average interest ratecost of debt18 pa
Commercial paper 7
Fresenius Group Broad Mix of Financing Instruments
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 52
Total BS Debt
~euro273 bn
1 As of December 31 2019
bull Optimize funding costs and ensure financial flexibility
bull Diversify investor base
bull Strong liquidity provided by sufficient financial cushion (~euro40 billion as of December 31 2019)
Well Positioned to Meet Financing Needs
Average interest ratecost of debt22 pa
Equity-neutralconvertible bonds 3
Syndicated loans 14
Other financial liabilities 6
Bonds 38
Lease liabilities 24
Schuldschein loans 8
Fresenius Group Capitalization1
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 53
Instrument per Book Value in euro million in $ million4 oftotal cap
EBITDA LTM x
Syndicated Credit Agreement Revolver (euro US-$) 0 0 00 Syndicated Credit Agreement Term Loan A (euro US-$) 1976 2220 29 Bonds (euro US-$) 5501 6180 82 Convertible Bonds 465 522 07 Schuldschein Loans 2180 2449 33 Commercial Paper 953 1071 14 Lease Obligations 1876 2107 28 Other debt 675 758 10 Total Debt (FSE excl FMC) gross 13626 15307 203 Cash (excl FMC) 651 731 10 Total debt (FSE excl FMC) net 12975 14576 193 Total FMC debt net 12774 14350 190 Consolidation Adjustments (145) (163) (02)Total consolidated debt net 25604 28764 382 36x Market capitalization2 41470 46587 618 58x
Total capitalization 67074 75351 1000 94x FSE Group EBITDA3 7110
1 As of December 31 20192 Based on market capitalization for FSE and FMC as of December 31 20193 Pro Forma acquisitions before special items4 EURUSD exchange rate as of December 31 2019
Fresenius Group excl FMC Well-Balanced Debt Maturity Profile12
54
1 As of December 31 2019 and based on utilization of major financing instruments2 Excluding lease liabilities3 Pro Forma issuance of FSE EUR 750m bonds in Jan 2020 (average maturity 38)
Maturity 35 years3 on
average
eurom
EUR 750m Jan 2020
500717 700
267
1150
500700 750
500 500
153
903 927
106
304 393
430
421
238
207
84
500
953
0
500
1000
1500
2000
2500
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Bonds Syndicated Loan Schuldschein Loans Equity-neutral convertible bonds Commercial Paper
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
1500
1000
2000
2500
Fresenius Group Well-Balanced Debt Maturity Profile12
1 As of December 31 2019 and based on utilization of major financing instruments2 Excluding lease liabilities3 Pro Forma issuance of FSE EUR 750m bonds in Jan 2020 (average maturity 35)
EUR 750m Jan 2020
2380
13931859
650356 500 600
945
1712
1924
2020
697
2071
500 238
907 750
584
5000
1000
2000
3000
4000
5000
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Fresenius Medical Care Fresenius excl Fresenius Medical Care
5000
4000
3000
2000
1000
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Maturity 33 years3 on
average
eurom
55
23 23 23 19
32 36 33 41
45 41 44 40
Dec 31 16 Dec 31 17 Dec 31 18 Dec 31 19
Equity and non-controlling interest Debt Other liabilities
Fresenius Group Solid Balance Sheet Structure
Healthy Equity and Liability Split
bull Strong equity ratio of gt40 on average
bull Equity ratio kept in narrow range despite rapid growth of Fresenius Group
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 56
467 531 567 670
BS total (eurobn)
Including IFRS 16
Fresenius SE Solid Investment Grade Rating
57
ldquoFSE delivers solid organic growth thanks to positive underlying growth trends in the life-saving and life-sustaining products and therapies that the group offersrdquoSampP Jan 08 2019
ldquoFSErsquos rating remains anchored in investment-grade given its mature and defensive business risk profile its organic deleveraging ability based on free cash flow generation and its record of integrating acquisitions successfully and reducing financial leverage in line with communicated policiesrdquo Fitch April 17 2019
ldquoThe Baa3 long term issuer rating of FSE reflects its strong defensive business profile underpinned by large absolute scale global footprint and segmental diversification within the healthcare market supported by strong position in its four business segmentsrdquo Moodyrsquos May 20 2019
Rating History Rating Agenciesrsquo Key Statements
Following a positive outlook SampP upgraded Fresenius to BBB stable outlook in May 2019
SampP Moodylsquos Fitch
Corporate Credit Rating BBB Baa3 BBB-
Outlook stable stable stable
Current Credit Ratings
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Strong Access to Capital Markets
58
Major Financing Instruments
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Bonds euro250 m euro800 m$105 bn
euro750 m$15 bn
euro500 m euro12 bn$12 bn
$300m euro26 bn euro500 m euro10 bn$500 m
euro175 bn
euro750 m1
euro750 m2
SyndicatedLoans
$35 bn $898 m $385 bn $18 bneuro245 bn
$41 bneuro700 m
$115 bneuro205 bn
euro530 bn$355 bn
euro100 m
SchuldscheinLoans
euro400 m euro125 m euro500 m euro112 m $400 m euro10 bn euro700 m
Convertible Bonds
euro900 m euro500 m
Equity euro10 bn euro400 m
1 January 2020 euro750million 2020-2028 bonds issued by Fresenius SE amp Co KGaA2 March 2020 euro750million 2020-2027 bonds issued by Fresenius SE amp Co KGaA
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Debt and Cash Flow Structure
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 59
1 Incl consolidation adjustments2 Incl Fresenius financing subsidiaries3 Controlling stake4 Incl subsidiaries 5 Based on market capitalization for FMC as of December 31 20196 Via German holding entities (Fresenius Kabi AG and Fresenius ProServe GmbH)
Fresenius Medical Care
Financing
Fresenius SE Financing
Group Net Debt ~euro256 bn1
DividendsRents Service Agreements
~323 100 77 (cross boarder)100
Profit transfer Agreements6
bull Separate financing of Fresenius SE and Fresenius Medical Care
bull No joint financing facilities or mutual guarantees
bull Fresenius Kabi Fresenius Helios and Fresenius Vamed financed primarily through Fresenius SE to avoid structural subordination
bull Subsidiary debt consists mainly of lease liabilities which are on balance acc to IFRS 16 from 2019 onwards
FSE Net Debt2~euro128 bn
incl Net Debt of KabiHeliosVamed
StockMarketValue~euro62 bn5
FSE Net Debt2~euro114 bn
excl Net Debt of KabiHeliosVamed
euro12774 m Net Debt4
Thereof lease liabilities euro4705m
euro951 m Net Debt4
Thereof lease liabilities euro1042m
euro84 m Net Debt4
Thereof lease liabilities euro392m
euro371 m Net Debt4
Thereof lease liabilities euro369m
Fresenius Group Key Credit Figures
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 60
1 Adjusted for IFRS 162 Before special items pro forma acquisitionsdivestitures3 Before special items
20191 2019 2018 2017
Debt (eurom) thereof US$ denominated
2123328
2725834
1898428
1904231
Net debt (eurom) 19579 25604 16275 17406
Net debtEBITDA2
Net debt at year-end exchange rate EBITDA at LTM average FX rates
314 360 273 279
Net debtEBITDA2
at LTM average FX rates for both net debt and EBITDA
314 361 271 284
Operating Cash flowSales 99 120 112 116
EBITDANet Interest3 121 99 106 96
Appendix
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 61
Fresenius Group FY19 Key Financials
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom FY191 IFRS 16effect
specialitems
FY19 reported
Δ YoY cc12
Sales 35524 -115 - 35409 6
EBIT 4599 89 -57 4631 -2
Net interest -510 -204 -5 -719 9
Income taxes -955 30 42 -883 -5
Net income3 1915 -36 4 1883 0
Balance sheet total 61237 5769 - 67006
Operating Cashflow 3514 749 - 4263
1 Before special items adjusted for IFRS 16 effect2 On a comparable basis 2018 adjusted for divestitures of Care Coordination activities at FMC3 Net income attributable to shareholders of Fresenius SE amp Co KGaA
For a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
62
Fresenius Group Cash Flow
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 63
eurom 20191 Margin 2019 Margin 2018 Margin Δ YoY1918
Operating Cash Flow 3514 99 4263 120 3742 112 14
Capex (net) -2433 -69 -2433 -68 -2077 -62 -17
Free Cash Flow(before acquisitions and dividends)
1081 30 1830 52 1665 50 10
Acquisitions (net) -2423 -2423 613 --
Dividends -952 -952 -904 5
Free Cash Flow(after acquisitions and dividends) -2294 -65 -1545 -44 1374 41 --
1 2019 adjusted for IFRS 16
Fresenius Group Calculation of Noncontrolling Interest
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom FY19 FY18
Earnings before tax and noncontrolling interest 4089 3998
Taxes -955 -883
Noncontrolling interest thereof -1219 -1243
Fresenius Medical Care net income not attributable to Fresenius (FY19 ~69)
-897 -928
Noncontrolling interest holders in Fresenius Medical Care -239 -244
Noncontrolling interest holders in Fresenius Kabi (-euro49 m) Fresenius Helios (-euro13 m) Fresenius Vamed (-euro2 m) and due to Fresenius Vamedrsquos 23 external ownership (-euro19 m)
-83 -71
Net income attributable to Fresenius SE amp Co KGaA 1915 1872
64
On a comparable basis Before special items adjusted for IFRS16 effect FY18 adjusted for divestitures of Care Coordination activities at FMC
For a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
002
023 025029
032037
042044
055
062
93 08 09 10 11 12 13 14 15 16 17 18 19
25 2421 20 21 21 22 21 22 23 24
Fresenius SE Earnings-Linked Dividend Policy
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
euro per share
bull Dividend growth aligned to EPS1
growth
bull Pay-out Ratio 20 to 25
Dividend distribution (eurom)
Pay-out Ratio
075
2019 Pay-out Ratio 24 Dividend Policy
122 140 155 196 225 238 300 416114 343 445
080
1 Before special items
468
084
24
Track record
bull 27th consecutive dividend increase
bull CAGR dividend increase +15
65
32x1
Fresenius Medical Care Low Leverage Reflected by Solid Investment Grade Rating
66General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
60 6176
6483
2015 2016 2017 2018 2019
Free Cash Flow in of revenue
SampP Moodylsquos Fitch
Corporate Credit Rating BBB Baa3 BBB-
Outlook stable stable stable
Current Credit Ratings
1 Including IFRS16 effect
29x30x
27x
22x
18x
31x
27x25x
22x
21x
27x25x
25x
31x
26x23x
21x
18x
25x
15
20
25
30
35
40
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
1
Fresenius Medical Care Broad Mix of Financing Instruments
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 67
Total BS Debt
~euro138 m
1 As of December 31 2019
bull Optimize funding costs and ensure financial flexibility
bull Diversify investor base
bull Strong liquidity provided by sufficient financial cushion (~euro18 billion as of December 31 2019)
Well Positioned to Meet Financing Needs
Average interest ratecost of debt25 pa
Equity-neutralconvertible bonds 3
Commercial paper 7
Syndicated loans 14
Other financial liabilities 7
Bonds 36
Lease obligations 33
Fresenius Medical Care Well-Balanced Debt Maturity Profile12
68
eurom
Maturity 30 years on
average
1 As of December 31 2019 and based on utilization of major financing instruments2 Excluding lease liabilities
445
878623 650
356500 600
945
535
135
1236400
1000
380
0
500
1000
1500
2000
2500
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
Bonds Syndicated Loan Equity-neutral convertible bonds Commercial Paper AR Facility
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
2500
2000
1500
1000
Fresenius SE Overview Bonds
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 69
Issuer Volume(in millions)
Coupon type
Coupon (in )
MaturityTerm
ISIN (RegS)
WKN
Fresenius SE amp Co KGaAeuro500 Fix 2875 20132020 XS0873432511 A1HEWZ
Fresenius SE amp Co KGaAeuro450 Fix 300 20142021 XS1013955379 A1ZB7H
Fresenius SE amp Co KGaAeuro450 Fix 400 20142024 XS1026109204 A1ZC60
Fresenius SE amp Co KGaAeuro 500 Fix 1875 20192025 XS1936208252 A2NBMS
Fresenius SE amp Co KGaAeuro 750 Fix 1625 20202027 XS2152329053 A254TA
Fresenius SE amp Co KGaAeuro 750 Fix 075 20202028 XS2101357072 A254QN
Fresenius SE amp Co KGaAeuro 500 Fix 2875 20192029 XS1936208419 A2NBMT
Fresenius Finance Ireland plceuro700 Fix 0875 20172022 XS1554373164 A19B3F
Fresenius Finance Ireland plceuro700 Fix 150 20172024 XS1554373248 A19B3G
Fresenius Finance Ireland plceuro700 Fix 2125 20172027 XS1554373677 A19B3H
Fresenius Finance Ireland plceuro500 Fix 300 20172032 XS1554373834 A19B3J
Fresenius US Finance II IncUS$300 Fix 425 20142021 USU31436AG04 A1ZDVJ
Fresenius US Finance II IncUS$300 Fix 450 20152023 USU31436AH86 A1Z64A
As of April 8 2020
Fresenius Medical Care Overview Bonds
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 70
Issuer Volume(in millions)
Coupon type
Coupon (in )
MaturityTerm
ISIN (RegS)
WKN
FMC Finance VII SA euro300 Fix 525 20112021 XS0576395478 A1GLY6
Fresenius Medical Care US Finance Inc US$650 Fix 575 20112021 USU31433AA03 A1GL0J
Fresenius Medical Care US Finance II Inc US$500 Fix 4125 20142020 US35802XAH61 A1ZRTL
Fresenius Medical Care US Finance II Inc US$700 Fix 5875 20122022 USU31434AC42 A1GZRF
Fresenius Medical Care US Finance II Inc US$400 Fix 475 20142024 US35802XAJ28 A1ZRTN
Fresenius Medical Care US Finance III Inc US$500 Fix 375 20192029 USU3149FAA76 A2R3YR
Fresenius Medical Care AG amp Co KGaA euro650 Fix 0250 20192023 XS2084510069 A255DU
Fresenius Medical Care AG amp Co KGaA euro500 Fix 150 20182025 XS1854532949 A2NBE6
Fresenius Medical Care AG amp Co KGaA euro600 Fix 0625 20192026 XS2084497705 A255DV
Fresenius Medical Care AG amp Co KGaA euro500 Fix 1250 20192029 XS2084488209 A255DW
As of December 31 2019
Financial Calendar Contact
Financial Calendar 06 May 2020 Results Q120
30 July 2020 Results Q220
29 October 2020 Results Q320Please note that these dates could be subject to change
Annual General Meeting Due to the coronavirus pandemic the AGM scheduled for 20 May 2020 has been postponed A new date within the current financial year will be set as soon as the conditions for reliable planning and safe execution of the AGM are once again in place
Contact
Investor Relations amp SustainabilityFresenius SE amp Co KGaAphone +49 6172 608-2485e-mail ir-frefreseniuscomFor further information and current news wwwfreseniuscom
Follow us on Twitter wwwtwittercomfresenius_irand LinkedIn wwwlinkedincomcompanyfresenius-investor-relations
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 71
Investments in own business
Strategic acquisitions
Dividends
Share buy backs
Fresenius Group Capital Deployment Focuses on SustainableValue Creation
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Leverageratio
30-351
1 Including IFRS 16
20
Review FY19
21General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group
bull Delivered on all targets - 16th consecutive record year
bull 27th consecutive dividend increase proposed
bull Fresenius Kabi expected to show healthy top-line growth whilst softness in North America weighs on EBIT in FY20
bull Fresenius Helios anticipated to show ongoing stabilization in Germany and continued strong growth in Spain in FY20
bull Fresenius Medical Care expected to show strong growth in FY20
bull Too early to quantify the financial impact of Covid-19
bull Fresenius Group back on growth trajectory in FY20
bull Medium-term growth targets confirmed
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 22
Fresenius Kabi Volume Headwinds Partially Offset by New Product Launches in North America
bull Ongoing volume headwinds anticipatedminus Intensified competitionminus Shortage tailwind essentially overminus Opioid market not expected to
recoverbull Pricing expected to be in-line with
historical trends however trending more towards mid-single digit price declines in base product portfolio
bull 15+ product launches expected in 2020 targeting an originator market of ~US$13 bn
bull Excellent pipeline gt50 files pending with the FDA
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 23
Current Portfolio 2023 Portfolio
IV drugs
Pre-filled syringes
IV solutions
Parenteral nutrition
Infusion pumps
Biosimilars
Compounding
Specialty Rx
Fresenius Kabi Rigorous Pursuit to Further Broaden and Diversify Portfolio in North America
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 24
GPOsHospitals ClinicsPhysician Offices Retail PharmacyHome Care
Strong medium light none
0
500
1000
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 20190
01
02
03
Fresenius Kabi Continued Positive Momentum in Emerging Markets
bull Strong organic sales growth expected
bull Continued positive momentum in LatinAmerica anticipated
bull Regulatory changes in China expected toweigh on EBIT development
bull Too early to quantify the financial impact ofCovid-19
Significant sales and volume growth in China over last decade
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 25
Sales (cc) Volume growth Sales growth (cc)
in euro million
CAGR ~10
100030
20
10
0 0
500
US
Progress of portfolio
bull Three more molecules in portfolio
bull Expect to start with clinical studies forthose molecules in 2021
Fresenius Kabi Biosimilar Update
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 26
Launch schedule
Europe
Pegfilgrastim
Adalimumab
Tocilizumab
2023
2019
2021
2021
2023
2023
Business plan
bull Total investment ceiling euro14 bn untilEBITDA break-even in 2023
bull High triple-digit euro million sales in 2024
Fresenius Kabi Launch of Idacio in Europe Progresses According to Plan
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 27
Launched
Approved
Submitted
Fresenius Kabi Divisionalization of Transfusion Medicine and Cell Therapies Business Fuels Growth
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 28
bull Business remains important part of Fresenius Kabi
bull Dynamic growth in FY19 and good growth prospects
bull Inauguration of new production building in Haina Dominican Republic to fuel growth of disposable products
bull New joint venture to advance new cell and gene therapies
Fresenius Helios Germany to Show Ongoing Stabilization in FY20
Mitigation of regulatory headwindsbull Chief doctor vacancies at record lowbull Appropriate level of nursing staff bull Optimization of processes and workflowsbull Cost optimization measures
Very positive reimbursement environmentbull 2020 DRG inflator set at 366
Investments in future growth fieldsbull Clustering strategy progressesbull Preventionbull Occupational medicinebull Telemedicine platform
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 29
Ramp-up of outpatient businessbull Outpatient surgery centersbull Specialization of medical centers
Excellent growth in Spainbull Opening of first proton therapy center in
Spain (first patient treated in December rsquo19)
bull Opening of Quironsalud Madrid university hospital expansion in Pozuelo
bull Private hospitals expected to show dynamic organic growth driven by admissions
bull Continued positive momentum for ORPs
Fresenius Helios Spain to Plow Ahead in FY20
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 30
Expansion in Latin America proceedsbull Five successful acquisitions in Colombia
contribute nicely in FY20minus Clinica Las Vegas Clinica del Prado
and CediMed in Medellin(1)
minus Centro Medico Imbanaco in Cali(2)
minus Clinica de la Mujer in Bogota(3)
bull Total expected sales contribution of approx euro180m equiv in FY20
bull Attractive risk-adjusted ROIs expected
Notes (1) All transactions closed in 2019 (2) Closing expected at the end of Q12020 (3) Closing expected in Q22020 subject to anti-trust clearance
Financial Review FY19
31General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Sales
+6FY19 euro33524 m
Net Income
+0FY19 euro1915 m
EBIT
-2FY19 euro4599 m
Fresenius Group FY19 Profit and Loss Statement
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
All growth rates in constant currency (cc)Before special items adjusted for IFRS 16 effectOn a comparable basis FY18 adjusted for divestitures of Care Coordination activities at FMC before special itemsNet income attributable to shareholders of Fresenius SE amp Co KGaA
Net Interest
-euro510 mFY18 -euro549 m
Income Tax Rate
234FY18 221
32
1 On a comparable basis Q418 adjusted for divestitures of Care Coordination activities at FMC Q419 adjusted for IFRS 16 effect
All figures before special itemsFor a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
Fresenius Group Q419 Business Segment Growth
Organic sales growth1
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
EBIT growth (cc)1
+5
+4
+4
+4
0
-1
5
+7
+4 0
33
Fresenius Kabi Organic Sales Growth by Product Segment
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom Q419Δ YoY
organic FY19Δ YoY
organic
IV Drugs 737 -1 2939 -1
Infusion Therapy 213 2 834 3
Clinical Nutrition 482 8 1898 9
Medical DevicesTransfusion Technology
334 10 1248 11
Total sales 1766 4 6919 4
34
Fresenius Kabi Organic Sales Growth by Regions
eurom Q419Δ YoY
organic FY19Δ YoY
organic
North America 609 -1 2424 -2
Europe 604 2 2313 2
Emerging Markets 553 12 2182 14
Total sales 1766 4 6919 4
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 35
Fresenius Kabi Q4 amp FY19 EBIT Growth
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom Q419 Δ YoY cc FY19 Δ YoY cc
North AmericaMargin
204335
-8-260 bps
907374
-3-50 bps
EuropeMargin
87144
-10-200 bps
328142
-7-160 bps
Emerging MarketsMargin
124224
7-90 bps
476218
19130 bps
Corporate and Corporate RampD -132 11 -511 2
Total EBITMargin
283160
-1-90 bps
1200173
3-10 bps
On a comparable basis before special items and adjusted for IFRS 16 effects
Margin growth at actual ratesFor a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
36
Fresenius Kabi Expected Organic Sales Growth 2020
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Broadly stable
bull Ongoing volume headwinds anticipated
bull Pricing expected to trend more towards mid-single digit price declines in base product portfolio
North America
Mid-single-digit growth
bull Growth driven by first biosimilar in the market (IDACIO)
bull Continued strong growth of clinical nutrition business expected
Europe
High single-digit growth
bull China Healthy volume growth anticipated regulatory headwinds weigh on business
bull Latin America Continued healthy growth expected
Emerging Markets
37
Fresenius Helios Q4 amp FY19 Key Financials
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom Q419 Δ YoY FY19 Δ YoY
Total sales 2344 41 9234 51
Thereof Helios Germany 1475 31 5940 31
Thereof Helios Spain 867 71 3292 71
Total EBIT3
Margin292
1255
10 bps1015110
-4-32
-70 bps
Thereof Helios GermanyMargin
14397
420 bps
57697
-8-62
-80 bps
Thereof Helios SpainMargin
134155
6-50 bps
434132
5-50 bps
Thereof Corporate 15 -- 5 --
1 Organic growth2 Adjusted for the post-acute care business transferred to Fresenius Vamed as of July 1 20183 Adjusted for IFRS 16 effectFor a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
38
Fresenius Helios Key Measures
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
FY19 FY18 Δ
No of hospitals Germany- Acute care hospitals
8683
8683
00
No of hospitals Spain(Hospitals)
51 47 9
No of beds Germany- Acute care hospitals
28907 28380
2932928802
-1-1
No of beds Spain(Hospitals)
7288 7019 4
Admissions Germany (acute care) 1206654 1218199
Admissions Spain (including outpatients) 15396051 13318066
39
Fresenius Vamed
1 Without German post-acute care business acquired from Fresenius Helios as of July 1 2018
2 Adjusted for IFRS 16 effect 3 Project business only4 Versus December 31 2018
bull Both business segments contributed to the organic sales growth of 4 in Q419
bull Stable service business is gaining weight (FY19 63 of sales FY09 32)
bull Geographically well-diversified order backlog is excellent foundation for future growth
eurom Q419 Δ YoY FY19 Δ YoY
Total salesThereof organic sales
737 64
2206 31161
Service business 374 11 1399 43251
Project business 363 1 807 13
Total EBIT2 66 8 131 1961
Order intake3 576 -13 1314 7
Order backlog3 2865 184
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 40
Fresenius Group FY19 amp Cash Flow
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Operating CF1 Capex (net) Free Cash Flow12
eurom FY2019 Margin FY2019 Margin FY2019 Margin
1947 111 -1113 -64 834 47
968 140 -716 -104 252 36
683 74 -477 -52 206 224
-46 -21 -52 -23 -98 -44
CorporateOther -38 na -75 na -113 na
1677 93 -1320 -73 357 20
3514 99 -2433 -69 1081 30
1 Adjusted for IFRS 162 Before acquisitions and dividends3 Incl FMC dividend of euro110 million4 Understated 27 excluding euro45 million of capex commitments from acquisitions
Excl FMC3
41
Fresenius Group 2020 Financial Outlook by Business Segment
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom (except otherwise stated) FY19 Base1 FY20e2
Sales growth (cc) 17477mid to high single digit
-range
Net income growth3 (cc) 1205mid to high single digit
-range
Sales growth (organic) 6919 3 - 6
EBIT growth (cc) 1205 -4 to 0
Sales growth (organic) 9234 3 - 6
EBIT growth (cc) 1025 3 - 7
Sales growth (organic) 2206 4 - 7
EBIT growth (cc) 134 5 - 9
1 Before special items including IFRS 16 effects including NxStage operations2 Before special items3 Net income attributable to shareholders of Fresenius Medical Care AG amp Co KGaA
For a detailed overview of special items please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
42
eurom (except otherwise stated) FY19 Base1 FY202
Sales growth (cc) 35409 4 - 7
Net income3 growth (cc) 1879 1 - 5
Fresenius Group 2020 Financial Guidance
1 Before special items including IFRS 16 effects including NxStage operations 2 Before special items3 Net income attributable to shareholders of Fresenius SEampCoKGaA
For a detailed overview of special items please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 43
FY19 base for Fresenius Group Guidance FY20
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
euromFresenius
GroupFresenius
Medical CareFresenius
Kabi
Sales reported (reported = base for guidance) 35409 17477 6919
Transaction costs Akorn 3
Revaluations of biosimilars contingent purchase price liabilities -32
EBIT (before special items = base Fresenius Kabi guidance) 1205
Net income reported 1883 1200
Transaction costs Akorn 3
Revaluations of biosimilars contingent purchase price liabilities -19
Gain related to divestitures of Care Coordination activities at FMC -15 -49
Transaction costs NxStage 6 18
Expenses associated with cost optimization program at FMC 21 67
Net income (before special items = base Fresenius Group amp FMC guidance) 1879 1236
44
Fresenius Group Financial Results by Business Segment
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 45
20191 20182 2017 Growth3
20192018
Sales euro17592 m euro16026 m euro17784 m 62
EBIT euro2281 m euro2292 m euro2562 m -42
Sales euro6919 m euro6544 m euro6358 m 4
EBIT euro1200 m euro1139 m euro1177 m 3
Sales euro9234 m euro8993 m euro8668 m 3
EBIT euro1015 m euro1052 m euro1052 m -4
Sales euro2206 m euro1688 m euro1228 m 30
EBIT euro131 m euro110 m euro76 m 18
Sales euro35524 m euro33009 m euro33886 m 62
EBIT euro4599 m euro4547 m euro4830 m -22Group
Before special items
1 Adjusted for IFRS 162 On a comparable basis 2018 adjusted for divestitures of Care Coordination activities 3 Growth rates at constant currency and adjusted for IFRS 16
Fresenius Group Margins by Business Segment
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 46
Before special items 2018 adjusted for divestitures of Care Coordination activities 2019 adjusted for IFRS 16
2019 2018 2017
EBITDA margin 178 192 185
EBIT margin 130 143 144
EBITDA margin 217 219 233
EBIT margin 173 174 185
EBITDA margin 148 159 165
EBIT margin 110 117 121
EBITDA margin 78 79 71
EBIT margin 59 65 62
EBITDA margin 174 183 185
EBIT margin 129 138 143Group
Credit Highlights amp Financing Structure
47General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Credit Highlights
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 48
Consistent Cash Generation
Proven Track Record of Deleveraging
Broad Mix of Financing Instruments
Well-Balanced Maturity Profile
Solid Balance Sheet Structure
Solid IG Rating and Strong Access to Capital Markets
120
103
126
114109
120 122116
112120
8
9
10
11
12
13
14
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
48 48 52 5358 55 55 54
6570
2
3
4
5
6
7
8
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
74
56
76
62
52
67 67 66
50 52
4
5
6
7
8
9
10
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Fresenius Group Consistent Cash Generation
Capex gross in of sales
FCF margin (before acquisitions amp dividends)CFFO margin
49General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
2019 including IFRS 16
32x
30x
27x
22x 23x
35x
30x
26x
36x
30x
26x27x
26x
25x
32x
27x
23x
28x
27x
31x 4
20
25
30
35
40
2001 2002 2003 2004 2005 Q106 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
3
2
Hospitals from
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Proven Track Record of Deleveraging
Net DebtEBITDA1
1 At actual FX rates from 2001 to 2010 and at average FX rates from 2011 onwards for both Net Debt and EBITDA before special items pro forma closed acquisitionsdivestitures2 Pro forma excluding advances made for the acquisition of hospitals from Rhoumln-Klinikum AG3 Both net debt and EBITDA including IFRS 16 effect and calculated at expected annual average exchange rates excluding further potential acquisitions4 Including acquisition of NxStage adjusted for IFRS 16 effect
Target 20203 towards thetop end of self-imposed
target corridor of 30 ndash 35x
50
36x
40
35
20
25
30
Equity-neutralconvertible bonds 3
Fresenius Group excl FMC Broad Mix of Financing Instruments
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 51
Total BS Debt
~euro136 bn
1 As of December 31 2019
bull Optimize funding costs and ensure financial flexibility
bull Diversify investor base
bull Strong liquidity provided by sufficient financial cushion (~euro22 billion as of December 31 2019)
Well Positioned to Meet Financing NeedsBonds 40
Lease obligations 14
Syndicated loans 15
Schuldscheinloans 16
Other financial liabilities 5
Commercial paper 7
Average interest ratecost of debt18 pa
Commercial paper 7
Fresenius Group Broad Mix of Financing Instruments
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 52
Total BS Debt
~euro273 bn
1 As of December 31 2019
bull Optimize funding costs and ensure financial flexibility
bull Diversify investor base
bull Strong liquidity provided by sufficient financial cushion (~euro40 billion as of December 31 2019)
Well Positioned to Meet Financing Needs
Average interest ratecost of debt22 pa
Equity-neutralconvertible bonds 3
Syndicated loans 14
Other financial liabilities 6
Bonds 38
Lease liabilities 24
Schuldschein loans 8
Fresenius Group Capitalization1
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 53
Instrument per Book Value in euro million in $ million4 oftotal cap
EBITDA LTM x
Syndicated Credit Agreement Revolver (euro US-$) 0 0 00 Syndicated Credit Agreement Term Loan A (euro US-$) 1976 2220 29 Bonds (euro US-$) 5501 6180 82 Convertible Bonds 465 522 07 Schuldschein Loans 2180 2449 33 Commercial Paper 953 1071 14 Lease Obligations 1876 2107 28 Other debt 675 758 10 Total Debt (FSE excl FMC) gross 13626 15307 203 Cash (excl FMC) 651 731 10 Total debt (FSE excl FMC) net 12975 14576 193 Total FMC debt net 12774 14350 190 Consolidation Adjustments (145) (163) (02)Total consolidated debt net 25604 28764 382 36x Market capitalization2 41470 46587 618 58x
Total capitalization 67074 75351 1000 94x FSE Group EBITDA3 7110
1 As of December 31 20192 Based on market capitalization for FSE and FMC as of December 31 20193 Pro Forma acquisitions before special items4 EURUSD exchange rate as of December 31 2019
Fresenius Group excl FMC Well-Balanced Debt Maturity Profile12
54
1 As of December 31 2019 and based on utilization of major financing instruments2 Excluding lease liabilities3 Pro Forma issuance of FSE EUR 750m bonds in Jan 2020 (average maturity 38)
Maturity 35 years3 on
average
eurom
EUR 750m Jan 2020
500717 700
267
1150
500700 750
500 500
153
903 927
106
304 393
430
421
238
207
84
500
953
0
500
1000
1500
2000
2500
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Bonds Syndicated Loan Schuldschein Loans Equity-neutral convertible bonds Commercial Paper
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
1500
1000
2000
2500
Fresenius Group Well-Balanced Debt Maturity Profile12
1 As of December 31 2019 and based on utilization of major financing instruments2 Excluding lease liabilities3 Pro Forma issuance of FSE EUR 750m bonds in Jan 2020 (average maturity 35)
EUR 750m Jan 2020
2380
13931859
650356 500 600
945
1712
1924
2020
697
2071
500 238
907 750
584
5000
1000
2000
3000
4000
5000
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Fresenius Medical Care Fresenius excl Fresenius Medical Care
5000
4000
3000
2000
1000
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Maturity 33 years3 on
average
eurom
55
23 23 23 19
32 36 33 41
45 41 44 40
Dec 31 16 Dec 31 17 Dec 31 18 Dec 31 19
Equity and non-controlling interest Debt Other liabilities
Fresenius Group Solid Balance Sheet Structure
Healthy Equity and Liability Split
bull Strong equity ratio of gt40 on average
bull Equity ratio kept in narrow range despite rapid growth of Fresenius Group
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 56
467 531 567 670
BS total (eurobn)
Including IFRS 16
Fresenius SE Solid Investment Grade Rating
57
ldquoFSE delivers solid organic growth thanks to positive underlying growth trends in the life-saving and life-sustaining products and therapies that the group offersrdquoSampP Jan 08 2019
ldquoFSErsquos rating remains anchored in investment-grade given its mature and defensive business risk profile its organic deleveraging ability based on free cash flow generation and its record of integrating acquisitions successfully and reducing financial leverage in line with communicated policiesrdquo Fitch April 17 2019
ldquoThe Baa3 long term issuer rating of FSE reflects its strong defensive business profile underpinned by large absolute scale global footprint and segmental diversification within the healthcare market supported by strong position in its four business segmentsrdquo Moodyrsquos May 20 2019
Rating History Rating Agenciesrsquo Key Statements
Following a positive outlook SampP upgraded Fresenius to BBB stable outlook in May 2019
SampP Moodylsquos Fitch
Corporate Credit Rating BBB Baa3 BBB-
Outlook stable stable stable
Current Credit Ratings
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Strong Access to Capital Markets
58
Major Financing Instruments
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Bonds euro250 m euro800 m$105 bn
euro750 m$15 bn
euro500 m euro12 bn$12 bn
$300m euro26 bn euro500 m euro10 bn$500 m
euro175 bn
euro750 m1
euro750 m2
SyndicatedLoans
$35 bn $898 m $385 bn $18 bneuro245 bn
$41 bneuro700 m
$115 bneuro205 bn
euro530 bn$355 bn
euro100 m
SchuldscheinLoans
euro400 m euro125 m euro500 m euro112 m $400 m euro10 bn euro700 m
Convertible Bonds
euro900 m euro500 m
Equity euro10 bn euro400 m
1 January 2020 euro750million 2020-2028 bonds issued by Fresenius SE amp Co KGaA2 March 2020 euro750million 2020-2027 bonds issued by Fresenius SE amp Co KGaA
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Debt and Cash Flow Structure
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 59
1 Incl consolidation adjustments2 Incl Fresenius financing subsidiaries3 Controlling stake4 Incl subsidiaries 5 Based on market capitalization for FMC as of December 31 20196 Via German holding entities (Fresenius Kabi AG and Fresenius ProServe GmbH)
Fresenius Medical Care
Financing
Fresenius SE Financing
Group Net Debt ~euro256 bn1
DividendsRents Service Agreements
~323 100 77 (cross boarder)100
Profit transfer Agreements6
bull Separate financing of Fresenius SE and Fresenius Medical Care
bull No joint financing facilities or mutual guarantees
bull Fresenius Kabi Fresenius Helios and Fresenius Vamed financed primarily through Fresenius SE to avoid structural subordination
bull Subsidiary debt consists mainly of lease liabilities which are on balance acc to IFRS 16 from 2019 onwards
FSE Net Debt2~euro128 bn
incl Net Debt of KabiHeliosVamed
StockMarketValue~euro62 bn5
FSE Net Debt2~euro114 bn
excl Net Debt of KabiHeliosVamed
euro12774 m Net Debt4
Thereof lease liabilities euro4705m
euro951 m Net Debt4
Thereof lease liabilities euro1042m
euro84 m Net Debt4
Thereof lease liabilities euro392m
euro371 m Net Debt4
Thereof lease liabilities euro369m
Fresenius Group Key Credit Figures
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 60
1 Adjusted for IFRS 162 Before special items pro forma acquisitionsdivestitures3 Before special items
20191 2019 2018 2017
Debt (eurom) thereof US$ denominated
2123328
2725834
1898428
1904231
Net debt (eurom) 19579 25604 16275 17406
Net debtEBITDA2
Net debt at year-end exchange rate EBITDA at LTM average FX rates
314 360 273 279
Net debtEBITDA2
at LTM average FX rates for both net debt and EBITDA
314 361 271 284
Operating Cash flowSales 99 120 112 116
EBITDANet Interest3 121 99 106 96
Appendix
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 61
Fresenius Group FY19 Key Financials
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom FY191 IFRS 16effect
specialitems
FY19 reported
Δ YoY cc12
Sales 35524 -115 - 35409 6
EBIT 4599 89 -57 4631 -2
Net interest -510 -204 -5 -719 9
Income taxes -955 30 42 -883 -5
Net income3 1915 -36 4 1883 0
Balance sheet total 61237 5769 - 67006
Operating Cashflow 3514 749 - 4263
1 Before special items adjusted for IFRS 16 effect2 On a comparable basis 2018 adjusted for divestitures of Care Coordination activities at FMC3 Net income attributable to shareholders of Fresenius SE amp Co KGaA
For a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
62
Fresenius Group Cash Flow
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 63
eurom 20191 Margin 2019 Margin 2018 Margin Δ YoY1918
Operating Cash Flow 3514 99 4263 120 3742 112 14
Capex (net) -2433 -69 -2433 -68 -2077 -62 -17
Free Cash Flow(before acquisitions and dividends)
1081 30 1830 52 1665 50 10
Acquisitions (net) -2423 -2423 613 --
Dividends -952 -952 -904 5
Free Cash Flow(after acquisitions and dividends) -2294 -65 -1545 -44 1374 41 --
1 2019 adjusted for IFRS 16
Fresenius Group Calculation of Noncontrolling Interest
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom FY19 FY18
Earnings before tax and noncontrolling interest 4089 3998
Taxes -955 -883
Noncontrolling interest thereof -1219 -1243
Fresenius Medical Care net income not attributable to Fresenius (FY19 ~69)
-897 -928
Noncontrolling interest holders in Fresenius Medical Care -239 -244
Noncontrolling interest holders in Fresenius Kabi (-euro49 m) Fresenius Helios (-euro13 m) Fresenius Vamed (-euro2 m) and due to Fresenius Vamedrsquos 23 external ownership (-euro19 m)
-83 -71
Net income attributable to Fresenius SE amp Co KGaA 1915 1872
64
On a comparable basis Before special items adjusted for IFRS16 effect FY18 adjusted for divestitures of Care Coordination activities at FMC
For a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
002
023 025029
032037
042044
055
062
93 08 09 10 11 12 13 14 15 16 17 18 19
25 2421 20 21 21 22 21 22 23 24
Fresenius SE Earnings-Linked Dividend Policy
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
euro per share
bull Dividend growth aligned to EPS1
growth
bull Pay-out Ratio 20 to 25
Dividend distribution (eurom)
Pay-out Ratio
075
2019 Pay-out Ratio 24 Dividend Policy
122 140 155 196 225 238 300 416114 343 445
080
1 Before special items
468
084
24
Track record
bull 27th consecutive dividend increase
bull CAGR dividend increase +15
65
32x1
Fresenius Medical Care Low Leverage Reflected by Solid Investment Grade Rating
66General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
60 6176
6483
2015 2016 2017 2018 2019
Free Cash Flow in of revenue
SampP Moodylsquos Fitch
Corporate Credit Rating BBB Baa3 BBB-
Outlook stable stable stable
Current Credit Ratings
1 Including IFRS16 effect
29x30x
27x
22x
18x
31x
27x25x
22x
21x
27x25x
25x
31x
26x23x
21x
18x
25x
15
20
25
30
35
40
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
1
Fresenius Medical Care Broad Mix of Financing Instruments
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 67
Total BS Debt
~euro138 m
1 As of December 31 2019
bull Optimize funding costs and ensure financial flexibility
bull Diversify investor base
bull Strong liquidity provided by sufficient financial cushion (~euro18 billion as of December 31 2019)
Well Positioned to Meet Financing Needs
Average interest ratecost of debt25 pa
Equity-neutralconvertible bonds 3
Commercial paper 7
Syndicated loans 14
Other financial liabilities 7
Bonds 36
Lease obligations 33
Fresenius Medical Care Well-Balanced Debt Maturity Profile12
68
eurom
Maturity 30 years on
average
1 As of December 31 2019 and based on utilization of major financing instruments2 Excluding lease liabilities
445
878623 650
356500 600
945
535
135
1236400
1000
380
0
500
1000
1500
2000
2500
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
Bonds Syndicated Loan Equity-neutral convertible bonds Commercial Paper AR Facility
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
2500
2000
1500
1000
Fresenius SE Overview Bonds
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 69
Issuer Volume(in millions)
Coupon type
Coupon (in )
MaturityTerm
ISIN (RegS)
WKN
Fresenius SE amp Co KGaAeuro500 Fix 2875 20132020 XS0873432511 A1HEWZ
Fresenius SE amp Co KGaAeuro450 Fix 300 20142021 XS1013955379 A1ZB7H
Fresenius SE amp Co KGaAeuro450 Fix 400 20142024 XS1026109204 A1ZC60
Fresenius SE amp Co KGaAeuro 500 Fix 1875 20192025 XS1936208252 A2NBMS
Fresenius SE amp Co KGaAeuro 750 Fix 1625 20202027 XS2152329053 A254TA
Fresenius SE amp Co KGaAeuro 750 Fix 075 20202028 XS2101357072 A254QN
Fresenius SE amp Co KGaAeuro 500 Fix 2875 20192029 XS1936208419 A2NBMT
Fresenius Finance Ireland plceuro700 Fix 0875 20172022 XS1554373164 A19B3F
Fresenius Finance Ireland plceuro700 Fix 150 20172024 XS1554373248 A19B3G
Fresenius Finance Ireland plceuro700 Fix 2125 20172027 XS1554373677 A19B3H
Fresenius Finance Ireland plceuro500 Fix 300 20172032 XS1554373834 A19B3J
Fresenius US Finance II IncUS$300 Fix 425 20142021 USU31436AG04 A1ZDVJ
Fresenius US Finance II IncUS$300 Fix 450 20152023 USU31436AH86 A1Z64A
As of April 8 2020
Fresenius Medical Care Overview Bonds
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 70
Issuer Volume(in millions)
Coupon type
Coupon (in )
MaturityTerm
ISIN (RegS)
WKN
FMC Finance VII SA euro300 Fix 525 20112021 XS0576395478 A1GLY6
Fresenius Medical Care US Finance Inc US$650 Fix 575 20112021 USU31433AA03 A1GL0J
Fresenius Medical Care US Finance II Inc US$500 Fix 4125 20142020 US35802XAH61 A1ZRTL
Fresenius Medical Care US Finance II Inc US$700 Fix 5875 20122022 USU31434AC42 A1GZRF
Fresenius Medical Care US Finance II Inc US$400 Fix 475 20142024 US35802XAJ28 A1ZRTN
Fresenius Medical Care US Finance III Inc US$500 Fix 375 20192029 USU3149FAA76 A2R3YR
Fresenius Medical Care AG amp Co KGaA euro650 Fix 0250 20192023 XS2084510069 A255DU
Fresenius Medical Care AG amp Co KGaA euro500 Fix 150 20182025 XS1854532949 A2NBE6
Fresenius Medical Care AG amp Co KGaA euro600 Fix 0625 20192026 XS2084497705 A255DV
Fresenius Medical Care AG amp Co KGaA euro500 Fix 1250 20192029 XS2084488209 A255DW
As of December 31 2019
Financial Calendar Contact
Financial Calendar 06 May 2020 Results Q120
30 July 2020 Results Q220
29 October 2020 Results Q320Please note that these dates could be subject to change
Annual General Meeting Due to the coronavirus pandemic the AGM scheduled for 20 May 2020 has been postponed A new date within the current financial year will be set as soon as the conditions for reliable planning and safe execution of the AGM are once again in place
Contact
Investor Relations amp SustainabilityFresenius SE amp Co KGaAphone +49 6172 608-2485e-mail ir-frefreseniuscomFor further information and current news wwwfreseniuscom
Follow us on Twitter wwwtwittercomfresenius_irand LinkedIn wwwlinkedincomcompanyfresenius-investor-relations
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 71
Review FY19
21General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group
bull Delivered on all targets - 16th consecutive record year
bull 27th consecutive dividend increase proposed
bull Fresenius Kabi expected to show healthy top-line growth whilst softness in North America weighs on EBIT in FY20
bull Fresenius Helios anticipated to show ongoing stabilization in Germany and continued strong growth in Spain in FY20
bull Fresenius Medical Care expected to show strong growth in FY20
bull Too early to quantify the financial impact of Covid-19
bull Fresenius Group back on growth trajectory in FY20
bull Medium-term growth targets confirmed
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 22
Fresenius Kabi Volume Headwinds Partially Offset by New Product Launches in North America
bull Ongoing volume headwinds anticipatedminus Intensified competitionminus Shortage tailwind essentially overminus Opioid market not expected to
recoverbull Pricing expected to be in-line with
historical trends however trending more towards mid-single digit price declines in base product portfolio
bull 15+ product launches expected in 2020 targeting an originator market of ~US$13 bn
bull Excellent pipeline gt50 files pending with the FDA
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 23
Current Portfolio 2023 Portfolio
IV drugs
Pre-filled syringes
IV solutions
Parenteral nutrition
Infusion pumps
Biosimilars
Compounding
Specialty Rx
Fresenius Kabi Rigorous Pursuit to Further Broaden and Diversify Portfolio in North America
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 24
GPOsHospitals ClinicsPhysician Offices Retail PharmacyHome Care
Strong medium light none
0
500
1000
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 20190
01
02
03
Fresenius Kabi Continued Positive Momentum in Emerging Markets
bull Strong organic sales growth expected
bull Continued positive momentum in LatinAmerica anticipated
bull Regulatory changes in China expected toweigh on EBIT development
bull Too early to quantify the financial impact ofCovid-19
Significant sales and volume growth in China over last decade
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 25
Sales (cc) Volume growth Sales growth (cc)
in euro million
CAGR ~10
100030
20
10
0 0
500
US
Progress of portfolio
bull Three more molecules in portfolio
bull Expect to start with clinical studies forthose molecules in 2021
Fresenius Kabi Biosimilar Update
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 26
Launch schedule
Europe
Pegfilgrastim
Adalimumab
Tocilizumab
2023
2019
2021
2021
2023
2023
Business plan
bull Total investment ceiling euro14 bn untilEBITDA break-even in 2023
bull High triple-digit euro million sales in 2024
Fresenius Kabi Launch of Idacio in Europe Progresses According to Plan
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 27
Launched
Approved
Submitted
Fresenius Kabi Divisionalization of Transfusion Medicine and Cell Therapies Business Fuels Growth
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 28
bull Business remains important part of Fresenius Kabi
bull Dynamic growth in FY19 and good growth prospects
bull Inauguration of new production building in Haina Dominican Republic to fuel growth of disposable products
bull New joint venture to advance new cell and gene therapies
Fresenius Helios Germany to Show Ongoing Stabilization in FY20
Mitigation of regulatory headwindsbull Chief doctor vacancies at record lowbull Appropriate level of nursing staff bull Optimization of processes and workflowsbull Cost optimization measures
Very positive reimbursement environmentbull 2020 DRG inflator set at 366
Investments in future growth fieldsbull Clustering strategy progressesbull Preventionbull Occupational medicinebull Telemedicine platform
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 29
Ramp-up of outpatient businessbull Outpatient surgery centersbull Specialization of medical centers
Excellent growth in Spainbull Opening of first proton therapy center in
Spain (first patient treated in December rsquo19)
bull Opening of Quironsalud Madrid university hospital expansion in Pozuelo
bull Private hospitals expected to show dynamic organic growth driven by admissions
bull Continued positive momentum for ORPs
Fresenius Helios Spain to Plow Ahead in FY20
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 30
Expansion in Latin America proceedsbull Five successful acquisitions in Colombia
contribute nicely in FY20minus Clinica Las Vegas Clinica del Prado
and CediMed in Medellin(1)
minus Centro Medico Imbanaco in Cali(2)
minus Clinica de la Mujer in Bogota(3)
bull Total expected sales contribution of approx euro180m equiv in FY20
bull Attractive risk-adjusted ROIs expected
Notes (1) All transactions closed in 2019 (2) Closing expected at the end of Q12020 (3) Closing expected in Q22020 subject to anti-trust clearance
Financial Review FY19
31General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Sales
+6FY19 euro33524 m
Net Income
+0FY19 euro1915 m
EBIT
-2FY19 euro4599 m
Fresenius Group FY19 Profit and Loss Statement
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
All growth rates in constant currency (cc)Before special items adjusted for IFRS 16 effectOn a comparable basis FY18 adjusted for divestitures of Care Coordination activities at FMC before special itemsNet income attributable to shareholders of Fresenius SE amp Co KGaA
Net Interest
-euro510 mFY18 -euro549 m
Income Tax Rate
234FY18 221
32
1 On a comparable basis Q418 adjusted for divestitures of Care Coordination activities at FMC Q419 adjusted for IFRS 16 effect
All figures before special itemsFor a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
Fresenius Group Q419 Business Segment Growth
Organic sales growth1
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
EBIT growth (cc)1
+5
+4
+4
+4
0
-1
5
+7
+4 0
33
Fresenius Kabi Organic Sales Growth by Product Segment
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom Q419Δ YoY
organic FY19Δ YoY
organic
IV Drugs 737 -1 2939 -1
Infusion Therapy 213 2 834 3
Clinical Nutrition 482 8 1898 9
Medical DevicesTransfusion Technology
334 10 1248 11
Total sales 1766 4 6919 4
34
Fresenius Kabi Organic Sales Growth by Regions
eurom Q419Δ YoY
organic FY19Δ YoY
organic
North America 609 -1 2424 -2
Europe 604 2 2313 2
Emerging Markets 553 12 2182 14
Total sales 1766 4 6919 4
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 35
Fresenius Kabi Q4 amp FY19 EBIT Growth
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom Q419 Δ YoY cc FY19 Δ YoY cc
North AmericaMargin
204335
-8-260 bps
907374
-3-50 bps
EuropeMargin
87144
-10-200 bps
328142
-7-160 bps
Emerging MarketsMargin
124224
7-90 bps
476218
19130 bps
Corporate and Corporate RampD -132 11 -511 2
Total EBITMargin
283160
-1-90 bps
1200173
3-10 bps
On a comparable basis before special items and adjusted for IFRS 16 effects
Margin growth at actual ratesFor a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
36
Fresenius Kabi Expected Organic Sales Growth 2020
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Broadly stable
bull Ongoing volume headwinds anticipated
bull Pricing expected to trend more towards mid-single digit price declines in base product portfolio
North America
Mid-single-digit growth
bull Growth driven by first biosimilar in the market (IDACIO)
bull Continued strong growth of clinical nutrition business expected
Europe
High single-digit growth
bull China Healthy volume growth anticipated regulatory headwinds weigh on business
bull Latin America Continued healthy growth expected
Emerging Markets
37
Fresenius Helios Q4 amp FY19 Key Financials
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom Q419 Δ YoY FY19 Δ YoY
Total sales 2344 41 9234 51
Thereof Helios Germany 1475 31 5940 31
Thereof Helios Spain 867 71 3292 71
Total EBIT3
Margin292
1255
10 bps1015110
-4-32
-70 bps
Thereof Helios GermanyMargin
14397
420 bps
57697
-8-62
-80 bps
Thereof Helios SpainMargin
134155
6-50 bps
434132
5-50 bps
Thereof Corporate 15 -- 5 --
1 Organic growth2 Adjusted for the post-acute care business transferred to Fresenius Vamed as of July 1 20183 Adjusted for IFRS 16 effectFor a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
38
Fresenius Helios Key Measures
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
FY19 FY18 Δ
No of hospitals Germany- Acute care hospitals
8683
8683
00
No of hospitals Spain(Hospitals)
51 47 9
No of beds Germany- Acute care hospitals
28907 28380
2932928802
-1-1
No of beds Spain(Hospitals)
7288 7019 4
Admissions Germany (acute care) 1206654 1218199
Admissions Spain (including outpatients) 15396051 13318066
39
Fresenius Vamed
1 Without German post-acute care business acquired from Fresenius Helios as of July 1 2018
2 Adjusted for IFRS 16 effect 3 Project business only4 Versus December 31 2018
bull Both business segments contributed to the organic sales growth of 4 in Q419
bull Stable service business is gaining weight (FY19 63 of sales FY09 32)
bull Geographically well-diversified order backlog is excellent foundation for future growth
eurom Q419 Δ YoY FY19 Δ YoY
Total salesThereof organic sales
737 64
2206 31161
Service business 374 11 1399 43251
Project business 363 1 807 13
Total EBIT2 66 8 131 1961
Order intake3 576 -13 1314 7
Order backlog3 2865 184
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 40
Fresenius Group FY19 amp Cash Flow
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Operating CF1 Capex (net) Free Cash Flow12
eurom FY2019 Margin FY2019 Margin FY2019 Margin
1947 111 -1113 -64 834 47
968 140 -716 -104 252 36
683 74 -477 -52 206 224
-46 -21 -52 -23 -98 -44
CorporateOther -38 na -75 na -113 na
1677 93 -1320 -73 357 20
3514 99 -2433 -69 1081 30
1 Adjusted for IFRS 162 Before acquisitions and dividends3 Incl FMC dividend of euro110 million4 Understated 27 excluding euro45 million of capex commitments from acquisitions
Excl FMC3
41
Fresenius Group 2020 Financial Outlook by Business Segment
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom (except otherwise stated) FY19 Base1 FY20e2
Sales growth (cc) 17477mid to high single digit
-range
Net income growth3 (cc) 1205mid to high single digit
-range
Sales growth (organic) 6919 3 - 6
EBIT growth (cc) 1205 -4 to 0
Sales growth (organic) 9234 3 - 6
EBIT growth (cc) 1025 3 - 7
Sales growth (organic) 2206 4 - 7
EBIT growth (cc) 134 5 - 9
1 Before special items including IFRS 16 effects including NxStage operations2 Before special items3 Net income attributable to shareholders of Fresenius Medical Care AG amp Co KGaA
For a detailed overview of special items please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
42
eurom (except otherwise stated) FY19 Base1 FY202
Sales growth (cc) 35409 4 - 7
Net income3 growth (cc) 1879 1 - 5
Fresenius Group 2020 Financial Guidance
1 Before special items including IFRS 16 effects including NxStage operations 2 Before special items3 Net income attributable to shareholders of Fresenius SEampCoKGaA
For a detailed overview of special items please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 43
FY19 base for Fresenius Group Guidance FY20
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
euromFresenius
GroupFresenius
Medical CareFresenius
Kabi
Sales reported (reported = base for guidance) 35409 17477 6919
Transaction costs Akorn 3
Revaluations of biosimilars contingent purchase price liabilities -32
EBIT (before special items = base Fresenius Kabi guidance) 1205
Net income reported 1883 1200
Transaction costs Akorn 3
Revaluations of biosimilars contingent purchase price liabilities -19
Gain related to divestitures of Care Coordination activities at FMC -15 -49
Transaction costs NxStage 6 18
Expenses associated with cost optimization program at FMC 21 67
Net income (before special items = base Fresenius Group amp FMC guidance) 1879 1236
44
Fresenius Group Financial Results by Business Segment
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 45
20191 20182 2017 Growth3
20192018
Sales euro17592 m euro16026 m euro17784 m 62
EBIT euro2281 m euro2292 m euro2562 m -42
Sales euro6919 m euro6544 m euro6358 m 4
EBIT euro1200 m euro1139 m euro1177 m 3
Sales euro9234 m euro8993 m euro8668 m 3
EBIT euro1015 m euro1052 m euro1052 m -4
Sales euro2206 m euro1688 m euro1228 m 30
EBIT euro131 m euro110 m euro76 m 18
Sales euro35524 m euro33009 m euro33886 m 62
EBIT euro4599 m euro4547 m euro4830 m -22Group
Before special items
1 Adjusted for IFRS 162 On a comparable basis 2018 adjusted for divestitures of Care Coordination activities 3 Growth rates at constant currency and adjusted for IFRS 16
Fresenius Group Margins by Business Segment
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 46
Before special items 2018 adjusted for divestitures of Care Coordination activities 2019 adjusted for IFRS 16
2019 2018 2017
EBITDA margin 178 192 185
EBIT margin 130 143 144
EBITDA margin 217 219 233
EBIT margin 173 174 185
EBITDA margin 148 159 165
EBIT margin 110 117 121
EBITDA margin 78 79 71
EBIT margin 59 65 62
EBITDA margin 174 183 185
EBIT margin 129 138 143Group
Credit Highlights amp Financing Structure
47General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Credit Highlights
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 48
Consistent Cash Generation
Proven Track Record of Deleveraging
Broad Mix of Financing Instruments
Well-Balanced Maturity Profile
Solid Balance Sheet Structure
Solid IG Rating and Strong Access to Capital Markets
120
103
126
114109
120 122116
112120
8
9
10
11
12
13
14
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
48 48 52 5358 55 55 54
6570
2
3
4
5
6
7
8
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
74
56
76
62
52
67 67 66
50 52
4
5
6
7
8
9
10
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Fresenius Group Consistent Cash Generation
Capex gross in of sales
FCF margin (before acquisitions amp dividends)CFFO margin
49General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
2019 including IFRS 16
32x
30x
27x
22x 23x
35x
30x
26x
36x
30x
26x27x
26x
25x
32x
27x
23x
28x
27x
31x 4
20
25
30
35
40
2001 2002 2003 2004 2005 Q106 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
3
2
Hospitals from
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Proven Track Record of Deleveraging
Net DebtEBITDA1
1 At actual FX rates from 2001 to 2010 and at average FX rates from 2011 onwards for both Net Debt and EBITDA before special items pro forma closed acquisitionsdivestitures2 Pro forma excluding advances made for the acquisition of hospitals from Rhoumln-Klinikum AG3 Both net debt and EBITDA including IFRS 16 effect and calculated at expected annual average exchange rates excluding further potential acquisitions4 Including acquisition of NxStage adjusted for IFRS 16 effect
Target 20203 towards thetop end of self-imposed
target corridor of 30 ndash 35x
50
36x
40
35
20
25
30
Equity-neutralconvertible bonds 3
Fresenius Group excl FMC Broad Mix of Financing Instruments
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 51
Total BS Debt
~euro136 bn
1 As of December 31 2019
bull Optimize funding costs and ensure financial flexibility
bull Diversify investor base
bull Strong liquidity provided by sufficient financial cushion (~euro22 billion as of December 31 2019)
Well Positioned to Meet Financing NeedsBonds 40
Lease obligations 14
Syndicated loans 15
Schuldscheinloans 16
Other financial liabilities 5
Commercial paper 7
Average interest ratecost of debt18 pa
Commercial paper 7
Fresenius Group Broad Mix of Financing Instruments
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 52
Total BS Debt
~euro273 bn
1 As of December 31 2019
bull Optimize funding costs and ensure financial flexibility
bull Diversify investor base
bull Strong liquidity provided by sufficient financial cushion (~euro40 billion as of December 31 2019)
Well Positioned to Meet Financing Needs
Average interest ratecost of debt22 pa
Equity-neutralconvertible bonds 3
Syndicated loans 14
Other financial liabilities 6
Bonds 38
Lease liabilities 24
Schuldschein loans 8
Fresenius Group Capitalization1
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 53
Instrument per Book Value in euro million in $ million4 oftotal cap
EBITDA LTM x
Syndicated Credit Agreement Revolver (euro US-$) 0 0 00 Syndicated Credit Agreement Term Loan A (euro US-$) 1976 2220 29 Bonds (euro US-$) 5501 6180 82 Convertible Bonds 465 522 07 Schuldschein Loans 2180 2449 33 Commercial Paper 953 1071 14 Lease Obligations 1876 2107 28 Other debt 675 758 10 Total Debt (FSE excl FMC) gross 13626 15307 203 Cash (excl FMC) 651 731 10 Total debt (FSE excl FMC) net 12975 14576 193 Total FMC debt net 12774 14350 190 Consolidation Adjustments (145) (163) (02)Total consolidated debt net 25604 28764 382 36x Market capitalization2 41470 46587 618 58x
Total capitalization 67074 75351 1000 94x FSE Group EBITDA3 7110
1 As of December 31 20192 Based on market capitalization for FSE and FMC as of December 31 20193 Pro Forma acquisitions before special items4 EURUSD exchange rate as of December 31 2019
Fresenius Group excl FMC Well-Balanced Debt Maturity Profile12
54
1 As of December 31 2019 and based on utilization of major financing instruments2 Excluding lease liabilities3 Pro Forma issuance of FSE EUR 750m bonds in Jan 2020 (average maturity 38)
Maturity 35 years3 on
average
eurom
EUR 750m Jan 2020
500717 700
267
1150
500700 750
500 500
153
903 927
106
304 393
430
421
238
207
84
500
953
0
500
1000
1500
2000
2500
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Bonds Syndicated Loan Schuldschein Loans Equity-neutral convertible bonds Commercial Paper
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
1500
1000
2000
2500
Fresenius Group Well-Balanced Debt Maturity Profile12
1 As of December 31 2019 and based on utilization of major financing instruments2 Excluding lease liabilities3 Pro Forma issuance of FSE EUR 750m bonds in Jan 2020 (average maturity 35)
EUR 750m Jan 2020
2380
13931859
650356 500 600
945
1712
1924
2020
697
2071
500 238
907 750
584
5000
1000
2000
3000
4000
5000
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Fresenius Medical Care Fresenius excl Fresenius Medical Care
5000
4000
3000
2000
1000
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Maturity 33 years3 on
average
eurom
55
23 23 23 19
32 36 33 41
45 41 44 40
Dec 31 16 Dec 31 17 Dec 31 18 Dec 31 19
Equity and non-controlling interest Debt Other liabilities
Fresenius Group Solid Balance Sheet Structure
Healthy Equity and Liability Split
bull Strong equity ratio of gt40 on average
bull Equity ratio kept in narrow range despite rapid growth of Fresenius Group
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 56
467 531 567 670
BS total (eurobn)
Including IFRS 16
Fresenius SE Solid Investment Grade Rating
57
ldquoFSE delivers solid organic growth thanks to positive underlying growth trends in the life-saving and life-sustaining products and therapies that the group offersrdquoSampP Jan 08 2019
ldquoFSErsquos rating remains anchored in investment-grade given its mature and defensive business risk profile its organic deleveraging ability based on free cash flow generation and its record of integrating acquisitions successfully and reducing financial leverage in line with communicated policiesrdquo Fitch April 17 2019
ldquoThe Baa3 long term issuer rating of FSE reflects its strong defensive business profile underpinned by large absolute scale global footprint and segmental diversification within the healthcare market supported by strong position in its four business segmentsrdquo Moodyrsquos May 20 2019
Rating History Rating Agenciesrsquo Key Statements
Following a positive outlook SampP upgraded Fresenius to BBB stable outlook in May 2019
SampP Moodylsquos Fitch
Corporate Credit Rating BBB Baa3 BBB-
Outlook stable stable stable
Current Credit Ratings
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Strong Access to Capital Markets
58
Major Financing Instruments
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Bonds euro250 m euro800 m$105 bn
euro750 m$15 bn
euro500 m euro12 bn$12 bn
$300m euro26 bn euro500 m euro10 bn$500 m
euro175 bn
euro750 m1
euro750 m2
SyndicatedLoans
$35 bn $898 m $385 bn $18 bneuro245 bn
$41 bneuro700 m
$115 bneuro205 bn
euro530 bn$355 bn
euro100 m
SchuldscheinLoans
euro400 m euro125 m euro500 m euro112 m $400 m euro10 bn euro700 m
Convertible Bonds
euro900 m euro500 m
Equity euro10 bn euro400 m
1 January 2020 euro750million 2020-2028 bonds issued by Fresenius SE amp Co KGaA2 March 2020 euro750million 2020-2027 bonds issued by Fresenius SE amp Co KGaA
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Debt and Cash Flow Structure
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 59
1 Incl consolidation adjustments2 Incl Fresenius financing subsidiaries3 Controlling stake4 Incl subsidiaries 5 Based on market capitalization for FMC as of December 31 20196 Via German holding entities (Fresenius Kabi AG and Fresenius ProServe GmbH)
Fresenius Medical Care
Financing
Fresenius SE Financing
Group Net Debt ~euro256 bn1
DividendsRents Service Agreements
~323 100 77 (cross boarder)100
Profit transfer Agreements6
bull Separate financing of Fresenius SE and Fresenius Medical Care
bull No joint financing facilities or mutual guarantees
bull Fresenius Kabi Fresenius Helios and Fresenius Vamed financed primarily through Fresenius SE to avoid structural subordination
bull Subsidiary debt consists mainly of lease liabilities which are on balance acc to IFRS 16 from 2019 onwards
FSE Net Debt2~euro128 bn
incl Net Debt of KabiHeliosVamed
StockMarketValue~euro62 bn5
FSE Net Debt2~euro114 bn
excl Net Debt of KabiHeliosVamed
euro12774 m Net Debt4
Thereof lease liabilities euro4705m
euro951 m Net Debt4
Thereof lease liabilities euro1042m
euro84 m Net Debt4
Thereof lease liabilities euro392m
euro371 m Net Debt4
Thereof lease liabilities euro369m
Fresenius Group Key Credit Figures
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 60
1 Adjusted for IFRS 162 Before special items pro forma acquisitionsdivestitures3 Before special items
20191 2019 2018 2017
Debt (eurom) thereof US$ denominated
2123328
2725834
1898428
1904231
Net debt (eurom) 19579 25604 16275 17406
Net debtEBITDA2
Net debt at year-end exchange rate EBITDA at LTM average FX rates
314 360 273 279
Net debtEBITDA2
at LTM average FX rates for both net debt and EBITDA
314 361 271 284
Operating Cash flowSales 99 120 112 116
EBITDANet Interest3 121 99 106 96
Appendix
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 61
Fresenius Group FY19 Key Financials
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom FY191 IFRS 16effect
specialitems
FY19 reported
Δ YoY cc12
Sales 35524 -115 - 35409 6
EBIT 4599 89 -57 4631 -2
Net interest -510 -204 -5 -719 9
Income taxes -955 30 42 -883 -5
Net income3 1915 -36 4 1883 0
Balance sheet total 61237 5769 - 67006
Operating Cashflow 3514 749 - 4263
1 Before special items adjusted for IFRS 16 effect2 On a comparable basis 2018 adjusted for divestitures of Care Coordination activities at FMC3 Net income attributable to shareholders of Fresenius SE amp Co KGaA
For a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
62
Fresenius Group Cash Flow
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 63
eurom 20191 Margin 2019 Margin 2018 Margin Δ YoY1918
Operating Cash Flow 3514 99 4263 120 3742 112 14
Capex (net) -2433 -69 -2433 -68 -2077 -62 -17
Free Cash Flow(before acquisitions and dividends)
1081 30 1830 52 1665 50 10
Acquisitions (net) -2423 -2423 613 --
Dividends -952 -952 -904 5
Free Cash Flow(after acquisitions and dividends) -2294 -65 -1545 -44 1374 41 --
1 2019 adjusted for IFRS 16
Fresenius Group Calculation of Noncontrolling Interest
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom FY19 FY18
Earnings before tax and noncontrolling interest 4089 3998
Taxes -955 -883
Noncontrolling interest thereof -1219 -1243
Fresenius Medical Care net income not attributable to Fresenius (FY19 ~69)
-897 -928
Noncontrolling interest holders in Fresenius Medical Care -239 -244
Noncontrolling interest holders in Fresenius Kabi (-euro49 m) Fresenius Helios (-euro13 m) Fresenius Vamed (-euro2 m) and due to Fresenius Vamedrsquos 23 external ownership (-euro19 m)
-83 -71
Net income attributable to Fresenius SE amp Co KGaA 1915 1872
64
On a comparable basis Before special items adjusted for IFRS16 effect FY18 adjusted for divestitures of Care Coordination activities at FMC
For a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
002
023 025029
032037
042044
055
062
93 08 09 10 11 12 13 14 15 16 17 18 19
25 2421 20 21 21 22 21 22 23 24
Fresenius SE Earnings-Linked Dividend Policy
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
euro per share
bull Dividend growth aligned to EPS1
growth
bull Pay-out Ratio 20 to 25
Dividend distribution (eurom)
Pay-out Ratio
075
2019 Pay-out Ratio 24 Dividend Policy
122 140 155 196 225 238 300 416114 343 445
080
1 Before special items
468
084
24
Track record
bull 27th consecutive dividend increase
bull CAGR dividend increase +15
65
32x1
Fresenius Medical Care Low Leverage Reflected by Solid Investment Grade Rating
66General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
60 6176
6483
2015 2016 2017 2018 2019
Free Cash Flow in of revenue
SampP Moodylsquos Fitch
Corporate Credit Rating BBB Baa3 BBB-
Outlook stable stable stable
Current Credit Ratings
1 Including IFRS16 effect
29x30x
27x
22x
18x
31x
27x25x
22x
21x
27x25x
25x
31x
26x23x
21x
18x
25x
15
20
25
30
35
40
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
1
Fresenius Medical Care Broad Mix of Financing Instruments
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 67
Total BS Debt
~euro138 m
1 As of December 31 2019
bull Optimize funding costs and ensure financial flexibility
bull Diversify investor base
bull Strong liquidity provided by sufficient financial cushion (~euro18 billion as of December 31 2019)
Well Positioned to Meet Financing Needs
Average interest ratecost of debt25 pa
Equity-neutralconvertible bonds 3
Commercial paper 7
Syndicated loans 14
Other financial liabilities 7
Bonds 36
Lease obligations 33
Fresenius Medical Care Well-Balanced Debt Maturity Profile12
68
eurom
Maturity 30 years on
average
1 As of December 31 2019 and based on utilization of major financing instruments2 Excluding lease liabilities
445
878623 650
356500 600
945
535
135
1236400
1000
380
0
500
1000
1500
2000
2500
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
Bonds Syndicated Loan Equity-neutral convertible bonds Commercial Paper AR Facility
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
2500
2000
1500
1000
Fresenius SE Overview Bonds
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 69
Issuer Volume(in millions)
Coupon type
Coupon (in )
MaturityTerm
ISIN (RegS)
WKN
Fresenius SE amp Co KGaAeuro500 Fix 2875 20132020 XS0873432511 A1HEWZ
Fresenius SE amp Co KGaAeuro450 Fix 300 20142021 XS1013955379 A1ZB7H
Fresenius SE amp Co KGaAeuro450 Fix 400 20142024 XS1026109204 A1ZC60
Fresenius SE amp Co KGaAeuro 500 Fix 1875 20192025 XS1936208252 A2NBMS
Fresenius SE amp Co KGaAeuro 750 Fix 1625 20202027 XS2152329053 A254TA
Fresenius SE amp Co KGaAeuro 750 Fix 075 20202028 XS2101357072 A254QN
Fresenius SE amp Co KGaAeuro 500 Fix 2875 20192029 XS1936208419 A2NBMT
Fresenius Finance Ireland plceuro700 Fix 0875 20172022 XS1554373164 A19B3F
Fresenius Finance Ireland plceuro700 Fix 150 20172024 XS1554373248 A19B3G
Fresenius Finance Ireland plceuro700 Fix 2125 20172027 XS1554373677 A19B3H
Fresenius Finance Ireland plceuro500 Fix 300 20172032 XS1554373834 A19B3J
Fresenius US Finance II IncUS$300 Fix 425 20142021 USU31436AG04 A1ZDVJ
Fresenius US Finance II IncUS$300 Fix 450 20152023 USU31436AH86 A1Z64A
As of April 8 2020
Fresenius Medical Care Overview Bonds
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 70
Issuer Volume(in millions)
Coupon type
Coupon (in )
MaturityTerm
ISIN (RegS)
WKN
FMC Finance VII SA euro300 Fix 525 20112021 XS0576395478 A1GLY6
Fresenius Medical Care US Finance Inc US$650 Fix 575 20112021 USU31433AA03 A1GL0J
Fresenius Medical Care US Finance II Inc US$500 Fix 4125 20142020 US35802XAH61 A1ZRTL
Fresenius Medical Care US Finance II Inc US$700 Fix 5875 20122022 USU31434AC42 A1GZRF
Fresenius Medical Care US Finance II Inc US$400 Fix 475 20142024 US35802XAJ28 A1ZRTN
Fresenius Medical Care US Finance III Inc US$500 Fix 375 20192029 USU3149FAA76 A2R3YR
Fresenius Medical Care AG amp Co KGaA euro650 Fix 0250 20192023 XS2084510069 A255DU
Fresenius Medical Care AG amp Co KGaA euro500 Fix 150 20182025 XS1854532949 A2NBE6
Fresenius Medical Care AG amp Co KGaA euro600 Fix 0625 20192026 XS2084497705 A255DV
Fresenius Medical Care AG amp Co KGaA euro500 Fix 1250 20192029 XS2084488209 A255DW
As of December 31 2019
Financial Calendar Contact
Financial Calendar 06 May 2020 Results Q120
30 July 2020 Results Q220
29 October 2020 Results Q320Please note that these dates could be subject to change
Annual General Meeting Due to the coronavirus pandemic the AGM scheduled for 20 May 2020 has been postponed A new date within the current financial year will be set as soon as the conditions for reliable planning and safe execution of the AGM are once again in place
Contact
Investor Relations amp SustainabilityFresenius SE amp Co KGaAphone +49 6172 608-2485e-mail ir-frefreseniuscomFor further information and current news wwwfreseniuscom
Follow us on Twitter wwwtwittercomfresenius_irand LinkedIn wwwlinkedincomcompanyfresenius-investor-relations
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 71
Fresenius Group
bull Delivered on all targets - 16th consecutive record year
bull 27th consecutive dividend increase proposed
bull Fresenius Kabi expected to show healthy top-line growth whilst softness in North America weighs on EBIT in FY20
bull Fresenius Helios anticipated to show ongoing stabilization in Germany and continued strong growth in Spain in FY20
bull Fresenius Medical Care expected to show strong growth in FY20
bull Too early to quantify the financial impact of Covid-19
bull Fresenius Group back on growth trajectory in FY20
bull Medium-term growth targets confirmed
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 22
Fresenius Kabi Volume Headwinds Partially Offset by New Product Launches in North America
bull Ongoing volume headwinds anticipatedminus Intensified competitionminus Shortage tailwind essentially overminus Opioid market not expected to
recoverbull Pricing expected to be in-line with
historical trends however trending more towards mid-single digit price declines in base product portfolio
bull 15+ product launches expected in 2020 targeting an originator market of ~US$13 bn
bull Excellent pipeline gt50 files pending with the FDA
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 23
Current Portfolio 2023 Portfolio
IV drugs
Pre-filled syringes
IV solutions
Parenteral nutrition
Infusion pumps
Biosimilars
Compounding
Specialty Rx
Fresenius Kabi Rigorous Pursuit to Further Broaden and Diversify Portfolio in North America
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 24
GPOsHospitals ClinicsPhysician Offices Retail PharmacyHome Care
Strong medium light none
0
500
1000
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 20190
01
02
03
Fresenius Kabi Continued Positive Momentum in Emerging Markets
bull Strong organic sales growth expected
bull Continued positive momentum in LatinAmerica anticipated
bull Regulatory changes in China expected toweigh on EBIT development
bull Too early to quantify the financial impact ofCovid-19
Significant sales and volume growth in China over last decade
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 25
Sales (cc) Volume growth Sales growth (cc)
in euro million
CAGR ~10
100030
20
10
0 0
500
US
Progress of portfolio
bull Three more molecules in portfolio
bull Expect to start with clinical studies forthose molecules in 2021
Fresenius Kabi Biosimilar Update
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 26
Launch schedule
Europe
Pegfilgrastim
Adalimumab
Tocilizumab
2023
2019
2021
2021
2023
2023
Business plan
bull Total investment ceiling euro14 bn untilEBITDA break-even in 2023
bull High triple-digit euro million sales in 2024
Fresenius Kabi Launch of Idacio in Europe Progresses According to Plan
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 27
Launched
Approved
Submitted
Fresenius Kabi Divisionalization of Transfusion Medicine and Cell Therapies Business Fuels Growth
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 28
bull Business remains important part of Fresenius Kabi
bull Dynamic growth in FY19 and good growth prospects
bull Inauguration of new production building in Haina Dominican Republic to fuel growth of disposable products
bull New joint venture to advance new cell and gene therapies
Fresenius Helios Germany to Show Ongoing Stabilization in FY20
Mitigation of regulatory headwindsbull Chief doctor vacancies at record lowbull Appropriate level of nursing staff bull Optimization of processes and workflowsbull Cost optimization measures
Very positive reimbursement environmentbull 2020 DRG inflator set at 366
Investments in future growth fieldsbull Clustering strategy progressesbull Preventionbull Occupational medicinebull Telemedicine platform
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 29
Ramp-up of outpatient businessbull Outpatient surgery centersbull Specialization of medical centers
Excellent growth in Spainbull Opening of first proton therapy center in
Spain (first patient treated in December rsquo19)
bull Opening of Quironsalud Madrid university hospital expansion in Pozuelo
bull Private hospitals expected to show dynamic organic growth driven by admissions
bull Continued positive momentum for ORPs
Fresenius Helios Spain to Plow Ahead in FY20
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 30
Expansion in Latin America proceedsbull Five successful acquisitions in Colombia
contribute nicely in FY20minus Clinica Las Vegas Clinica del Prado
and CediMed in Medellin(1)
minus Centro Medico Imbanaco in Cali(2)
minus Clinica de la Mujer in Bogota(3)
bull Total expected sales contribution of approx euro180m equiv in FY20
bull Attractive risk-adjusted ROIs expected
Notes (1) All transactions closed in 2019 (2) Closing expected at the end of Q12020 (3) Closing expected in Q22020 subject to anti-trust clearance
Financial Review FY19
31General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Sales
+6FY19 euro33524 m
Net Income
+0FY19 euro1915 m
EBIT
-2FY19 euro4599 m
Fresenius Group FY19 Profit and Loss Statement
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
All growth rates in constant currency (cc)Before special items adjusted for IFRS 16 effectOn a comparable basis FY18 adjusted for divestitures of Care Coordination activities at FMC before special itemsNet income attributable to shareholders of Fresenius SE amp Co KGaA
Net Interest
-euro510 mFY18 -euro549 m
Income Tax Rate
234FY18 221
32
1 On a comparable basis Q418 adjusted for divestitures of Care Coordination activities at FMC Q419 adjusted for IFRS 16 effect
All figures before special itemsFor a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
Fresenius Group Q419 Business Segment Growth
Organic sales growth1
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
EBIT growth (cc)1
+5
+4
+4
+4
0
-1
5
+7
+4 0
33
Fresenius Kabi Organic Sales Growth by Product Segment
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom Q419Δ YoY
organic FY19Δ YoY
organic
IV Drugs 737 -1 2939 -1
Infusion Therapy 213 2 834 3
Clinical Nutrition 482 8 1898 9
Medical DevicesTransfusion Technology
334 10 1248 11
Total sales 1766 4 6919 4
34
Fresenius Kabi Organic Sales Growth by Regions
eurom Q419Δ YoY
organic FY19Δ YoY
organic
North America 609 -1 2424 -2
Europe 604 2 2313 2
Emerging Markets 553 12 2182 14
Total sales 1766 4 6919 4
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 35
Fresenius Kabi Q4 amp FY19 EBIT Growth
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom Q419 Δ YoY cc FY19 Δ YoY cc
North AmericaMargin
204335
-8-260 bps
907374
-3-50 bps
EuropeMargin
87144
-10-200 bps
328142
-7-160 bps
Emerging MarketsMargin
124224
7-90 bps
476218
19130 bps
Corporate and Corporate RampD -132 11 -511 2
Total EBITMargin
283160
-1-90 bps
1200173
3-10 bps
On a comparable basis before special items and adjusted for IFRS 16 effects
Margin growth at actual ratesFor a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
36
Fresenius Kabi Expected Organic Sales Growth 2020
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Broadly stable
bull Ongoing volume headwinds anticipated
bull Pricing expected to trend more towards mid-single digit price declines in base product portfolio
North America
Mid-single-digit growth
bull Growth driven by first biosimilar in the market (IDACIO)
bull Continued strong growth of clinical nutrition business expected
Europe
High single-digit growth
bull China Healthy volume growth anticipated regulatory headwinds weigh on business
bull Latin America Continued healthy growth expected
Emerging Markets
37
Fresenius Helios Q4 amp FY19 Key Financials
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom Q419 Δ YoY FY19 Δ YoY
Total sales 2344 41 9234 51
Thereof Helios Germany 1475 31 5940 31
Thereof Helios Spain 867 71 3292 71
Total EBIT3
Margin292
1255
10 bps1015110
-4-32
-70 bps
Thereof Helios GermanyMargin
14397
420 bps
57697
-8-62
-80 bps
Thereof Helios SpainMargin
134155
6-50 bps
434132
5-50 bps
Thereof Corporate 15 -- 5 --
1 Organic growth2 Adjusted for the post-acute care business transferred to Fresenius Vamed as of July 1 20183 Adjusted for IFRS 16 effectFor a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
38
Fresenius Helios Key Measures
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
FY19 FY18 Δ
No of hospitals Germany- Acute care hospitals
8683
8683
00
No of hospitals Spain(Hospitals)
51 47 9
No of beds Germany- Acute care hospitals
28907 28380
2932928802
-1-1
No of beds Spain(Hospitals)
7288 7019 4
Admissions Germany (acute care) 1206654 1218199
Admissions Spain (including outpatients) 15396051 13318066
39
Fresenius Vamed
1 Without German post-acute care business acquired from Fresenius Helios as of July 1 2018
2 Adjusted for IFRS 16 effect 3 Project business only4 Versus December 31 2018
bull Both business segments contributed to the organic sales growth of 4 in Q419
bull Stable service business is gaining weight (FY19 63 of sales FY09 32)
bull Geographically well-diversified order backlog is excellent foundation for future growth
eurom Q419 Δ YoY FY19 Δ YoY
Total salesThereof organic sales
737 64
2206 31161
Service business 374 11 1399 43251
Project business 363 1 807 13
Total EBIT2 66 8 131 1961
Order intake3 576 -13 1314 7
Order backlog3 2865 184
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 40
Fresenius Group FY19 amp Cash Flow
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Operating CF1 Capex (net) Free Cash Flow12
eurom FY2019 Margin FY2019 Margin FY2019 Margin
1947 111 -1113 -64 834 47
968 140 -716 -104 252 36
683 74 -477 -52 206 224
-46 -21 -52 -23 -98 -44
CorporateOther -38 na -75 na -113 na
1677 93 -1320 -73 357 20
3514 99 -2433 -69 1081 30
1 Adjusted for IFRS 162 Before acquisitions and dividends3 Incl FMC dividend of euro110 million4 Understated 27 excluding euro45 million of capex commitments from acquisitions
Excl FMC3
41
Fresenius Group 2020 Financial Outlook by Business Segment
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom (except otherwise stated) FY19 Base1 FY20e2
Sales growth (cc) 17477mid to high single digit
-range
Net income growth3 (cc) 1205mid to high single digit
-range
Sales growth (organic) 6919 3 - 6
EBIT growth (cc) 1205 -4 to 0
Sales growth (organic) 9234 3 - 6
EBIT growth (cc) 1025 3 - 7
Sales growth (organic) 2206 4 - 7
EBIT growth (cc) 134 5 - 9
1 Before special items including IFRS 16 effects including NxStage operations2 Before special items3 Net income attributable to shareholders of Fresenius Medical Care AG amp Co KGaA
For a detailed overview of special items please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
42
eurom (except otherwise stated) FY19 Base1 FY202
Sales growth (cc) 35409 4 - 7
Net income3 growth (cc) 1879 1 - 5
Fresenius Group 2020 Financial Guidance
1 Before special items including IFRS 16 effects including NxStage operations 2 Before special items3 Net income attributable to shareholders of Fresenius SEampCoKGaA
For a detailed overview of special items please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 43
FY19 base for Fresenius Group Guidance FY20
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
euromFresenius
GroupFresenius
Medical CareFresenius
Kabi
Sales reported (reported = base for guidance) 35409 17477 6919
Transaction costs Akorn 3
Revaluations of biosimilars contingent purchase price liabilities -32
EBIT (before special items = base Fresenius Kabi guidance) 1205
Net income reported 1883 1200
Transaction costs Akorn 3
Revaluations of biosimilars contingent purchase price liabilities -19
Gain related to divestitures of Care Coordination activities at FMC -15 -49
Transaction costs NxStage 6 18
Expenses associated with cost optimization program at FMC 21 67
Net income (before special items = base Fresenius Group amp FMC guidance) 1879 1236
44
Fresenius Group Financial Results by Business Segment
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 45
20191 20182 2017 Growth3
20192018
Sales euro17592 m euro16026 m euro17784 m 62
EBIT euro2281 m euro2292 m euro2562 m -42
Sales euro6919 m euro6544 m euro6358 m 4
EBIT euro1200 m euro1139 m euro1177 m 3
Sales euro9234 m euro8993 m euro8668 m 3
EBIT euro1015 m euro1052 m euro1052 m -4
Sales euro2206 m euro1688 m euro1228 m 30
EBIT euro131 m euro110 m euro76 m 18
Sales euro35524 m euro33009 m euro33886 m 62
EBIT euro4599 m euro4547 m euro4830 m -22Group
Before special items
1 Adjusted for IFRS 162 On a comparable basis 2018 adjusted for divestitures of Care Coordination activities 3 Growth rates at constant currency and adjusted for IFRS 16
Fresenius Group Margins by Business Segment
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 46
Before special items 2018 adjusted for divestitures of Care Coordination activities 2019 adjusted for IFRS 16
2019 2018 2017
EBITDA margin 178 192 185
EBIT margin 130 143 144
EBITDA margin 217 219 233
EBIT margin 173 174 185
EBITDA margin 148 159 165
EBIT margin 110 117 121
EBITDA margin 78 79 71
EBIT margin 59 65 62
EBITDA margin 174 183 185
EBIT margin 129 138 143Group
Credit Highlights amp Financing Structure
47General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Credit Highlights
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 48
Consistent Cash Generation
Proven Track Record of Deleveraging
Broad Mix of Financing Instruments
Well-Balanced Maturity Profile
Solid Balance Sheet Structure
Solid IG Rating and Strong Access to Capital Markets
120
103
126
114109
120 122116
112120
8
9
10
11
12
13
14
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
48 48 52 5358 55 55 54
6570
2
3
4
5
6
7
8
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
74
56
76
62
52
67 67 66
50 52
4
5
6
7
8
9
10
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Fresenius Group Consistent Cash Generation
Capex gross in of sales
FCF margin (before acquisitions amp dividends)CFFO margin
49General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
2019 including IFRS 16
32x
30x
27x
22x 23x
35x
30x
26x
36x
30x
26x27x
26x
25x
32x
27x
23x
28x
27x
31x 4
20
25
30
35
40
2001 2002 2003 2004 2005 Q106 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
3
2
Hospitals from
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Proven Track Record of Deleveraging
Net DebtEBITDA1
1 At actual FX rates from 2001 to 2010 and at average FX rates from 2011 onwards for both Net Debt and EBITDA before special items pro forma closed acquisitionsdivestitures2 Pro forma excluding advances made for the acquisition of hospitals from Rhoumln-Klinikum AG3 Both net debt and EBITDA including IFRS 16 effect and calculated at expected annual average exchange rates excluding further potential acquisitions4 Including acquisition of NxStage adjusted for IFRS 16 effect
Target 20203 towards thetop end of self-imposed
target corridor of 30 ndash 35x
50
36x
40
35
20
25
30
Equity-neutralconvertible bonds 3
Fresenius Group excl FMC Broad Mix of Financing Instruments
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 51
Total BS Debt
~euro136 bn
1 As of December 31 2019
bull Optimize funding costs and ensure financial flexibility
bull Diversify investor base
bull Strong liquidity provided by sufficient financial cushion (~euro22 billion as of December 31 2019)
Well Positioned to Meet Financing NeedsBonds 40
Lease obligations 14
Syndicated loans 15
Schuldscheinloans 16
Other financial liabilities 5
Commercial paper 7
Average interest ratecost of debt18 pa
Commercial paper 7
Fresenius Group Broad Mix of Financing Instruments
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 52
Total BS Debt
~euro273 bn
1 As of December 31 2019
bull Optimize funding costs and ensure financial flexibility
bull Diversify investor base
bull Strong liquidity provided by sufficient financial cushion (~euro40 billion as of December 31 2019)
Well Positioned to Meet Financing Needs
Average interest ratecost of debt22 pa
Equity-neutralconvertible bonds 3
Syndicated loans 14
Other financial liabilities 6
Bonds 38
Lease liabilities 24
Schuldschein loans 8
Fresenius Group Capitalization1
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 53
Instrument per Book Value in euro million in $ million4 oftotal cap
EBITDA LTM x
Syndicated Credit Agreement Revolver (euro US-$) 0 0 00 Syndicated Credit Agreement Term Loan A (euro US-$) 1976 2220 29 Bonds (euro US-$) 5501 6180 82 Convertible Bonds 465 522 07 Schuldschein Loans 2180 2449 33 Commercial Paper 953 1071 14 Lease Obligations 1876 2107 28 Other debt 675 758 10 Total Debt (FSE excl FMC) gross 13626 15307 203 Cash (excl FMC) 651 731 10 Total debt (FSE excl FMC) net 12975 14576 193 Total FMC debt net 12774 14350 190 Consolidation Adjustments (145) (163) (02)Total consolidated debt net 25604 28764 382 36x Market capitalization2 41470 46587 618 58x
Total capitalization 67074 75351 1000 94x FSE Group EBITDA3 7110
1 As of December 31 20192 Based on market capitalization for FSE and FMC as of December 31 20193 Pro Forma acquisitions before special items4 EURUSD exchange rate as of December 31 2019
Fresenius Group excl FMC Well-Balanced Debt Maturity Profile12
54
1 As of December 31 2019 and based on utilization of major financing instruments2 Excluding lease liabilities3 Pro Forma issuance of FSE EUR 750m bonds in Jan 2020 (average maturity 38)
Maturity 35 years3 on
average
eurom
EUR 750m Jan 2020
500717 700
267
1150
500700 750
500 500
153
903 927
106
304 393
430
421
238
207
84
500
953
0
500
1000
1500
2000
2500
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Bonds Syndicated Loan Schuldschein Loans Equity-neutral convertible bonds Commercial Paper
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
1500
1000
2000
2500
Fresenius Group Well-Balanced Debt Maturity Profile12
1 As of December 31 2019 and based on utilization of major financing instruments2 Excluding lease liabilities3 Pro Forma issuance of FSE EUR 750m bonds in Jan 2020 (average maturity 35)
EUR 750m Jan 2020
2380
13931859
650356 500 600
945
1712
1924
2020
697
2071
500 238
907 750
584
5000
1000
2000
3000
4000
5000
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Fresenius Medical Care Fresenius excl Fresenius Medical Care
5000
4000
3000
2000
1000
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Maturity 33 years3 on
average
eurom
55
23 23 23 19
32 36 33 41
45 41 44 40
Dec 31 16 Dec 31 17 Dec 31 18 Dec 31 19
Equity and non-controlling interest Debt Other liabilities
Fresenius Group Solid Balance Sheet Structure
Healthy Equity and Liability Split
bull Strong equity ratio of gt40 on average
bull Equity ratio kept in narrow range despite rapid growth of Fresenius Group
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 56
467 531 567 670
BS total (eurobn)
Including IFRS 16
Fresenius SE Solid Investment Grade Rating
57
ldquoFSE delivers solid organic growth thanks to positive underlying growth trends in the life-saving and life-sustaining products and therapies that the group offersrdquoSampP Jan 08 2019
ldquoFSErsquos rating remains anchored in investment-grade given its mature and defensive business risk profile its organic deleveraging ability based on free cash flow generation and its record of integrating acquisitions successfully and reducing financial leverage in line with communicated policiesrdquo Fitch April 17 2019
ldquoThe Baa3 long term issuer rating of FSE reflects its strong defensive business profile underpinned by large absolute scale global footprint and segmental diversification within the healthcare market supported by strong position in its four business segmentsrdquo Moodyrsquos May 20 2019
Rating History Rating Agenciesrsquo Key Statements
Following a positive outlook SampP upgraded Fresenius to BBB stable outlook in May 2019
SampP Moodylsquos Fitch
Corporate Credit Rating BBB Baa3 BBB-
Outlook stable stable stable
Current Credit Ratings
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Strong Access to Capital Markets
58
Major Financing Instruments
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Bonds euro250 m euro800 m$105 bn
euro750 m$15 bn
euro500 m euro12 bn$12 bn
$300m euro26 bn euro500 m euro10 bn$500 m
euro175 bn
euro750 m1
euro750 m2
SyndicatedLoans
$35 bn $898 m $385 bn $18 bneuro245 bn
$41 bneuro700 m
$115 bneuro205 bn
euro530 bn$355 bn
euro100 m
SchuldscheinLoans
euro400 m euro125 m euro500 m euro112 m $400 m euro10 bn euro700 m
Convertible Bonds
euro900 m euro500 m
Equity euro10 bn euro400 m
1 January 2020 euro750million 2020-2028 bonds issued by Fresenius SE amp Co KGaA2 March 2020 euro750million 2020-2027 bonds issued by Fresenius SE amp Co KGaA
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Debt and Cash Flow Structure
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 59
1 Incl consolidation adjustments2 Incl Fresenius financing subsidiaries3 Controlling stake4 Incl subsidiaries 5 Based on market capitalization for FMC as of December 31 20196 Via German holding entities (Fresenius Kabi AG and Fresenius ProServe GmbH)
Fresenius Medical Care
Financing
Fresenius SE Financing
Group Net Debt ~euro256 bn1
DividendsRents Service Agreements
~323 100 77 (cross boarder)100
Profit transfer Agreements6
bull Separate financing of Fresenius SE and Fresenius Medical Care
bull No joint financing facilities or mutual guarantees
bull Fresenius Kabi Fresenius Helios and Fresenius Vamed financed primarily through Fresenius SE to avoid structural subordination
bull Subsidiary debt consists mainly of lease liabilities which are on balance acc to IFRS 16 from 2019 onwards
FSE Net Debt2~euro128 bn
incl Net Debt of KabiHeliosVamed
StockMarketValue~euro62 bn5
FSE Net Debt2~euro114 bn
excl Net Debt of KabiHeliosVamed
euro12774 m Net Debt4
Thereof lease liabilities euro4705m
euro951 m Net Debt4
Thereof lease liabilities euro1042m
euro84 m Net Debt4
Thereof lease liabilities euro392m
euro371 m Net Debt4
Thereof lease liabilities euro369m
Fresenius Group Key Credit Figures
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 60
1 Adjusted for IFRS 162 Before special items pro forma acquisitionsdivestitures3 Before special items
20191 2019 2018 2017
Debt (eurom) thereof US$ denominated
2123328
2725834
1898428
1904231
Net debt (eurom) 19579 25604 16275 17406
Net debtEBITDA2
Net debt at year-end exchange rate EBITDA at LTM average FX rates
314 360 273 279
Net debtEBITDA2
at LTM average FX rates for both net debt and EBITDA
314 361 271 284
Operating Cash flowSales 99 120 112 116
EBITDANet Interest3 121 99 106 96
Appendix
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 61
Fresenius Group FY19 Key Financials
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom FY191 IFRS 16effect
specialitems
FY19 reported
Δ YoY cc12
Sales 35524 -115 - 35409 6
EBIT 4599 89 -57 4631 -2
Net interest -510 -204 -5 -719 9
Income taxes -955 30 42 -883 -5
Net income3 1915 -36 4 1883 0
Balance sheet total 61237 5769 - 67006
Operating Cashflow 3514 749 - 4263
1 Before special items adjusted for IFRS 16 effect2 On a comparable basis 2018 adjusted for divestitures of Care Coordination activities at FMC3 Net income attributable to shareholders of Fresenius SE amp Co KGaA
For a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
62
Fresenius Group Cash Flow
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 63
eurom 20191 Margin 2019 Margin 2018 Margin Δ YoY1918
Operating Cash Flow 3514 99 4263 120 3742 112 14
Capex (net) -2433 -69 -2433 -68 -2077 -62 -17
Free Cash Flow(before acquisitions and dividends)
1081 30 1830 52 1665 50 10
Acquisitions (net) -2423 -2423 613 --
Dividends -952 -952 -904 5
Free Cash Flow(after acquisitions and dividends) -2294 -65 -1545 -44 1374 41 --
1 2019 adjusted for IFRS 16
Fresenius Group Calculation of Noncontrolling Interest
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom FY19 FY18
Earnings before tax and noncontrolling interest 4089 3998
Taxes -955 -883
Noncontrolling interest thereof -1219 -1243
Fresenius Medical Care net income not attributable to Fresenius (FY19 ~69)
-897 -928
Noncontrolling interest holders in Fresenius Medical Care -239 -244
Noncontrolling interest holders in Fresenius Kabi (-euro49 m) Fresenius Helios (-euro13 m) Fresenius Vamed (-euro2 m) and due to Fresenius Vamedrsquos 23 external ownership (-euro19 m)
-83 -71
Net income attributable to Fresenius SE amp Co KGaA 1915 1872
64
On a comparable basis Before special items adjusted for IFRS16 effect FY18 adjusted for divestitures of Care Coordination activities at FMC
For a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
002
023 025029
032037
042044
055
062
93 08 09 10 11 12 13 14 15 16 17 18 19
25 2421 20 21 21 22 21 22 23 24
Fresenius SE Earnings-Linked Dividend Policy
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
euro per share
bull Dividend growth aligned to EPS1
growth
bull Pay-out Ratio 20 to 25
Dividend distribution (eurom)
Pay-out Ratio
075
2019 Pay-out Ratio 24 Dividend Policy
122 140 155 196 225 238 300 416114 343 445
080
1 Before special items
468
084
24
Track record
bull 27th consecutive dividend increase
bull CAGR dividend increase +15
65
32x1
Fresenius Medical Care Low Leverage Reflected by Solid Investment Grade Rating
66General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
60 6176
6483
2015 2016 2017 2018 2019
Free Cash Flow in of revenue
SampP Moodylsquos Fitch
Corporate Credit Rating BBB Baa3 BBB-
Outlook stable stable stable
Current Credit Ratings
1 Including IFRS16 effect
29x30x
27x
22x
18x
31x
27x25x
22x
21x
27x25x
25x
31x
26x23x
21x
18x
25x
15
20
25
30
35
40
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
1
Fresenius Medical Care Broad Mix of Financing Instruments
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 67
Total BS Debt
~euro138 m
1 As of December 31 2019
bull Optimize funding costs and ensure financial flexibility
bull Diversify investor base
bull Strong liquidity provided by sufficient financial cushion (~euro18 billion as of December 31 2019)
Well Positioned to Meet Financing Needs
Average interest ratecost of debt25 pa
Equity-neutralconvertible bonds 3
Commercial paper 7
Syndicated loans 14
Other financial liabilities 7
Bonds 36
Lease obligations 33
Fresenius Medical Care Well-Balanced Debt Maturity Profile12
68
eurom
Maturity 30 years on
average
1 As of December 31 2019 and based on utilization of major financing instruments2 Excluding lease liabilities
445
878623 650
356500 600
945
535
135
1236400
1000
380
0
500
1000
1500
2000
2500
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
Bonds Syndicated Loan Equity-neutral convertible bonds Commercial Paper AR Facility
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
2500
2000
1500
1000
Fresenius SE Overview Bonds
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 69
Issuer Volume(in millions)
Coupon type
Coupon (in )
MaturityTerm
ISIN (RegS)
WKN
Fresenius SE amp Co KGaAeuro500 Fix 2875 20132020 XS0873432511 A1HEWZ
Fresenius SE amp Co KGaAeuro450 Fix 300 20142021 XS1013955379 A1ZB7H
Fresenius SE amp Co KGaAeuro450 Fix 400 20142024 XS1026109204 A1ZC60
Fresenius SE amp Co KGaAeuro 500 Fix 1875 20192025 XS1936208252 A2NBMS
Fresenius SE amp Co KGaAeuro 750 Fix 1625 20202027 XS2152329053 A254TA
Fresenius SE amp Co KGaAeuro 750 Fix 075 20202028 XS2101357072 A254QN
Fresenius SE amp Co KGaAeuro 500 Fix 2875 20192029 XS1936208419 A2NBMT
Fresenius Finance Ireland plceuro700 Fix 0875 20172022 XS1554373164 A19B3F
Fresenius Finance Ireland plceuro700 Fix 150 20172024 XS1554373248 A19B3G
Fresenius Finance Ireland plceuro700 Fix 2125 20172027 XS1554373677 A19B3H
Fresenius Finance Ireland plceuro500 Fix 300 20172032 XS1554373834 A19B3J
Fresenius US Finance II IncUS$300 Fix 425 20142021 USU31436AG04 A1ZDVJ
Fresenius US Finance II IncUS$300 Fix 450 20152023 USU31436AH86 A1Z64A
As of April 8 2020
Fresenius Medical Care Overview Bonds
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 70
Issuer Volume(in millions)
Coupon type
Coupon (in )
MaturityTerm
ISIN (RegS)
WKN
FMC Finance VII SA euro300 Fix 525 20112021 XS0576395478 A1GLY6
Fresenius Medical Care US Finance Inc US$650 Fix 575 20112021 USU31433AA03 A1GL0J
Fresenius Medical Care US Finance II Inc US$500 Fix 4125 20142020 US35802XAH61 A1ZRTL
Fresenius Medical Care US Finance II Inc US$700 Fix 5875 20122022 USU31434AC42 A1GZRF
Fresenius Medical Care US Finance II Inc US$400 Fix 475 20142024 US35802XAJ28 A1ZRTN
Fresenius Medical Care US Finance III Inc US$500 Fix 375 20192029 USU3149FAA76 A2R3YR
Fresenius Medical Care AG amp Co KGaA euro650 Fix 0250 20192023 XS2084510069 A255DU
Fresenius Medical Care AG amp Co KGaA euro500 Fix 150 20182025 XS1854532949 A2NBE6
Fresenius Medical Care AG amp Co KGaA euro600 Fix 0625 20192026 XS2084497705 A255DV
Fresenius Medical Care AG amp Co KGaA euro500 Fix 1250 20192029 XS2084488209 A255DW
As of December 31 2019
Financial Calendar Contact
Financial Calendar 06 May 2020 Results Q120
30 July 2020 Results Q220
29 October 2020 Results Q320Please note that these dates could be subject to change
Annual General Meeting Due to the coronavirus pandemic the AGM scheduled for 20 May 2020 has been postponed A new date within the current financial year will be set as soon as the conditions for reliable planning and safe execution of the AGM are once again in place
Contact
Investor Relations amp SustainabilityFresenius SE amp Co KGaAphone +49 6172 608-2485e-mail ir-frefreseniuscomFor further information and current news wwwfreseniuscom
Follow us on Twitter wwwtwittercomfresenius_irand LinkedIn wwwlinkedincomcompanyfresenius-investor-relations
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 71
Fresenius Kabi Volume Headwinds Partially Offset by New Product Launches in North America
bull Ongoing volume headwinds anticipatedminus Intensified competitionminus Shortage tailwind essentially overminus Opioid market not expected to
recoverbull Pricing expected to be in-line with
historical trends however trending more towards mid-single digit price declines in base product portfolio
bull 15+ product launches expected in 2020 targeting an originator market of ~US$13 bn
bull Excellent pipeline gt50 files pending with the FDA
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 23
Current Portfolio 2023 Portfolio
IV drugs
Pre-filled syringes
IV solutions
Parenteral nutrition
Infusion pumps
Biosimilars
Compounding
Specialty Rx
Fresenius Kabi Rigorous Pursuit to Further Broaden and Diversify Portfolio in North America
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 24
GPOsHospitals ClinicsPhysician Offices Retail PharmacyHome Care
Strong medium light none
0
500
1000
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 20190
01
02
03
Fresenius Kabi Continued Positive Momentum in Emerging Markets
bull Strong organic sales growth expected
bull Continued positive momentum in LatinAmerica anticipated
bull Regulatory changes in China expected toweigh on EBIT development
bull Too early to quantify the financial impact ofCovid-19
Significant sales and volume growth in China over last decade
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 25
Sales (cc) Volume growth Sales growth (cc)
in euro million
CAGR ~10
100030
20
10
0 0
500
US
Progress of portfolio
bull Three more molecules in portfolio
bull Expect to start with clinical studies forthose molecules in 2021
Fresenius Kabi Biosimilar Update
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 26
Launch schedule
Europe
Pegfilgrastim
Adalimumab
Tocilizumab
2023
2019
2021
2021
2023
2023
Business plan
bull Total investment ceiling euro14 bn untilEBITDA break-even in 2023
bull High triple-digit euro million sales in 2024
Fresenius Kabi Launch of Idacio in Europe Progresses According to Plan
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 27
Launched
Approved
Submitted
Fresenius Kabi Divisionalization of Transfusion Medicine and Cell Therapies Business Fuels Growth
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 28
bull Business remains important part of Fresenius Kabi
bull Dynamic growth in FY19 and good growth prospects
bull Inauguration of new production building in Haina Dominican Republic to fuel growth of disposable products
bull New joint venture to advance new cell and gene therapies
Fresenius Helios Germany to Show Ongoing Stabilization in FY20
Mitigation of regulatory headwindsbull Chief doctor vacancies at record lowbull Appropriate level of nursing staff bull Optimization of processes and workflowsbull Cost optimization measures
Very positive reimbursement environmentbull 2020 DRG inflator set at 366
Investments in future growth fieldsbull Clustering strategy progressesbull Preventionbull Occupational medicinebull Telemedicine platform
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 29
Ramp-up of outpatient businessbull Outpatient surgery centersbull Specialization of medical centers
Excellent growth in Spainbull Opening of first proton therapy center in
Spain (first patient treated in December rsquo19)
bull Opening of Quironsalud Madrid university hospital expansion in Pozuelo
bull Private hospitals expected to show dynamic organic growth driven by admissions
bull Continued positive momentum for ORPs
Fresenius Helios Spain to Plow Ahead in FY20
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 30
Expansion in Latin America proceedsbull Five successful acquisitions in Colombia
contribute nicely in FY20minus Clinica Las Vegas Clinica del Prado
and CediMed in Medellin(1)
minus Centro Medico Imbanaco in Cali(2)
minus Clinica de la Mujer in Bogota(3)
bull Total expected sales contribution of approx euro180m equiv in FY20
bull Attractive risk-adjusted ROIs expected
Notes (1) All transactions closed in 2019 (2) Closing expected at the end of Q12020 (3) Closing expected in Q22020 subject to anti-trust clearance
Financial Review FY19
31General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Sales
+6FY19 euro33524 m
Net Income
+0FY19 euro1915 m
EBIT
-2FY19 euro4599 m
Fresenius Group FY19 Profit and Loss Statement
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
All growth rates in constant currency (cc)Before special items adjusted for IFRS 16 effectOn a comparable basis FY18 adjusted for divestitures of Care Coordination activities at FMC before special itemsNet income attributable to shareholders of Fresenius SE amp Co KGaA
Net Interest
-euro510 mFY18 -euro549 m
Income Tax Rate
234FY18 221
32
1 On a comparable basis Q418 adjusted for divestitures of Care Coordination activities at FMC Q419 adjusted for IFRS 16 effect
All figures before special itemsFor a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
Fresenius Group Q419 Business Segment Growth
Organic sales growth1
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
EBIT growth (cc)1
+5
+4
+4
+4
0
-1
5
+7
+4 0
33
Fresenius Kabi Organic Sales Growth by Product Segment
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom Q419Δ YoY
organic FY19Δ YoY
organic
IV Drugs 737 -1 2939 -1
Infusion Therapy 213 2 834 3
Clinical Nutrition 482 8 1898 9
Medical DevicesTransfusion Technology
334 10 1248 11
Total sales 1766 4 6919 4
34
Fresenius Kabi Organic Sales Growth by Regions
eurom Q419Δ YoY
organic FY19Δ YoY
organic
North America 609 -1 2424 -2
Europe 604 2 2313 2
Emerging Markets 553 12 2182 14
Total sales 1766 4 6919 4
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 35
Fresenius Kabi Q4 amp FY19 EBIT Growth
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom Q419 Δ YoY cc FY19 Δ YoY cc
North AmericaMargin
204335
-8-260 bps
907374
-3-50 bps
EuropeMargin
87144
-10-200 bps
328142
-7-160 bps
Emerging MarketsMargin
124224
7-90 bps
476218
19130 bps
Corporate and Corporate RampD -132 11 -511 2
Total EBITMargin
283160
-1-90 bps
1200173
3-10 bps
On a comparable basis before special items and adjusted for IFRS 16 effects
Margin growth at actual ratesFor a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
36
Fresenius Kabi Expected Organic Sales Growth 2020
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Broadly stable
bull Ongoing volume headwinds anticipated
bull Pricing expected to trend more towards mid-single digit price declines in base product portfolio
North America
Mid-single-digit growth
bull Growth driven by first biosimilar in the market (IDACIO)
bull Continued strong growth of clinical nutrition business expected
Europe
High single-digit growth
bull China Healthy volume growth anticipated regulatory headwinds weigh on business
bull Latin America Continued healthy growth expected
Emerging Markets
37
Fresenius Helios Q4 amp FY19 Key Financials
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom Q419 Δ YoY FY19 Δ YoY
Total sales 2344 41 9234 51
Thereof Helios Germany 1475 31 5940 31
Thereof Helios Spain 867 71 3292 71
Total EBIT3
Margin292
1255
10 bps1015110
-4-32
-70 bps
Thereof Helios GermanyMargin
14397
420 bps
57697
-8-62
-80 bps
Thereof Helios SpainMargin
134155
6-50 bps
434132
5-50 bps
Thereof Corporate 15 -- 5 --
1 Organic growth2 Adjusted for the post-acute care business transferred to Fresenius Vamed as of July 1 20183 Adjusted for IFRS 16 effectFor a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
38
Fresenius Helios Key Measures
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
FY19 FY18 Δ
No of hospitals Germany- Acute care hospitals
8683
8683
00
No of hospitals Spain(Hospitals)
51 47 9
No of beds Germany- Acute care hospitals
28907 28380
2932928802
-1-1
No of beds Spain(Hospitals)
7288 7019 4
Admissions Germany (acute care) 1206654 1218199
Admissions Spain (including outpatients) 15396051 13318066
39
Fresenius Vamed
1 Without German post-acute care business acquired from Fresenius Helios as of July 1 2018
2 Adjusted for IFRS 16 effect 3 Project business only4 Versus December 31 2018
bull Both business segments contributed to the organic sales growth of 4 in Q419
bull Stable service business is gaining weight (FY19 63 of sales FY09 32)
bull Geographically well-diversified order backlog is excellent foundation for future growth
eurom Q419 Δ YoY FY19 Δ YoY
Total salesThereof organic sales
737 64
2206 31161
Service business 374 11 1399 43251
Project business 363 1 807 13
Total EBIT2 66 8 131 1961
Order intake3 576 -13 1314 7
Order backlog3 2865 184
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 40
Fresenius Group FY19 amp Cash Flow
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Operating CF1 Capex (net) Free Cash Flow12
eurom FY2019 Margin FY2019 Margin FY2019 Margin
1947 111 -1113 -64 834 47
968 140 -716 -104 252 36
683 74 -477 -52 206 224
-46 -21 -52 -23 -98 -44
CorporateOther -38 na -75 na -113 na
1677 93 -1320 -73 357 20
3514 99 -2433 -69 1081 30
1 Adjusted for IFRS 162 Before acquisitions and dividends3 Incl FMC dividend of euro110 million4 Understated 27 excluding euro45 million of capex commitments from acquisitions
Excl FMC3
41
Fresenius Group 2020 Financial Outlook by Business Segment
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom (except otherwise stated) FY19 Base1 FY20e2
Sales growth (cc) 17477mid to high single digit
-range
Net income growth3 (cc) 1205mid to high single digit
-range
Sales growth (organic) 6919 3 - 6
EBIT growth (cc) 1205 -4 to 0
Sales growth (organic) 9234 3 - 6
EBIT growth (cc) 1025 3 - 7
Sales growth (organic) 2206 4 - 7
EBIT growth (cc) 134 5 - 9
1 Before special items including IFRS 16 effects including NxStage operations2 Before special items3 Net income attributable to shareholders of Fresenius Medical Care AG amp Co KGaA
For a detailed overview of special items please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
42
eurom (except otherwise stated) FY19 Base1 FY202
Sales growth (cc) 35409 4 - 7
Net income3 growth (cc) 1879 1 - 5
Fresenius Group 2020 Financial Guidance
1 Before special items including IFRS 16 effects including NxStage operations 2 Before special items3 Net income attributable to shareholders of Fresenius SEampCoKGaA
For a detailed overview of special items please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 43
FY19 base for Fresenius Group Guidance FY20
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
euromFresenius
GroupFresenius
Medical CareFresenius
Kabi
Sales reported (reported = base for guidance) 35409 17477 6919
Transaction costs Akorn 3
Revaluations of biosimilars contingent purchase price liabilities -32
EBIT (before special items = base Fresenius Kabi guidance) 1205
Net income reported 1883 1200
Transaction costs Akorn 3
Revaluations of biosimilars contingent purchase price liabilities -19
Gain related to divestitures of Care Coordination activities at FMC -15 -49
Transaction costs NxStage 6 18
Expenses associated with cost optimization program at FMC 21 67
Net income (before special items = base Fresenius Group amp FMC guidance) 1879 1236
44
Fresenius Group Financial Results by Business Segment
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 45
20191 20182 2017 Growth3
20192018
Sales euro17592 m euro16026 m euro17784 m 62
EBIT euro2281 m euro2292 m euro2562 m -42
Sales euro6919 m euro6544 m euro6358 m 4
EBIT euro1200 m euro1139 m euro1177 m 3
Sales euro9234 m euro8993 m euro8668 m 3
EBIT euro1015 m euro1052 m euro1052 m -4
Sales euro2206 m euro1688 m euro1228 m 30
EBIT euro131 m euro110 m euro76 m 18
Sales euro35524 m euro33009 m euro33886 m 62
EBIT euro4599 m euro4547 m euro4830 m -22Group
Before special items
1 Adjusted for IFRS 162 On a comparable basis 2018 adjusted for divestitures of Care Coordination activities 3 Growth rates at constant currency and adjusted for IFRS 16
Fresenius Group Margins by Business Segment
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 46
Before special items 2018 adjusted for divestitures of Care Coordination activities 2019 adjusted for IFRS 16
2019 2018 2017
EBITDA margin 178 192 185
EBIT margin 130 143 144
EBITDA margin 217 219 233
EBIT margin 173 174 185
EBITDA margin 148 159 165
EBIT margin 110 117 121
EBITDA margin 78 79 71
EBIT margin 59 65 62
EBITDA margin 174 183 185
EBIT margin 129 138 143Group
Credit Highlights amp Financing Structure
47General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Credit Highlights
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 48
Consistent Cash Generation
Proven Track Record of Deleveraging
Broad Mix of Financing Instruments
Well-Balanced Maturity Profile
Solid Balance Sheet Structure
Solid IG Rating and Strong Access to Capital Markets
120
103
126
114109
120 122116
112120
8
9
10
11
12
13
14
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
48 48 52 5358 55 55 54
6570
2
3
4
5
6
7
8
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
74
56
76
62
52
67 67 66
50 52
4
5
6
7
8
9
10
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Fresenius Group Consistent Cash Generation
Capex gross in of sales
FCF margin (before acquisitions amp dividends)CFFO margin
49General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
2019 including IFRS 16
32x
30x
27x
22x 23x
35x
30x
26x
36x
30x
26x27x
26x
25x
32x
27x
23x
28x
27x
31x 4
20
25
30
35
40
2001 2002 2003 2004 2005 Q106 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
3
2
Hospitals from
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Proven Track Record of Deleveraging
Net DebtEBITDA1
1 At actual FX rates from 2001 to 2010 and at average FX rates from 2011 onwards for both Net Debt and EBITDA before special items pro forma closed acquisitionsdivestitures2 Pro forma excluding advances made for the acquisition of hospitals from Rhoumln-Klinikum AG3 Both net debt and EBITDA including IFRS 16 effect and calculated at expected annual average exchange rates excluding further potential acquisitions4 Including acquisition of NxStage adjusted for IFRS 16 effect
Target 20203 towards thetop end of self-imposed
target corridor of 30 ndash 35x
50
36x
40
35
20
25
30
Equity-neutralconvertible bonds 3
Fresenius Group excl FMC Broad Mix of Financing Instruments
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 51
Total BS Debt
~euro136 bn
1 As of December 31 2019
bull Optimize funding costs and ensure financial flexibility
bull Diversify investor base
bull Strong liquidity provided by sufficient financial cushion (~euro22 billion as of December 31 2019)
Well Positioned to Meet Financing NeedsBonds 40
Lease obligations 14
Syndicated loans 15
Schuldscheinloans 16
Other financial liabilities 5
Commercial paper 7
Average interest ratecost of debt18 pa
Commercial paper 7
Fresenius Group Broad Mix of Financing Instruments
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 52
Total BS Debt
~euro273 bn
1 As of December 31 2019
bull Optimize funding costs and ensure financial flexibility
bull Diversify investor base
bull Strong liquidity provided by sufficient financial cushion (~euro40 billion as of December 31 2019)
Well Positioned to Meet Financing Needs
Average interest ratecost of debt22 pa
Equity-neutralconvertible bonds 3
Syndicated loans 14
Other financial liabilities 6
Bonds 38
Lease liabilities 24
Schuldschein loans 8
Fresenius Group Capitalization1
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 53
Instrument per Book Value in euro million in $ million4 oftotal cap
EBITDA LTM x
Syndicated Credit Agreement Revolver (euro US-$) 0 0 00 Syndicated Credit Agreement Term Loan A (euro US-$) 1976 2220 29 Bonds (euro US-$) 5501 6180 82 Convertible Bonds 465 522 07 Schuldschein Loans 2180 2449 33 Commercial Paper 953 1071 14 Lease Obligations 1876 2107 28 Other debt 675 758 10 Total Debt (FSE excl FMC) gross 13626 15307 203 Cash (excl FMC) 651 731 10 Total debt (FSE excl FMC) net 12975 14576 193 Total FMC debt net 12774 14350 190 Consolidation Adjustments (145) (163) (02)Total consolidated debt net 25604 28764 382 36x Market capitalization2 41470 46587 618 58x
Total capitalization 67074 75351 1000 94x FSE Group EBITDA3 7110
1 As of December 31 20192 Based on market capitalization for FSE and FMC as of December 31 20193 Pro Forma acquisitions before special items4 EURUSD exchange rate as of December 31 2019
Fresenius Group excl FMC Well-Balanced Debt Maturity Profile12
54
1 As of December 31 2019 and based on utilization of major financing instruments2 Excluding lease liabilities3 Pro Forma issuance of FSE EUR 750m bonds in Jan 2020 (average maturity 38)
Maturity 35 years3 on
average
eurom
EUR 750m Jan 2020
500717 700
267
1150
500700 750
500 500
153
903 927
106
304 393
430
421
238
207
84
500
953
0
500
1000
1500
2000
2500
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Bonds Syndicated Loan Schuldschein Loans Equity-neutral convertible bonds Commercial Paper
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
1500
1000
2000
2500
Fresenius Group Well-Balanced Debt Maturity Profile12
1 As of December 31 2019 and based on utilization of major financing instruments2 Excluding lease liabilities3 Pro Forma issuance of FSE EUR 750m bonds in Jan 2020 (average maturity 35)
EUR 750m Jan 2020
2380
13931859
650356 500 600
945
1712
1924
2020
697
2071
500 238
907 750
584
5000
1000
2000
3000
4000
5000
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Fresenius Medical Care Fresenius excl Fresenius Medical Care
5000
4000
3000
2000
1000
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Maturity 33 years3 on
average
eurom
55
23 23 23 19
32 36 33 41
45 41 44 40
Dec 31 16 Dec 31 17 Dec 31 18 Dec 31 19
Equity and non-controlling interest Debt Other liabilities
Fresenius Group Solid Balance Sheet Structure
Healthy Equity and Liability Split
bull Strong equity ratio of gt40 on average
bull Equity ratio kept in narrow range despite rapid growth of Fresenius Group
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 56
467 531 567 670
BS total (eurobn)
Including IFRS 16
Fresenius SE Solid Investment Grade Rating
57
ldquoFSE delivers solid organic growth thanks to positive underlying growth trends in the life-saving and life-sustaining products and therapies that the group offersrdquoSampP Jan 08 2019
ldquoFSErsquos rating remains anchored in investment-grade given its mature and defensive business risk profile its organic deleveraging ability based on free cash flow generation and its record of integrating acquisitions successfully and reducing financial leverage in line with communicated policiesrdquo Fitch April 17 2019
ldquoThe Baa3 long term issuer rating of FSE reflects its strong defensive business profile underpinned by large absolute scale global footprint and segmental diversification within the healthcare market supported by strong position in its four business segmentsrdquo Moodyrsquos May 20 2019
Rating History Rating Agenciesrsquo Key Statements
Following a positive outlook SampP upgraded Fresenius to BBB stable outlook in May 2019
SampP Moodylsquos Fitch
Corporate Credit Rating BBB Baa3 BBB-
Outlook stable stable stable
Current Credit Ratings
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Strong Access to Capital Markets
58
Major Financing Instruments
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Bonds euro250 m euro800 m$105 bn
euro750 m$15 bn
euro500 m euro12 bn$12 bn
$300m euro26 bn euro500 m euro10 bn$500 m
euro175 bn
euro750 m1
euro750 m2
SyndicatedLoans
$35 bn $898 m $385 bn $18 bneuro245 bn
$41 bneuro700 m
$115 bneuro205 bn
euro530 bn$355 bn
euro100 m
SchuldscheinLoans
euro400 m euro125 m euro500 m euro112 m $400 m euro10 bn euro700 m
Convertible Bonds
euro900 m euro500 m
Equity euro10 bn euro400 m
1 January 2020 euro750million 2020-2028 bonds issued by Fresenius SE amp Co KGaA2 March 2020 euro750million 2020-2027 bonds issued by Fresenius SE amp Co KGaA
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Debt and Cash Flow Structure
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 59
1 Incl consolidation adjustments2 Incl Fresenius financing subsidiaries3 Controlling stake4 Incl subsidiaries 5 Based on market capitalization for FMC as of December 31 20196 Via German holding entities (Fresenius Kabi AG and Fresenius ProServe GmbH)
Fresenius Medical Care
Financing
Fresenius SE Financing
Group Net Debt ~euro256 bn1
DividendsRents Service Agreements
~323 100 77 (cross boarder)100
Profit transfer Agreements6
bull Separate financing of Fresenius SE and Fresenius Medical Care
bull No joint financing facilities or mutual guarantees
bull Fresenius Kabi Fresenius Helios and Fresenius Vamed financed primarily through Fresenius SE to avoid structural subordination
bull Subsidiary debt consists mainly of lease liabilities which are on balance acc to IFRS 16 from 2019 onwards
FSE Net Debt2~euro128 bn
incl Net Debt of KabiHeliosVamed
StockMarketValue~euro62 bn5
FSE Net Debt2~euro114 bn
excl Net Debt of KabiHeliosVamed
euro12774 m Net Debt4
Thereof lease liabilities euro4705m
euro951 m Net Debt4
Thereof lease liabilities euro1042m
euro84 m Net Debt4
Thereof lease liabilities euro392m
euro371 m Net Debt4
Thereof lease liabilities euro369m
Fresenius Group Key Credit Figures
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 60
1 Adjusted for IFRS 162 Before special items pro forma acquisitionsdivestitures3 Before special items
20191 2019 2018 2017
Debt (eurom) thereof US$ denominated
2123328
2725834
1898428
1904231
Net debt (eurom) 19579 25604 16275 17406
Net debtEBITDA2
Net debt at year-end exchange rate EBITDA at LTM average FX rates
314 360 273 279
Net debtEBITDA2
at LTM average FX rates for both net debt and EBITDA
314 361 271 284
Operating Cash flowSales 99 120 112 116
EBITDANet Interest3 121 99 106 96
Appendix
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 61
Fresenius Group FY19 Key Financials
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom FY191 IFRS 16effect
specialitems
FY19 reported
Δ YoY cc12
Sales 35524 -115 - 35409 6
EBIT 4599 89 -57 4631 -2
Net interest -510 -204 -5 -719 9
Income taxes -955 30 42 -883 -5
Net income3 1915 -36 4 1883 0
Balance sheet total 61237 5769 - 67006
Operating Cashflow 3514 749 - 4263
1 Before special items adjusted for IFRS 16 effect2 On a comparable basis 2018 adjusted for divestitures of Care Coordination activities at FMC3 Net income attributable to shareholders of Fresenius SE amp Co KGaA
For a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
62
Fresenius Group Cash Flow
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 63
eurom 20191 Margin 2019 Margin 2018 Margin Δ YoY1918
Operating Cash Flow 3514 99 4263 120 3742 112 14
Capex (net) -2433 -69 -2433 -68 -2077 -62 -17
Free Cash Flow(before acquisitions and dividends)
1081 30 1830 52 1665 50 10
Acquisitions (net) -2423 -2423 613 --
Dividends -952 -952 -904 5
Free Cash Flow(after acquisitions and dividends) -2294 -65 -1545 -44 1374 41 --
1 2019 adjusted for IFRS 16
Fresenius Group Calculation of Noncontrolling Interest
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom FY19 FY18
Earnings before tax and noncontrolling interest 4089 3998
Taxes -955 -883
Noncontrolling interest thereof -1219 -1243
Fresenius Medical Care net income not attributable to Fresenius (FY19 ~69)
-897 -928
Noncontrolling interest holders in Fresenius Medical Care -239 -244
Noncontrolling interest holders in Fresenius Kabi (-euro49 m) Fresenius Helios (-euro13 m) Fresenius Vamed (-euro2 m) and due to Fresenius Vamedrsquos 23 external ownership (-euro19 m)
-83 -71
Net income attributable to Fresenius SE amp Co KGaA 1915 1872
64
On a comparable basis Before special items adjusted for IFRS16 effect FY18 adjusted for divestitures of Care Coordination activities at FMC
For a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
002
023 025029
032037
042044
055
062
93 08 09 10 11 12 13 14 15 16 17 18 19
25 2421 20 21 21 22 21 22 23 24
Fresenius SE Earnings-Linked Dividend Policy
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
euro per share
bull Dividend growth aligned to EPS1
growth
bull Pay-out Ratio 20 to 25
Dividend distribution (eurom)
Pay-out Ratio
075
2019 Pay-out Ratio 24 Dividend Policy
122 140 155 196 225 238 300 416114 343 445
080
1 Before special items
468
084
24
Track record
bull 27th consecutive dividend increase
bull CAGR dividend increase +15
65
32x1
Fresenius Medical Care Low Leverage Reflected by Solid Investment Grade Rating
66General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
60 6176
6483
2015 2016 2017 2018 2019
Free Cash Flow in of revenue
SampP Moodylsquos Fitch
Corporate Credit Rating BBB Baa3 BBB-
Outlook stable stable stable
Current Credit Ratings
1 Including IFRS16 effect
29x30x
27x
22x
18x
31x
27x25x
22x
21x
27x25x
25x
31x
26x23x
21x
18x
25x
15
20
25
30
35
40
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
1
Fresenius Medical Care Broad Mix of Financing Instruments
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 67
Total BS Debt
~euro138 m
1 As of December 31 2019
bull Optimize funding costs and ensure financial flexibility
bull Diversify investor base
bull Strong liquidity provided by sufficient financial cushion (~euro18 billion as of December 31 2019)
Well Positioned to Meet Financing Needs
Average interest ratecost of debt25 pa
Equity-neutralconvertible bonds 3
Commercial paper 7
Syndicated loans 14
Other financial liabilities 7
Bonds 36
Lease obligations 33
Fresenius Medical Care Well-Balanced Debt Maturity Profile12
68
eurom
Maturity 30 years on
average
1 As of December 31 2019 and based on utilization of major financing instruments2 Excluding lease liabilities
445
878623 650
356500 600
945
535
135
1236400
1000
380
0
500
1000
1500
2000
2500
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
Bonds Syndicated Loan Equity-neutral convertible bonds Commercial Paper AR Facility
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
2500
2000
1500
1000
Fresenius SE Overview Bonds
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 69
Issuer Volume(in millions)
Coupon type
Coupon (in )
MaturityTerm
ISIN (RegS)
WKN
Fresenius SE amp Co KGaAeuro500 Fix 2875 20132020 XS0873432511 A1HEWZ
Fresenius SE amp Co KGaAeuro450 Fix 300 20142021 XS1013955379 A1ZB7H
Fresenius SE amp Co KGaAeuro450 Fix 400 20142024 XS1026109204 A1ZC60
Fresenius SE amp Co KGaAeuro 500 Fix 1875 20192025 XS1936208252 A2NBMS
Fresenius SE amp Co KGaAeuro 750 Fix 1625 20202027 XS2152329053 A254TA
Fresenius SE amp Co KGaAeuro 750 Fix 075 20202028 XS2101357072 A254QN
Fresenius SE amp Co KGaAeuro 500 Fix 2875 20192029 XS1936208419 A2NBMT
Fresenius Finance Ireland plceuro700 Fix 0875 20172022 XS1554373164 A19B3F
Fresenius Finance Ireland plceuro700 Fix 150 20172024 XS1554373248 A19B3G
Fresenius Finance Ireland plceuro700 Fix 2125 20172027 XS1554373677 A19B3H
Fresenius Finance Ireland plceuro500 Fix 300 20172032 XS1554373834 A19B3J
Fresenius US Finance II IncUS$300 Fix 425 20142021 USU31436AG04 A1ZDVJ
Fresenius US Finance II IncUS$300 Fix 450 20152023 USU31436AH86 A1Z64A
As of April 8 2020
Fresenius Medical Care Overview Bonds
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 70
Issuer Volume(in millions)
Coupon type
Coupon (in )
MaturityTerm
ISIN (RegS)
WKN
FMC Finance VII SA euro300 Fix 525 20112021 XS0576395478 A1GLY6
Fresenius Medical Care US Finance Inc US$650 Fix 575 20112021 USU31433AA03 A1GL0J
Fresenius Medical Care US Finance II Inc US$500 Fix 4125 20142020 US35802XAH61 A1ZRTL
Fresenius Medical Care US Finance II Inc US$700 Fix 5875 20122022 USU31434AC42 A1GZRF
Fresenius Medical Care US Finance II Inc US$400 Fix 475 20142024 US35802XAJ28 A1ZRTN
Fresenius Medical Care US Finance III Inc US$500 Fix 375 20192029 USU3149FAA76 A2R3YR
Fresenius Medical Care AG amp Co KGaA euro650 Fix 0250 20192023 XS2084510069 A255DU
Fresenius Medical Care AG amp Co KGaA euro500 Fix 150 20182025 XS1854532949 A2NBE6
Fresenius Medical Care AG amp Co KGaA euro600 Fix 0625 20192026 XS2084497705 A255DV
Fresenius Medical Care AG amp Co KGaA euro500 Fix 1250 20192029 XS2084488209 A255DW
As of December 31 2019
Financial Calendar Contact
Financial Calendar 06 May 2020 Results Q120
30 July 2020 Results Q220
29 October 2020 Results Q320Please note that these dates could be subject to change
Annual General Meeting Due to the coronavirus pandemic the AGM scheduled for 20 May 2020 has been postponed A new date within the current financial year will be set as soon as the conditions for reliable planning and safe execution of the AGM are once again in place
Contact
Investor Relations amp SustainabilityFresenius SE amp Co KGaAphone +49 6172 608-2485e-mail ir-frefreseniuscomFor further information and current news wwwfreseniuscom
Follow us on Twitter wwwtwittercomfresenius_irand LinkedIn wwwlinkedincomcompanyfresenius-investor-relations
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 71
Current Portfolio 2023 Portfolio
IV drugs
Pre-filled syringes
IV solutions
Parenteral nutrition
Infusion pumps
Biosimilars
Compounding
Specialty Rx
Fresenius Kabi Rigorous Pursuit to Further Broaden and Diversify Portfolio in North America
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 24
GPOsHospitals ClinicsPhysician Offices Retail PharmacyHome Care
Strong medium light none
0
500
1000
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 20190
01
02
03
Fresenius Kabi Continued Positive Momentum in Emerging Markets
bull Strong organic sales growth expected
bull Continued positive momentum in LatinAmerica anticipated
bull Regulatory changes in China expected toweigh on EBIT development
bull Too early to quantify the financial impact ofCovid-19
Significant sales and volume growth in China over last decade
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 25
Sales (cc) Volume growth Sales growth (cc)
in euro million
CAGR ~10
100030
20
10
0 0
500
US
Progress of portfolio
bull Three more molecules in portfolio
bull Expect to start with clinical studies forthose molecules in 2021
Fresenius Kabi Biosimilar Update
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 26
Launch schedule
Europe
Pegfilgrastim
Adalimumab
Tocilizumab
2023
2019
2021
2021
2023
2023
Business plan
bull Total investment ceiling euro14 bn untilEBITDA break-even in 2023
bull High triple-digit euro million sales in 2024
Fresenius Kabi Launch of Idacio in Europe Progresses According to Plan
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 27
Launched
Approved
Submitted
Fresenius Kabi Divisionalization of Transfusion Medicine and Cell Therapies Business Fuels Growth
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 28
bull Business remains important part of Fresenius Kabi
bull Dynamic growth in FY19 and good growth prospects
bull Inauguration of new production building in Haina Dominican Republic to fuel growth of disposable products
bull New joint venture to advance new cell and gene therapies
Fresenius Helios Germany to Show Ongoing Stabilization in FY20
Mitigation of regulatory headwindsbull Chief doctor vacancies at record lowbull Appropriate level of nursing staff bull Optimization of processes and workflowsbull Cost optimization measures
Very positive reimbursement environmentbull 2020 DRG inflator set at 366
Investments in future growth fieldsbull Clustering strategy progressesbull Preventionbull Occupational medicinebull Telemedicine platform
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 29
Ramp-up of outpatient businessbull Outpatient surgery centersbull Specialization of medical centers
Excellent growth in Spainbull Opening of first proton therapy center in
Spain (first patient treated in December rsquo19)
bull Opening of Quironsalud Madrid university hospital expansion in Pozuelo
bull Private hospitals expected to show dynamic organic growth driven by admissions
bull Continued positive momentum for ORPs
Fresenius Helios Spain to Plow Ahead in FY20
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 30
Expansion in Latin America proceedsbull Five successful acquisitions in Colombia
contribute nicely in FY20minus Clinica Las Vegas Clinica del Prado
and CediMed in Medellin(1)
minus Centro Medico Imbanaco in Cali(2)
minus Clinica de la Mujer in Bogota(3)
bull Total expected sales contribution of approx euro180m equiv in FY20
bull Attractive risk-adjusted ROIs expected
Notes (1) All transactions closed in 2019 (2) Closing expected at the end of Q12020 (3) Closing expected in Q22020 subject to anti-trust clearance
Financial Review FY19
31General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Sales
+6FY19 euro33524 m
Net Income
+0FY19 euro1915 m
EBIT
-2FY19 euro4599 m
Fresenius Group FY19 Profit and Loss Statement
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
All growth rates in constant currency (cc)Before special items adjusted for IFRS 16 effectOn a comparable basis FY18 adjusted for divestitures of Care Coordination activities at FMC before special itemsNet income attributable to shareholders of Fresenius SE amp Co KGaA
Net Interest
-euro510 mFY18 -euro549 m
Income Tax Rate
234FY18 221
32
1 On a comparable basis Q418 adjusted for divestitures of Care Coordination activities at FMC Q419 adjusted for IFRS 16 effect
All figures before special itemsFor a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
Fresenius Group Q419 Business Segment Growth
Organic sales growth1
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
EBIT growth (cc)1
+5
+4
+4
+4
0
-1
5
+7
+4 0
33
Fresenius Kabi Organic Sales Growth by Product Segment
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom Q419Δ YoY
organic FY19Δ YoY
organic
IV Drugs 737 -1 2939 -1
Infusion Therapy 213 2 834 3
Clinical Nutrition 482 8 1898 9
Medical DevicesTransfusion Technology
334 10 1248 11
Total sales 1766 4 6919 4
34
Fresenius Kabi Organic Sales Growth by Regions
eurom Q419Δ YoY
organic FY19Δ YoY
organic
North America 609 -1 2424 -2
Europe 604 2 2313 2
Emerging Markets 553 12 2182 14
Total sales 1766 4 6919 4
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 35
Fresenius Kabi Q4 amp FY19 EBIT Growth
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom Q419 Δ YoY cc FY19 Δ YoY cc
North AmericaMargin
204335
-8-260 bps
907374
-3-50 bps
EuropeMargin
87144
-10-200 bps
328142
-7-160 bps
Emerging MarketsMargin
124224
7-90 bps
476218
19130 bps
Corporate and Corporate RampD -132 11 -511 2
Total EBITMargin
283160
-1-90 bps
1200173
3-10 bps
On a comparable basis before special items and adjusted for IFRS 16 effects
Margin growth at actual ratesFor a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
36
Fresenius Kabi Expected Organic Sales Growth 2020
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Broadly stable
bull Ongoing volume headwinds anticipated
bull Pricing expected to trend more towards mid-single digit price declines in base product portfolio
North America
Mid-single-digit growth
bull Growth driven by first biosimilar in the market (IDACIO)
bull Continued strong growth of clinical nutrition business expected
Europe
High single-digit growth
bull China Healthy volume growth anticipated regulatory headwinds weigh on business
bull Latin America Continued healthy growth expected
Emerging Markets
37
Fresenius Helios Q4 amp FY19 Key Financials
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom Q419 Δ YoY FY19 Δ YoY
Total sales 2344 41 9234 51
Thereof Helios Germany 1475 31 5940 31
Thereof Helios Spain 867 71 3292 71
Total EBIT3
Margin292
1255
10 bps1015110
-4-32
-70 bps
Thereof Helios GermanyMargin
14397
420 bps
57697
-8-62
-80 bps
Thereof Helios SpainMargin
134155
6-50 bps
434132
5-50 bps
Thereof Corporate 15 -- 5 --
1 Organic growth2 Adjusted for the post-acute care business transferred to Fresenius Vamed as of July 1 20183 Adjusted for IFRS 16 effectFor a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
38
Fresenius Helios Key Measures
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
FY19 FY18 Δ
No of hospitals Germany- Acute care hospitals
8683
8683
00
No of hospitals Spain(Hospitals)
51 47 9
No of beds Germany- Acute care hospitals
28907 28380
2932928802
-1-1
No of beds Spain(Hospitals)
7288 7019 4
Admissions Germany (acute care) 1206654 1218199
Admissions Spain (including outpatients) 15396051 13318066
39
Fresenius Vamed
1 Without German post-acute care business acquired from Fresenius Helios as of July 1 2018
2 Adjusted for IFRS 16 effect 3 Project business only4 Versus December 31 2018
bull Both business segments contributed to the organic sales growth of 4 in Q419
bull Stable service business is gaining weight (FY19 63 of sales FY09 32)
bull Geographically well-diversified order backlog is excellent foundation for future growth
eurom Q419 Δ YoY FY19 Δ YoY
Total salesThereof organic sales
737 64
2206 31161
Service business 374 11 1399 43251
Project business 363 1 807 13
Total EBIT2 66 8 131 1961
Order intake3 576 -13 1314 7
Order backlog3 2865 184
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 40
Fresenius Group FY19 amp Cash Flow
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Operating CF1 Capex (net) Free Cash Flow12
eurom FY2019 Margin FY2019 Margin FY2019 Margin
1947 111 -1113 -64 834 47
968 140 -716 -104 252 36
683 74 -477 -52 206 224
-46 -21 -52 -23 -98 -44
CorporateOther -38 na -75 na -113 na
1677 93 -1320 -73 357 20
3514 99 -2433 -69 1081 30
1 Adjusted for IFRS 162 Before acquisitions and dividends3 Incl FMC dividend of euro110 million4 Understated 27 excluding euro45 million of capex commitments from acquisitions
Excl FMC3
41
Fresenius Group 2020 Financial Outlook by Business Segment
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom (except otherwise stated) FY19 Base1 FY20e2
Sales growth (cc) 17477mid to high single digit
-range
Net income growth3 (cc) 1205mid to high single digit
-range
Sales growth (organic) 6919 3 - 6
EBIT growth (cc) 1205 -4 to 0
Sales growth (organic) 9234 3 - 6
EBIT growth (cc) 1025 3 - 7
Sales growth (organic) 2206 4 - 7
EBIT growth (cc) 134 5 - 9
1 Before special items including IFRS 16 effects including NxStage operations2 Before special items3 Net income attributable to shareholders of Fresenius Medical Care AG amp Co KGaA
For a detailed overview of special items please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
42
eurom (except otherwise stated) FY19 Base1 FY202
Sales growth (cc) 35409 4 - 7
Net income3 growth (cc) 1879 1 - 5
Fresenius Group 2020 Financial Guidance
1 Before special items including IFRS 16 effects including NxStage operations 2 Before special items3 Net income attributable to shareholders of Fresenius SEampCoKGaA
For a detailed overview of special items please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 43
FY19 base for Fresenius Group Guidance FY20
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
euromFresenius
GroupFresenius
Medical CareFresenius
Kabi
Sales reported (reported = base for guidance) 35409 17477 6919
Transaction costs Akorn 3
Revaluations of biosimilars contingent purchase price liabilities -32
EBIT (before special items = base Fresenius Kabi guidance) 1205
Net income reported 1883 1200
Transaction costs Akorn 3
Revaluations of biosimilars contingent purchase price liabilities -19
Gain related to divestitures of Care Coordination activities at FMC -15 -49
Transaction costs NxStage 6 18
Expenses associated with cost optimization program at FMC 21 67
Net income (before special items = base Fresenius Group amp FMC guidance) 1879 1236
44
Fresenius Group Financial Results by Business Segment
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 45
20191 20182 2017 Growth3
20192018
Sales euro17592 m euro16026 m euro17784 m 62
EBIT euro2281 m euro2292 m euro2562 m -42
Sales euro6919 m euro6544 m euro6358 m 4
EBIT euro1200 m euro1139 m euro1177 m 3
Sales euro9234 m euro8993 m euro8668 m 3
EBIT euro1015 m euro1052 m euro1052 m -4
Sales euro2206 m euro1688 m euro1228 m 30
EBIT euro131 m euro110 m euro76 m 18
Sales euro35524 m euro33009 m euro33886 m 62
EBIT euro4599 m euro4547 m euro4830 m -22Group
Before special items
1 Adjusted for IFRS 162 On a comparable basis 2018 adjusted for divestitures of Care Coordination activities 3 Growth rates at constant currency and adjusted for IFRS 16
Fresenius Group Margins by Business Segment
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 46
Before special items 2018 adjusted for divestitures of Care Coordination activities 2019 adjusted for IFRS 16
2019 2018 2017
EBITDA margin 178 192 185
EBIT margin 130 143 144
EBITDA margin 217 219 233
EBIT margin 173 174 185
EBITDA margin 148 159 165
EBIT margin 110 117 121
EBITDA margin 78 79 71
EBIT margin 59 65 62
EBITDA margin 174 183 185
EBIT margin 129 138 143Group
Credit Highlights amp Financing Structure
47General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Credit Highlights
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 48
Consistent Cash Generation
Proven Track Record of Deleveraging
Broad Mix of Financing Instruments
Well-Balanced Maturity Profile
Solid Balance Sheet Structure
Solid IG Rating and Strong Access to Capital Markets
120
103
126
114109
120 122116
112120
8
9
10
11
12
13
14
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
48 48 52 5358 55 55 54
6570
2
3
4
5
6
7
8
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
74
56
76
62
52
67 67 66
50 52
4
5
6
7
8
9
10
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Fresenius Group Consistent Cash Generation
Capex gross in of sales
FCF margin (before acquisitions amp dividends)CFFO margin
49General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
2019 including IFRS 16
32x
30x
27x
22x 23x
35x
30x
26x
36x
30x
26x27x
26x
25x
32x
27x
23x
28x
27x
31x 4
20
25
30
35
40
2001 2002 2003 2004 2005 Q106 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
3
2
Hospitals from
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Proven Track Record of Deleveraging
Net DebtEBITDA1
1 At actual FX rates from 2001 to 2010 and at average FX rates from 2011 onwards for both Net Debt and EBITDA before special items pro forma closed acquisitionsdivestitures2 Pro forma excluding advances made for the acquisition of hospitals from Rhoumln-Klinikum AG3 Both net debt and EBITDA including IFRS 16 effect and calculated at expected annual average exchange rates excluding further potential acquisitions4 Including acquisition of NxStage adjusted for IFRS 16 effect
Target 20203 towards thetop end of self-imposed
target corridor of 30 ndash 35x
50
36x
40
35
20
25
30
Equity-neutralconvertible bonds 3
Fresenius Group excl FMC Broad Mix of Financing Instruments
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 51
Total BS Debt
~euro136 bn
1 As of December 31 2019
bull Optimize funding costs and ensure financial flexibility
bull Diversify investor base
bull Strong liquidity provided by sufficient financial cushion (~euro22 billion as of December 31 2019)
Well Positioned to Meet Financing NeedsBonds 40
Lease obligations 14
Syndicated loans 15
Schuldscheinloans 16
Other financial liabilities 5
Commercial paper 7
Average interest ratecost of debt18 pa
Commercial paper 7
Fresenius Group Broad Mix of Financing Instruments
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 52
Total BS Debt
~euro273 bn
1 As of December 31 2019
bull Optimize funding costs and ensure financial flexibility
bull Diversify investor base
bull Strong liquidity provided by sufficient financial cushion (~euro40 billion as of December 31 2019)
Well Positioned to Meet Financing Needs
Average interest ratecost of debt22 pa
Equity-neutralconvertible bonds 3
Syndicated loans 14
Other financial liabilities 6
Bonds 38
Lease liabilities 24
Schuldschein loans 8
Fresenius Group Capitalization1
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 53
Instrument per Book Value in euro million in $ million4 oftotal cap
EBITDA LTM x
Syndicated Credit Agreement Revolver (euro US-$) 0 0 00 Syndicated Credit Agreement Term Loan A (euro US-$) 1976 2220 29 Bonds (euro US-$) 5501 6180 82 Convertible Bonds 465 522 07 Schuldschein Loans 2180 2449 33 Commercial Paper 953 1071 14 Lease Obligations 1876 2107 28 Other debt 675 758 10 Total Debt (FSE excl FMC) gross 13626 15307 203 Cash (excl FMC) 651 731 10 Total debt (FSE excl FMC) net 12975 14576 193 Total FMC debt net 12774 14350 190 Consolidation Adjustments (145) (163) (02)Total consolidated debt net 25604 28764 382 36x Market capitalization2 41470 46587 618 58x
Total capitalization 67074 75351 1000 94x FSE Group EBITDA3 7110
1 As of December 31 20192 Based on market capitalization for FSE and FMC as of December 31 20193 Pro Forma acquisitions before special items4 EURUSD exchange rate as of December 31 2019
Fresenius Group excl FMC Well-Balanced Debt Maturity Profile12
54
1 As of December 31 2019 and based on utilization of major financing instruments2 Excluding lease liabilities3 Pro Forma issuance of FSE EUR 750m bonds in Jan 2020 (average maturity 38)
Maturity 35 years3 on
average
eurom
EUR 750m Jan 2020
500717 700
267
1150
500700 750
500 500
153
903 927
106
304 393
430
421
238
207
84
500
953
0
500
1000
1500
2000
2500
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Bonds Syndicated Loan Schuldschein Loans Equity-neutral convertible bonds Commercial Paper
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
1500
1000
2000
2500
Fresenius Group Well-Balanced Debt Maturity Profile12
1 As of December 31 2019 and based on utilization of major financing instruments2 Excluding lease liabilities3 Pro Forma issuance of FSE EUR 750m bonds in Jan 2020 (average maturity 35)
EUR 750m Jan 2020
2380
13931859
650356 500 600
945
1712
1924
2020
697
2071
500 238
907 750
584
5000
1000
2000
3000
4000
5000
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Fresenius Medical Care Fresenius excl Fresenius Medical Care
5000
4000
3000
2000
1000
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Maturity 33 years3 on
average
eurom
55
23 23 23 19
32 36 33 41
45 41 44 40
Dec 31 16 Dec 31 17 Dec 31 18 Dec 31 19
Equity and non-controlling interest Debt Other liabilities
Fresenius Group Solid Balance Sheet Structure
Healthy Equity and Liability Split
bull Strong equity ratio of gt40 on average
bull Equity ratio kept in narrow range despite rapid growth of Fresenius Group
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 56
467 531 567 670
BS total (eurobn)
Including IFRS 16
Fresenius SE Solid Investment Grade Rating
57
ldquoFSE delivers solid organic growth thanks to positive underlying growth trends in the life-saving and life-sustaining products and therapies that the group offersrdquoSampP Jan 08 2019
ldquoFSErsquos rating remains anchored in investment-grade given its mature and defensive business risk profile its organic deleveraging ability based on free cash flow generation and its record of integrating acquisitions successfully and reducing financial leverage in line with communicated policiesrdquo Fitch April 17 2019
ldquoThe Baa3 long term issuer rating of FSE reflects its strong defensive business profile underpinned by large absolute scale global footprint and segmental diversification within the healthcare market supported by strong position in its four business segmentsrdquo Moodyrsquos May 20 2019
Rating History Rating Agenciesrsquo Key Statements
Following a positive outlook SampP upgraded Fresenius to BBB stable outlook in May 2019
SampP Moodylsquos Fitch
Corporate Credit Rating BBB Baa3 BBB-
Outlook stable stable stable
Current Credit Ratings
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Strong Access to Capital Markets
58
Major Financing Instruments
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Bonds euro250 m euro800 m$105 bn
euro750 m$15 bn
euro500 m euro12 bn$12 bn
$300m euro26 bn euro500 m euro10 bn$500 m
euro175 bn
euro750 m1
euro750 m2
SyndicatedLoans
$35 bn $898 m $385 bn $18 bneuro245 bn
$41 bneuro700 m
$115 bneuro205 bn
euro530 bn$355 bn
euro100 m
SchuldscheinLoans
euro400 m euro125 m euro500 m euro112 m $400 m euro10 bn euro700 m
Convertible Bonds
euro900 m euro500 m
Equity euro10 bn euro400 m
1 January 2020 euro750million 2020-2028 bonds issued by Fresenius SE amp Co KGaA2 March 2020 euro750million 2020-2027 bonds issued by Fresenius SE amp Co KGaA
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Debt and Cash Flow Structure
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 59
1 Incl consolidation adjustments2 Incl Fresenius financing subsidiaries3 Controlling stake4 Incl subsidiaries 5 Based on market capitalization for FMC as of December 31 20196 Via German holding entities (Fresenius Kabi AG and Fresenius ProServe GmbH)
Fresenius Medical Care
Financing
Fresenius SE Financing
Group Net Debt ~euro256 bn1
DividendsRents Service Agreements
~323 100 77 (cross boarder)100
Profit transfer Agreements6
bull Separate financing of Fresenius SE and Fresenius Medical Care
bull No joint financing facilities or mutual guarantees
bull Fresenius Kabi Fresenius Helios and Fresenius Vamed financed primarily through Fresenius SE to avoid structural subordination
bull Subsidiary debt consists mainly of lease liabilities which are on balance acc to IFRS 16 from 2019 onwards
FSE Net Debt2~euro128 bn
incl Net Debt of KabiHeliosVamed
StockMarketValue~euro62 bn5
FSE Net Debt2~euro114 bn
excl Net Debt of KabiHeliosVamed
euro12774 m Net Debt4
Thereof lease liabilities euro4705m
euro951 m Net Debt4
Thereof lease liabilities euro1042m
euro84 m Net Debt4
Thereof lease liabilities euro392m
euro371 m Net Debt4
Thereof lease liabilities euro369m
Fresenius Group Key Credit Figures
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 60
1 Adjusted for IFRS 162 Before special items pro forma acquisitionsdivestitures3 Before special items
20191 2019 2018 2017
Debt (eurom) thereof US$ denominated
2123328
2725834
1898428
1904231
Net debt (eurom) 19579 25604 16275 17406
Net debtEBITDA2
Net debt at year-end exchange rate EBITDA at LTM average FX rates
314 360 273 279
Net debtEBITDA2
at LTM average FX rates for both net debt and EBITDA
314 361 271 284
Operating Cash flowSales 99 120 112 116
EBITDANet Interest3 121 99 106 96
Appendix
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 61
Fresenius Group FY19 Key Financials
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom FY191 IFRS 16effect
specialitems
FY19 reported
Δ YoY cc12
Sales 35524 -115 - 35409 6
EBIT 4599 89 -57 4631 -2
Net interest -510 -204 -5 -719 9
Income taxes -955 30 42 -883 -5
Net income3 1915 -36 4 1883 0
Balance sheet total 61237 5769 - 67006
Operating Cashflow 3514 749 - 4263
1 Before special items adjusted for IFRS 16 effect2 On a comparable basis 2018 adjusted for divestitures of Care Coordination activities at FMC3 Net income attributable to shareholders of Fresenius SE amp Co KGaA
For a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
62
Fresenius Group Cash Flow
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 63
eurom 20191 Margin 2019 Margin 2018 Margin Δ YoY1918
Operating Cash Flow 3514 99 4263 120 3742 112 14
Capex (net) -2433 -69 -2433 -68 -2077 -62 -17
Free Cash Flow(before acquisitions and dividends)
1081 30 1830 52 1665 50 10
Acquisitions (net) -2423 -2423 613 --
Dividends -952 -952 -904 5
Free Cash Flow(after acquisitions and dividends) -2294 -65 -1545 -44 1374 41 --
1 2019 adjusted for IFRS 16
Fresenius Group Calculation of Noncontrolling Interest
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom FY19 FY18
Earnings before tax and noncontrolling interest 4089 3998
Taxes -955 -883
Noncontrolling interest thereof -1219 -1243
Fresenius Medical Care net income not attributable to Fresenius (FY19 ~69)
-897 -928
Noncontrolling interest holders in Fresenius Medical Care -239 -244
Noncontrolling interest holders in Fresenius Kabi (-euro49 m) Fresenius Helios (-euro13 m) Fresenius Vamed (-euro2 m) and due to Fresenius Vamedrsquos 23 external ownership (-euro19 m)
-83 -71
Net income attributable to Fresenius SE amp Co KGaA 1915 1872
64
On a comparable basis Before special items adjusted for IFRS16 effect FY18 adjusted for divestitures of Care Coordination activities at FMC
For a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
002
023 025029
032037
042044
055
062
93 08 09 10 11 12 13 14 15 16 17 18 19
25 2421 20 21 21 22 21 22 23 24
Fresenius SE Earnings-Linked Dividend Policy
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
euro per share
bull Dividend growth aligned to EPS1
growth
bull Pay-out Ratio 20 to 25
Dividend distribution (eurom)
Pay-out Ratio
075
2019 Pay-out Ratio 24 Dividend Policy
122 140 155 196 225 238 300 416114 343 445
080
1 Before special items
468
084
24
Track record
bull 27th consecutive dividend increase
bull CAGR dividend increase +15
65
32x1
Fresenius Medical Care Low Leverage Reflected by Solid Investment Grade Rating
66General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
60 6176
6483
2015 2016 2017 2018 2019
Free Cash Flow in of revenue
SampP Moodylsquos Fitch
Corporate Credit Rating BBB Baa3 BBB-
Outlook stable stable stable
Current Credit Ratings
1 Including IFRS16 effect
29x30x
27x
22x
18x
31x
27x25x
22x
21x
27x25x
25x
31x
26x23x
21x
18x
25x
15
20
25
30
35
40
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
1
Fresenius Medical Care Broad Mix of Financing Instruments
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 67
Total BS Debt
~euro138 m
1 As of December 31 2019
bull Optimize funding costs and ensure financial flexibility
bull Diversify investor base
bull Strong liquidity provided by sufficient financial cushion (~euro18 billion as of December 31 2019)
Well Positioned to Meet Financing Needs
Average interest ratecost of debt25 pa
Equity-neutralconvertible bonds 3
Commercial paper 7
Syndicated loans 14
Other financial liabilities 7
Bonds 36
Lease obligations 33
Fresenius Medical Care Well-Balanced Debt Maturity Profile12
68
eurom
Maturity 30 years on
average
1 As of December 31 2019 and based on utilization of major financing instruments2 Excluding lease liabilities
445
878623 650
356500 600
945
535
135
1236400
1000
380
0
500
1000
1500
2000
2500
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
Bonds Syndicated Loan Equity-neutral convertible bonds Commercial Paper AR Facility
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
2500
2000
1500
1000
Fresenius SE Overview Bonds
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 69
Issuer Volume(in millions)
Coupon type
Coupon (in )
MaturityTerm
ISIN (RegS)
WKN
Fresenius SE amp Co KGaAeuro500 Fix 2875 20132020 XS0873432511 A1HEWZ
Fresenius SE amp Co KGaAeuro450 Fix 300 20142021 XS1013955379 A1ZB7H
Fresenius SE amp Co KGaAeuro450 Fix 400 20142024 XS1026109204 A1ZC60
Fresenius SE amp Co KGaAeuro 500 Fix 1875 20192025 XS1936208252 A2NBMS
Fresenius SE amp Co KGaAeuro 750 Fix 1625 20202027 XS2152329053 A254TA
Fresenius SE amp Co KGaAeuro 750 Fix 075 20202028 XS2101357072 A254QN
Fresenius SE amp Co KGaAeuro 500 Fix 2875 20192029 XS1936208419 A2NBMT
Fresenius Finance Ireland plceuro700 Fix 0875 20172022 XS1554373164 A19B3F
Fresenius Finance Ireland plceuro700 Fix 150 20172024 XS1554373248 A19B3G
Fresenius Finance Ireland plceuro700 Fix 2125 20172027 XS1554373677 A19B3H
Fresenius Finance Ireland plceuro500 Fix 300 20172032 XS1554373834 A19B3J
Fresenius US Finance II IncUS$300 Fix 425 20142021 USU31436AG04 A1ZDVJ
Fresenius US Finance II IncUS$300 Fix 450 20152023 USU31436AH86 A1Z64A
As of April 8 2020
Fresenius Medical Care Overview Bonds
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 70
Issuer Volume(in millions)
Coupon type
Coupon (in )
MaturityTerm
ISIN (RegS)
WKN
FMC Finance VII SA euro300 Fix 525 20112021 XS0576395478 A1GLY6
Fresenius Medical Care US Finance Inc US$650 Fix 575 20112021 USU31433AA03 A1GL0J
Fresenius Medical Care US Finance II Inc US$500 Fix 4125 20142020 US35802XAH61 A1ZRTL
Fresenius Medical Care US Finance II Inc US$700 Fix 5875 20122022 USU31434AC42 A1GZRF
Fresenius Medical Care US Finance II Inc US$400 Fix 475 20142024 US35802XAJ28 A1ZRTN
Fresenius Medical Care US Finance III Inc US$500 Fix 375 20192029 USU3149FAA76 A2R3YR
Fresenius Medical Care AG amp Co KGaA euro650 Fix 0250 20192023 XS2084510069 A255DU
Fresenius Medical Care AG amp Co KGaA euro500 Fix 150 20182025 XS1854532949 A2NBE6
Fresenius Medical Care AG amp Co KGaA euro600 Fix 0625 20192026 XS2084497705 A255DV
Fresenius Medical Care AG amp Co KGaA euro500 Fix 1250 20192029 XS2084488209 A255DW
As of December 31 2019
Financial Calendar Contact
Financial Calendar 06 May 2020 Results Q120
30 July 2020 Results Q220
29 October 2020 Results Q320Please note that these dates could be subject to change
Annual General Meeting Due to the coronavirus pandemic the AGM scheduled for 20 May 2020 has been postponed A new date within the current financial year will be set as soon as the conditions for reliable planning and safe execution of the AGM are once again in place
Contact
Investor Relations amp SustainabilityFresenius SE amp Co KGaAphone +49 6172 608-2485e-mail ir-frefreseniuscomFor further information and current news wwwfreseniuscom
Follow us on Twitter wwwtwittercomfresenius_irand LinkedIn wwwlinkedincomcompanyfresenius-investor-relations
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 71
0
500
1000
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 20190
01
02
03
Fresenius Kabi Continued Positive Momentum in Emerging Markets
bull Strong organic sales growth expected
bull Continued positive momentum in LatinAmerica anticipated
bull Regulatory changes in China expected toweigh on EBIT development
bull Too early to quantify the financial impact ofCovid-19
Significant sales and volume growth in China over last decade
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 25
Sales (cc) Volume growth Sales growth (cc)
in euro million
CAGR ~10
100030
20
10
0 0
500
US
Progress of portfolio
bull Three more molecules in portfolio
bull Expect to start with clinical studies forthose molecules in 2021
Fresenius Kabi Biosimilar Update
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 26
Launch schedule
Europe
Pegfilgrastim
Adalimumab
Tocilizumab
2023
2019
2021
2021
2023
2023
Business plan
bull Total investment ceiling euro14 bn untilEBITDA break-even in 2023
bull High triple-digit euro million sales in 2024
Fresenius Kabi Launch of Idacio in Europe Progresses According to Plan
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 27
Launched
Approved
Submitted
Fresenius Kabi Divisionalization of Transfusion Medicine and Cell Therapies Business Fuels Growth
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 28
bull Business remains important part of Fresenius Kabi
bull Dynamic growth in FY19 and good growth prospects
bull Inauguration of new production building in Haina Dominican Republic to fuel growth of disposable products
bull New joint venture to advance new cell and gene therapies
Fresenius Helios Germany to Show Ongoing Stabilization in FY20
Mitigation of regulatory headwindsbull Chief doctor vacancies at record lowbull Appropriate level of nursing staff bull Optimization of processes and workflowsbull Cost optimization measures
Very positive reimbursement environmentbull 2020 DRG inflator set at 366
Investments in future growth fieldsbull Clustering strategy progressesbull Preventionbull Occupational medicinebull Telemedicine platform
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 29
Ramp-up of outpatient businessbull Outpatient surgery centersbull Specialization of medical centers
Excellent growth in Spainbull Opening of first proton therapy center in
Spain (first patient treated in December rsquo19)
bull Opening of Quironsalud Madrid university hospital expansion in Pozuelo
bull Private hospitals expected to show dynamic organic growth driven by admissions
bull Continued positive momentum for ORPs
Fresenius Helios Spain to Plow Ahead in FY20
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 30
Expansion in Latin America proceedsbull Five successful acquisitions in Colombia
contribute nicely in FY20minus Clinica Las Vegas Clinica del Prado
and CediMed in Medellin(1)
minus Centro Medico Imbanaco in Cali(2)
minus Clinica de la Mujer in Bogota(3)
bull Total expected sales contribution of approx euro180m equiv in FY20
bull Attractive risk-adjusted ROIs expected
Notes (1) All transactions closed in 2019 (2) Closing expected at the end of Q12020 (3) Closing expected in Q22020 subject to anti-trust clearance
Financial Review FY19
31General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Sales
+6FY19 euro33524 m
Net Income
+0FY19 euro1915 m
EBIT
-2FY19 euro4599 m
Fresenius Group FY19 Profit and Loss Statement
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
All growth rates in constant currency (cc)Before special items adjusted for IFRS 16 effectOn a comparable basis FY18 adjusted for divestitures of Care Coordination activities at FMC before special itemsNet income attributable to shareholders of Fresenius SE amp Co KGaA
Net Interest
-euro510 mFY18 -euro549 m
Income Tax Rate
234FY18 221
32
1 On a comparable basis Q418 adjusted for divestitures of Care Coordination activities at FMC Q419 adjusted for IFRS 16 effect
All figures before special itemsFor a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
Fresenius Group Q419 Business Segment Growth
Organic sales growth1
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
EBIT growth (cc)1
+5
+4
+4
+4
0
-1
5
+7
+4 0
33
Fresenius Kabi Organic Sales Growth by Product Segment
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom Q419Δ YoY
organic FY19Δ YoY
organic
IV Drugs 737 -1 2939 -1
Infusion Therapy 213 2 834 3
Clinical Nutrition 482 8 1898 9
Medical DevicesTransfusion Technology
334 10 1248 11
Total sales 1766 4 6919 4
34
Fresenius Kabi Organic Sales Growth by Regions
eurom Q419Δ YoY
organic FY19Δ YoY
organic
North America 609 -1 2424 -2
Europe 604 2 2313 2
Emerging Markets 553 12 2182 14
Total sales 1766 4 6919 4
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 35
Fresenius Kabi Q4 amp FY19 EBIT Growth
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom Q419 Δ YoY cc FY19 Δ YoY cc
North AmericaMargin
204335
-8-260 bps
907374
-3-50 bps
EuropeMargin
87144
-10-200 bps
328142
-7-160 bps
Emerging MarketsMargin
124224
7-90 bps
476218
19130 bps
Corporate and Corporate RampD -132 11 -511 2
Total EBITMargin
283160
-1-90 bps
1200173
3-10 bps
On a comparable basis before special items and adjusted for IFRS 16 effects
Margin growth at actual ratesFor a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
36
Fresenius Kabi Expected Organic Sales Growth 2020
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Broadly stable
bull Ongoing volume headwinds anticipated
bull Pricing expected to trend more towards mid-single digit price declines in base product portfolio
North America
Mid-single-digit growth
bull Growth driven by first biosimilar in the market (IDACIO)
bull Continued strong growth of clinical nutrition business expected
Europe
High single-digit growth
bull China Healthy volume growth anticipated regulatory headwinds weigh on business
bull Latin America Continued healthy growth expected
Emerging Markets
37
Fresenius Helios Q4 amp FY19 Key Financials
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom Q419 Δ YoY FY19 Δ YoY
Total sales 2344 41 9234 51
Thereof Helios Germany 1475 31 5940 31
Thereof Helios Spain 867 71 3292 71
Total EBIT3
Margin292
1255
10 bps1015110
-4-32
-70 bps
Thereof Helios GermanyMargin
14397
420 bps
57697
-8-62
-80 bps
Thereof Helios SpainMargin
134155
6-50 bps
434132
5-50 bps
Thereof Corporate 15 -- 5 --
1 Organic growth2 Adjusted for the post-acute care business transferred to Fresenius Vamed as of July 1 20183 Adjusted for IFRS 16 effectFor a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
38
Fresenius Helios Key Measures
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
FY19 FY18 Δ
No of hospitals Germany- Acute care hospitals
8683
8683
00
No of hospitals Spain(Hospitals)
51 47 9
No of beds Germany- Acute care hospitals
28907 28380
2932928802
-1-1
No of beds Spain(Hospitals)
7288 7019 4
Admissions Germany (acute care) 1206654 1218199
Admissions Spain (including outpatients) 15396051 13318066
39
Fresenius Vamed
1 Without German post-acute care business acquired from Fresenius Helios as of July 1 2018
2 Adjusted for IFRS 16 effect 3 Project business only4 Versus December 31 2018
bull Both business segments contributed to the organic sales growth of 4 in Q419
bull Stable service business is gaining weight (FY19 63 of sales FY09 32)
bull Geographically well-diversified order backlog is excellent foundation for future growth
eurom Q419 Δ YoY FY19 Δ YoY
Total salesThereof organic sales
737 64
2206 31161
Service business 374 11 1399 43251
Project business 363 1 807 13
Total EBIT2 66 8 131 1961
Order intake3 576 -13 1314 7
Order backlog3 2865 184
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 40
Fresenius Group FY19 amp Cash Flow
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Operating CF1 Capex (net) Free Cash Flow12
eurom FY2019 Margin FY2019 Margin FY2019 Margin
1947 111 -1113 -64 834 47
968 140 -716 -104 252 36
683 74 -477 -52 206 224
-46 -21 -52 -23 -98 -44
CorporateOther -38 na -75 na -113 na
1677 93 -1320 -73 357 20
3514 99 -2433 -69 1081 30
1 Adjusted for IFRS 162 Before acquisitions and dividends3 Incl FMC dividend of euro110 million4 Understated 27 excluding euro45 million of capex commitments from acquisitions
Excl FMC3
41
Fresenius Group 2020 Financial Outlook by Business Segment
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom (except otherwise stated) FY19 Base1 FY20e2
Sales growth (cc) 17477mid to high single digit
-range
Net income growth3 (cc) 1205mid to high single digit
-range
Sales growth (organic) 6919 3 - 6
EBIT growth (cc) 1205 -4 to 0
Sales growth (organic) 9234 3 - 6
EBIT growth (cc) 1025 3 - 7
Sales growth (organic) 2206 4 - 7
EBIT growth (cc) 134 5 - 9
1 Before special items including IFRS 16 effects including NxStage operations2 Before special items3 Net income attributable to shareholders of Fresenius Medical Care AG amp Co KGaA
For a detailed overview of special items please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
42
eurom (except otherwise stated) FY19 Base1 FY202
Sales growth (cc) 35409 4 - 7
Net income3 growth (cc) 1879 1 - 5
Fresenius Group 2020 Financial Guidance
1 Before special items including IFRS 16 effects including NxStage operations 2 Before special items3 Net income attributable to shareholders of Fresenius SEampCoKGaA
For a detailed overview of special items please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 43
FY19 base for Fresenius Group Guidance FY20
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
euromFresenius
GroupFresenius
Medical CareFresenius
Kabi
Sales reported (reported = base for guidance) 35409 17477 6919
Transaction costs Akorn 3
Revaluations of biosimilars contingent purchase price liabilities -32
EBIT (before special items = base Fresenius Kabi guidance) 1205
Net income reported 1883 1200
Transaction costs Akorn 3
Revaluations of biosimilars contingent purchase price liabilities -19
Gain related to divestitures of Care Coordination activities at FMC -15 -49
Transaction costs NxStage 6 18
Expenses associated with cost optimization program at FMC 21 67
Net income (before special items = base Fresenius Group amp FMC guidance) 1879 1236
44
Fresenius Group Financial Results by Business Segment
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 45
20191 20182 2017 Growth3
20192018
Sales euro17592 m euro16026 m euro17784 m 62
EBIT euro2281 m euro2292 m euro2562 m -42
Sales euro6919 m euro6544 m euro6358 m 4
EBIT euro1200 m euro1139 m euro1177 m 3
Sales euro9234 m euro8993 m euro8668 m 3
EBIT euro1015 m euro1052 m euro1052 m -4
Sales euro2206 m euro1688 m euro1228 m 30
EBIT euro131 m euro110 m euro76 m 18
Sales euro35524 m euro33009 m euro33886 m 62
EBIT euro4599 m euro4547 m euro4830 m -22Group
Before special items
1 Adjusted for IFRS 162 On a comparable basis 2018 adjusted for divestitures of Care Coordination activities 3 Growth rates at constant currency and adjusted for IFRS 16
Fresenius Group Margins by Business Segment
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 46
Before special items 2018 adjusted for divestitures of Care Coordination activities 2019 adjusted for IFRS 16
2019 2018 2017
EBITDA margin 178 192 185
EBIT margin 130 143 144
EBITDA margin 217 219 233
EBIT margin 173 174 185
EBITDA margin 148 159 165
EBIT margin 110 117 121
EBITDA margin 78 79 71
EBIT margin 59 65 62
EBITDA margin 174 183 185
EBIT margin 129 138 143Group
Credit Highlights amp Financing Structure
47General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Credit Highlights
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 48
Consistent Cash Generation
Proven Track Record of Deleveraging
Broad Mix of Financing Instruments
Well-Balanced Maturity Profile
Solid Balance Sheet Structure
Solid IG Rating and Strong Access to Capital Markets
120
103
126
114109
120 122116
112120
8
9
10
11
12
13
14
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
48 48 52 5358 55 55 54
6570
2
3
4
5
6
7
8
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
74
56
76
62
52
67 67 66
50 52
4
5
6
7
8
9
10
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Fresenius Group Consistent Cash Generation
Capex gross in of sales
FCF margin (before acquisitions amp dividends)CFFO margin
49General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
2019 including IFRS 16
32x
30x
27x
22x 23x
35x
30x
26x
36x
30x
26x27x
26x
25x
32x
27x
23x
28x
27x
31x 4
20
25
30
35
40
2001 2002 2003 2004 2005 Q106 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
3
2
Hospitals from
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Proven Track Record of Deleveraging
Net DebtEBITDA1
1 At actual FX rates from 2001 to 2010 and at average FX rates from 2011 onwards for both Net Debt and EBITDA before special items pro forma closed acquisitionsdivestitures2 Pro forma excluding advances made for the acquisition of hospitals from Rhoumln-Klinikum AG3 Both net debt and EBITDA including IFRS 16 effect and calculated at expected annual average exchange rates excluding further potential acquisitions4 Including acquisition of NxStage adjusted for IFRS 16 effect
Target 20203 towards thetop end of self-imposed
target corridor of 30 ndash 35x
50
36x
40
35
20
25
30
Equity-neutralconvertible bonds 3
Fresenius Group excl FMC Broad Mix of Financing Instruments
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 51
Total BS Debt
~euro136 bn
1 As of December 31 2019
bull Optimize funding costs and ensure financial flexibility
bull Diversify investor base
bull Strong liquidity provided by sufficient financial cushion (~euro22 billion as of December 31 2019)
Well Positioned to Meet Financing NeedsBonds 40
Lease obligations 14
Syndicated loans 15
Schuldscheinloans 16
Other financial liabilities 5
Commercial paper 7
Average interest ratecost of debt18 pa
Commercial paper 7
Fresenius Group Broad Mix of Financing Instruments
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 52
Total BS Debt
~euro273 bn
1 As of December 31 2019
bull Optimize funding costs and ensure financial flexibility
bull Diversify investor base
bull Strong liquidity provided by sufficient financial cushion (~euro40 billion as of December 31 2019)
Well Positioned to Meet Financing Needs
Average interest ratecost of debt22 pa
Equity-neutralconvertible bonds 3
Syndicated loans 14
Other financial liabilities 6
Bonds 38
Lease liabilities 24
Schuldschein loans 8
Fresenius Group Capitalization1
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 53
Instrument per Book Value in euro million in $ million4 oftotal cap
EBITDA LTM x
Syndicated Credit Agreement Revolver (euro US-$) 0 0 00 Syndicated Credit Agreement Term Loan A (euro US-$) 1976 2220 29 Bonds (euro US-$) 5501 6180 82 Convertible Bonds 465 522 07 Schuldschein Loans 2180 2449 33 Commercial Paper 953 1071 14 Lease Obligations 1876 2107 28 Other debt 675 758 10 Total Debt (FSE excl FMC) gross 13626 15307 203 Cash (excl FMC) 651 731 10 Total debt (FSE excl FMC) net 12975 14576 193 Total FMC debt net 12774 14350 190 Consolidation Adjustments (145) (163) (02)Total consolidated debt net 25604 28764 382 36x Market capitalization2 41470 46587 618 58x
Total capitalization 67074 75351 1000 94x FSE Group EBITDA3 7110
1 As of December 31 20192 Based on market capitalization for FSE and FMC as of December 31 20193 Pro Forma acquisitions before special items4 EURUSD exchange rate as of December 31 2019
Fresenius Group excl FMC Well-Balanced Debt Maturity Profile12
54
1 As of December 31 2019 and based on utilization of major financing instruments2 Excluding lease liabilities3 Pro Forma issuance of FSE EUR 750m bonds in Jan 2020 (average maturity 38)
Maturity 35 years3 on
average
eurom
EUR 750m Jan 2020
500717 700
267
1150
500700 750
500 500
153
903 927
106
304 393
430
421
238
207
84
500
953
0
500
1000
1500
2000
2500
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Bonds Syndicated Loan Schuldschein Loans Equity-neutral convertible bonds Commercial Paper
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
1500
1000
2000
2500
Fresenius Group Well-Balanced Debt Maturity Profile12
1 As of December 31 2019 and based on utilization of major financing instruments2 Excluding lease liabilities3 Pro Forma issuance of FSE EUR 750m bonds in Jan 2020 (average maturity 35)
EUR 750m Jan 2020
2380
13931859
650356 500 600
945
1712
1924
2020
697
2071
500 238
907 750
584
5000
1000
2000
3000
4000
5000
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Fresenius Medical Care Fresenius excl Fresenius Medical Care
5000
4000
3000
2000
1000
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Maturity 33 years3 on
average
eurom
55
23 23 23 19
32 36 33 41
45 41 44 40
Dec 31 16 Dec 31 17 Dec 31 18 Dec 31 19
Equity and non-controlling interest Debt Other liabilities
Fresenius Group Solid Balance Sheet Structure
Healthy Equity and Liability Split
bull Strong equity ratio of gt40 on average
bull Equity ratio kept in narrow range despite rapid growth of Fresenius Group
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 56
467 531 567 670
BS total (eurobn)
Including IFRS 16
Fresenius SE Solid Investment Grade Rating
57
ldquoFSE delivers solid organic growth thanks to positive underlying growth trends in the life-saving and life-sustaining products and therapies that the group offersrdquoSampP Jan 08 2019
ldquoFSErsquos rating remains anchored in investment-grade given its mature and defensive business risk profile its organic deleveraging ability based on free cash flow generation and its record of integrating acquisitions successfully and reducing financial leverage in line with communicated policiesrdquo Fitch April 17 2019
ldquoThe Baa3 long term issuer rating of FSE reflects its strong defensive business profile underpinned by large absolute scale global footprint and segmental diversification within the healthcare market supported by strong position in its four business segmentsrdquo Moodyrsquos May 20 2019
Rating History Rating Agenciesrsquo Key Statements
Following a positive outlook SampP upgraded Fresenius to BBB stable outlook in May 2019
SampP Moodylsquos Fitch
Corporate Credit Rating BBB Baa3 BBB-
Outlook stable stable stable
Current Credit Ratings
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Strong Access to Capital Markets
58
Major Financing Instruments
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Bonds euro250 m euro800 m$105 bn
euro750 m$15 bn
euro500 m euro12 bn$12 bn
$300m euro26 bn euro500 m euro10 bn$500 m
euro175 bn
euro750 m1
euro750 m2
SyndicatedLoans
$35 bn $898 m $385 bn $18 bneuro245 bn
$41 bneuro700 m
$115 bneuro205 bn
euro530 bn$355 bn
euro100 m
SchuldscheinLoans
euro400 m euro125 m euro500 m euro112 m $400 m euro10 bn euro700 m
Convertible Bonds
euro900 m euro500 m
Equity euro10 bn euro400 m
1 January 2020 euro750million 2020-2028 bonds issued by Fresenius SE amp Co KGaA2 March 2020 euro750million 2020-2027 bonds issued by Fresenius SE amp Co KGaA
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Debt and Cash Flow Structure
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 59
1 Incl consolidation adjustments2 Incl Fresenius financing subsidiaries3 Controlling stake4 Incl subsidiaries 5 Based on market capitalization for FMC as of December 31 20196 Via German holding entities (Fresenius Kabi AG and Fresenius ProServe GmbH)
Fresenius Medical Care
Financing
Fresenius SE Financing
Group Net Debt ~euro256 bn1
DividendsRents Service Agreements
~323 100 77 (cross boarder)100
Profit transfer Agreements6
bull Separate financing of Fresenius SE and Fresenius Medical Care
bull No joint financing facilities or mutual guarantees
bull Fresenius Kabi Fresenius Helios and Fresenius Vamed financed primarily through Fresenius SE to avoid structural subordination
bull Subsidiary debt consists mainly of lease liabilities which are on balance acc to IFRS 16 from 2019 onwards
FSE Net Debt2~euro128 bn
incl Net Debt of KabiHeliosVamed
StockMarketValue~euro62 bn5
FSE Net Debt2~euro114 bn
excl Net Debt of KabiHeliosVamed
euro12774 m Net Debt4
Thereof lease liabilities euro4705m
euro951 m Net Debt4
Thereof lease liabilities euro1042m
euro84 m Net Debt4
Thereof lease liabilities euro392m
euro371 m Net Debt4
Thereof lease liabilities euro369m
Fresenius Group Key Credit Figures
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 60
1 Adjusted for IFRS 162 Before special items pro forma acquisitionsdivestitures3 Before special items
20191 2019 2018 2017
Debt (eurom) thereof US$ denominated
2123328
2725834
1898428
1904231
Net debt (eurom) 19579 25604 16275 17406
Net debtEBITDA2
Net debt at year-end exchange rate EBITDA at LTM average FX rates
314 360 273 279
Net debtEBITDA2
at LTM average FX rates for both net debt and EBITDA
314 361 271 284
Operating Cash flowSales 99 120 112 116
EBITDANet Interest3 121 99 106 96
Appendix
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 61
Fresenius Group FY19 Key Financials
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom FY191 IFRS 16effect
specialitems
FY19 reported
Δ YoY cc12
Sales 35524 -115 - 35409 6
EBIT 4599 89 -57 4631 -2
Net interest -510 -204 -5 -719 9
Income taxes -955 30 42 -883 -5
Net income3 1915 -36 4 1883 0
Balance sheet total 61237 5769 - 67006
Operating Cashflow 3514 749 - 4263
1 Before special items adjusted for IFRS 16 effect2 On a comparable basis 2018 adjusted for divestitures of Care Coordination activities at FMC3 Net income attributable to shareholders of Fresenius SE amp Co KGaA
For a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
62
Fresenius Group Cash Flow
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 63
eurom 20191 Margin 2019 Margin 2018 Margin Δ YoY1918
Operating Cash Flow 3514 99 4263 120 3742 112 14
Capex (net) -2433 -69 -2433 -68 -2077 -62 -17
Free Cash Flow(before acquisitions and dividends)
1081 30 1830 52 1665 50 10
Acquisitions (net) -2423 -2423 613 --
Dividends -952 -952 -904 5
Free Cash Flow(after acquisitions and dividends) -2294 -65 -1545 -44 1374 41 --
1 2019 adjusted for IFRS 16
Fresenius Group Calculation of Noncontrolling Interest
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom FY19 FY18
Earnings before tax and noncontrolling interest 4089 3998
Taxes -955 -883
Noncontrolling interest thereof -1219 -1243
Fresenius Medical Care net income not attributable to Fresenius (FY19 ~69)
-897 -928
Noncontrolling interest holders in Fresenius Medical Care -239 -244
Noncontrolling interest holders in Fresenius Kabi (-euro49 m) Fresenius Helios (-euro13 m) Fresenius Vamed (-euro2 m) and due to Fresenius Vamedrsquos 23 external ownership (-euro19 m)
-83 -71
Net income attributable to Fresenius SE amp Co KGaA 1915 1872
64
On a comparable basis Before special items adjusted for IFRS16 effect FY18 adjusted for divestitures of Care Coordination activities at FMC
For a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
002
023 025029
032037
042044
055
062
93 08 09 10 11 12 13 14 15 16 17 18 19
25 2421 20 21 21 22 21 22 23 24
Fresenius SE Earnings-Linked Dividend Policy
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
euro per share
bull Dividend growth aligned to EPS1
growth
bull Pay-out Ratio 20 to 25
Dividend distribution (eurom)
Pay-out Ratio
075
2019 Pay-out Ratio 24 Dividend Policy
122 140 155 196 225 238 300 416114 343 445
080
1 Before special items
468
084
24
Track record
bull 27th consecutive dividend increase
bull CAGR dividend increase +15
65
32x1
Fresenius Medical Care Low Leverage Reflected by Solid Investment Grade Rating
66General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
60 6176
6483
2015 2016 2017 2018 2019
Free Cash Flow in of revenue
SampP Moodylsquos Fitch
Corporate Credit Rating BBB Baa3 BBB-
Outlook stable stable stable
Current Credit Ratings
1 Including IFRS16 effect
29x30x
27x
22x
18x
31x
27x25x
22x
21x
27x25x
25x
31x
26x23x
21x
18x
25x
15
20
25
30
35
40
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
1
Fresenius Medical Care Broad Mix of Financing Instruments
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 67
Total BS Debt
~euro138 m
1 As of December 31 2019
bull Optimize funding costs and ensure financial flexibility
bull Diversify investor base
bull Strong liquidity provided by sufficient financial cushion (~euro18 billion as of December 31 2019)
Well Positioned to Meet Financing Needs
Average interest ratecost of debt25 pa
Equity-neutralconvertible bonds 3
Commercial paper 7
Syndicated loans 14
Other financial liabilities 7
Bonds 36
Lease obligations 33
Fresenius Medical Care Well-Balanced Debt Maturity Profile12
68
eurom
Maturity 30 years on
average
1 As of December 31 2019 and based on utilization of major financing instruments2 Excluding lease liabilities
445
878623 650
356500 600
945
535
135
1236400
1000
380
0
500
1000
1500
2000
2500
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
Bonds Syndicated Loan Equity-neutral convertible bonds Commercial Paper AR Facility
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
2500
2000
1500
1000
Fresenius SE Overview Bonds
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 69
Issuer Volume(in millions)
Coupon type
Coupon (in )
MaturityTerm
ISIN (RegS)
WKN
Fresenius SE amp Co KGaAeuro500 Fix 2875 20132020 XS0873432511 A1HEWZ
Fresenius SE amp Co KGaAeuro450 Fix 300 20142021 XS1013955379 A1ZB7H
Fresenius SE amp Co KGaAeuro450 Fix 400 20142024 XS1026109204 A1ZC60
Fresenius SE amp Co KGaAeuro 500 Fix 1875 20192025 XS1936208252 A2NBMS
Fresenius SE amp Co KGaAeuro 750 Fix 1625 20202027 XS2152329053 A254TA
Fresenius SE amp Co KGaAeuro 750 Fix 075 20202028 XS2101357072 A254QN
Fresenius SE amp Co KGaAeuro 500 Fix 2875 20192029 XS1936208419 A2NBMT
Fresenius Finance Ireland plceuro700 Fix 0875 20172022 XS1554373164 A19B3F
Fresenius Finance Ireland plceuro700 Fix 150 20172024 XS1554373248 A19B3G
Fresenius Finance Ireland plceuro700 Fix 2125 20172027 XS1554373677 A19B3H
Fresenius Finance Ireland plceuro500 Fix 300 20172032 XS1554373834 A19B3J
Fresenius US Finance II IncUS$300 Fix 425 20142021 USU31436AG04 A1ZDVJ
Fresenius US Finance II IncUS$300 Fix 450 20152023 USU31436AH86 A1Z64A
As of April 8 2020
Fresenius Medical Care Overview Bonds
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 70
Issuer Volume(in millions)
Coupon type
Coupon (in )
MaturityTerm
ISIN (RegS)
WKN
FMC Finance VII SA euro300 Fix 525 20112021 XS0576395478 A1GLY6
Fresenius Medical Care US Finance Inc US$650 Fix 575 20112021 USU31433AA03 A1GL0J
Fresenius Medical Care US Finance II Inc US$500 Fix 4125 20142020 US35802XAH61 A1ZRTL
Fresenius Medical Care US Finance II Inc US$700 Fix 5875 20122022 USU31434AC42 A1GZRF
Fresenius Medical Care US Finance II Inc US$400 Fix 475 20142024 US35802XAJ28 A1ZRTN
Fresenius Medical Care US Finance III Inc US$500 Fix 375 20192029 USU3149FAA76 A2R3YR
Fresenius Medical Care AG amp Co KGaA euro650 Fix 0250 20192023 XS2084510069 A255DU
Fresenius Medical Care AG amp Co KGaA euro500 Fix 150 20182025 XS1854532949 A2NBE6
Fresenius Medical Care AG amp Co KGaA euro600 Fix 0625 20192026 XS2084497705 A255DV
Fresenius Medical Care AG amp Co KGaA euro500 Fix 1250 20192029 XS2084488209 A255DW
As of December 31 2019
Financial Calendar Contact
Financial Calendar 06 May 2020 Results Q120
30 July 2020 Results Q220
29 October 2020 Results Q320Please note that these dates could be subject to change
Annual General Meeting Due to the coronavirus pandemic the AGM scheduled for 20 May 2020 has been postponed A new date within the current financial year will be set as soon as the conditions for reliable planning and safe execution of the AGM are once again in place
Contact
Investor Relations amp SustainabilityFresenius SE amp Co KGaAphone +49 6172 608-2485e-mail ir-frefreseniuscomFor further information and current news wwwfreseniuscom
Follow us on Twitter wwwtwittercomfresenius_irand LinkedIn wwwlinkedincomcompanyfresenius-investor-relations
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 71
US
Progress of portfolio
bull Three more molecules in portfolio
bull Expect to start with clinical studies forthose molecules in 2021
Fresenius Kabi Biosimilar Update
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 26
Launch schedule
Europe
Pegfilgrastim
Adalimumab
Tocilizumab
2023
2019
2021
2021
2023
2023
Business plan
bull Total investment ceiling euro14 bn untilEBITDA break-even in 2023
bull High triple-digit euro million sales in 2024
Fresenius Kabi Launch of Idacio in Europe Progresses According to Plan
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 27
Launched
Approved
Submitted
Fresenius Kabi Divisionalization of Transfusion Medicine and Cell Therapies Business Fuels Growth
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 28
bull Business remains important part of Fresenius Kabi
bull Dynamic growth in FY19 and good growth prospects
bull Inauguration of new production building in Haina Dominican Republic to fuel growth of disposable products
bull New joint venture to advance new cell and gene therapies
Fresenius Helios Germany to Show Ongoing Stabilization in FY20
Mitigation of regulatory headwindsbull Chief doctor vacancies at record lowbull Appropriate level of nursing staff bull Optimization of processes and workflowsbull Cost optimization measures
Very positive reimbursement environmentbull 2020 DRG inflator set at 366
Investments in future growth fieldsbull Clustering strategy progressesbull Preventionbull Occupational medicinebull Telemedicine platform
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 29
Ramp-up of outpatient businessbull Outpatient surgery centersbull Specialization of medical centers
Excellent growth in Spainbull Opening of first proton therapy center in
Spain (first patient treated in December rsquo19)
bull Opening of Quironsalud Madrid university hospital expansion in Pozuelo
bull Private hospitals expected to show dynamic organic growth driven by admissions
bull Continued positive momentum for ORPs
Fresenius Helios Spain to Plow Ahead in FY20
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 30
Expansion in Latin America proceedsbull Five successful acquisitions in Colombia
contribute nicely in FY20minus Clinica Las Vegas Clinica del Prado
and CediMed in Medellin(1)
minus Centro Medico Imbanaco in Cali(2)
minus Clinica de la Mujer in Bogota(3)
bull Total expected sales contribution of approx euro180m equiv in FY20
bull Attractive risk-adjusted ROIs expected
Notes (1) All transactions closed in 2019 (2) Closing expected at the end of Q12020 (3) Closing expected in Q22020 subject to anti-trust clearance
Financial Review FY19
31General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Sales
+6FY19 euro33524 m
Net Income
+0FY19 euro1915 m
EBIT
-2FY19 euro4599 m
Fresenius Group FY19 Profit and Loss Statement
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
All growth rates in constant currency (cc)Before special items adjusted for IFRS 16 effectOn a comparable basis FY18 adjusted for divestitures of Care Coordination activities at FMC before special itemsNet income attributable to shareholders of Fresenius SE amp Co KGaA
Net Interest
-euro510 mFY18 -euro549 m
Income Tax Rate
234FY18 221
32
1 On a comparable basis Q418 adjusted for divestitures of Care Coordination activities at FMC Q419 adjusted for IFRS 16 effect
All figures before special itemsFor a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
Fresenius Group Q419 Business Segment Growth
Organic sales growth1
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
EBIT growth (cc)1
+5
+4
+4
+4
0
-1
5
+7
+4 0
33
Fresenius Kabi Organic Sales Growth by Product Segment
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom Q419Δ YoY
organic FY19Δ YoY
organic
IV Drugs 737 -1 2939 -1
Infusion Therapy 213 2 834 3
Clinical Nutrition 482 8 1898 9
Medical DevicesTransfusion Technology
334 10 1248 11
Total sales 1766 4 6919 4
34
Fresenius Kabi Organic Sales Growth by Regions
eurom Q419Δ YoY
organic FY19Δ YoY
organic
North America 609 -1 2424 -2
Europe 604 2 2313 2
Emerging Markets 553 12 2182 14
Total sales 1766 4 6919 4
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 35
Fresenius Kabi Q4 amp FY19 EBIT Growth
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom Q419 Δ YoY cc FY19 Δ YoY cc
North AmericaMargin
204335
-8-260 bps
907374
-3-50 bps
EuropeMargin
87144
-10-200 bps
328142
-7-160 bps
Emerging MarketsMargin
124224
7-90 bps
476218
19130 bps
Corporate and Corporate RampD -132 11 -511 2
Total EBITMargin
283160
-1-90 bps
1200173
3-10 bps
On a comparable basis before special items and adjusted for IFRS 16 effects
Margin growth at actual ratesFor a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
36
Fresenius Kabi Expected Organic Sales Growth 2020
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Broadly stable
bull Ongoing volume headwinds anticipated
bull Pricing expected to trend more towards mid-single digit price declines in base product portfolio
North America
Mid-single-digit growth
bull Growth driven by first biosimilar in the market (IDACIO)
bull Continued strong growth of clinical nutrition business expected
Europe
High single-digit growth
bull China Healthy volume growth anticipated regulatory headwinds weigh on business
bull Latin America Continued healthy growth expected
Emerging Markets
37
Fresenius Helios Q4 amp FY19 Key Financials
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom Q419 Δ YoY FY19 Δ YoY
Total sales 2344 41 9234 51
Thereof Helios Germany 1475 31 5940 31
Thereof Helios Spain 867 71 3292 71
Total EBIT3
Margin292
1255
10 bps1015110
-4-32
-70 bps
Thereof Helios GermanyMargin
14397
420 bps
57697
-8-62
-80 bps
Thereof Helios SpainMargin
134155
6-50 bps
434132
5-50 bps
Thereof Corporate 15 -- 5 --
1 Organic growth2 Adjusted for the post-acute care business transferred to Fresenius Vamed as of July 1 20183 Adjusted for IFRS 16 effectFor a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
38
Fresenius Helios Key Measures
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
FY19 FY18 Δ
No of hospitals Germany- Acute care hospitals
8683
8683
00
No of hospitals Spain(Hospitals)
51 47 9
No of beds Germany- Acute care hospitals
28907 28380
2932928802
-1-1
No of beds Spain(Hospitals)
7288 7019 4
Admissions Germany (acute care) 1206654 1218199
Admissions Spain (including outpatients) 15396051 13318066
39
Fresenius Vamed
1 Without German post-acute care business acquired from Fresenius Helios as of July 1 2018
2 Adjusted for IFRS 16 effect 3 Project business only4 Versus December 31 2018
bull Both business segments contributed to the organic sales growth of 4 in Q419
bull Stable service business is gaining weight (FY19 63 of sales FY09 32)
bull Geographically well-diversified order backlog is excellent foundation for future growth
eurom Q419 Δ YoY FY19 Δ YoY
Total salesThereof organic sales
737 64
2206 31161
Service business 374 11 1399 43251
Project business 363 1 807 13
Total EBIT2 66 8 131 1961
Order intake3 576 -13 1314 7
Order backlog3 2865 184
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 40
Fresenius Group FY19 amp Cash Flow
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Operating CF1 Capex (net) Free Cash Flow12
eurom FY2019 Margin FY2019 Margin FY2019 Margin
1947 111 -1113 -64 834 47
968 140 -716 -104 252 36
683 74 -477 -52 206 224
-46 -21 -52 -23 -98 -44
CorporateOther -38 na -75 na -113 na
1677 93 -1320 -73 357 20
3514 99 -2433 -69 1081 30
1 Adjusted for IFRS 162 Before acquisitions and dividends3 Incl FMC dividend of euro110 million4 Understated 27 excluding euro45 million of capex commitments from acquisitions
Excl FMC3
41
Fresenius Group 2020 Financial Outlook by Business Segment
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom (except otherwise stated) FY19 Base1 FY20e2
Sales growth (cc) 17477mid to high single digit
-range
Net income growth3 (cc) 1205mid to high single digit
-range
Sales growth (organic) 6919 3 - 6
EBIT growth (cc) 1205 -4 to 0
Sales growth (organic) 9234 3 - 6
EBIT growth (cc) 1025 3 - 7
Sales growth (organic) 2206 4 - 7
EBIT growth (cc) 134 5 - 9
1 Before special items including IFRS 16 effects including NxStage operations2 Before special items3 Net income attributable to shareholders of Fresenius Medical Care AG amp Co KGaA
For a detailed overview of special items please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
42
eurom (except otherwise stated) FY19 Base1 FY202
Sales growth (cc) 35409 4 - 7
Net income3 growth (cc) 1879 1 - 5
Fresenius Group 2020 Financial Guidance
1 Before special items including IFRS 16 effects including NxStage operations 2 Before special items3 Net income attributable to shareholders of Fresenius SEampCoKGaA
For a detailed overview of special items please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 43
FY19 base for Fresenius Group Guidance FY20
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
euromFresenius
GroupFresenius
Medical CareFresenius
Kabi
Sales reported (reported = base for guidance) 35409 17477 6919
Transaction costs Akorn 3
Revaluations of biosimilars contingent purchase price liabilities -32
EBIT (before special items = base Fresenius Kabi guidance) 1205
Net income reported 1883 1200
Transaction costs Akorn 3
Revaluations of biosimilars contingent purchase price liabilities -19
Gain related to divestitures of Care Coordination activities at FMC -15 -49
Transaction costs NxStage 6 18
Expenses associated with cost optimization program at FMC 21 67
Net income (before special items = base Fresenius Group amp FMC guidance) 1879 1236
44
Fresenius Group Financial Results by Business Segment
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 45
20191 20182 2017 Growth3
20192018
Sales euro17592 m euro16026 m euro17784 m 62
EBIT euro2281 m euro2292 m euro2562 m -42
Sales euro6919 m euro6544 m euro6358 m 4
EBIT euro1200 m euro1139 m euro1177 m 3
Sales euro9234 m euro8993 m euro8668 m 3
EBIT euro1015 m euro1052 m euro1052 m -4
Sales euro2206 m euro1688 m euro1228 m 30
EBIT euro131 m euro110 m euro76 m 18
Sales euro35524 m euro33009 m euro33886 m 62
EBIT euro4599 m euro4547 m euro4830 m -22Group
Before special items
1 Adjusted for IFRS 162 On a comparable basis 2018 adjusted for divestitures of Care Coordination activities 3 Growth rates at constant currency and adjusted for IFRS 16
Fresenius Group Margins by Business Segment
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 46
Before special items 2018 adjusted for divestitures of Care Coordination activities 2019 adjusted for IFRS 16
2019 2018 2017
EBITDA margin 178 192 185
EBIT margin 130 143 144
EBITDA margin 217 219 233
EBIT margin 173 174 185
EBITDA margin 148 159 165
EBIT margin 110 117 121
EBITDA margin 78 79 71
EBIT margin 59 65 62
EBITDA margin 174 183 185
EBIT margin 129 138 143Group
Credit Highlights amp Financing Structure
47General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Credit Highlights
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 48
Consistent Cash Generation
Proven Track Record of Deleveraging
Broad Mix of Financing Instruments
Well-Balanced Maturity Profile
Solid Balance Sheet Structure
Solid IG Rating and Strong Access to Capital Markets
120
103
126
114109
120 122116
112120
8
9
10
11
12
13
14
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
48 48 52 5358 55 55 54
6570
2
3
4
5
6
7
8
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
74
56
76
62
52
67 67 66
50 52
4
5
6
7
8
9
10
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Fresenius Group Consistent Cash Generation
Capex gross in of sales
FCF margin (before acquisitions amp dividends)CFFO margin
49General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
2019 including IFRS 16
32x
30x
27x
22x 23x
35x
30x
26x
36x
30x
26x27x
26x
25x
32x
27x
23x
28x
27x
31x 4
20
25
30
35
40
2001 2002 2003 2004 2005 Q106 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
3
2
Hospitals from
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Proven Track Record of Deleveraging
Net DebtEBITDA1
1 At actual FX rates from 2001 to 2010 and at average FX rates from 2011 onwards for both Net Debt and EBITDA before special items pro forma closed acquisitionsdivestitures2 Pro forma excluding advances made for the acquisition of hospitals from Rhoumln-Klinikum AG3 Both net debt and EBITDA including IFRS 16 effect and calculated at expected annual average exchange rates excluding further potential acquisitions4 Including acquisition of NxStage adjusted for IFRS 16 effect
Target 20203 towards thetop end of self-imposed
target corridor of 30 ndash 35x
50
36x
40
35
20
25
30
Equity-neutralconvertible bonds 3
Fresenius Group excl FMC Broad Mix of Financing Instruments
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 51
Total BS Debt
~euro136 bn
1 As of December 31 2019
bull Optimize funding costs and ensure financial flexibility
bull Diversify investor base
bull Strong liquidity provided by sufficient financial cushion (~euro22 billion as of December 31 2019)
Well Positioned to Meet Financing NeedsBonds 40
Lease obligations 14
Syndicated loans 15
Schuldscheinloans 16
Other financial liabilities 5
Commercial paper 7
Average interest ratecost of debt18 pa
Commercial paper 7
Fresenius Group Broad Mix of Financing Instruments
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 52
Total BS Debt
~euro273 bn
1 As of December 31 2019
bull Optimize funding costs and ensure financial flexibility
bull Diversify investor base
bull Strong liquidity provided by sufficient financial cushion (~euro40 billion as of December 31 2019)
Well Positioned to Meet Financing Needs
Average interest ratecost of debt22 pa
Equity-neutralconvertible bonds 3
Syndicated loans 14
Other financial liabilities 6
Bonds 38
Lease liabilities 24
Schuldschein loans 8
Fresenius Group Capitalization1
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 53
Instrument per Book Value in euro million in $ million4 oftotal cap
EBITDA LTM x
Syndicated Credit Agreement Revolver (euro US-$) 0 0 00 Syndicated Credit Agreement Term Loan A (euro US-$) 1976 2220 29 Bonds (euro US-$) 5501 6180 82 Convertible Bonds 465 522 07 Schuldschein Loans 2180 2449 33 Commercial Paper 953 1071 14 Lease Obligations 1876 2107 28 Other debt 675 758 10 Total Debt (FSE excl FMC) gross 13626 15307 203 Cash (excl FMC) 651 731 10 Total debt (FSE excl FMC) net 12975 14576 193 Total FMC debt net 12774 14350 190 Consolidation Adjustments (145) (163) (02)Total consolidated debt net 25604 28764 382 36x Market capitalization2 41470 46587 618 58x
Total capitalization 67074 75351 1000 94x FSE Group EBITDA3 7110
1 As of December 31 20192 Based on market capitalization for FSE and FMC as of December 31 20193 Pro Forma acquisitions before special items4 EURUSD exchange rate as of December 31 2019
Fresenius Group excl FMC Well-Balanced Debt Maturity Profile12
54
1 As of December 31 2019 and based on utilization of major financing instruments2 Excluding lease liabilities3 Pro Forma issuance of FSE EUR 750m bonds in Jan 2020 (average maturity 38)
Maturity 35 years3 on
average
eurom
EUR 750m Jan 2020
500717 700
267
1150
500700 750
500 500
153
903 927
106
304 393
430
421
238
207
84
500
953
0
500
1000
1500
2000
2500
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Bonds Syndicated Loan Schuldschein Loans Equity-neutral convertible bonds Commercial Paper
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
1500
1000
2000
2500
Fresenius Group Well-Balanced Debt Maturity Profile12
1 As of December 31 2019 and based on utilization of major financing instruments2 Excluding lease liabilities3 Pro Forma issuance of FSE EUR 750m bonds in Jan 2020 (average maturity 35)
EUR 750m Jan 2020
2380
13931859
650356 500 600
945
1712
1924
2020
697
2071
500 238
907 750
584
5000
1000
2000
3000
4000
5000
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Fresenius Medical Care Fresenius excl Fresenius Medical Care
5000
4000
3000
2000
1000
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Maturity 33 years3 on
average
eurom
55
23 23 23 19
32 36 33 41
45 41 44 40
Dec 31 16 Dec 31 17 Dec 31 18 Dec 31 19
Equity and non-controlling interest Debt Other liabilities
Fresenius Group Solid Balance Sheet Structure
Healthy Equity and Liability Split
bull Strong equity ratio of gt40 on average
bull Equity ratio kept in narrow range despite rapid growth of Fresenius Group
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 56
467 531 567 670
BS total (eurobn)
Including IFRS 16
Fresenius SE Solid Investment Grade Rating
57
ldquoFSE delivers solid organic growth thanks to positive underlying growth trends in the life-saving and life-sustaining products and therapies that the group offersrdquoSampP Jan 08 2019
ldquoFSErsquos rating remains anchored in investment-grade given its mature and defensive business risk profile its organic deleveraging ability based on free cash flow generation and its record of integrating acquisitions successfully and reducing financial leverage in line with communicated policiesrdquo Fitch April 17 2019
ldquoThe Baa3 long term issuer rating of FSE reflects its strong defensive business profile underpinned by large absolute scale global footprint and segmental diversification within the healthcare market supported by strong position in its four business segmentsrdquo Moodyrsquos May 20 2019
Rating History Rating Agenciesrsquo Key Statements
Following a positive outlook SampP upgraded Fresenius to BBB stable outlook in May 2019
SampP Moodylsquos Fitch
Corporate Credit Rating BBB Baa3 BBB-
Outlook stable stable stable
Current Credit Ratings
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Strong Access to Capital Markets
58
Major Financing Instruments
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Bonds euro250 m euro800 m$105 bn
euro750 m$15 bn
euro500 m euro12 bn$12 bn
$300m euro26 bn euro500 m euro10 bn$500 m
euro175 bn
euro750 m1
euro750 m2
SyndicatedLoans
$35 bn $898 m $385 bn $18 bneuro245 bn
$41 bneuro700 m
$115 bneuro205 bn
euro530 bn$355 bn
euro100 m
SchuldscheinLoans
euro400 m euro125 m euro500 m euro112 m $400 m euro10 bn euro700 m
Convertible Bonds
euro900 m euro500 m
Equity euro10 bn euro400 m
1 January 2020 euro750million 2020-2028 bonds issued by Fresenius SE amp Co KGaA2 March 2020 euro750million 2020-2027 bonds issued by Fresenius SE amp Co KGaA
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Debt and Cash Flow Structure
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 59
1 Incl consolidation adjustments2 Incl Fresenius financing subsidiaries3 Controlling stake4 Incl subsidiaries 5 Based on market capitalization for FMC as of December 31 20196 Via German holding entities (Fresenius Kabi AG and Fresenius ProServe GmbH)
Fresenius Medical Care
Financing
Fresenius SE Financing
Group Net Debt ~euro256 bn1
DividendsRents Service Agreements
~323 100 77 (cross boarder)100
Profit transfer Agreements6
bull Separate financing of Fresenius SE and Fresenius Medical Care
bull No joint financing facilities or mutual guarantees
bull Fresenius Kabi Fresenius Helios and Fresenius Vamed financed primarily through Fresenius SE to avoid structural subordination
bull Subsidiary debt consists mainly of lease liabilities which are on balance acc to IFRS 16 from 2019 onwards
FSE Net Debt2~euro128 bn
incl Net Debt of KabiHeliosVamed
StockMarketValue~euro62 bn5
FSE Net Debt2~euro114 bn
excl Net Debt of KabiHeliosVamed
euro12774 m Net Debt4
Thereof lease liabilities euro4705m
euro951 m Net Debt4
Thereof lease liabilities euro1042m
euro84 m Net Debt4
Thereof lease liabilities euro392m
euro371 m Net Debt4
Thereof lease liabilities euro369m
Fresenius Group Key Credit Figures
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 60
1 Adjusted for IFRS 162 Before special items pro forma acquisitionsdivestitures3 Before special items
20191 2019 2018 2017
Debt (eurom) thereof US$ denominated
2123328
2725834
1898428
1904231
Net debt (eurom) 19579 25604 16275 17406
Net debtEBITDA2
Net debt at year-end exchange rate EBITDA at LTM average FX rates
314 360 273 279
Net debtEBITDA2
at LTM average FX rates for both net debt and EBITDA
314 361 271 284
Operating Cash flowSales 99 120 112 116
EBITDANet Interest3 121 99 106 96
Appendix
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 61
Fresenius Group FY19 Key Financials
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom FY191 IFRS 16effect
specialitems
FY19 reported
Δ YoY cc12
Sales 35524 -115 - 35409 6
EBIT 4599 89 -57 4631 -2
Net interest -510 -204 -5 -719 9
Income taxes -955 30 42 -883 -5
Net income3 1915 -36 4 1883 0
Balance sheet total 61237 5769 - 67006
Operating Cashflow 3514 749 - 4263
1 Before special items adjusted for IFRS 16 effect2 On a comparable basis 2018 adjusted for divestitures of Care Coordination activities at FMC3 Net income attributable to shareholders of Fresenius SE amp Co KGaA
For a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
62
Fresenius Group Cash Flow
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 63
eurom 20191 Margin 2019 Margin 2018 Margin Δ YoY1918
Operating Cash Flow 3514 99 4263 120 3742 112 14
Capex (net) -2433 -69 -2433 -68 -2077 -62 -17
Free Cash Flow(before acquisitions and dividends)
1081 30 1830 52 1665 50 10
Acquisitions (net) -2423 -2423 613 --
Dividends -952 -952 -904 5
Free Cash Flow(after acquisitions and dividends) -2294 -65 -1545 -44 1374 41 --
1 2019 adjusted for IFRS 16
Fresenius Group Calculation of Noncontrolling Interest
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom FY19 FY18
Earnings before tax and noncontrolling interest 4089 3998
Taxes -955 -883
Noncontrolling interest thereof -1219 -1243
Fresenius Medical Care net income not attributable to Fresenius (FY19 ~69)
-897 -928
Noncontrolling interest holders in Fresenius Medical Care -239 -244
Noncontrolling interest holders in Fresenius Kabi (-euro49 m) Fresenius Helios (-euro13 m) Fresenius Vamed (-euro2 m) and due to Fresenius Vamedrsquos 23 external ownership (-euro19 m)
-83 -71
Net income attributable to Fresenius SE amp Co KGaA 1915 1872
64
On a comparable basis Before special items adjusted for IFRS16 effect FY18 adjusted for divestitures of Care Coordination activities at FMC
For a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
002
023 025029
032037
042044
055
062
93 08 09 10 11 12 13 14 15 16 17 18 19
25 2421 20 21 21 22 21 22 23 24
Fresenius SE Earnings-Linked Dividend Policy
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
euro per share
bull Dividend growth aligned to EPS1
growth
bull Pay-out Ratio 20 to 25
Dividend distribution (eurom)
Pay-out Ratio
075
2019 Pay-out Ratio 24 Dividend Policy
122 140 155 196 225 238 300 416114 343 445
080
1 Before special items
468
084
24
Track record
bull 27th consecutive dividend increase
bull CAGR dividend increase +15
65
32x1
Fresenius Medical Care Low Leverage Reflected by Solid Investment Grade Rating
66General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
60 6176
6483
2015 2016 2017 2018 2019
Free Cash Flow in of revenue
SampP Moodylsquos Fitch
Corporate Credit Rating BBB Baa3 BBB-
Outlook stable stable stable
Current Credit Ratings
1 Including IFRS16 effect
29x30x
27x
22x
18x
31x
27x25x
22x
21x
27x25x
25x
31x
26x23x
21x
18x
25x
15
20
25
30
35
40
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
1
Fresenius Medical Care Broad Mix of Financing Instruments
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 67
Total BS Debt
~euro138 m
1 As of December 31 2019
bull Optimize funding costs and ensure financial flexibility
bull Diversify investor base
bull Strong liquidity provided by sufficient financial cushion (~euro18 billion as of December 31 2019)
Well Positioned to Meet Financing Needs
Average interest ratecost of debt25 pa
Equity-neutralconvertible bonds 3
Commercial paper 7
Syndicated loans 14
Other financial liabilities 7
Bonds 36
Lease obligations 33
Fresenius Medical Care Well-Balanced Debt Maturity Profile12
68
eurom
Maturity 30 years on
average
1 As of December 31 2019 and based on utilization of major financing instruments2 Excluding lease liabilities
445
878623 650
356500 600
945
535
135
1236400
1000
380
0
500
1000
1500
2000
2500
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
Bonds Syndicated Loan Equity-neutral convertible bonds Commercial Paper AR Facility
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
2500
2000
1500
1000
Fresenius SE Overview Bonds
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 69
Issuer Volume(in millions)
Coupon type
Coupon (in )
MaturityTerm
ISIN (RegS)
WKN
Fresenius SE amp Co KGaAeuro500 Fix 2875 20132020 XS0873432511 A1HEWZ
Fresenius SE amp Co KGaAeuro450 Fix 300 20142021 XS1013955379 A1ZB7H
Fresenius SE amp Co KGaAeuro450 Fix 400 20142024 XS1026109204 A1ZC60
Fresenius SE amp Co KGaAeuro 500 Fix 1875 20192025 XS1936208252 A2NBMS
Fresenius SE amp Co KGaAeuro 750 Fix 1625 20202027 XS2152329053 A254TA
Fresenius SE amp Co KGaAeuro 750 Fix 075 20202028 XS2101357072 A254QN
Fresenius SE amp Co KGaAeuro 500 Fix 2875 20192029 XS1936208419 A2NBMT
Fresenius Finance Ireland plceuro700 Fix 0875 20172022 XS1554373164 A19B3F
Fresenius Finance Ireland plceuro700 Fix 150 20172024 XS1554373248 A19B3G
Fresenius Finance Ireland plceuro700 Fix 2125 20172027 XS1554373677 A19B3H
Fresenius Finance Ireland plceuro500 Fix 300 20172032 XS1554373834 A19B3J
Fresenius US Finance II IncUS$300 Fix 425 20142021 USU31436AG04 A1ZDVJ
Fresenius US Finance II IncUS$300 Fix 450 20152023 USU31436AH86 A1Z64A
As of April 8 2020
Fresenius Medical Care Overview Bonds
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 70
Issuer Volume(in millions)
Coupon type
Coupon (in )
MaturityTerm
ISIN (RegS)
WKN
FMC Finance VII SA euro300 Fix 525 20112021 XS0576395478 A1GLY6
Fresenius Medical Care US Finance Inc US$650 Fix 575 20112021 USU31433AA03 A1GL0J
Fresenius Medical Care US Finance II Inc US$500 Fix 4125 20142020 US35802XAH61 A1ZRTL
Fresenius Medical Care US Finance II Inc US$700 Fix 5875 20122022 USU31434AC42 A1GZRF
Fresenius Medical Care US Finance II Inc US$400 Fix 475 20142024 US35802XAJ28 A1ZRTN
Fresenius Medical Care US Finance III Inc US$500 Fix 375 20192029 USU3149FAA76 A2R3YR
Fresenius Medical Care AG amp Co KGaA euro650 Fix 0250 20192023 XS2084510069 A255DU
Fresenius Medical Care AG amp Co KGaA euro500 Fix 150 20182025 XS1854532949 A2NBE6
Fresenius Medical Care AG amp Co KGaA euro600 Fix 0625 20192026 XS2084497705 A255DV
Fresenius Medical Care AG amp Co KGaA euro500 Fix 1250 20192029 XS2084488209 A255DW
As of December 31 2019
Financial Calendar Contact
Financial Calendar 06 May 2020 Results Q120
30 July 2020 Results Q220
29 October 2020 Results Q320Please note that these dates could be subject to change
Annual General Meeting Due to the coronavirus pandemic the AGM scheduled for 20 May 2020 has been postponed A new date within the current financial year will be set as soon as the conditions for reliable planning and safe execution of the AGM are once again in place
Contact
Investor Relations amp SustainabilityFresenius SE amp Co KGaAphone +49 6172 608-2485e-mail ir-frefreseniuscomFor further information and current news wwwfreseniuscom
Follow us on Twitter wwwtwittercomfresenius_irand LinkedIn wwwlinkedincomcompanyfresenius-investor-relations
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 71
Fresenius Kabi Launch of Idacio in Europe Progresses According to Plan
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 27
Launched
Approved
Submitted
Fresenius Kabi Divisionalization of Transfusion Medicine and Cell Therapies Business Fuels Growth
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 28
bull Business remains important part of Fresenius Kabi
bull Dynamic growth in FY19 and good growth prospects
bull Inauguration of new production building in Haina Dominican Republic to fuel growth of disposable products
bull New joint venture to advance new cell and gene therapies
Fresenius Helios Germany to Show Ongoing Stabilization in FY20
Mitigation of regulatory headwindsbull Chief doctor vacancies at record lowbull Appropriate level of nursing staff bull Optimization of processes and workflowsbull Cost optimization measures
Very positive reimbursement environmentbull 2020 DRG inflator set at 366
Investments in future growth fieldsbull Clustering strategy progressesbull Preventionbull Occupational medicinebull Telemedicine platform
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 29
Ramp-up of outpatient businessbull Outpatient surgery centersbull Specialization of medical centers
Excellent growth in Spainbull Opening of first proton therapy center in
Spain (first patient treated in December rsquo19)
bull Opening of Quironsalud Madrid university hospital expansion in Pozuelo
bull Private hospitals expected to show dynamic organic growth driven by admissions
bull Continued positive momentum for ORPs
Fresenius Helios Spain to Plow Ahead in FY20
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 30
Expansion in Latin America proceedsbull Five successful acquisitions in Colombia
contribute nicely in FY20minus Clinica Las Vegas Clinica del Prado
and CediMed in Medellin(1)
minus Centro Medico Imbanaco in Cali(2)
minus Clinica de la Mujer in Bogota(3)
bull Total expected sales contribution of approx euro180m equiv in FY20
bull Attractive risk-adjusted ROIs expected
Notes (1) All transactions closed in 2019 (2) Closing expected at the end of Q12020 (3) Closing expected in Q22020 subject to anti-trust clearance
Financial Review FY19
31General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Sales
+6FY19 euro33524 m
Net Income
+0FY19 euro1915 m
EBIT
-2FY19 euro4599 m
Fresenius Group FY19 Profit and Loss Statement
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
All growth rates in constant currency (cc)Before special items adjusted for IFRS 16 effectOn a comparable basis FY18 adjusted for divestitures of Care Coordination activities at FMC before special itemsNet income attributable to shareholders of Fresenius SE amp Co KGaA
Net Interest
-euro510 mFY18 -euro549 m
Income Tax Rate
234FY18 221
32
1 On a comparable basis Q418 adjusted for divestitures of Care Coordination activities at FMC Q419 adjusted for IFRS 16 effect
All figures before special itemsFor a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
Fresenius Group Q419 Business Segment Growth
Organic sales growth1
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
EBIT growth (cc)1
+5
+4
+4
+4
0
-1
5
+7
+4 0
33
Fresenius Kabi Organic Sales Growth by Product Segment
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom Q419Δ YoY
organic FY19Δ YoY
organic
IV Drugs 737 -1 2939 -1
Infusion Therapy 213 2 834 3
Clinical Nutrition 482 8 1898 9
Medical DevicesTransfusion Technology
334 10 1248 11
Total sales 1766 4 6919 4
34
Fresenius Kabi Organic Sales Growth by Regions
eurom Q419Δ YoY
organic FY19Δ YoY
organic
North America 609 -1 2424 -2
Europe 604 2 2313 2
Emerging Markets 553 12 2182 14
Total sales 1766 4 6919 4
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 35
Fresenius Kabi Q4 amp FY19 EBIT Growth
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom Q419 Δ YoY cc FY19 Δ YoY cc
North AmericaMargin
204335
-8-260 bps
907374
-3-50 bps
EuropeMargin
87144
-10-200 bps
328142
-7-160 bps
Emerging MarketsMargin
124224
7-90 bps
476218
19130 bps
Corporate and Corporate RampD -132 11 -511 2
Total EBITMargin
283160
-1-90 bps
1200173
3-10 bps
On a comparable basis before special items and adjusted for IFRS 16 effects
Margin growth at actual ratesFor a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
36
Fresenius Kabi Expected Organic Sales Growth 2020
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Broadly stable
bull Ongoing volume headwinds anticipated
bull Pricing expected to trend more towards mid-single digit price declines in base product portfolio
North America
Mid-single-digit growth
bull Growth driven by first biosimilar in the market (IDACIO)
bull Continued strong growth of clinical nutrition business expected
Europe
High single-digit growth
bull China Healthy volume growth anticipated regulatory headwinds weigh on business
bull Latin America Continued healthy growth expected
Emerging Markets
37
Fresenius Helios Q4 amp FY19 Key Financials
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom Q419 Δ YoY FY19 Δ YoY
Total sales 2344 41 9234 51
Thereof Helios Germany 1475 31 5940 31
Thereof Helios Spain 867 71 3292 71
Total EBIT3
Margin292
1255
10 bps1015110
-4-32
-70 bps
Thereof Helios GermanyMargin
14397
420 bps
57697
-8-62
-80 bps
Thereof Helios SpainMargin
134155
6-50 bps
434132
5-50 bps
Thereof Corporate 15 -- 5 --
1 Organic growth2 Adjusted for the post-acute care business transferred to Fresenius Vamed as of July 1 20183 Adjusted for IFRS 16 effectFor a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
38
Fresenius Helios Key Measures
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
FY19 FY18 Δ
No of hospitals Germany- Acute care hospitals
8683
8683
00
No of hospitals Spain(Hospitals)
51 47 9
No of beds Germany- Acute care hospitals
28907 28380
2932928802
-1-1
No of beds Spain(Hospitals)
7288 7019 4
Admissions Germany (acute care) 1206654 1218199
Admissions Spain (including outpatients) 15396051 13318066
39
Fresenius Vamed
1 Without German post-acute care business acquired from Fresenius Helios as of July 1 2018
2 Adjusted for IFRS 16 effect 3 Project business only4 Versus December 31 2018
bull Both business segments contributed to the organic sales growth of 4 in Q419
bull Stable service business is gaining weight (FY19 63 of sales FY09 32)
bull Geographically well-diversified order backlog is excellent foundation for future growth
eurom Q419 Δ YoY FY19 Δ YoY
Total salesThereof organic sales
737 64
2206 31161
Service business 374 11 1399 43251
Project business 363 1 807 13
Total EBIT2 66 8 131 1961
Order intake3 576 -13 1314 7
Order backlog3 2865 184
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 40
Fresenius Group FY19 amp Cash Flow
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Operating CF1 Capex (net) Free Cash Flow12
eurom FY2019 Margin FY2019 Margin FY2019 Margin
1947 111 -1113 -64 834 47
968 140 -716 -104 252 36
683 74 -477 -52 206 224
-46 -21 -52 -23 -98 -44
CorporateOther -38 na -75 na -113 na
1677 93 -1320 -73 357 20
3514 99 -2433 -69 1081 30
1 Adjusted for IFRS 162 Before acquisitions and dividends3 Incl FMC dividend of euro110 million4 Understated 27 excluding euro45 million of capex commitments from acquisitions
Excl FMC3
41
Fresenius Group 2020 Financial Outlook by Business Segment
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom (except otherwise stated) FY19 Base1 FY20e2
Sales growth (cc) 17477mid to high single digit
-range
Net income growth3 (cc) 1205mid to high single digit
-range
Sales growth (organic) 6919 3 - 6
EBIT growth (cc) 1205 -4 to 0
Sales growth (organic) 9234 3 - 6
EBIT growth (cc) 1025 3 - 7
Sales growth (organic) 2206 4 - 7
EBIT growth (cc) 134 5 - 9
1 Before special items including IFRS 16 effects including NxStage operations2 Before special items3 Net income attributable to shareholders of Fresenius Medical Care AG amp Co KGaA
For a detailed overview of special items please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
42
eurom (except otherwise stated) FY19 Base1 FY202
Sales growth (cc) 35409 4 - 7
Net income3 growth (cc) 1879 1 - 5
Fresenius Group 2020 Financial Guidance
1 Before special items including IFRS 16 effects including NxStage operations 2 Before special items3 Net income attributable to shareholders of Fresenius SEampCoKGaA
For a detailed overview of special items please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 43
FY19 base for Fresenius Group Guidance FY20
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
euromFresenius
GroupFresenius
Medical CareFresenius
Kabi
Sales reported (reported = base for guidance) 35409 17477 6919
Transaction costs Akorn 3
Revaluations of biosimilars contingent purchase price liabilities -32
EBIT (before special items = base Fresenius Kabi guidance) 1205
Net income reported 1883 1200
Transaction costs Akorn 3
Revaluations of biosimilars contingent purchase price liabilities -19
Gain related to divestitures of Care Coordination activities at FMC -15 -49
Transaction costs NxStage 6 18
Expenses associated with cost optimization program at FMC 21 67
Net income (before special items = base Fresenius Group amp FMC guidance) 1879 1236
44
Fresenius Group Financial Results by Business Segment
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 45
20191 20182 2017 Growth3
20192018
Sales euro17592 m euro16026 m euro17784 m 62
EBIT euro2281 m euro2292 m euro2562 m -42
Sales euro6919 m euro6544 m euro6358 m 4
EBIT euro1200 m euro1139 m euro1177 m 3
Sales euro9234 m euro8993 m euro8668 m 3
EBIT euro1015 m euro1052 m euro1052 m -4
Sales euro2206 m euro1688 m euro1228 m 30
EBIT euro131 m euro110 m euro76 m 18
Sales euro35524 m euro33009 m euro33886 m 62
EBIT euro4599 m euro4547 m euro4830 m -22Group
Before special items
1 Adjusted for IFRS 162 On a comparable basis 2018 adjusted for divestitures of Care Coordination activities 3 Growth rates at constant currency and adjusted for IFRS 16
Fresenius Group Margins by Business Segment
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 46
Before special items 2018 adjusted for divestitures of Care Coordination activities 2019 adjusted for IFRS 16
2019 2018 2017
EBITDA margin 178 192 185
EBIT margin 130 143 144
EBITDA margin 217 219 233
EBIT margin 173 174 185
EBITDA margin 148 159 165
EBIT margin 110 117 121
EBITDA margin 78 79 71
EBIT margin 59 65 62
EBITDA margin 174 183 185
EBIT margin 129 138 143Group
Credit Highlights amp Financing Structure
47General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Credit Highlights
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 48
Consistent Cash Generation
Proven Track Record of Deleveraging
Broad Mix of Financing Instruments
Well-Balanced Maturity Profile
Solid Balance Sheet Structure
Solid IG Rating and Strong Access to Capital Markets
120
103
126
114109
120 122116
112120
8
9
10
11
12
13
14
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
48 48 52 5358 55 55 54
6570
2
3
4
5
6
7
8
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
74
56
76
62
52
67 67 66
50 52
4
5
6
7
8
9
10
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Fresenius Group Consistent Cash Generation
Capex gross in of sales
FCF margin (before acquisitions amp dividends)CFFO margin
49General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
2019 including IFRS 16
32x
30x
27x
22x 23x
35x
30x
26x
36x
30x
26x27x
26x
25x
32x
27x
23x
28x
27x
31x 4
20
25
30
35
40
2001 2002 2003 2004 2005 Q106 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
3
2
Hospitals from
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Proven Track Record of Deleveraging
Net DebtEBITDA1
1 At actual FX rates from 2001 to 2010 and at average FX rates from 2011 onwards for both Net Debt and EBITDA before special items pro forma closed acquisitionsdivestitures2 Pro forma excluding advances made for the acquisition of hospitals from Rhoumln-Klinikum AG3 Both net debt and EBITDA including IFRS 16 effect and calculated at expected annual average exchange rates excluding further potential acquisitions4 Including acquisition of NxStage adjusted for IFRS 16 effect
Target 20203 towards thetop end of self-imposed
target corridor of 30 ndash 35x
50
36x
40
35
20
25
30
Equity-neutralconvertible bonds 3
Fresenius Group excl FMC Broad Mix of Financing Instruments
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 51
Total BS Debt
~euro136 bn
1 As of December 31 2019
bull Optimize funding costs and ensure financial flexibility
bull Diversify investor base
bull Strong liquidity provided by sufficient financial cushion (~euro22 billion as of December 31 2019)
Well Positioned to Meet Financing NeedsBonds 40
Lease obligations 14
Syndicated loans 15
Schuldscheinloans 16
Other financial liabilities 5
Commercial paper 7
Average interest ratecost of debt18 pa
Commercial paper 7
Fresenius Group Broad Mix of Financing Instruments
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 52
Total BS Debt
~euro273 bn
1 As of December 31 2019
bull Optimize funding costs and ensure financial flexibility
bull Diversify investor base
bull Strong liquidity provided by sufficient financial cushion (~euro40 billion as of December 31 2019)
Well Positioned to Meet Financing Needs
Average interest ratecost of debt22 pa
Equity-neutralconvertible bonds 3
Syndicated loans 14
Other financial liabilities 6
Bonds 38
Lease liabilities 24
Schuldschein loans 8
Fresenius Group Capitalization1
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 53
Instrument per Book Value in euro million in $ million4 oftotal cap
EBITDA LTM x
Syndicated Credit Agreement Revolver (euro US-$) 0 0 00 Syndicated Credit Agreement Term Loan A (euro US-$) 1976 2220 29 Bonds (euro US-$) 5501 6180 82 Convertible Bonds 465 522 07 Schuldschein Loans 2180 2449 33 Commercial Paper 953 1071 14 Lease Obligations 1876 2107 28 Other debt 675 758 10 Total Debt (FSE excl FMC) gross 13626 15307 203 Cash (excl FMC) 651 731 10 Total debt (FSE excl FMC) net 12975 14576 193 Total FMC debt net 12774 14350 190 Consolidation Adjustments (145) (163) (02)Total consolidated debt net 25604 28764 382 36x Market capitalization2 41470 46587 618 58x
Total capitalization 67074 75351 1000 94x FSE Group EBITDA3 7110
1 As of December 31 20192 Based on market capitalization for FSE and FMC as of December 31 20193 Pro Forma acquisitions before special items4 EURUSD exchange rate as of December 31 2019
Fresenius Group excl FMC Well-Balanced Debt Maturity Profile12
54
1 As of December 31 2019 and based on utilization of major financing instruments2 Excluding lease liabilities3 Pro Forma issuance of FSE EUR 750m bonds in Jan 2020 (average maturity 38)
Maturity 35 years3 on
average
eurom
EUR 750m Jan 2020
500717 700
267
1150
500700 750
500 500
153
903 927
106
304 393
430
421
238
207
84
500
953
0
500
1000
1500
2000
2500
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Bonds Syndicated Loan Schuldschein Loans Equity-neutral convertible bonds Commercial Paper
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
1500
1000
2000
2500
Fresenius Group Well-Balanced Debt Maturity Profile12
1 As of December 31 2019 and based on utilization of major financing instruments2 Excluding lease liabilities3 Pro Forma issuance of FSE EUR 750m bonds in Jan 2020 (average maturity 35)
EUR 750m Jan 2020
2380
13931859
650356 500 600
945
1712
1924
2020
697
2071
500 238
907 750
584
5000
1000
2000
3000
4000
5000
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Fresenius Medical Care Fresenius excl Fresenius Medical Care
5000
4000
3000
2000
1000
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Maturity 33 years3 on
average
eurom
55
23 23 23 19
32 36 33 41
45 41 44 40
Dec 31 16 Dec 31 17 Dec 31 18 Dec 31 19
Equity and non-controlling interest Debt Other liabilities
Fresenius Group Solid Balance Sheet Structure
Healthy Equity and Liability Split
bull Strong equity ratio of gt40 on average
bull Equity ratio kept in narrow range despite rapid growth of Fresenius Group
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 56
467 531 567 670
BS total (eurobn)
Including IFRS 16
Fresenius SE Solid Investment Grade Rating
57
ldquoFSE delivers solid organic growth thanks to positive underlying growth trends in the life-saving and life-sustaining products and therapies that the group offersrdquoSampP Jan 08 2019
ldquoFSErsquos rating remains anchored in investment-grade given its mature and defensive business risk profile its organic deleveraging ability based on free cash flow generation and its record of integrating acquisitions successfully and reducing financial leverage in line with communicated policiesrdquo Fitch April 17 2019
ldquoThe Baa3 long term issuer rating of FSE reflects its strong defensive business profile underpinned by large absolute scale global footprint and segmental diversification within the healthcare market supported by strong position in its four business segmentsrdquo Moodyrsquos May 20 2019
Rating History Rating Agenciesrsquo Key Statements
Following a positive outlook SampP upgraded Fresenius to BBB stable outlook in May 2019
SampP Moodylsquos Fitch
Corporate Credit Rating BBB Baa3 BBB-
Outlook stable stable stable
Current Credit Ratings
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Strong Access to Capital Markets
58
Major Financing Instruments
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Bonds euro250 m euro800 m$105 bn
euro750 m$15 bn
euro500 m euro12 bn$12 bn
$300m euro26 bn euro500 m euro10 bn$500 m
euro175 bn
euro750 m1
euro750 m2
SyndicatedLoans
$35 bn $898 m $385 bn $18 bneuro245 bn
$41 bneuro700 m
$115 bneuro205 bn
euro530 bn$355 bn
euro100 m
SchuldscheinLoans
euro400 m euro125 m euro500 m euro112 m $400 m euro10 bn euro700 m
Convertible Bonds
euro900 m euro500 m
Equity euro10 bn euro400 m
1 January 2020 euro750million 2020-2028 bonds issued by Fresenius SE amp Co KGaA2 March 2020 euro750million 2020-2027 bonds issued by Fresenius SE amp Co KGaA
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Debt and Cash Flow Structure
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 59
1 Incl consolidation adjustments2 Incl Fresenius financing subsidiaries3 Controlling stake4 Incl subsidiaries 5 Based on market capitalization for FMC as of December 31 20196 Via German holding entities (Fresenius Kabi AG and Fresenius ProServe GmbH)
Fresenius Medical Care
Financing
Fresenius SE Financing
Group Net Debt ~euro256 bn1
DividendsRents Service Agreements
~323 100 77 (cross boarder)100
Profit transfer Agreements6
bull Separate financing of Fresenius SE and Fresenius Medical Care
bull No joint financing facilities or mutual guarantees
bull Fresenius Kabi Fresenius Helios and Fresenius Vamed financed primarily through Fresenius SE to avoid structural subordination
bull Subsidiary debt consists mainly of lease liabilities which are on balance acc to IFRS 16 from 2019 onwards
FSE Net Debt2~euro128 bn
incl Net Debt of KabiHeliosVamed
StockMarketValue~euro62 bn5
FSE Net Debt2~euro114 bn
excl Net Debt of KabiHeliosVamed
euro12774 m Net Debt4
Thereof lease liabilities euro4705m
euro951 m Net Debt4
Thereof lease liabilities euro1042m
euro84 m Net Debt4
Thereof lease liabilities euro392m
euro371 m Net Debt4
Thereof lease liabilities euro369m
Fresenius Group Key Credit Figures
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 60
1 Adjusted for IFRS 162 Before special items pro forma acquisitionsdivestitures3 Before special items
20191 2019 2018 2017
Debt (eurom) thereof US$ denominated
2123328
2725834
1898428
1904231
Net debt (eurom) 19579 25604 16275 17406
Net debtEBITDA2
Net debt at year-end exchange rate EBITDA at LTM average FX rates
314 360 273 279
Net debtEBITDA2
at LTM average FX rates for both net debt and EBITDA
314 361 271 284
Operating Cash flowSales 99 120 112 116
EBITDANet Interest3 121 99 106 96
Appendix
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 61
Fresenius Group FY19 Key Financials
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom FY191 IFRS 16effect
specialitems
FY19 reported
Δ YoY cc12
Sales 35524 -115 - 35409 6
EBIT 4599 89 -57 4631 -2
Net interest -510 -204 -5 -719 9
Income taxes -955 30 42 -883 -5
Net income3 1915 -36 4 1883 0
Balance sheet total 61237 5769 - 67006
Operating Cashflow 3514 749 - 4263
1 Before special items adjusted for IFRS 16 effect2 On a comparable basis 2018 adjusted for divestitures of Care Coordination activities at FMC3 Net income attributable to shareholders of Fresenius SE amp Co KGaA
For a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
62
Fresenius Group Cash Flow
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 63
eurom 20191 Margin 2019 Margin 2018 Margin Δ YoY1918
Operating Cash Flow 3514 99 4263 120 3742 112 14
Capex (net) -2433 -69 -2433 -68 -2077 -62 -17
Free Cash Flow(before acquisitions and dividends)
1081 30 1830 52 1665 50 10
Acquisitions (net) -2423 -2423 613 --
Dividends -952 -952 -904 5
Free Cash Flow(after acquisitions and dividends) -2294 -65 -1545 -44 1374 41 --
1 2019 adjusted for IFRS 16
Fresenius Group Calculation of Noncontrolling Interest
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom FY19 FY18
Earnings before tax and noncontrolling interest 4089 3998
Taxes -955 -883
Noncontrolling interest thereof -1219 -1243
Fresenius Medical Care net income not attributable to Fresenius (FY19 ~69)
-897 -928
Noncontrolling interest holders in Fresenius Medical Care -239 -244
Noncontrolling interest holders in Fresenius Kabi (-euro49 m) Fresenius Helios (-euro13 m) Fresenius Vamed (-euro2 m) and due to Fresenius Vamedrsquos 23 external ownership (-euro19 m)
-83 -71
Net income attributable to Fresenius SE amp Co KGaA 1915 1872
64
On a comparable basis Before special items adjusted for IFRS16 effect FY18 adjusted for divestitures of Care Coordination activities at FMC
For a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
002
023 025029
032037
042044
055
062
93 08 09 10 11 12 13 14 15 16 17 18 19
25 2421 20 21 21 22 21 22 23 24
Fresenius SE Earnings-Linked Dividend Policy
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
euro per share
bull Dividend growth aligned to EPS1
growth
bull Pay-out Ratio 20 to 25
Dividend distribution (eurom)
Pay-out Ratio
075
2019 Pay-out Ratio 24 Dividend Policy
122 140 155 196 225 238 300 416114 343 445
080
1 Before special items
468
084
24
Track record
bull 27th consecutive dividend increase
bull CAGR dividend increase +15
65
32x1
Fresenius Medical Care Low Leverage Reflected by Solid Investment Grade Rating
66General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
60 6176
6483
2015 2016 2017 2018 2019
Free Cash Flow in of revenue
SampP Moodylsquos Fitch
Corporate Credit Rating BBB Baa3 BBB-
Outlook stable stable stable
Current Credit Ratings
1 Including IFRS16 effect
29x30x
27x
22x
18x
31x
27x25x
22x
21x
27x25x
25x
31x
26x23x
21x
18x
25x
15
20
25
30
35
40
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
1
Fresenius Medical Care Broad Mix of Financing Instruments
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 67
Total BS Debt
~euro138 m
1 As of December 31 2019
bull Optimize funding costs and ensure financial flexibility
bull Diversify investor base
bull Strong liquidity provided by sufficient financial cushion (~euro18 billion as of December 31 2019)
Well Positioned to Meet Financing Needs
Average interest ratecost of debt25 pa
Equity-neutralconvertible bonds 3
Commercial paper 7
Syndicated loans 14
Other financial liabilities 7
Bonds 36
Lease obligations 33
Fresenius Medical Care Well-Balanced Debt Maturity Profile12
68
eurom
Maturity 30 years on
average
1 As of December 31 2019 and based on utilization of major financing instruments2 Excluding lease liabilities
445
878623 650
356500 600
945
535
135
1236400
1000
380
0
500
1000
1500
2000
2500
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
Bonds Syndicated Loan Equity-neutral convertible bonds Commercial Paper AR Facility
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
2500
2000
1500
1000
Fresenius SE Overview Bonds
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 69
Issuer Volume(in millions)
Coupon type
Coupon (in )
MaturityTerm
ISIN (RegS)
WKN
Fresenius SE amp Co KGaAeuro500 Fix 2875 20132020 XS0873432511 A1HEWZ
Fresenius SE amp Co KGaAeuro450 Fix 300 20142021 XS1013955379 A1ZB7H
Fresenius SE amp Co KGaAeuro450 Fix 400 20142024 XS1026109204 A1ZC60
Fresenius SE amp Co KGaAeuro 500 Fix 1875 20192025 XS1936208252 A2NBMS
Fresenius SE amp Co KGaAeuro 750 Fix 1625 20202027 XS2152329053 A254TA
Fresenius SE amp Co KGaAeuro 750 Fix 075 20202028 XS2101357072 A254QN
Fresenius SE amp Co KGaAeuro 500 Fix 2875 20192029 XS1936208419 A2NBMT
Fresenius Finance Ireland plceuro700 Fix 0875 20172022 XS1554373164 A19B3F
Fresenius Finance Ireland plceuro700 Fix 150 20172024 XS1554373248 A19B3G
Fresenius Finance Ireland plceuro700 Fix 2125 20172027 XS1554373677 A19B3H
Fresenius Finance Ireland plceuro500 Fix 300 20172032 XS1554373834 A19B3J
Fresenius US Finance II IncUS$300 Fix 425 20142021 USU31436AG04 A1ZDVJ
Fresenius US Finance II IncUS$300 Fix 450 20152023 USU31436AH86 A1Z64A
As of April 8 2020
Fresenius Medical Care Overview Bonds
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 70
Issuer Volume(in millions)
Coupon type
Coupon (in )
MaturityTerm
ISIN (RegS)
WKN
FMC Finance VII SA euro300 Fix 525 20112021 XS0576395478 A1GLY6
Fresenius Medical Care US Finance Inc US$650 Fix 575 20112021 USU31433AA03 A1GL0J
Fresenius Medical Care US Finance II Inc US$500 Fix 4125 20142020 US35802XAH61 A1ZRTL
Fresenius Medical Care US Finance II Inc US$700 Fix 5875 20122022 USU31434AC42 A1GZRF
Fresenius Medical Care US Finance II Inc US$400 Fix 475 20142024 US35802XAJ28 A1ZRTN
Fresenius Medical Care US Finance III Inc US$500 Fix 375 20192029 USU3149FAA76 A2R3YR
Fresenius Medical Care AG amp Co KGaA euro650 Fix 0250 20192023 XS2084510069 A255DU
Fresenius Medical Care AG amp Co KGaA euro500 Fix 150 20182025 XS1854532949 A2NBE6
Fresenius Medical Care AG amp Co KGaA euro600 Fix 0625 20192026 XS2084497705 A255DV
Fresenius Medical Care AG amp Co KGaA euro500 Fix 1250 20192029 XS2084488209 A255DW
As of December 31 2019
Financial Calendar Contact
Financial Calendar 06 May 2020 Results Q120
30 July 2020 Results Q220
29 October 2020 Results Q320Please note that these dates could be subject to change
Annual General Meeting Due to the coronavirus pandemic the AGM scheduled for 20 May 2020 has been postponed A new date within the current financial year will be set as soon as the conditions for reliable planning and safe execution of the AGM are once again in place
Contact
Investor Relations amp SustainabilityFresenius SE amp Co KGaAphone +49 6172 608-2485e-mail ir-frefreseniuscomFor further information and current news wwwfreseniuscom
Follow us on Twitter wwwtwittercomfresenius_irand LinkedIn wwwlinkedincomcompanyfresenius-investor-relations
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 71
Fresenius Kabi Divisionalization of Transfusion Medicine and Cell Therapies Business Fuels Growth
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 28
bull Business remains important part of Fresenius Kabi
bull Dynamic growth in FY19 and good growth prospects
bull Inauguration of new production building in Haina Dominican Republic to fuel growth of disposable products
bull New joint venture to advance new cell and gene therapies
Fresenius Helios Germany to Show Ongoing Stabilization in FY20
Mitigation of regulatory headwindsbull Chief doctor vacancies at record lowbull Appropriate level of nursing staff bull Optimization of processes and workflowsbull Cost optimization measures
Very positive reimbursement environmentbull 2020 DRG inflator set at 366
Investments in future growth fieldsbull Clustering strategy progressesbull Preventionbull Occupational medicinebull Telemedicine platform
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 29
Ramp-up of outpatient businessbull Outpatient surgery centersbull Specialization of medical centers
Excellent growth in Spainbull Opening of first proton therapy center in
Spain (first patient treated in December rsquo19)
bull Opening of Quironsalud Madrid university hospital expansion in Pozuelo
bull Private hospitals expected to show dynamic organic growth driven by admissions
bull Continued positive momentum for ORPs
Fresenius Helios Spain to Plow Ahead in FY20
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 30
Expansion in Latin America proceedsbull Five successful acquisitions in Colombia
contribute nicely in FY20minus Clinica Las Vegas Clinica del Prado
and CediMed in Medellin(1)
minus Centro Medico Imbanaco in Cali(2)
minus Clinica de la Mujer in Bogota(3)
bull Total expected sales contribution of approx euro180m equiv in FY20
bull Attractive risk-adjusted ROIs expected
Notes (1) All transactions closed in 2019 (2) Closing expected at the end of Q12020 (3) Closing expected in Q22020 subject to anti-trust clearance
Financial Review FY19
31General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Sales
+6FY19 euro33524 m
Net Income
+0FY19 euro1915 m
EBIT
-2FY19 euro4599 m
Fresenius Group FY19 Profit and Loss Statement
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
All growth rates in constant currency (cc)Before special items adjusted for IFRS 16 effectOn a comparable basis FY18 adjusted for divestitures of Care Coordination activities at FMC before special itemsNet income attributable to shareholders of Fresenius SE amp Co KGaA
Net Interest
-euro510 mFY18 -euro549 m
Income Tax Rate
234FY18 221
32
1 On a comparable basis Q418 adjusted for divestitures of Care Coordination activities at FMC Q419 adjusted for IFRS 16 effect
All figures before special itemsFor a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
Fresenius Group Q419 Business Segment Growth
Organic sales growth1
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
EBIT growth (cc)1
+5
+4
+4
+4
0
-1
5
+7
+4 0
33
Fresenius Kabi Organic Sales Growth by Product Segment
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom Q419Δ YoY
organic FY19Δ YoY
organic
IV Drugs 737 -1 2939 -1
Infusion Therapy 213 2 834 3
Clinical Nutrition 482 8 1898 9
Medical DevicesTransfusion Technology
334 10 1248 11
Total sales 1766 4 6919 4
34
Fresenius Kabi Organic Sales Growth by Regions
eurom Q419Δ YoY
organic FY19Δ YoY
organic
North America 609 -1 2424 -2
Europe 604 2 2313 2
Emerging Markets 553 12 2182 14
Total sales 1766 4 6919 4
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 35
Fresenius Kabi Q4 amp FY19 EBIT Growth
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom Q419 Δ YoY cc FY19 Δ YoY cc
North AmericaMargin
204335
-8-260 bps
907374
-3-50 bps
EuropeMargin
87144
-10-200 bps
328142
-7-160 bps
Emerging MarketsMargin
124224
7-90 bps
476218
19130 bps
Corporate and Corporate RampD -132 11 -511 2
Total EBITMargin
283160
-1-90 bps
1200173
3-10 bps
On a comparable basis before special items and adjusted for IFRS 16 effects
Margin growth at actual ratesFor a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
36
Fresenius Kabi Expected Organic Sales Growth 2020
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Broadly stable
bull Ongoing volume headwinds anticipated
bull Pricing expected to trend more towards mid-single digit price declines in base product portfolio
North America
Mid-single-digit growth
bull Growth driven by first biosimilar in the market (IDACIO)
bull Continued strong growth of clinical nutrition business expected
Europe
High single-digit growth
bull China Healthy volume growth anticipated regulatory headwinds weigh on business
bull Latin America Continued healthy growth expected
Emerging Markets
37
Fresenius Helios Q4 amp FY19 Key Financials
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom Q419 Δ YoY FY19 Δ YoY
Total sales 2344 41 9234 51
Thereof Helios Germany 1475 31 5940 31
Thereof Helios Spain 867 71 3292 71
Total EBIT3
Margin292
1255
10 bps1015110
-4-32
-70 bps
Thereof Helios GermanyMargin
14397
420 bps
57697
-8-62
-80 bps
Thereof Helios SpainMargin
134155
6-50 bps
434132
5-50 bps
Thereof Corporate 15 -- 5 --
1 Organic growth2 Adjusted for the post-acute care business transferred to Fresenius Vamed as of July 1 20183 Adjusted for IFRS 16 effectFor a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
38
Fresenius Helios Key Measures
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
FY19 FY18 Δ
No of hospitals Germany- Acute care hospitals
8683
8683
00
No of hospitals Spain(Hospitals)
51 47 9
No of beds Germany- Acute care hospitals
28907 28380
2932928802
-1-1
No of beds Spain(Hospitals)
7288 7019 4
Admissions Germany (acute care) 1206654 1218199
Admissions Spain (including outpatients) 15396051 13318066
39
Fresenius Vamed
1 Without German post-acute care business acquired from Fresenius Helios as of July 1 2018
2 Adjusted for IFRS 16 effect 3 Project business only4 Versus December 31 2018
bull Both business segments contributed to the organic sales growth of 4 in Q419
bull Stable service business is gaining weight (FY19 63 of sales FY09 32)
bull Geographically well-diversified order backlog is excellent foundation for future growth
eurom Q419 Δ YoY FY19 Δ YoY
Total salesThereof organic sales
737 64
2206 31161
Service business 374 11 1399 43251
Project business 363 1 807 13
Total EBIT2 66 8 131 1961
Order intake3 576 -13 1314 7
Order backlog3 2865 184
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 40
Fresenius Group FY19 amp Cash Flow
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Operating CF1 Capex (net) Free Cash Flow12
eurom FY2019 Margin FY2019 Margin FY2019 Margin
1947 111 -1113 -64 834 47
968 140 -716 -104 252 36
683 74 -477 -52 206 224
-46 -21 -52 -23 -98 -44
CorporateOther -38 na -75 na -113 na
1677 93 -1320 -73 357 20
3514 99 -2433 -69 1081 30
1 Adjusted for IFRS 162 Before acquisitions and dividends3 Incl FMC dividend of euro110 million4 Understated 27 excluding euro45 million of capex commitments from acquisitions
Excl FMC3
41
Fresenius Group 2020 Financial Outlook by Business Segment
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom (except otherwise stated) FY19 Base1 FY20e2
Sales growth (cc) 17477mid to high single digit
-range
Net income growth3 (cc) 1205mid to high single digit
-range
Sales growth (organic) 6919 3 - 6
EBIT growth (cc) 1205 -4 to 0
Sales growth (organic) 9234 3 - 6
EBIT growth (cc) 1025 3 - 7
Sales growth (organic) 2206 4 - 7
EBIT growth (cc) 134 5 - 9
1 Before special items including IFRS 16 effects including NxStage operations2 Before special items3 Net income attributable to shareholders of Fresenius Medical Care AG amp Co KGaA
For a detailed overview of special items please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
42
eurom (except otherwise stated) FY19 Base1 FY202
Sales growth (cc) 35409 4 - 7
Net income3 growth (cc) 1879 1 - 5
Fresenius Group 2020 Financial Guidance
1 Before special items including IFRS 16 effects including NxStage operations 2 Before special items3 Net income attributable to shareholders of Fresenius SEampCoKGaA
For a detailed overview of special items please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 43
FY19 base for Fresenius Group Guidance FY20
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
euromFresenius
GroupFresenius
Medical CareFresenius
Kabi
Sales reported (reported = base for guidance) 35409 17477 6919
Transaction costs Akorn 3
Revaluations of biosimilars contingent purchase price liabilities -32
EBIT (before special items = base Fresenius Kabi guidance) 1205
Net income reported 1883 1200
Transaction costs Akorn 3
Revaluations of biosimilars contingent purchase price liabilities -19
Gain related to divestitures of Care Coordination activities at FMC -15 -49
Transaction costs NxStage 6 18
Expenses associated with cost optimization program at FMC 21 67
Net income (before special items = base Fresenius Group amp FMC guidance) 1879 1236
44
Fresenius Group Financial Results by Business Segment
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 45
20191 20182 2017 Growth3
20192018
Sales euro17592 m euro16026 m euro17784 m 62
EBIT euro2281 m euro2292 m euro2562 m -42
Sales euro6919 m euro6544 m euro6358 m 4
EBIT euro1200 m euro1139 m euro1177 m 3
Sales euro9234 m euro8993 m euro8668 m 3
EBIT euro1015 m euro1052 m euro1052 m -4
Sales euro2206 m euro1688 m euro1228 m 30
EBIT euro131 m euro110 m euro76 m 18
Sales euro35524 m euro33009 m euro33886 m 62
EBIT euro4599 m euro4547 m euro4830 m -22Group
Before special items
1 Adjusted for IFRS 162 On a comparable basis 2018 adjusted for divestitures of Care Coordination activities 3 Growth rates at constant currency and adjusted for IFRS 16
Fresenius Group Margins by Business Segment
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 46
Before special items 2018 adjusted for divestitures of Care Coordination activities 2019 adjusted for IFRS 16
2019 2018 2017
EBITDA margin 178 192 185
EBIT margin 130 143 144
EBITDA margin 217 219 233
EBIT margin 173 174 185
EBITDA margin 148 159 165
EBIT margin 110 117 121
EBITDA margin 78 79 71
EBIT margin 59 65 62
EBITDA margin 174 183 185
EBIT margin 129 138 143Group
Credit Highlights amp Financing Structure
47General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Credit Highlights
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 48
Consistent Cash Generation
Proven Track Record of Deleveraging
Broad Mix of Financing Instruments
Well-Balanced Maturity Profile
Solid Balance Sheet Structure
Solid IG Rating and Strong Access to Capital Markets
120
103
126
114109
120 122116
112120
8
9
10
11
12
13
14
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
48 48 52 5358 55 55 54
6570
2
3
4
5
6
7
8
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
74
56
76
62
52
67 67 66
50 52
4
5
6
7
8
9
10
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Fresenius Group Consistent Cash Generation
Capex gross in of sales
FCF margin (before acquisitions amp dividends)CFFO margin
49General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
2019 including IFRS 16
32x
30x
27x
22x 23x
35x
30x
26x
36x
30x
26x27x
26x
25x
32x
27x
23x
28x
27x
31x 4
20
25
30
35
40
2001 2002 2003 2004 2005 Q106 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
3
2
Hospitals from
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Proven Track Record of Deleveraging
Net DebtEBITDA1
1 At actual FX rates from 2001 to 2010 and at average FX rates from 2011 onwards for both Net Debt and EBITDA before special items pro forma closed acquisitionsdivestitures2 Pro forma excluding advances made for the acquisition of hospitals from Rhoumln-Klinikum AG3 Both net debt and EBITDA including IFRS 16 effect and calculated at expected annual average exchange rates excluding further potential acquisitions4 Including acquisition of NxStage adjusted for IFRS 16 effect
Target 20203 towards thetop end of self-imposed
target corridor of 30 ndash 35x
50
36x
40
35
20
25
30
Equity-neutralconvertible bonds 3
Fresenius Group excl FMC Broad Mix of Financing Instruments
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 51
Total BS Debt
~euro136 bn
1 As of December 31 2019
bull Optimize funding costs and ensure financial flexibility
bull Diversify investor base
bull Strong liquidity provided by sufficient financial cushion (~euro22 billion as of December 31 2019)
Well Positioned to Meet Financing NeedsBonds 40
Lease obligations 14
Syndicated loans 15
Schuldscheinloans 16
Other financial liabilities 5
Commercial paper 7
Average interest ratecost of debt18 pa
Commercial paper 7
Fresenius Group Broad Mix of Financing Instruments
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 52
Total BS Debt
~euro273 bn
1 As of December 31 2019
bull Optimize funding costs and ensure financial flexibility
bull Diversify investor base
bull Strong liquidity provided by sufficient financial cushion (~euro40 billion as of December 31 2019)
Well Positioned to Meet Financing Needs
Average interest ratecost of debt22 pa
Equity-neutralconvertible bonds 3
Syndicated loans 14
Other financial liabilities 6
Bonds 38
Lease liabilities 24
Schuldschein loans 8
Fresenius Group Capitalization1
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 53
Instrument per Book Value in euro million in $ million4 oftotal cap
EBITDA LTM x
Syndicated Credit Agreement Revolver (euro US-$) 0 0 00 Syndicated Credit Agreement Term Loan A (euro US-$) 1976 2220 29 Bonds (euro US-$) 5501 6180 82 Convertible Bonds 465 522 07 Schuldschein Loans 2180 2449 33 Commercial Paper 953 1071 14 Lease Obligations 1876 2107 28 Other debt 675 758 10 Total Debt (FSE excl FMC) gross 13626 15307 203 Cash (excl FMC) 651 731 10 Total debt (FSE excl FMC) net 12975 14576 193 Total FMC debt net 12774 14350 190 Consolidation Adjustments (145) (163) (02)Total consolidated debt net 25604 28764 382 36x Market capitalization2 41470 46587 618 58x
Total capitalization 67074 75351 1000 94x FSE Group EBITDA3 7110
1 As of December 31 20192 Based on market capitalization for FSE and FMC as of December 31 20193 Pro Forma acquisitions before special items4 EURUSD exchange rate as of December 31 2019
Fresenius Group excl FMC Well-Balanced Debt Maturity Profile12
54
1 As of December 31 2019 and based on utilization of major financing instruments2 Excluding lease liabilities3 Pro Forma issuance of FSE EUR 750m bonds in Jan 2020 (average maturity 38)
Maturity 35 years3 on
average
eurom
EUR 750m Jan 2020
500717 700
267
1150
500700 750
500 500
153
903 927
106
304 393
430
421
238
207
84
500
953
0
500
1000
1500
2000
2500
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Bonds Syndicated Loan Schuldschein Loans Equity-neutral convertible bonds Commercial Paper
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
1500
1000
2000
2500
Fresenius Group Well-Balanced Debt Maturity Profile12
1 As of December 31 2019 and based on utilization of major financing instruments2 Excluding lease liabilities3 Pro Forma issuance of FSE EUR 750m bonds in Jan 2020 (average maturity 35)
EUR 750m Jan 2020
2380
13931859
650356 500 600
945
1712
1924
2020
697
2071
500 238
907 750
584
5000
1000
2000
3000
4000
5000
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Fresenius Medical Care Fresenius excl Fresenius Medical Care
5000
4000
3000
2000
1000
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Maturity 33 years3 on
average
eurom
55
23 23 23 19
32 36 33 41
45 41 44 40
Dec 31 16 Dec 31 17 Dec 31 18 Dec 31 19
Equity and non-controlling interest Debt Other liabilities
Fresenius Group Solid Balance Sheet Structure
Healthy Equity and Liability Split
bull Strong equity ratio of gt40 on average
bull Equity ratio kept in narrow range despite rapid growth of Fresenius Group
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 56
467 531 567 670
BS total (eurobn)
Including IFRS 16
Fresenius SE Solid Investment Grade Rating
57
ldquoFSE delivers solid organic growth thanks to positive underlying growth trends in the life-saving and life-sustaining products and therapies that the group offersrdquoSampP Jan 08 2019
ldquoFSErsquos rating remains anchored in investment-grade given its mature and defensive business risk profile its organic deleveraging ability based on free cash flow generation and its record of integrating acquisitions successfully and reducing financial leverage in line with communicated policiesrdquo Fitch April 17 2019
ldquoThe Baa3 long term issuer rating of FSE reflects its strong defensive business profile underpinned by large absolute scale global footprint and segmental diversification within the healthcare market supported by strong position in its four business segmentsrdquo Moodyrsquos May 20 2019
Rating History Rating Agenciesrsquo Key Statements
Following a positive outlook SampP upgraded Fresenius to BBB stable outlook in May 2019
SampP Moodylsquos Fitch
Corporate Credit Rating BBB Baa3 BBB-
Outlook stable stable stable
Current Credit Ratings
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Strong Access to Capital Markets
58
Major Financing Instruments
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Bonds euro250 m euro800 m$105 bn
euro750 m$15 bn
euro500 m euro12 bn$12 bn
$300m euro26 bn euro500 m euro10 bn$500 m
euro175 bn
euro750 m1
euro750 m2
SyndicatedLoans
$35 bn $898 m $385 bn $18 bneuro245 bn
$41 bneuro700 m
$115 bneuro205 bn
euro530 bn$355 bn
euro100 m
SchuldscheinLoans
euro400 m euro125 m euro500 m euro112 m $400 m euro10 bn euro700 m
Convertible Bonds
euro900 m euro500 m
Equity euro10 bn euro400 m
1 January 2020 euro750million 2020-2028 bonds issued by Fresenius SE amp Co KGaA2 March 2020 euro750million 2020-2027 bonds issued by Fresenius SE amp Co KGaA
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Debt and Cash Flow Structure
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 59
1 Incl consolidation adjustments2 Incl Fresenius financing subsidiaries3 Controlling stake4 Incl subsidiaries 5 Based on market capitalization for FMC as of December 31 20196 Via German holding entities (Fresenius Kabi AG and Fresenius ProServe GmbH)
Fresenius Medical Care
Financing
Fresenius SE Financing
Group Net Debt ~euro256 bn1
DividendsRents Service Agreements
~323 100 77 (cross boarder)100
Profit transfer Agreements6
bull Separate financing of Fresenius SE and Fresenius Medical Care
bull No joint financing facilities or mutual guarantees
bull Fresenius Kabi Fresenius Helios and Fresenius Vamed financed primarily through Fresenius SE to avoid structural subordination
bull Subsidiary debt consists mainly of lease liabilities which are on balance acc to IFRS 16 from 2019 onwards
FSE Net Debt2~euro128 bn
incl Net Debt of KabiHeliosVamed
StockMarketValue~euro62 bn5
FSE Net Debt2~euro114 bn
excl Net Debt of KabiHeliosVamed
euro12774 m Net Debt4
Thereof lease liabilities euro4705m
euro951 m Net Debt4
Thereof lease liabilities euro1042m
euro84 m Net Debt4
Thereof lease liabilities euro392m
euro371 m Net Debt4
Thereof lease liabilities euro369m
Fresenius Group Key Credit Figures
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 60
1 Adjusted for IFRS 162 Before special items pro forma acquisitionsdivestitures3 Before special items
20191 2019 2018 2017
Debt (eurom) thereof US$ denominated
2123328
2725834
1898428
1904231
Net debt (eurom) 19579 25604 16275 17406
Net debtEBITDA2
Net debt at year-end exchange rate EBITDA at LTM average FX rates
314 360 273 279
Net debtEBITDA2
at LTM average FX rates for both net debt and EBITDA
314 361 271 284
Operating Cash flowSales 99 120 112 116
EBITDANet Interest3 121 99 106 96
Appendix
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 61
Fresenius Group FY19 Key Financials
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom FY191 IFRS 16effect
specialitems
FY19 reported
Δ YoY cc12
Sales 35524 -115 - 35409 6
EBIT 4599 89 -57 4631 -2
Net interest -510 -204 -5 -719 9
Income taxes -955 30 42 -883 -5
Net income3 1915 -36 4 1883 0
Balance sheet total 61237 5769 - 67006
Operating Cashflow 3514 749 - 4263
1 Before special items adjusted for IFRS 16 effect2 On a comparable basis 2018 adjusted for divestitures of Care Coordination activities at FMC3 Net income attributable to shareholders of Fresenius SE amp Co KGaA
For a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
62
Fresenius Group Cash Flow
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 63
eurom 20191 Margin 2019 Margin 2018 Margin Δ YoY1918
Operating Cash Flow 3514 99 4263 120 3742 112 14
Capex (net) -2433 -69 -2433 -68 -2077 -62 -17
Free Cash Flow(before acquisitions and dividends)
1081 30 1830 52 1665 50 10
Acquisitions (net) -2423 -2423 613 --
Dividends -952 -952 -904 5
Free Cash Flow(after acquisitions and dividends) -2294 -65 -1545 -44 1374 41 --
1 2019 adjusted for IFRS 16
Fresenius Group Calculation of Noncontrolling Interest
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom FY19 FY18
Earnings before tax and noncontrolling interest 4089 3998
Taxes -955 -883
Noncontrolling interest thereof -1219 -1243
Fresenius Medical Care net income not attributable to Fresenius (FY19 ~69)
-897 -928
Noncontrolling interest holders in Fresenius Medical Care -239 -244
Noncontrolling interest holders in Fresenius Kabi (-euro49 m) Fresenius Helios (-euro13 m) Fresenius Vamed (-euro2 m) and due to Fresenius Vamedrsquos 23 external ownership (-euro19 m)
-83 -71
Net income attributable to Fresenius SE amp Co KGaA 1915 1872
64
On a comparable basis Before special items adjusted for IFRS16 effect FY18 adjusted for divestitures of Care Coordination activities at FMC
For a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
002
023 025029
032037
042044
055
062
93 08 09 10 11 12 13 14 15 16 17 18 19
25 2421 20 21 21 22 21 22 23 24
Fresenius SE Earnings-Linked Dividend Policy
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
euro per share
bull Dividend growth aligned to EPS1
growth
bull Pay-out Ratio 20 to 25
Dividend distribution (eurom)
Pay-out Ratio
075
2019 Pay-out Ratio 24 Dividend Policy
122 140 155 196 225 238 300 416114 343 445
080
1 Before special items
468
084
24
Track record
bull 27th consecutive dividend increase
bull CAGR dividend increase +15
65
32x1
Fresenius Medical Care Low Leverage Reflected by Solid Investment Grade Rating
66General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
60 6176
6483
2015 2016 2017 2018 2019
Free Cash Flow in of revenue
SampP Moodylsquos Fitch
Corporate Credit Rating BBB Baa3 BBB-
Outlook stable stable stable
Current Credit Ratings
1 Including IFRS16 effect
29x30x
27x
22x
18x
31x
27x25x
22x
21x
27x25x
25x
31x
26x23x
21x
18x
25x
15
20
25
30
35
40
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
1
Fresenius Medical Care Broad Mix of Financing Instruments
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 67
Total BS Debt
~euro138 m
1 As of December 31 2019
bull Optimize funding costs and ensure financial flexibility
bull Diversify investor base
bull Strong liquidity provided by sufficient financial cushion (~euro18 billion as of December 31 2019)
Well Positioned to Meet Financing Needs
Average interest ratecost of debt25 pa
Equity-neutralconvertible bonds 3
Commercial paper 7
Syndicated loans 14
Other financial liabilities 7
Bonds 36
Lease obligations 33
Fresenius Medical Care Well-Balanced Debt Maturity Profile12
68
eurom
Maturity 30 years on
average
1 As of December 31 2019 and based on utilization of major financing instruments2 Excluding lease liabilities
445
878623 650
356500 600
945
535
135
1236400
1000
380
0
500
1000
1500
2000
2500
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
Bonds Syndicated Loan Equity-neutral convertible bonds Commercial Paper AR Facility
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
2500
2000
1500
1000
Fresenius SE Overview Bonds
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 69
Issuer Volume(in millions)
Coupon type
Coupon (in )
MaturityTerm
ISIN (RegS)
WKN
Fresenius SE amp Co KGaAeuro500 Fix 2875 20132020 XS0873432511 A1HEWZ
Fresenius SE amp Co KGaAeuro450 Fix 300 20142021 XS1013955379 A1ZB7H
Fresenius SE amp Co KGaAeuro450 Fix 400 20142024 XS1026109204 A1ZC60
Fresenius SE amp Co KGaAeuro 500 Fix 1875 20192025 XS1936208252 A2NBMS
Fresenius SE amp Co KGaAeuro 750 Fix 1625 20202027 XS2152329053 A254TA
Fresenius SE amp Co KGaAeuro 750 Fix 075 20202028 XS2101357072 A254QN
Fresenius SE amp Co KGaAeuro 500 Fix 2875 20192029 XS1936208419 A2NBMT
Fresenius Finance Ireland plceuro700 Fix 0875 20172022 XS1554373164 A19B3F
Fresenius Finance Ireland plceuro700 Fix 150 20172024 XS1554373248 A19B3G
Fresenius Finance Ireland plceuro700 Fix 2125 20172027 XS1554373677 A19B3H
Fresenius Finance Ireland plceuro500 Fix 300 20172032 XS1554373834 A19B3J
Fresenius US Finance II IncUS$300 Fix 425 20142021 USU31436AG04 A1ZDVJ
Fresenius US Finance II IncUS$300 Fix 450 20152023 USU31436AH86 A1Z64A
As of April 8 2020
Fresenius Medical Care Overview Bonds
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 70
Issuer Volume(in millions)
Coupon type
Coupon (in )
MaturityTerm
ISIN (RegS)
WKN
FMC Finance VII SA euro300 Fix 525 20112021 XS0576395478 A1GLY6
Fresenius Medical Care US Finance Inc US$650 Fix 575 20112021 USU31433AA03 A1GL0J
Fresenius Medical Care US Finance II Inc US$500 Fix 4125 20142020 US35802XAH61 A1ZRTL
Fresenius Medical Care US Finance II Inc US$700 Fix 5875 20122022 USU31434AC42 A1GZRF
Fresenius Medical Care US Finance II Inc US$400 Fix 475 20142024 US35802XAJ28 A1ZRTN
Fresenius Medical Care US Finance III Inc US$500 Fix 375 20192029 USU3149FAA76 A2R3YR
Fresenius Medical Care AG amp Co KGaA euro650 Fix 0250 20192023 XS2084510069 A255DU
Fresenius Medical Care AG amp Co KGaA euro500 Fix 150 20182025 XS1854532949 A2NBE6
Fresenius Medical Care AG amp Co KGaA euro600 Fix 0625 20192026 XS2084497705 A255DV
Fresenius Medical Care AG amp Co KGaA euro500 Fix 1250 20192029 XS2084488209 A255DW
As of December 31 2019
Financial Calendar Contact
Financial Calendar 06 May 2020 Results Q120
30 July 2020 Results Q220
29 October 2020 Results Q320Please note that these dates could be subject to change
Annual General Meeting Due to the coronavirus pandemic the AGM scheduled for 20 May 2020 has been postponed A new date within the current financial year will be set as soon as the conditions for reliable planning and safe execution of the AGM are once again in place
Contact
Investor Relations amp SustainabilityFresenius SE amp Co KGaAphone +49 6172 608-2485e-mail ir-frefreseniuscomFor further information and current news wwwfreseniuscom
Follow us on Twitter wwwtwittercomfresenius_irand LinkedIn wwwlinkedincomcompanyfresenius-investor-relations
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 71
Fresenius Helios Germany to Show Ongoing Stabilization in FY20
Mitigation of regulatory headwindsbull Chief doctor vacancies at record lowbull Appropriate level of nursing staff bull Optimization of processes and workflowsbull Cost optimization measures
Very positive reimbursement environmentbull 2020 DRG inflator set at 366
Investments in future growth fieldsbull Clustering strategy progressesbull Preventionbull Occupational medicinebull Telemedicine platform
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 29
Ramp-up of outpatient businessbull Outpatient surgery centersbull Specialization of medical centers
Excellent growth in Spainbull Opening of first proton therapy center in
Spain (first patient treated in December rsquo19)
bull Opening of Quironsalud Madrid university hospital expansion in Pozuelo
bull Private hospitals expected to show dynamic organic growth driven by admissions
bull Continued positive momentum for ORPs
Fresenius Helios Spain to Plow Ahead in FY20
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 30
Expansion in Latin America proceedsbull Five successful acquisitions in Colombia
contribute nicely in FY20minus Clinica Las Vegas Clinica del Prado
and CediMed in Medellin(1)
minus Centro Medico Imbanaco in Cali(2)
minus Clinica de la Mujer in Bogota(3)
bull Total expected sales contribution of approx euro180m equiv in FY20
bull Attractive risk-adjusted ROIs expected
Notes (1) All transactions closed in 2019 (2) Closing expected at the end of Q12020 (3) Closing expected in Q22020 subject to anti-trust clearance
Financial Review FY19
31General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Sales
+6FY19 euro33524 m
Net Income
+0FY19 euro1915 m
EBIT
-2FY19 euro4599 m
Fresenius Group FY19 Profit and Loss Statement
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
All growth rates in constant currency (cc)Before special items adjusted for IFRS 16 effectOn a comparable basis FY18 adjusted for divestitures of Care Coordination activities at FMC before special itemsNet income attributable to shareholders of Fresenius SE amp Co KGaA
Net Interest
-euro510 mFY18 -euro549 m
Income Tax Rate
234FY18 221
32
1 On a comparable basis Q418 adjusted for divestitures of Care Coordination activities at FMC Q419 adjusted for IFRS 16 effect
All figures before special itemsFor a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
Fresenius Group Q419 Business Segment Growth
Organic sales growth1
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
EBIT growth (cc)1
+5
+4
+4
+4
0
-1
5
+7
+4 0
33
Fresenius Kabi Organic Sales Growth by Product Segment
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom Q419Δ YoY
organic FY19Δ YoY
organic
IV Drugs 737 -1 2939 -1
Infusion Therapy 213 2 834 3
Clinical Nutrition 482 8 1898 9
Medical DevicesTransfusion Technology
334 10 1248 11
Total sales 1766 4 6919 4
34
Fresenius Kabi Organic Sales Growth by Regions
eurom Q419Δ YoY
organic FY19Δ YoY
organic
North America 609 -1 2424 -2
Europe 604 2 2313 2
Emerging Markets 553 12 2182 14
Total sales 1766 4 6919 4
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 35
Fresenius Kabi Q4 amp FY19 EBIT Growth
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom Q419 Δ YoY cc FY19 Δ YoY cc
North AmericaMargin
204335
-8-260 bps
907374
-3-50 bps
EuropeMargin
87144
-10-200 bps
328142
-7-160 bps
Emerging MarketsMargin
124224
7-90 bps
476218
19130 bps
Corporate and Corporate RampD -132 11 -511 2
Total EBITMargin
283160
-1-90 bps
1200173
3-10 bps
On a comparable basis before special items and adjusted for IFRS 16 effects
Margin growth at actual ratesFor a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
36
Fresenius Kabi Expected Organic Sales Growth 2020
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Broadly stable
bull Ongoing volume headwinds anticipated
bull Pricing expected to trend more towards mid-single digit price declines in base product portfolio
North America
Mid-single-digit growth
bull Growth driven by first biosimilar in the market (IDACIO)
bull Continued strong growth of clinical nutrition business expected
Europe
High single-digit growth
bull China Healthy volume growth anticipated regulatory headwinds weigh on business
bull Latin America Continued healthy growth expected
Emerging Markets
37
Fresenius Helios Q4 amp FY19 Key Financials
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom Q419 Δ YoY FY19 Δ YoY
Total sales 2344 41 9234 51
Thereof Helios Germany 1475 31 5940 31
Thereof Helios Spain 867 71 3292 71
Total EBIT3
Margin292
1255
10 bps1015110
-4-32
-70 bps
Thereof Helios GermanyMargin
14397
420 bps
57697
-8-62
-80 bps
Thereof Helios SpainMargin
134155
6-50 bps
434132
5-50 bps
Thereof Corporate 15 -- 5 --
1 Organic growth2 Adjusted for the post-acute care business transferred to Fresenius Vamed as of July 1 20183 Adjusted for IFRS 16 effectFor a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
38
Fresenius Helios Key Measures
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
FY19 FY18 Δ
No of hospitals Germany- Acute care hospitals
8683
8683
00
No of hospitals Spain(Hospitals)
51 47 9
No of beds Germany- Acute care hospitals
28907 28380
2932928802
-1-1
No of beds Spain(Hospitals)
7288 7019 4
Admissions Germany (acute care) 1206654 1218199
Admissions Spain (including outpatients) 15396051 13318066
39
Fresenius Vamed
1 Without German post-acute care business acquired from Fresenius Helios as of July 1 2018
2 Adjusted for IFRS 16 effect 3 Project business only4 Versus December 31 2018
bull Both business segments contributed to the organic sales growth of 4 in Q419
bull Stable service business is gaining weight (FY19 63 of sales FY09 32)
bull Geographically well-diversified order backlog is excellent foundation for future growth
eurom Q419 Δ YoY FY19 Δ YoY
Total salesThereof organic sales
737 64
2206 31161
Service business 374 11 1399 43251
Project business 363 1 807 13
Total EBIT2 66 8 131 1961
Order intake3 576 -13 1314 7
Order backlog3 2865 184
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 40
Fresenius Group FY19 amp Cash Flow
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Operating CF1 Capex (net) Free Cash Flow12
eurom FY2019 Margin FY2019 Margin FY2019 Margin
1947 111 -1113 -64 834 47
968 140 -716 -104 252 36
683 74 -477 -52 206 224
-46 -21 -52 -23 -98 -44
CorporateOther -38 na -75 na -113 na
1677 93 -1320 -73 357 20
3514 99 -2433 -69 1081 30
1 Adjusted for IFRS 162 Before acquisitions and dividends3 Incl FMC dividend of euro110 million4 Understated 27 excluding euro45 million of capex commitments from acquisitions
Excl FMC3
41
Fresenius Group 2020 Financial Outlook by Business Segment
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom (except otherwise stated) FY19 Base1 FY20e2
Sales growth (cc) 17477mid to high single digit
-range
Net income growth3 (cc) 1205mid to high single digit
-range
Sales growth (organic) 6919 3 - 6
EBIT growth (cc) 1205 -4 to 0
Sales growth (organic) 9234 3 - 6
EBIT growth (cc) 1025 3 - 7
Sales growth (organic) 2206 4 - 7
EBIT growth (cc) 134 5 - 9
1 Before special items including IFRS 16 effects including NxStage operations2 Before special items3 Net income attributable to shareholders of Fresenius Medical Care AG amp Co KGaA
For a detailed overview of special items please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
42
eurom (except otherwise stated) FY19 Base1 FY202
Sales growth (cc) 35409 4 - 7
Net income3 growth (cc) 1879 1 - 5
Fresenius Group 2020 Financial Guidance
1 Before special items including IFRS 16 effects including NxStage operations 2 Before special items3 Net income attributable to shareholders of Fresenius SEampCoKGaA
For a detailed overview of special items please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 43
FY19 base for Fresenius Group Guidance FY20
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
euromFresenius
GroupFresenius
Medical CareFresenius
Kabi
Sales reported (reported = base for guidance) 35409 17477 6919
Transaction costs Akorn 3
Revaluations of biosimilars contingent purchase price liabilities -32
EBIT (before special items = base Fresenius Kabi guidance) 1205
Net income reported 1883 1200
Transaction costs Akorn 3
Revaluations of biosimilars contingent purchase price liabilities -19
Gain related to divestitures of Care Coordination activities at FMC -15 -49
Transaction costs NxStage 6 18
Expenses associated with cost optimization program at FMC 21 67
Net income (before special items = base Fresenius Group amp FMC guidance) 1879 1236
44
Fresenius Group Financial Results by Business Segment
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 45
20191 20182 2017 Growth3
20192018
Sales euro17592 m euro16026 m euro17784 m 62
EBIT euro2281 m euro2292 m euro2562 m -42
Sales euro6919 m euro6544 m euro6358 m 4
EBIT euro1200 m euro1139 m euro1177 m 3
Sales euro9234 m euro8993 m euro8668 m 3
EBIT euro1015 m euro1052 m euro1052 m -4
Sales euro2206 m euro1688 m euro1228 m 30
EBIT euro131 m euro110 m euro76 m 18
Sales euro35524 m euro33009 m euro33886 m 62
EBIT euro4599 m euro4547 m euro4830 m -22Group
Before special items
1 Adjusted for IFRS 162 On a comparable basis 2018 adjusted for divestitures of Care Coordination activities 3 Growth rates at constant currency and adjusted for IFRS 16
Fresenius Group Margins by Business Segment
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 46
Before special items 2018 adjusted for divestitures of Care Coordination activities 2019 adjusted for IFRS 16
2019 2018 2017
EBITDA margin 178 192 185
EBIT margin 130 143 144
EBITDA margin 217 219 233
EBIT margin 173 174 185
EBITDA margin 148 159 165
EBIT margin 110 117 121
EBITDA margin 78 79 71
EBIT margin 59 65 62
EBITDA margin 174 183 185
EBIT margin 129 138 143Group
Credit Highlights amp Financing Structure
47General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Credit Highlights
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 48
Consistent Cash Generation
Proven Track Record of Deleveraging
Broad Mix of Financing Instruments
Well-Balanced Maturity Profile
Solid Balance Sheet Structure
Solid IG Rating and Strong Access to Capital Markets
120
103
126
114109
120 122116
112120
8
9
10
11
12
13
14
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
48 48 52 5358 55 55 54
6570
2
3
4
5
6
7
8
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
74
56
76
62
52
67 67 66
50 52
4
5
6
7
8
9
10
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Fresenius Group Consistent Cash Generation
Capex gross in of sales
FCF margin (before acquisitions amp dividends)CFFO margin
49General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
2019 including IFRS 16
32x
30x
27x
22x 23x
35x
30x
26x
36x
30x
26x27x
26x
25x
32x
27x
23x
28x
27x
31x 4
20
25
30
35
40
2001 2002 2003 2004 2005 Q106 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
3
2
Hospitals from
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Proven Track Record of Deleveraging
Net DebtEBITDA1
1 At actual FX rates from 2001 to 2010 and at average FX rates from 2011 onwards for both Net Debt and EBITDA before special items pro forma closed acquisitionsdivestitures2 Pro forma excluding advances made for the acquisition of hospitals from Rhoumln-Klinikum AG3 Both net debt and EBITDA including IFRS 16 effect and calculated at expected annual average exchange rates excluding further potential acquisitions4 Including acquisition of NxStage adjusted for IFRS 16 effect
Target 20203 towards thetop end of self-imposed
target corridor of 30 ndash 35x
50
36x
40
35
20
25
30
Equity-neutralconvertible bonds 3
Fresenius Group excl FMC Broad Mix of Financing Instruments
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 51
Total BS Debt
~euro136 bn
1 As of December 31 2019
bull Optimize funding costs and ensure financial flexibility
bull Diversify investor base
bull Strong liquidity provided by sufficient financial cushion (~euro22 billion as of December 31 2019)
Well Positioned to Meet Financing NeedsBonds 40
Lease obligations 14
Syndicated loans 15
Schuldscheinloans 16
Other financial liabilities 5
Commercial paper 7
Average interest ratecost of debt18 pa
Commercial paper 7
Fresenius Group Broad Mix of Financing Instruments
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 52
Total BS Debt
~euro273 bn
1 As of December 31 2019
bull Optimize funding costs and ensure financial flexibility
bull Diversify investor base
bull Strong liquidity provided by sufficient financial cushion (~euro40 billion as of December 31 2019)
Well Positioned to Meet Financing Needs
Average interest ratecost of debt22 pa
Equity-neutralconvertible bonds 3
Syndicated loans 14
Other financial liabilities 6
Bonds 38
Lease liabilities 24
Schuldschein loans 8
Fresenius Group Capitalization1
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 53
Instrument per Book Value in euro million in $ million4 oftotal cap
EBITDA LTM x
Syndicated Credit Agreement Revolver (euro US-$) 0 0 00 Syndicated Credit Agreement Term Loan A (euro US-$) 1976 2220 29 Bonds (euro US-$) 5501 6180 82 Convertible Bonds 465 522 07 Schuldschein Loans 2180 2449 33 Commercial Paper 953 1071 14 Lease Obligations 1876 2107 28 Other debt 675 758 10 Total Debt (FSE excl FMC) gross 13626 15307 203 Cash (excl FMC) 651 731 10 Total debt (FSE excl FMC) net 12975 14576 193 Total FMC debt net 12774 14350 190 Consolidation Adjustments (145) (163) (02)Total consolidated debt net 25604 28764 382 36x Market capitalization2 41470 46587 618 58x
Total capitalization 67074 75351 1000 94x FSE Group EBITDA3 7110
1 As of December 31 20192 Based on market capitalization for FSE and FMC as of December 31 20193 Pro Forma acquisitions before special items4 EURUSD exchange rate as of December 31 2019
Fresenius Group excl FMC Well-Balanced Debt Maturity Profile12
54
1 As of December 31 2019 and based on utilization of major financing instruments2 Excluding lease liabilities3 Pro Forma issuance of FSE EUR 750m bonds in Jan 2020 (average maturity 38)
Maturity 35 years3 on
average
eurom
EUR 750m Jan 2020
500717 700
267
1150
500700 750
500 500
153
903 927
106
304 393
430
421
238
207
84
500
953
0
500
1000
1500
2000
2500
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Bonds Syndicated Loan Schuldschein Loans Equity-neutral convertible bonds Commercial Paper
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
1500
1000
2000
2500
Fresenius Group Well-Balanced Debt Maturity Profile12
1 As of December 31 2019 and based on utilization of major financing instruments2 Excluding lease liabilities3 Pro Forma issuance of FSE EUR 750m bonds in Jan 2020 (average maturity 35)
EUR 750m Jan 2020
2380
13931859
650356 500 600
945
1712
1924
2020
697
2071
500 238
907 750
584
5000
1000
2000
3000
4000
5000
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Fresenius Medical Care Fresenius excl Fresenius Medical Care
5000
4000
3000
2000
1000
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Maturity 33 years3 on
average
eurom
55
23 23 23 19
32 36 33 41
45 41 44 40
Dec 31 16 Dec 31 17 Dec 31 18 Dec 31 19
Equity and non-controlling interest Debt Other liabilities
Fresenius Group Solid Balance Sheet Structure
Healthy Equity and Liability Split
bull Strong equity ratio of gt40 on average
bull Equity ratio kept in narrow range despite rapid growth of Fresenius Group
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 56
467 531 567 670
BS total (eurobn)
Including IFRS 16
Fresenius SE Solid Investment Grade Rating
57
ldquoFSE delivers solid organic growth thanks to positive underlying growth trends in the life-saving and life-sustaining products and therapies that the group offersrdquoSampP Jan 08 2019
ldquoFSErsquos rating remains anchored in investment-grade given its mature and defensive business risk profile its organic deleveraging ability based on free cash flow generation and its record of integrating acquisitions successfully and reducing financial leverage in line with communicated policiesrdquo Fitch April 17 2019
ldquoThe Baa3 long term issuer rating of FSE reflects its strong defensive business profile underpinned by large absolute scale global footprint and segmental diversification within the healthcare market supported by strong position in its four business segmentsrdquo Moodyrsquos May 20 2019
Rating History Rating Agenciesrsquo Key Statements
Following a positive outlook SampP upgraded Fresenius to BBB stable outlook in May 2019
SampP Moodylsquos Fitch
Corporate Credit Rating BBB Baa3 BBB-
Outlook stable stable stable
Current Credit Ratings
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Strong Access to Capital Markets
58
Major Financing Instruments
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Bonds euro250 m euro800 m$105 bn
euro750 m$15 bn
euro500 m euro12 bn$12 bn
$300m euro26 bn euro500 m euro10 bn$500 m
euro175 bn
euro750 m1
euro750 m2
SyndicatedLoans
$35 bn $898 m $385 bn $18 bneuro245 bn
$41 bneuro700 m
$115 bneuro205 bn
euro530 bn$355 bn
euro100 m
SchuldscheinLoans
euro400 m euro125 m euro500 m euro112 m $400 m euro10 bn euro700 m
Convertible Bonds
euro900 m euro500 m
Equity euro10 bn euro400 m
1 January 2020 euro750million 2020-2028 bonds issued by Fresenius SE amp Co KGaA2 March 2020 euro750million 2020-2027 bonds issued by Fresenius SE amp Co KGaA
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Debt and Cash Flow Structure
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 59
1 Incl consolidation adjustments2 Incl Fresenius financing subsidiaries3 Controlling stake4 Incl subsidiaries 5 Based on market capitalization for FMC as of December 31 20196 Via German holding entities (Fresenius Kabi AG and Fresenius ProServe GmbH)
Fresenius Medical Care
Financing
Fresenius SE Financing
Group Net Debt ~euro256 bn1
DividendsRents Service Agreements
~323 100 77 (cross boarder)100
Profit transfer Agreements6
bull Separate financing of Fresenius SE and Fresenius Medical Care
bull No joint financing facilities or mutual guarantees
bull Fresenius Kabi Fresenius Helios and Fresenius Vamed financed primarily through Fresenius SE to avoid structural subordination
bull Subsidiary debt consists mainly of lease liabilities which are on balance acc to IFRS 16 from 2019 onwards
FSE Net Debt2~euro128 bn
incl Net Debt of KabiHeliosVamed
StockMarketValue~euro62 bn5
FSE Net Debt2~euro114 bn
excl Net Debt of KabiHeliosVamed
euro12774 m Net Debt4
Thereof lease liabilities euro4705m
euro951 m Net Debt4
Thereof lease liabilities euro1042m
euro84 m Net Debt4
Thereof lease liabilities euro392m
euro371 m Net Debt4
Thereof lease liabilities euro369m
Fresenius Group Key Credit Figures
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 60
1 Adjusted for IFRS 162 Before special items pro forma acquisitionsdivestitures3 Before special items
20191 2019 2018 2017
Debt (eurom) thereof US$ denominated
2123328
2725834
1898428
1904231
Net debt (eurom) 19579 25604 16275 17406
Net debtEBITDA2
Net debt at year-end exchange rate EBITDA at LTM average FX rates
314 360 273 279
Net debtEBITDA2
at LTM average FX rates for both net debt and EBITDA
314 361 271 284
Operating Cash flowSales 99 120 112 116
EBITDANet Interest3 121 99 106 96
Appendix
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 61
Fresenius Group FY19 Key Financials
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom FY191 IFRS 16effect
specialitems
FY19 reported
Δ YoY cc12
Sales 35524 -115 - 35409 6
EBIT 4599 89 -57 4631 -2
Net interest -510 -204 -5 -719 9
Income taxes -955 30 42 -883 -5
Net income3 1915 -36 4 1883 0
Balance sheet total 61237 5769 - 67006
Operating Cashflow 3514 749 - 4263
1 Before special items adjusted for IFRS 16 effect2 On a comparable basis 2018 adjusted for divestitures of Care Coordination activities at FMC3 Net income attributable to shareholders of Fresenius SE amp Co KGaA
For a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
62
Fresenius Group Cash Flow
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 63
eurom 20191 Margin 2019 Margin 2018 Margin Δ YoY1918
Operating Cash Flow 3514 99 4263 120 3742 112 14
Capex (net) -2433 -69 -2433 -68 -2077 -62 -17
Free Cash Flow(before acquisitions and dividends)
1081 30 1830 52 1665 50 10
Acquisitions (net) -2423 -2423 613 --
Dividends -952 -952 -904 5
Free Cash Flow(after acquisitions and dividends) -2294 -65 -1545 -44 1374 41 --
1 2019 adjusted for IFRS 16
Fresenius Group Calculation of Noncontrolling Interest
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom FY19 FY18
Earnings before tax and noncontrolling interest 4089 3998
Taxes -955 -883
Noncontrolling interest thereof -1219 -1243
Fresenius Medical Care net income not attributable to Fresenius (FY19 ~69)
-897 -928
Noncontrolling interest holders in Fresenius Medical Care -239 -244
Noncontrolling interest holders in Fresenius Kabi (-euro49 m) Fresenius Helios (-euro13 m) Fresenius Vamed (-euro2 m) and due to Fresenius Vamedrsquos 23 external ownership (-euro19 m)
-83 -71
Net income attributable to Fresenius SE amp Co KGaA 1915 1872
64
On a comparable basis Before special items adjusted for IFRS16 effect FY18 adjusted for divestitures of Care Coordination activities at FMC
For a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
002
023 025029
032037
042044
055
062
93 08 09 10 11 12 13 14 15 16 17 18 19
25 2421 20 21 21 22 21 22 23 24
Fresenius SE Earnings-Linked Dividend Policy
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
euro per share
bull Dividend growth aligned to EPS1
growth
bull Pay-out Ratio 20 to 25
Dividend distribution (eurom)
Pay-out Ratio
075
2019 Pay-out Ratio 24 Dividend Policy
122 140 155 196 225 238 300 416114 343 445
080
1 Before special items
468
084
24
Track record
bull 27th consecutive dividend increase
bull CAGR dividend increase +15
65
32x1
Fresenius Medical Care Low Leverage Reflected by Solid Investment Grade Rating
66General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
60 6176
6483
2015 2016 2017 2018 2019
Free Cash Flow in of revenue
SampP Moodylsquos Fitch
Corporate Credit Rating BBB Baa3 BBB-
Outlook stable stable stable
Current Credit Ratings
1 Including IFRS16 effect
29x30x
27x
22x
18x
31x
27x25x
22x
21x
27x25x
25x
31x
26x23x
21x
18x
25x
15
20
25
30
35
40
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
1
Fresenius Medical Care Broad Mix of Financing Instruments
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 67
Total BS Debt
~euro138 m
1 As of December 31 2019
bull Optimize funding costs and ensure financial flexibility
bull Diversify investor base
bull Strong liquidity provided by sufficient financial cushion (~euro18 billion as of December 31 2019)
Well Positioned to Meet Financing Needs
Average interest ratecost of debt25 pa
Equity-neutralconvertible bonds 3
Commercial paper 7
Syndicated loans 14
Other financial liabilities 7
Bonds 36
Lease obligations 33
Fresenius Medical Care Well-Balanced Debt Maturity Profile12
68
eurom
Maturity 30 years on
average
1 As of December 31 2019 and based on utilization of major financing instruments2 Excluding lease liabilities
445
878623 650
356500 600
945
535
135
1236400
1000
380
0
500
1000
1500
2000
2500
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
Bonds Syndicated Loan Equity-neutral convertible bonds Commercial Paper AR Facility
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
2500
2000
1500
1000
Fresenius SE Overview Bonds
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 69
Issuer Volume(in millions)
Coupon type
Coupon (in )
MaturityTerm
ISIN (RegS)
WKN
Fresenius SE amp Co KGaAeuro500 Fix 2875 20132020 XS0873432511 A1HEWZ
Fresenius SE amp Co KGaAeuro450 Fix 300 20142021 XS1013955379 A1ZB7H
Fresenius SE amp Co KGaAeuro450 Fix 400 20142024 XS1026109204 A1ZC60
Fresenius SE amp Co KGaAeuro 500 Fix 1875 20192025 XS1936208252 A2NBMS
Fresenius SE amp Co KGaAeuro 750 Fix 1625 20202027 XS2152329053 A254TA
Fresenius SE amp Co KGaAeuro 750 Fix 075 20202028 XS2101357072 A254QN
Fresenius SE amp Co KGaAeuro 500 Fix 2875 20192029 XS1936208419 A2NBMT
Fresenius Finance Ireland plceuro700 Fix 0875 20172022 XS1554373164 A19B3F
Fresenius Finance Ireland plceuro700 Fix 150 20172024 XS1554373248 A19B3G
Fresenius Finance Ireland plceuro700 Fix 2125 20172027 XS1554373677 A19B3H
Fresenius Finance Ireland plceuro500 Fix 300 20172032 XS1554373834 A19B3J
Fresenius US Finance II IncUS$300 Fix 425 20142021 USU31436AG04 A1ZDVJ
Fresenius US Finance II IncUS$300 Fix 450 20152023 USU31436AH86 A1Z64A
As of April 8 2020
Fresenius Medical Care Overview Bonds
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 70
Issuer Volume(in millions)
Coupon type
Coupon (in )
MaturityTerm
ISIN (RegS)
WKN
FMC Finance VII SA euro300 Fix 525 20112021 XS0576395478 A1GLY6
Fresenius Medical Care US Finance Inc US$650 Fix 575 20112021 USU31433AA03 A1GL0J
Fresenius Medical Care US Finance II Inc US$500 Fix 4125 20142020 US35802XAH61 A1ZRTL
Fresenius Medical Care US Finance II Inc US$700 Fix 5875 20122022 USU31434AC42 A1GZRF
Fresenius Medical Care US Finance II Inc US$400 Fix 475 20142024 US35802XAJ28 A1ZRTN
Fresenius Medical Care US Finance III Inc US$500 Fix 375 20192029 USU3149FAA76 A2R3YR
Fresenius Medical Care AG amp Co KGaA euro650 Fix 0250 20192023 XS2084510069 A255DU
Fresenius Medical Care AG amp Co KGaA euro500 Fix 150 20182025 XS1854532949 A2NBE6
Fresenius Medical Care AG amp Co KGaA euro600 Fix 0625 20192026 XS2084497705 A255DV
Fresenius Medical Care AG amp Co KGaA euro500 Fix 1250 20192029 XS2084488209 A255DW
As of December 31 2019
Financial Calendar Contact
Financial Calendar 06 May 2020 Results Q120
30 July 2020 Results Q220
29 October 2020 Results Q320Please note that these dates could be subject to change
Annual General Meeting Due to the coronavirus pandemic the AGM scheduled for 20 May 2020 has been postponed A new date within the current financial year will be set as soon as the conditions for reliable planning and safe execution of the AGM are once again in place
Contact
Investor Relations amp SustainabilityFresenius SE amp Co KGaAphone +49 6172 608-2485e-mail ir-frefreseniuscomFor further information and current news wwwfreseniuscom
Follow us on Twitter wwwtwittercomfresenius_irand LinkedIn wwwlinkedincomcompanyfresenius-investor-relations
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 71
Excellent growth in Spainbull Opening of first proton therapy center in
Spain (first patient treated in December rsquo19)
bull Opening of Quironsalud Madrid university hospital expansion in Pozuelo
bull Private hospitals expected to show dynamic organic growth driven by admissions
bull Continued positive momentum for ORPs
Fresenius Helios Spain to Plow Ahead in FY20
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 30
Expansion in Latin America proceedsbull Five successful acquisitions in Colombia
contribute nicely in FY20minus Clinica Las Vegas Clinica del Prado
and CediMed in Medellin(1)
minus Centro Medico Imbanaco in Cali(2)
minus Clinica de la Mujer in Bogota(3)
bull Total expected sales contribution of approx euro180m equiv in FY20
bull Attractive risk-adjusted ROIs expected
Notes (1) All transactions closed in 2019 (2) Closing expected at the end of Q12020 (3) Closing expected in Q22020 subject to anti-trust clearance
Financial Review FY19
31General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Sales
+6FY19 euro33524 m
Net Income
+0FY19 euro1915 m
EBIT
-2FY19 euro4599 m
Fresenius Group FY19 Profit and Loss Statement
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
All growth rates in constant currency (cc)Before special items adjusted for IFRS 16 effectOn a comparable basis FY18 adjusted for divestitures of Care Coordination activities at FMC before special itemsNet income attributable to shareholders of Fresenius SE amp Co KGaA
Net Interest
-euro510 mFY18 -euro549 m
Income Tax Rate
234FY18 221
32
1 On a comparable basis Q418 adjusted for divestitures of Care Coordination activities at FMC Q419 adjusted for IFRS 16 effect
All figures before special itemsFor a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
Fresenius Group Q419 Business Segment Growth
Organic sales growth1
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
EBIT growth (cc)1
+5
+4
+4
+4
0
-1
5
+7
+4 0
33
Fresenius Kabi Organic Sales Growth by Product Segment
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom Q419Δ YoY
organic FY19Δ YoY
organic
IV Drugs 737 -1 2939 -1
Infusion Therapy 213 2 834 3
Clinical Nutrition 482 8 1898 9
Medical DevicesTransfusion Technology
334 10 1248 11
Total sales 1766 4 6919 4
34
Fresenius Kabi Organic Sales Growth by Regions
eurom Q419Δ YoY
organic FY19Δ YoY
organic
North America 609 -1 2424 -2
Europe 604 2 2313 2
Emerging Markets 553 12 2182 14
Total sales 1766 4 6919 4
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 35
Fresenius Kabi Q4 amp FY19 EBIT Growth
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom Q419 Δ YoY cc FY19 Δ YoY cc
North AmericaMargin
204335
-8-260 bps
907374
-3-50 bps
EuropeMargin
87144
-10-200 bps
328142
-7-160 bps
Emerging MarketsMargin
124224
7-90 bps
476218
19130 bps
Corporate and Corporate RampD -132 11 -511 2
Total EBITMargin
283160
-1-90 bps
1200173
3-10 bps
On a comparable basis before special items and adjusted for IFRS 16 effects
Margin growth at actual ratesFor a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
36
Fresenius Kabi Expected Organic Sales Growth 2020
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Broadly stable
bull Ongoing volume headwinds anticipated
bull Pricing expected to trend more towards mid-single digit price declines in base product portfolio
North America
Mid-single-digit growth
bull Growth driven by first biosimilar in the market (IDACIO)
bull Continued strong growth of clinical nutrition business expected
Europe
High single-digit growth
bull China Healthy volume growth anticipated regulatory headwinds weigh on business
bull Latin America Continued healthy growth expected
Emerging Markets
37
Fresenius Helios Q4 amp FY19 Key Financials
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom Q419 Δ YoY FY19 Δ YoY
Total sales 2344 41 9234 51
Thereof Helios Germany 1475 31 5940 31
Thereof Helios Spain 867 71 3292 71
Total EBIT3
Margin292
1255
10 bps1015110
-4-32
-70 bps
Thereof Helios GermanyMargin
14397
420 bps
57697
-8-62
-80 bps
Thereof Helios SpainMargin
134155
6-50 bps
434132
5-50 bps
Thereof Corporate 15 -- 5 --
1 Organic growth2 Adjusted for the post-acute care business transferred to Fresenius Vamed as of July 1 20183 Adjusted for IFRS 16 effectFor a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
38
Fresenius Helios Key Measures
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
FY19 FY18 Δ
No of hospitals Germany- Acute care hospitals
8683
8683
00
No of hospitals Spain(Hospitals)
51 47 9
No of beds Germany- Acute care hospitals
28907 28380
2932928802
-1-1
No of beds Spain(Hospitals)
7288 7019 4
Admissions Germany (acute care) 1206654 1218199
Admissions Spain (including outpatients) 15396051 13318066
39
Fresenius Vamed
1 Without German post-acute care business acquired from Fresenius Helios as of July 1 2018
2 Adjusted for IFRS 16 effect 3 Project business only4 Versus December 31 2018
bull Both business segments contributed to the organic sales growth of 4 in Q419
bull Stable service business is gaining weight (FY19 63 of sales FY09 32)
bull Geographically well-diversified order backlog is excellent foundation for future growth
eurom Q419 Δ YoY FY19 Δ YoY
Total salesThereof organic sales
737 64
2206 31161
Service business 374 11 1399 43251
Project business 363 1 807 13
Total EBIT2 66 8 131 1961
Order intake3 576 -13 1314 7
Order backlog3 2865 184
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 40
Fresenius Group FY19 amp Cash Flow
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Operating CF1 Capex (net) Free Cash Flow12
eurom FY2019 Margin FY2019 Margin FY2019 Margin
1947 111 -1113 -64 834 47
968 140 -716 -104 252 36
683 74 -477 -52 206 224
-46 -21 -52 -23 -98 -44
CorporateOther -38 na -75 na -113 na
1677 93 -1320 -73 357 20
3514 99 -2433 -69 1081 30
1 Adjusted for IFRS 162 Before acquisitions and dividends3 Incl FMC dividend of euro110 million4 Understated 27 excluding euro45 million of capex commitments from acquisitions
Excl FMC3
41
Fresenius Group 2020 Financial Outlook by Business Segment
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom (except otherwise stated) FY19 Base1 FY20e2
Sales growth (cc) 17477mid to high single digit
-range
Net income growth3 (cc) 1205mid to high single digit
-range
Sales growth (organic) 6919 3 - 6
EBIT growth (cc) 1205 -4 to 0
Sales growth (organic) 9234 3 - 6
EBIT growth (cc) 1025 3 - 7
Sales growth (organic) 2206 4 - 7
EBIT growth (cc) 134 5 - 9
1 Before special items including IFRS 16 effects including NxStage operations2 Before special items3 Net income attributable to shareholders of Fresenius Medical Care AG amp Co KGaA
For a detailed overview of special items please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
42
eurom (except otherwise stated) FY19 Base1 FY202
Sales growth (cc) 35409 4 - 7
Net income3 growth (cc) 1879 1 - 5
Fresenius Group 2020 Financial Guidance
1 Before special items including IFRS 16 effects including NxStage operations 2 Before special items3 Net income attributable to shareholders of Fresenius SEampCoKGaA
For a detailed overview of special items please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 43
FY19 base for Fresenius Group Guidance FY20
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
euromFresenius
GroupFresenius
Medical CareFresenius
Kabi
Sales reported (reported = base for guidance) 35409 17477 6919
Transaction costs Akorn 3
Revaluations of biosimilars contingent purchase price liabilities -32
EBIT (before special items = base Fresenius Kabi guidance) 1205
Net income reported 1883 1200
Transaction costs Akorn 3
Revaluations of biosimilars contingent purchase price liabilities -19
Gain related to divestitures of Care Coordination activities at FMC -15 -49
Transaction costs NxStage 6 18
Expenses associated with cost optimization program at FMC 21 67
Net income (before special items = base Fresenius Group amp FMC guidance) 1879 1236
44
Fresenius Group Financial Results by Business Segment
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 45
20191 20182 2017 Growth3
20192018
Sales euro17592 m euro16026 m euro17784 m 62
EBIT euro2281 m euro2292 m euro2562 m -42
Sales euro6919 m euro6544 m euro6358 m 4
EBIT euro1200 m euro1139 m euro1177 m 3
Sales euro9234 m euro8993 m euro8668 m 3
EBIT euro1015 m euro1052 m euro1052 m -4
Sales euro2206 m euro1688 m euro1228 m 30
EBIT euro131 m euro110 m euro76 m 18
Sales euro35524 m euro33009 m euro33886 m 62
EBIT euro4599 m euro4547 m euro4830 m -22Group
Before special items
1 Adjusted for IFRS 162 On a comparable basis 2018 adjusted for divestitures of Care Coordination activities 3 Growth rates at constant currency and adjusted for IFRS 16
Fresenius Group Margins by Business Segment
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 46
Before special items 2018 adjusted for divestitures of Care Coordination activities 2019 adjusted for IFRS 16
2019 2018 2017
EBITDA margin 178 192 185
EBIT margin 130 143 144
EBITDA margin 217 219 233
EBIT margin 173 174 185
EBITDA margin 148 159 165
EBIT margin 110 117 121
EBITDA margin 78 79 71
EBIT margin 59 65 62
EBITDA margin 174 183 185
EBIT margin 129 138 143Group
Credit Highlights amp Financing Structure
47General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Credit Highlights
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 48
Consistent Cash Generation
Proven Track Record of Deleveraging
Broad Mix of Financing Instruments
Well-Balanced Maturity Profile
Solid Balance Sheet Structure
Solid IG Rating and Strong Access to Capital Markets
120
103
126
114109
120 122116
112120
8
9
10
11
12
13
14
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
48 48 52 5358 55 55 54
6570
2
3
4
5
6
7
8
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
74
56
76
62
52
67 67 66
50 52
4
5
6
7
8
9
10
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Fresenius Group Consistent Cash Generation
Capex gross in of sales
FCF margin (before acquisitions amp dividends)CFFO margin
49General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
2019 including IFRS 16
32x
30x
27x
22x 23x
35x
30x
26x
36x
30x
26x27x
26x
25x
32x
27x
23x
28x
27x
31x 4
20
25
30
35
40
2001 2002 2003 2004 2005 Q106 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
3
2
Hospitals from
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Proven Track Record of Deleveraging
Net DebtEBITDA1
1 At actual FX rates from 2001 to 2010 and at average FX rates from 2011 onwards for both Net Debt and EBITDA before special items pro forma closed acquisitionsdivestitures2 Pro forma excluding advances made for the acquisition of hospitals from Rhoumln-Klinikum AG3 Both net debt and EBITDA including IFRS 16 effect and calculated at expected annual average exchange rates excluding further potential acquisitions4 Including acquisition of NxStage adjusted for IFRS 16 effect
Target 20203 towards thetop end of self-imposed
target corridor of 30 ndash 35x
50
36x
40
35
20
25
30
Equity-neutralconvertible bonds 3
Fresenius Group excl FMC Broad Mix of Financing Instruments
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 51
Total BS Debt
~euro136 bn
1 As of December 31 2019
bull Optimize funding costs and ensure financial flexibility
bull Diversify investor base
bull Strong liquidity provided by sufficient financial cushion (~euro22 billion as of December 31 2019)
Well Positioned to Meet Financing NeedsBonds 40
Lease obligations 14
Syndicated loans 15
Schuldscheinloans 16
Other financial liabilities 5
Commercial paper 7
Average interest ratecost of debt18 pa
Commercial paper 7
Fresenius Group Broad Mix of Financing Instruments
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 52
Total BS Debt
~euro273 bn
1 As of December 31 2019
bull Optimize funding costs and ensure financial flexibility
bull Diversify investor base
bull Strong liquidity provided by sufficient financial cushion (~euro40 billion as of December 31 2019)
Well Positioned to Meet Financing Needs
Average interest ratecost of debt22 pa
Equity-neutralconvertible bonds 3
Syndicated loans 14
Other financial liabilities 6
Bonds 38
Lease liabilities 24
Schuldschein loans 8
Fresenius Group Capitalization1
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 53
Instrument per Book Value in euro million in $ million4 oftotal cap
EBITDA LTM x
Syndicated Credit Agreement Revolver (euro US-$) 0 0 00 Syndicated Credit Agreement Term Loan A (euro US-$) 1976 2220 29 Bonds (euro US-$) 5501 6180 82 Convertible Bonds 465 522 07 Schuldschein Loans 2180 2449 33 Commercial Paper 953 1071 14 Lease Obligations 1876 2107 28 Other debt 675 758 10 Total Debt (FSE excl FMC) gross 13626 15307 203 Cash (excl FMC) 651 731 10 Total debt (FSE excl FMC) net 12975 14576 193 Total FMC debt net 12774 14350 190 Consolidation Adjustments (145) (163) (02)Total consolidated debt net 25604 28764 382 36x Market capitalization2 41470 46587 618 58x
Total capitalization 67074 75351 1000 94x FSE Group EBITDA3 7110
1 As of December 31 20192 Based on market capitalization for FSE and FMC as of December 31 20193 Pro Forma acquisitions before special items4 EURUSD exchange rate as of December 31 2019
Fresenius Group excl FMC Well-Balanced Debt Maturity Profile12
54
1 As of December 31 2019 and based on utilization of major financing instruments2 Excluding lease liabilities3 Pro Forma issuance of FSE EUR 750m bonds in Jan 2020 (average maturity 38)
Maturity 35 years3 on
average
eurom
EUR 750m Jan 2020
500717 700
267
1150
500700 750
500 500
153
903 927
106
304 393
430
421
238
207
84
500
953
0
500
1000
1500
2000
2500
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Bonds Syndicated Loan Schuldschein Loans Equity-neutral convertible bonds Commercial Paper
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
1500
1000
2000
2500
Fresenius Group Well-Balanced Debt Maturity Profile12
1 As of December 31 2019 and based on utilization of major financing instruments2 Excluding lease liabilities3 Pro Forma issuance of FSE EUR 750m bonds in Jan 2020 (average maturity 35)
EUR 750m Jan 2020
2380
13931859
650356 500 600
945
1712
1924
2020
697
2071
500 238
907 750
584
5000
1000
2000
3000
4000
5000
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Fresenius Medical Care Fresenius excl Fresenius Medical Care
5000
4000
3000
2000
1000
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Maturity 33 years3 on
average
eurom
55
23 23 23 19
32 36 33 41
45 41 44 40
Dec 31 16 Dec 31 17 Dec 31 18 Dec 31 19
Equity and non-controlling interest Debt Other liabilities
Fresenius Group Solid Balance Sheet Structure
Healthy Equity and Liability Split
bull Strong equity ratio of gt40 on average
bull Equity ratio kept in narrow range despite rapid growth of Fresenius Group
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 56
467 531 567 670
BS total (eurobn)
Including IFRS 16
Fresenius SE Solid Investment Grade Rating
57
ldquoFSE delivers solid organic growth thanks to positive underlying growth trends in the life-saving and life-sustaining products and therapies that the group offersrdquoSampP Jan 08 2019
ldquoFSErsquos rating remains anchored in investment-grade given its mature and defensive business risk profile its organic deleveraging ability based on free cash flow generation and its record of integrating acquisitions successfully and reducing financial leverage in line with communicated policiesrdquo Fitch April 17 2019
ldquoThe Baa3 long term issuer rating of FSE reflects its strong defensive business profile underpinned by large absolute scale global footprint and segmental diversification within the healthcare market supported by strong position in its four business segmentsrdquo Moodyrsquos May 20 2019
Rating History Rating Agenciesrsquo Key Statements
Following a positive outlook SampP upgraded Fresenius to BBB stable outlook in May 2019
SampP Moodylsquos Fitch
Corporate Credit Rating BBB Baa3 BBB-
Outlook stable stable stable
Current Credit Ratings
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Strong Access to Capital Markets
58
Major Financing Instruments
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Bonds euro250 m euro800 m$105 bn
euro750 m$15 bn
euro500 m euro12 bn$12 bn
$300m euro26 bn euro500 m euro10 bn$500 m
euro175 bn
euro750 m1
euro750 m2
SyndicatedLoans
$35 bn $898 m $385 bn $18 bneuro245 bn
$41 bneuro700 m
$115 bneuro205 bn
euro530 bn$355 bn
euro100 m
SchuldscheinLoans
euro400 m euro125 m euro500 m euro112 m $400 m euro10 bn euro700 m
Convertible Bonds
euro900 m euro500 m
Equity euro10 bn euro400 m
1 January 2020 euro750million 2020-2028 bonds issued by Fresenius SE amp Co KGaA2 March 2020 euro750million 2020-2027 bonds issued by Fresenius SE amp Co KGaA
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Debt and Cash Flow Structure
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 59
1 Incl consolidation adjustments2 Incl Fresenius financing subsidiaries3 Controlling stake4 Incl subsidiaries 5 Based on market capitalization for FMC as of December 31 20196 Via German holding entities (Fresenius Kabi AG and Fresenius ProServe GmbH)
Fresenius Medical Care
Financing
Fresenius SE Financing
Group Net Debt ~euro256 bn1
DividendsRents Service Agreements
~323 100 77 (cross boarder)100
Profit transfer Agreements6
bull Separate financing of Fresenius SE and Fresenius Medical Care
bull No joint financing facilities or mutual guarantees
bull Fresenius Kabi Fresenius Helios and Fresenius Vamed financed primarily through Fresenius SE to avoid structural subordination
bull Subsidiary debt consists mainly of lease liabilities which are on balance acc to IFRS 16 from 2019 onwards
FSE Net Debt2~euro128 bn
incl Net Debt of KabiHeliosVamed
StockMarketValue~euro62 bn5
FSE Net Debt2~euro114 bn
excl Net Debt of KabiHeliosVamed
euro12774 m Net Debt4
Thereof lease liabilities euro4705m
euro951 m Net Debt4
Thereof lease liabilities euro1042m
euro84 m Net Debt4
Thereof lease liabilities euro392m
euro371 m Net Debt4
Thereof lease liabilities euro369m
Fresenius Group Key Credit Figures
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 60
1 Adjusted for IFRS 162 Before special items pro forma acquisitionsdivestitures3 Before special items
20191 2019 2018 2017
Debt (eurom) thereof US$ denominated
2123328
2725834
1898428
1904231
Net debt (eurom) 19579 25604 16275 17406
Net debtEBITDA2
Net debt at year-end exchange rate EBITDA at LTM average FX rates
314 360 273 279
Net debtEBITDA2
at LTM average FX rates for both net debt and EBITDA
314 361 271 284
Operating Cash flowSales 99 120 112 116
EBITDANet Interest3 121 99 106 96
Appendix
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 61
Fresenius Group FY19 Key Financials
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom FY191 IFRS 16effect
specialitems
FY19 reported
Δ YoY cc12
Sales 35524 -115 - 35409 6
EBIT 4599 89 -57 4631 -2
Net interest -510 -204 -5 -719 9
Income taxes -955 30 42 -883 -5
Net income3 1915 -36 4 1883 0
Balance sheet total 61237 5769 - 67006
Operating Cashflow 3514 749 - 4263
1 Before special items adjusted for IFRS 16 effect2 On a comparable basis 2018 adjusted for divestitures of Care Coordination activities at FMC3 Net income attributable to shareholders of Fresenius SE amp Co KGaA
For a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
62
Fresenius Group Cash Flow
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 63
eurom 20191 Margin 2019 Margin 2018 Margin Δ YoY1918
Operating Cash Flow 3514 99 4263 120 3742 112 14
Capex (net) -2433 -69 -2433 -68 -2077 -62 -17
Free Cash Flow(before acquisitions and dividends)
1081 30 1830 52 1665 50 10
Acquisitions (net) -2423 -2423 613 --
Dividends -952 -952 -904 5
Free Cash Flow(after acquisitions and dividends) -2294 -65 -1545 -44 1374 41 --
1 2019 adjusted for IFRS 16
Fresenius Group Calculation of Noncontrolling Interest
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom FY19 FY18
Earnings before tax and noncontrolling interest 4089 3998
Taxes -955 -883
Noncontrolling interest thereof -1219 -1243
Fresenius Medical Care net income not attributable to Fresenius (FY19 ~69)
-897 -928
Noncontrolling interest holders in Fresenius Medical Care -239 -244
Noncontrolling interest holders in Fresenius Kabi (-euro49 m) Fresenius Helios (-euro13 m) Fresenius Vamed (-euro2 m) and due to Fresenius Vamedrsquos 23 external ownership (-euro19 m)
-83 -71
Net income attributable to Fresenius SE amp Co KGaA 1915 1872
64
On a comparable basis Before special items adjusted for IFRS16 effect FY18 adjusted for divestitures of Care Coordination activities at FMC
For a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
002
023 025029
032037
042044
055
062
93 08 09 10 11 12 13 14 15 16 17 18 19
25 2421 20 21 21 22 21 22 23 24
Fresenius SE Earnings-Linked Dividend Policy
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
euro per share
bull Dividend growth aligned to EPS1
growth
bull Pay-out Ratio 20 to 25
Dividend distribution (eurom)
Pay-out Ratio
075
2019 Pay-out Ratio 24 Dividend Policy
122 140 155 196 225 238 300 416114 343 445
080
1 Before special items
468
084
24
Track record
bull 27th consecutive dividend increase
bull CAGR dividend increase +15
65
32x1
Fresenius Medical Care Low Leverage Reflected by Solid Investment Grade Rating
66General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
60 6176
6483
2015 2016 2017 2018 2019
Free Cash Flow in of revenue
SampP Moodylsquos Fitch
Corporate Credit Rating BBB Baa3 BBB-
Outlook stable stable stable
Current Credit Ratings
1 Including IFRS16 effect
29x30x
27x
22x
18x
31x
27x25x
22x
21x
27x25x
25x
31x
26x23x
21x
18x
25x
15
20
25
30
35
40
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
1
Fresenius Medical Care Broad Mix of Financing Instruments
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 67
Total BS Debt
~euro138 m
1 As of December 31 2019
bull Optimize funding costs and ensure financial flexibility
bull Diversify investor base
bull Strong liquidity provided by sufficient financial cushion (~euro18 billion as of December 31 2019)
Well Positioned to Meet Financing Needs
Average interest ratecost of debt25 pa
Equity-neutralconvertible bonds 3
Commercial paper 7
Syndicated loans 14
Other financial liabilities 7
Bonds 36
Lease obligations 33
Fresenius Medical Care Well-Balanced Debt Maturity Profile12
68
eurom
Maturity 30 years on
average
1 As of December 31 2019 and based on utilization of major financing instruments2 Excluding lease liabilities
445
878623 650
356500 600
945
535
135
1236400
1000
380
0
500
1000
1500
2000
2500
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
Bonds Syndicated Loan Equity-neutral convertible bonds Commercial Paper AR Facility
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
2500
2000
1500
1000
Fresenius SE Overview Bonds
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 69
Issuer Volume(in millions)
Coupon type
Coupon (in )
MaturityTerm
ISIN (RegS)
WKN
Fresenius SE amp Co KGaAeuro500 Fix 2875 20132020 XS0873432511 A1HEWZ
Fresenius SE amp Co KGaAeuro450 Fix 300 20142021 XS1013955379 A1ZB7H
Fresenius SE amp Co KGaAeuro450 Fix 400 20142024 XS1026109204 A1ZC60
Fresenius SE amp Co KGaAeuro 500 Fix 1875 20192025 XS1936208252 A2NBMS
Fresenius SE amp Co KGaAeuro 750 Fix 1625 20202027 XS2152329053 A254TA
Fresenius SE amp Co KGaAeuro 750 Fix 075 20202028 XS2101357072 A254QN
Fresenius SE amp Co KGaAeuro 500 Fix 2875 20192029 XS1936208419 A2NBMT
Fresenius Finance Ireland plceuro700 Fix 0875 20172022 XS1554373164 A19B3F
Fresenius Finance Ireland plceuro700 Fix 150 20172024 XS1554373248 A19B3G
Fresenius Finance Ireland plceuro700 Fix 2125 20172027 XS1554373677 A19B3H
Fresenius Finance Ireland plceuro500 Fix 300 20172032 XS1554373834 A19B3J
Fresenius US Finance II IncUS$300 Fix 425 20142021 USU31436AG04 A1ZDVJ
Fresenius US Finance II IncUS$300 Fix 450 20152023 USU31436AH86 A1Z64A
As of April 8 2020
Fresenius Medical Care Overview Bonds
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 70
Issuer Volume(in millions)
Coupon type
Coupon (in )
MaturityTerm
ISIN (RegS)
WKN
FMC Finance VII SA euro300 Fix 525 20112021 XS0576395478 A1GLY6
Fresenius Medical Care US Finance Inc US$650 Fix 575 20112021 USU31433AA03 A1GL0J
Fresenius Medical Care US Finance II Inc US$500 Fix 4125 20142020 US35802XAH61 A1ZRTL
Fresenius Medical Care US Finance II Inc US$700 Fix 5875 20122022 USU31434AC42 A1GZRF
Fresenius Medical Care US Finance II Inc US$400 Fix 475 20142024 US35802XAJ28 A1ZRTN
Fresenius Medical Care US Finance III Inc US$500 Fix 375 20192029 USU3149FAA76 A2R3YR
Fresenius Medical Care AG amp Co KGaA euro650 Fix 0250 20192023 XS2084510069 A255DU
Fresenius Medical Care AG amp Co KGaA euro500 Fix 150 20182025 XS1854532949 A2NBE6
Fresenius Medical Care AG amp Co KGaA euro600 Fix 0625 20192026 XS2084497705 A255DV
Fresenius Medical Care AG amp Co KGaA euro500 Fix 1250 20192029 XS2084488209 A255DW
As of December 31 2019
Financial Calendar Contact
Financial Calendar 06 May 2020 Results Q120
30 July 2020 Results Q220
29 October 2020 Results Q320Please note that these dates could be subject to change
Annual General Meeting Due to the coronavirus pandemic the AGM scheduled for 20 May 2020 has been postponed A new date within the current financial year will be set as soon as the conditions for reliable planning and safe execution of the AGM are once again in place
Contact
Investor Relations amp SustainabilityFresenius SE amp Co KGaAphone +49 6172 608-2485e-mail ir-frefreseniuscomFor further information and current news wwwfreseniuscom
Follow us on Twitter wwwtwittercomfresenius_irand LinkedIn wwwlinkedincomcompanyfresenius-investor-relations
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 71
Financial Review FY19
31General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Sales
+6FY19 euro33524 m
Net Income
+0FY19 euro1915 m
EBIT
-2FY19 euro4599 m
Fresenius Group FY19 Profit and Loss Statement
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
All growth rates in constant currency (cc)Before special items adjusted for IFRS 16 effectOn a comparable basis FY18 adjusted for divestitures of Care Coordination activities at FMC before special itemsNet income attributable to shareholders of Fresenius SE amp Co KGaA
Net Interest
-euro510 mFY18 -euro549 m
Income Tax Rate
234FY18 221
32
1 On a comparable basis Q418 adjusted for divestitures of Care Coordination activities at FMC Q419 adjusted for IFRS 16 effect
All figures before special itemsFor a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
Fresenius Group Q419 Business Segment Growth
Organic sales growth1
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
EBIT growth (cc)1
+5
+4
+4
+4
0
-1
5
+7
+4 0
33
Fresenius Kabi Organic Sales Growth by Product Segment
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom Q419Δ YoY
organic FY19Δ YoY
organic
IV Drugs 737 -1 2939 -1
Infusion Therapy 213 2 834 3
Clinical Nutrition 482 8 1898 9
Medical DevicesTransfusion Technology
334 10 1248 11
Total sales 1766 4 6919 4
34
Fresenius Kabi Organic Sales Growth by Regions
eurom Q419Δ YoY
organic FY19Δ YoY
organic
North America 609 -1 2424 -2
Europe 604 2 2313 2
Emerging Markets 553 12 2182 14
Total sales 1766 4 6919 4
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 35
Fresenius Kabi Q4 amp FY19 EBIT Growth
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom Q419 Δ YoY cc FY19 Δ YoY cc
North AmericaMargin
204335
-8-260 bps
907374
-3-50 bps
EuropeMargin
87144
-10-200 bps
328142
-7-160 bps
Emerging MarketsMargin
124224
7-90 bps
476218
19130 bps
Corporate and Corporate RampD -132 11 -511 2
Total EBITMargin
283160
-1-90 bps
1200173
3-10 bps
On a comparable basis before special items and adjusted for IFRS 16 effects
Margin growth at actual ratesFor a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
36
Fresenius Kabi Expected Organic Sales Growth 2020
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Broadly stable
bull Ongoing volume headwinds anticipated
bull Pricing expected to trend more towards mid-single digit price declines in base product portfolio
North America
Mid-single-digit growth
bull Growth driven by first biosimilar in the market (IDACIO)
bull Continued strong growth of clinical nutrition business expected
Europe
High single-digit growth
bull China Healthy volume growth anticipated regulatory headwinds weigh on business
bull Latin America Continued healthy growth expected
Emerging Markets
37
Fresenius Helios Q4 amp FY19 Key Financials
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom Q419 Δ YoY FY19 Δ YoY
Total sales 2344 41 9234 51
Thereof Helios Germany 1475 31 5940 31
Thereof Helios Spain 867 71 3292 71
Total EBIT3
Margin292
1255
10 bps1015110
-4-32
-70 bps
Thereof Helios GermanyMargin
14397
420 bps
57697
-8-62
-80 bps
Thereof Helios SpainMargin
134155
6-50 bps
434132
5-50 bps
Thereof Corporate 15 -- 5 --
1 Organic growth2 Adjusted for the post-acute care business transferred to Fresenius Vamed as of July 1 20183 Adjusted for IFRS 16 effectFor a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
38
Fresenius Helios Key Measures
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
FY19 FY18 Δ
No of hospitals Germany- Acute care hospitals
8683
8683
00
No of hospitals Spain(Hospitals)
51 47 9
No of beds Germany- Acute care hospitals
28907 28380
2932928802
-1-1
No of beds Spain(Hospitals)
7288 7019 4
Admissions Germany (acute care) 1206654 1218199
Admissions Spain (including outpatients) 15396051 13318066
39
Fresenius Vamed
1 Without German post-acute care business acquired from Fresenius Helios as of July 1 2018
2 Adjusted for IFRS 16 effect 3 Project business only4 Versus December 31 2018
bull Both business segments contributed to the organic sales growth of 4 in Q419
bull Stable service business is gaining weight (FY19 63 of sales FY09 32)
bull Geographically well-diversified order backlog is excellent foundation for future growth
eurom Q419 Δ YoY FY19 Δ YoY
Total salesThereof organic sales
737 64
2206 31161
Service business 374 11 1399 43251
Project business 363 1 807 13
Total EBIT2 66 8 131 1961
Order intake3 576 -13 1314 7
Order backlog3 2865 184
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 40
Fresenius Group FY19 amp Cash Flow
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Operating CF1 Capex (net) Free Cash Flow12
eurom FY2019 Margin FY2019 Margin FY2019 Margin
1947 111 -1113 -64 834 47
968 140 -716 -104 252 36
683 74 -477 -52 206 224
-46 -21 -52 -23 -98 -44
CorporateOther -38 na -75 na -113 na
1677 93 -1320 -73 357 20
3514 99 -2433 -69 1081 30
1 Adjusted for IFRS 162 Before acquisitions and dividends3 Incl FMC dividend of euro110 million4 Understated 27 excluding euro45 million of capex commitments from acquisitions
Excl FMC3
41
Fresenius Group 2020 Financial Outlook by Business Segment
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom (except otherwise stated) FY19 Base1 FY20e2
Sales growth (cc) 17477mid to high single digit
-range
Net income growth3 (cc) 1205mid to high single digit
-range
Sales growth (organic) 6919 3 - 6
EBIT growth (cc) 1205 -4 to 0
Sales growth (organic) 9234 3 - 6
EBIT growth (cc) 1025 3 - 7
Sales growth (organic) 2206 4 - 7
EBIT growth (cc) 134 5 - 9
1 Before special items including IFRS 16 effects including NxStage operations2 Before special items3 Net income attributable to shareholders of Fresenius Medical Care AG amp Co KGaA
For a detailed overview of special items please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
42
eurom (except otherwise stated) FY19 Base1 FY202
Sales growth (cc) 35409 4 - 7
Net income3 growth (cc) 1879 1 - 5
Fresenius Group 2020 Financial Guidance
1 Before special items including IFRS 16 effects including NxStage operations 2 Before special items3 Net income attributable to shareholders of Fresenius SEampCoKGaA
For a detailed overview of special items please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 43
FY19 base for Fresenius Group Guidance FY20
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
euromFresenius
GroupFresenius
Medical CareFresenius
Kabi
Sales reported (reported = base for guidance) 35409 17477 6919
Transaction costs Akorn 3
Revaluations of biosimilars contingent purchase price liabilities -32
EBIT (before special items = base Fresenius Kabi guidance) 1205
Net income reported 1883 1200
Transaction costs Akorn 3
Revaluations of biosimilars contingent purchase price liabilities -19
Gain related to divestitures of Care Coordination activities at FMC -15 -49
Transaction costs NxStage 6 18
Expenses associated with cost optimization program at FMC 21 67
Net income (before special items = base Fresenius Group amp FMC guidance) 1879 1236
44
Fresenius Group Financial Results by Business Segment
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 45
20191 20182 2017 Growth3
20192018
Sales euro17592 m euro16026 m euro17784 m 62
EBIT euro2281 m euro2292 m euro2562 m -42
Sales euro6919 m euro6544 m euro6358 m 4
EBIT euro1200 m euro1139 m euro1177 m 3
Sales euro9234 m euro8993 m euro8668 m 3
EBIT euro1015 m euro1052 m euro1052 m -4
Sales euro2206 m euro1688 m euro1228 m 30
EBIT euro131 m euro110 m euro76 m 18
Sales euro35524 m euro33009 m euro33886 m 62
EBIT euro4599 m euro4547 m euro4830 m -22Group
Before special items
1 Adjusted for IFRS 162 On a comparable basis 2018 adjusted for divestitures of Care Coordination activities 3 Growth rates at constant currency and adjusted for IFRS 16
Fresenius Group Margins by Business Segment
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 46
Before special items 2018 adjusted for divestitures of Care Coordination activities 2019 adjusted for IFRS 16
2019 2018 2017
EBITDA margin 178 192 185
EBIT margin 130 143 144
EBITDA margin 217 219 233
EBIT margin 173 174 185
EBITDA margin 148 159 165
EBIT margin 110 117 121
EBITDA margin 78 79 71
EBIT margin 59 65 62
EBITDA margin 174 183 185
EBIT margin 129 138 143Group
Credit Highlights amp Financing Structure
47General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Credit Highlights
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 48
Consistent Cash Generation
Proven Track Record of Deleveraging
Broad Mix of Financing Instruments
Well-Balanced Maturity Profile
Solid Balance Sheet Structure
Solid IG Rating and Strong Access to Capital Markets
120
103
126
114109
120 122116
112120
8
9
10
11
12
13
14
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
48 48 52 5358 55 55 54
6570
2
3
4
5
6
7
8
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
74
56
76
62
52
67 67 66
50 52
4
5
6
7
8
9
10
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Fresenius Group Consistent Cash Generation
Capex gross in of sales
FCF margin (before acquisitions amp dividends)CFFO margin
49General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
2019 including IFRS 16
32x
30x
27x
22x 23x
35x
30x
26x
36x
30x
26x27x
26x
25x
32x
27x
23x
28x
27x
31x 4
20
25
30
35
40
2001 2002 2003 2004 2005 Q106 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
3
2
Hospitals from
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Proven Track Record of Deleveraging
Net DebtEBITDA1
1 At actual FX rates from 2001 to 2010 and at average FX rates from 2011 onwards for both Net Debt and EBITDA before special items pro forma closed acquisitionsdivestitures2 Pro forma excluding advances made for the acquisition of hospitals from Rhoumln-Klinikum AG3 Both net debt and EBITDA including IFRS 16 effect and calculated at expected annual average exchange rates excluding further potential acquisitions4 Including acquisition of NxStage adjusted for IFRS 16 effect
Target 20203 towards thetop end of self-imposed
target corridor of 30 ndash 35x
50
36x
40
35
20
25
30
Equity-neutralconvertible bonds 3
Fresenius Group excl FMC Broad Mix of Financing Instruments
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 51
Total BS Debt
~euro136 bn
1 As of December 31 2019
bull Optimize funding costs and ensure financial flexibility
bull Diversify investor base
bull Strong liquidity provided by sufficient financial cushion (~euro22 billion as of December 31 2019)
Well Positioned to Meet Financing NeedsBonds 40
Lease obligations 14
Syndicated loans 15
Schuldscheinloans 16
Other financial liabilities 5
Commercial paper 7
Average interest ratecost of debt18 pa
Commercial paper 7
Fresenius Group Broad Mix of Financing Instruments
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 52
Total BS Debt
~euro273 bn
1 As of December 31 2019
bull Optimize funding costs and ensure financial flexibility
bull Diversify investor base
bull Strong liquidity provided by sufficient financial cushion (~euro40 billion as of December 31 2019)
Well Positioned to Meet Financing Needs
Average interest ratecost of debt22 pa
Equity-neutralconvertible bonds 3
Syndicated loans 14
Other financial liabilities 6
Bonds 38
Lease liabilities 24
Schuldschein loans 8
Fresenius Group Capitalization1
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 53
Instrument per Book Value in euro million in $ million4 oftotal cap
EBITDA LTM x
Syndicated Credit Agreement Revolver (euro US-$) 0 0 00 Syndicated Credit Agreement Term Loan A (euro US-$) 1976 2220 29 Bonds (euro US-$) 5501 6180 82 Convertible Bonds 465 522 07 Schuldschein Loans 2180 2449 33 Commercial Paper 953 1071 14 Lease Obligations 1876 2107 28 Other debt 675 758 10 Total Debt (FSE excl FMC) gross 13626 15307 203 Cash (excl FMC) 651 731 10 Total debt (FSE excl FMC) net 12975 14576 193 Total FMC debt net 12774 14350 190 Consolidation Adjustments (145) (163) (02)Total consolidated debt net 25604 28764 382 36x Market capitalization2 41470 46587 618 58x
Total capitalization 67074 75351 1000 94x FSE Group EBITDA3 7110
1 As of December 31 20192 Based on market capitalization for FSE and FMC as of December 31 20193 Pro Forma acquisitions before special items4 EURUSD exchange rate as of December 31 2019
Fresenius Group excl FMC Well-Balanced Debt Maturity Profile12
54
1 As of December 31 2019 and based on utilization of major financing instruments2 Excluding lease liabilities3 Pro Forma issuance of FSE EUR 750m bonds in Jan 2020 (average maturity 38)
Maturity 35 years3 on
average
eurom
EUR 750m Jan 2020
500717 700
267
1150
500700 750
500 500
153
903 927
106
304 393
430
421
238
207
84
500
953
0
500
1000
1500
2000
2500
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Bonds Syndicated Loan Schuldschein Loans Equity-neutral convertible bonds Commercial Paper
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
1500
1000
2000
2500
Fresenius Group Well-Balanced Debt Maturity Profile12
1 As of December 31 2019 and based on utilization of major financing instruments2 Excluding lease liabilities3 Pro Forma issuance of FSE EUR 750m bonds in Jan 2020 (average maturity 35)
EUR 750m Jan 2020
2380
13931859
650356 500 600
945
1712
1924
2020
697
2071
500 238
907 750
584
5000
1000
2000
3000
4000
5000
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Fresenius Medical Care Fresenius excl Fresenius Medical Care
5000
4000
3000
2000
1000
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Maturity 33 years3 on
average
eurom
55
23 23 23 19
32 36 33 41
45 41 44 40
Dec 31 16 Dec 31 17 Dec 31 18 Dec 31 19
Equity and non-controlling interest Debt Other liabilities
Fresenius Group Solid Balance Sheet Structure
Healthy Equity and Liability Split
bull Strong equity ratio of gt40 on average
bull Equity ratio kept in narrow range despite rapid growth of Fresenius Group
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 56
467 531 567 670
BS total (eurobn)
Including IFRS 16
Fresenius SE Solid Investment Grade Rating
57
ldquoFSE delivers solid organic growth thanks to positive underlying growth trends in the life-saving and life-sustaining products and therapies that the group offersrdquoSampP Jan 08 2019
ldquoFSErsquos rating remains anchored in investment-grade given its mature and defensive business risk profile its organic deleveraging ability based on free cash flow generation and its record of integrating acquisitions successfully and reducing financial leverage in line with communicated policiesrdquo Fitch April 17 2019
ldquoThe Baa3 long term issuer rating of FSE reflects its strong defensive business profile underpinned by large absolute scale global footprint and segmental diversification within the healthcare market supported by strong position in its four business segmentsrdquo Moodyrsquos May 20 2019
Rating History Rating Agenciesrsquo Key Statements
Following a positive outlook SampP upgraded Fresenius to BBB stable outlook in May 2019
SampP Moodylsquos Fitch
Corporate Credit Rating BBB Baa3 BBB-
Outlook stable stable stable
Current Credit Ratings
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Strong Access to Capital Markets
58
Major Financing Instruments
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Bonds euro250 m euro800 m$105 bn
euro750 m$15 bn
euro500 m euro12 bn$12 bn
$300m euro26 bn euro500 m euro10 bn$500 m
euro175 bn
euro750 m1
euro750 m2
SyndicatedLoans
$35 bn $898 m $385 bn $18 bneuro245 bn
$41 bneuro700 m
$115 bneuro205 bn
euro530 bn$355 bn
euro100 m
SchuldscheinLoans
euro400 m euro125 m euro500 m euro112 m $400 m euro10 bn euro700 m
Convertible Bonds
euro900 m euro500 m
Equity euro10 bn euro400 m
1 January 2020 euro750million 2020-2028 bonds issued by Fresenius SE amp Co KGaA2 March 2020 euro750million 2020-2027 bonds issued by Fresenius SE amp Co KGaA
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Debt and Cash Flow Structure
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 59
1 Incl consolidation adjustments2 Incl Fresenius financing subsidiaries3 Controlling stake4 Incl subsidiaries 5 Based on market capitalization for FMC as of December 31 20196 Via German holding entities (Fresenius Kabi AG and Fresenius ProServe GmbH)
Fresenius Medical Care
Financing
Fresenius SE Financing
Group Net Debt ~euro256 bn1
DividendsRents Service Agreements
~323 100 77 (cross boarder)100
Profit transfer Agreements6
bull Separate financing of Fresenius SE and Fresenius Medical Care
bull No joint financing facilities or mutual guarantees
bull Fresenius Kabi Fresenius Helios and Fresenius Vamed financed primarily through Fresenius SE to avoid structural subordination
bull Subsidiary debt consists mainly of lease liabilities which are on balance acc to IFRS 16 from 2019 onwards
FSE Net Debt2~euro128 bn
incl Net Debt of KabiHeliosVamed
StockMarketValue~euro62 bn5
FSE Net Debt2~euro114 bn
excl Net Debt of KabiHeliosVamed
euro12774 m Net Debt4
Thereof lease liabilities euro4705m
euro951 m Net Debt4
Thereof lease liabilities euro1042m
euro84 m Net Debt4
Thereof lease liabilities euro392m
euro371 m Net Debt4
Thereof lease liabilities euro369m
Fresenius Group Key Credit Figures
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 60
1 Adjusted for IFRS 162 Before special items pro forma acquisitionsdivestitures3 Before special items
20191 2019 2018 2017
Debt (eurom) thereof US$ denominated
2123328
2725834
1898428
1904231
Net debt (eurom) 19579 25604 16275 17406
Net debtEBITDA2
Net debt at year-end exchange rate EBITDA at LTM average FX rates
314 360 273 279
Net debtEBITDA2
at LTM average FX rates for both net debt and EBITDA
314 361 271 284
Operating Cash flowSales 99 120 112 116
EBITDANet Interest3 121 99 106 96
Appendix
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 61
Fresenius Group FY19 Key Financials
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom FY191 IFRS 16effect
specialitems
FY19 reported
Δ YoY cc12
Sales 35524 -115 - 35409 6
EBIT 4599 89 -57 4631 -2
Net interest -510 -204 -5 -719 9
Income taxes -955 30 42 -883 -5
Net income3 1915 -36 4 1883 0
Balance sheet total 61237 5769 - 67006
Operating Cashflow 3514 749 - 4263
1 Before special items adjusted for IFRS 16 effect2 On a comparable basis 2018 adjusted for divestitures of Care Coordination activities at FMC3 Net income attributable to shareholders of Fresenius SE amp Co KGaA
For a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
62
Fresenius Group Cash Flow
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 63
eurom 20191 Margin 2019 Margin 2018 Margin Δ YoY1918
Operating Cash Flow 3514 99 4263 120 3742 112 14
Capex (net) -2433 -69 -2433 -68 -2077 -62 -17
Free Cash Flow(before acquisitions and dividends)
1081 30 1830 52 1665 50 10
Acquisitions (net) -2423 -2423 613 --
Dividends -952 -952 -904 5
Free Cash Flow(after acquisitions and dividends) -2294 -65 -1545 -44 1374 41 --
1 2019 adjusted for IFRS 16
Fresenius Group Calculation of Noncontrolling Interest
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom FY19 FY18
Earnings before tax and noncontrolling interest 4089 3998
Taxes -955 -883
Noncontrolling interest thereof -1219 -1243
Fresenius Medical Care net income not attributable to Fresenius (FY19 ~69)
-897 -928
Noncontrolling interest holders in Fresenius Medical Care -239 -244
Noncontrolling interest holders in Fresenius Kabi (-euro49 m) Fresenius Helios (-euro13 m) Fresenius Vamed (-euro2 m) and due to Fresenius Vamedrsquos 23 external ownership (-euro19 m)
-83 -71
Net income attributable to Fresenius SE amp Co KGaA 1915 1872
64
On a comparable basis Before special items adjusted for IFRS16 effect FY18 adjusted for divestitures of Care Coordination activities at FMC
For a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
002
023 025029
032037
042044
055
062
93 08 09 10 11 12 13 14 15 16 17 18 19
25 2421 20 21 21 22 21 22 23 24
Fresenius SE Earnings-Linked Dividend Policy
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
euro per share
bull Dividend growth aligned to EPS1
growth
bull Pay-out Ratio 20 to 25
Dividend distribution (eurom)
Pay-out Ratio
075
2019 Pay-out Ratio 24 Dividend Policy
122 140 155 196 225 238 300 416114 343 445
080
1 Before special items
468
084
24
Track record
bull 27th consecutive dividend increase
bull CAGR dividend increase +15
65
32x1
Fresenius Medical Care Low Leverage Reflected by Solid Investment Grade Rating
66General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
60 6176
6483
2015 2016 2017 2018 2019
Free Cash Flow in of revenue
SampP Moodylsquos Fitch
Corporate Credit Rating BBB Baa3 BBB-
Outlook stable stable stable
Current Credit Ratings
1 Including IFRS16 effect
29x30x
27x
22x
18x
31x
27x25x
22x
21x
27x25x
25x
31x
26x23x
21x
18x
25x
15
20
25
30
35
40
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
1
Fresenius Medical Care Broad Mix of Financing Instruments
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 67
Total BS Debt
~euro138 m
1 As of December 31 2019
bull Optimize funding costs and ensure financial flexibility
bull Diversify investor base
bull Strong liquidity provided by sufficient financial cushion (~euro18 billion as of December 31 2019)
Well Positioned to Meet Financing Needs
Average interest ratecost of debt25 pa
Equity-neutralconvertible bonds 3
Commercial paper 7
Syndicated loans 14
Other financial liabilities 7
Bonds 36
Lease obligations 33
Fresenius Medical Care Well-Balanced Debt Maturity Profile12
68
eurom
Maturity 30 years on
average
1 As of December 31 2019 and based on utilization of major financing instruments2 Excluding lease liabilities
445
878623 650
356500 600
945
535
135
1236400
1000
380
0
500
1000
1500
2000
2500
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
Bonds Syndicated Loan Equity-neutral convertible bonds Commercial Paper AR Facility
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
2500
2000
1500
1000
Fresenius SE Overview Bonds
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 69
Issuer Volume(in millions)
Coupon type
Coupon (in )
MaturityTerm
ISIN (RegS)
WKN
Fresenius SE amp Co KGaAeuro500 Fix 2875 20132020 XS0873432511 A1HEWZ
Fresenius SE amp Co KGaAeuro450 Fix 300 20142021 XS1013955379 A1ZB7H
Fresenius SE amp Co KGaAeuro450 Fix 400 20142024 XS1026109204 A1ZC60
Fresenius SE amp Co KGaAeuro 500 Fix 1875 20192025 XS1936208252 A2NBMS
Fresenius SE amp Co KGaAeuro 750 Fix 1625 20202027 XS2152329053 A254TA
Fresenius SE amp Co KGaAeuro 750 Fix 075 20202028 XS2101357072 A254QN
Fresenius SE amp Co KGaAeuro 500 Fix 2875 20192029 XS1936208419 A2NBMT
Fresenius Finance Ireland plceuro700 Fix 0875 20172022 XS1554373164 A19B3F
Fresenius Finance Ireland plceuro700 Fix 150 20172024 XS1554373248 A19B3G
Fresenius Finance Ireland plceuro700 Fix 2125 20172027 XS1554373677 A19B3H
Fresenius Finance Ireland plceuro500 Fix 300 20172032 XS1554373834 A19B3J
Fresenius US Finance II IncUS$300 Fix 425 20142021 USU31436AG04 A1ZDVJ
Fresenius US Finance II IncUS$300 Fix 450 20152023 USU31436AH86 A1Z64A
As of April 8 2020
Fresenius Medical Care Overview Bonds
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 70
Issuer Volume(in millions)
Coupon type
Coupon (in )
MaturityTerm
ISIN (RegS)
WKN
FMC Finance VII SA euro300 Fix 525 20112021 XS0576395478 A1GLY6
Fresenius Medical Care US Finance Inc US$650 Fix 575 20112021 USU31433AA03 A1GL0J
Fresenius Medical Care US Finance II Inc US$500 Fix 4125 20142020 US35802XAH61 A1ZRTL
Fresenius Medical Care US Finance II Inc US$700 Fix 5875 20122022 USU31434AC42 A1GZRF
Fresenius Medical Care US Finance II Inc US$400 Fix 475 20142024 US35802XAJ28 A1ZRTN
Fresenius Medical Care US Finance III Inc US$500 Fix 375 20192029 USU3149FAA76 A2R3YR
Fresenius Medical Care AG amp Co KGaA euro650 Fix 0250 20192023 XS2084510069 A255DU
Fresenius Medical Care AG amp Co KGaA euro500 Fix 150 20182025 XS1854532949 A2NBE6
Fresenius Medical Care AG amp Co KGaA euro600 Fix 0625 20192026 XS2084497705 A255DV
Fresenius Medical Care AG amp Co KGaA euro500 Fix 1250 20192029 XS2084488209 A255DW
As of December 31 2019
Financial Calendar Contact
Financial Calendar 06 May 2020 Results Q120
30 July 2020 Results Q220
29 October 2020 Results Q320Please note that these dates could be subject to change
Annual General Meeting Due to the coronavirus pandemic the AGM scheduled for 20 May 2020 has been postponed A new date within the current financial year will be set as soon as the conditions for reliable planning and safe execution of the AGM are once again in place
Contact
Investor Relations amp SustainabilityFresenius SE amp Co KGaAphone +49 6172 608-2485e-mail ir-frefreseniuscomFor further information and current news wwwfreseniuscom
Follow us on Twitter wwwtwittercomfresenius_irand LinkedIn wwwlinkedincomcompanyfresenius-investor-relations
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 71
Sales
+6FY19 euro33524 m
Net Income
+0FY19 euro1915 m
EBIT
-2FY19 euro4599 m
Fresenius Group FY19 Profit and Loss Statement
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
All growth rates in constant currency (cc)Before special items adjusted for IFRS 16 effectOn a comparable basis FY18 adjusted for divestitures of Care Coordination activities at FMC before special itemsNet income attributable to shareholders of Fresenius SE amp Co KGaA
Net Interest
-euro510 mFY18 -euro549 m
Income Tax Rate
234FY18 221
32
1 On a comparable basis Q418 adjusted for divestitures of Care Coordination activities at FMC Q419 adjusted for IFRS 16 effect
All figures before special itemsFor a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
Fresenius Group Q419 Business Segment Growth
Organic sales growth1
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
EBIT growth (cc)1
+5
+4
+4
+4
0
-1
5
+7
+4 0
33
Fresenius Kabi Organic Sales Growth by Product Segment
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom Q419Δ YoY
organic FY19Δ YoY
organic
IV Drugs 737 -1 2939 -1
Infusion Therapy 213 2 834 3
Clinical Nutrition 482 8 1898 9
Medical DevicesTransfusion Technology
334 10 1248 11
Total sales 1766 4 6919 4
34
Fresenius Kabi Organic Sales Growth by Regions
eurom Q419Δ YoY
organic FY19Δ YoY
organic
North America 609 -1 2424 -2
Europe 604 2 2313 2
Emerging Markets 553 12 2182 14
Total sales 1766 4 6919 4
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 35
Fresenius Kabi Q4 amp FY19 EBIT Growth
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom Q419 Δ YoY cc FY19 Δ YoY cc
North AmericaMargin
204335
-8-260 bps
907374
-3-50 bps
EuropeMargin
87144
-10-200 bps
328142
-7-160 bps
Emerging MarketsMargin
124224
7-90 bps
476218
19130 bps
Corporate and Corporate RampD -132 11 -511 2
Total EBITMargin
283160
-1-90 bps
1200173
3-10 bps
On a comparable basis before special items and adjusted for IFRS 16 effects
Margin growth at actual ratesFor a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
36
Fresenius Kabi Expected Organic Sales Growth 2020
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Broadly stable
bull Ongoing volume headwinds anticipated
bull Pricing expected to trend more towards mid-single digit price declines in base product portfolio
North America
Mid-single-digit growth
bull Growth driven by first biosimilar in the market (IDACIO)
bull Continued strong growth of clinical nutrition business expected
Europe
High single-digit growth
bull China Healthy volume growth anticipated regulatory headwinds weigh on business
bull Latin America Continued healthy growth expected
Emerging Markets
37
Fresenius Helios Q4 amp FY19 Key Financials
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom Q419 Δ YoY FY19 Δ YoY
Total sales 2344 41 9234 51
Thereof Helios Germany 1475 31 5940 31
Thereof Helios Spain 867 71 3292 71
Total EBIT3
Margin292
1255
10 bps1015110
-4-32
-70 bps
Thereof Helios GermanyMargin
14397
420 bps
57697
-8-62
-80 bps
Thereof Helios SpainMargin
134155
6-50 bps
434132
5-50 bps
Thereof Corporate 15 -- 5 --
1 Organic growth2 Adjusted for the post-acute care business transferred to Fresenius Vamed as of July 1 20183 Adjusted for IFRS 16 effectFor a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
38
Fresenius Helios Key Measures
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
FY19 FY18 Δ
No of hospitals Germany- Acute care hospitals
8683
8683
00
No of hospitals Spain(Hospitals)
51 47 9
No of beds Germany- Acute care hospitals
28907 28380
2932928802
-1-1
No of beds Spain(Hospitals)
7288 7019 4
Admissions Germany (acute care) 1206654 1218199
Admissions Spain (including outpatients) 15396051 13318066
39
Fresenius Vamed
1 Without German post-acute care business acquired from Fresenius Helios as of July 1 2018
2 Adjusted for IFRS 16 effect 3 Project business only4 Versus December 31 2018
bull Both business segments contributed to the organic sales growth of 4 in Q419
bull Stable service business is gaining weight (FY19 63 of sales FY09 32)
bull Geographically well-diversified order backlog is excellent foundation for future growth
eurom Q419 Δ YoY FY19 Δ YoY
Total salesThereof organic sales
737 64
2206 31161
Service business 374 11 1399 43251
Project business 363 1 807 13
Total EBIT2 66 8 131 1961
Order intake3 576 -13 1314 7
Order backlog3 2865 184
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 40
Fresenius Group FY19 amp Cash Flow
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Operating CF1 Capex (net) Free Cash Flow12
eurom FY2019 Margin FY2019 Margin FY2019 Margin
1947 111 -1113 -64 834 47
968 140 -716 -104 252 36
683 74 -477 -52 206 224
-46 -21 -52 -23 -98 -44
CorporateOther -38 na -75 na -113 na
1677 93 -1320 -73 357 20
3514 99 -2433 -69 1081 30
1 Adjusted for IFRS 162 Before acquisitions and dividends3 Incl FMC dividend of euro110 million4 Understated 27 excluding euro45 million of capex commitments from acquisitions
Excl FMC3
41
Fresenius Group 2020 Financial Outlook by Business Segment
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom (except otherwise stated) FY19 Base1 FY20e2
Sales growth (cc) 17477mid to high single digit
-range
Net income growth3 (cc) 1205mid to high single digit
-range
Sales growth (organic) 6919 3 - 6
EBIT growth (cc) 1205 -4 to 0
Sales growth (organic) 9234 3 - 6
EBIT growth (cc) 1025 3 - 7
Sales growth (organic) 2206 4 - 7
EBIT growth (cc) 134 5 - 9
1 Before special items including IFRS 16 effects including NxStage operations2 Before special items3 Net income attributable to shareholders of Fresenius Medical Care AG amp Co KGaA
For a detailed overview of special items please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
42
eurom (except otherwise stated) FY19 Base1 FY202
Sales growth (cc) 35409 4 - 7
Net income3 growth (cc) 1879 1 - 5
Fresenius Group 2020 Financial Guidance
1 Before special items including IFRS 16 effects including NxStage operations 2 Before special items3 Net income attributable to shareholders of Fresenius SEampCoKGaA
For a detailed overview of special items please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 43
FY19 base for Fresenius Group Guidance FY20
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
euromFresenius
GroupFresenius
Medical CareFresenius
Kabi
Sales reported (reported = base for guidance) 35409 17477 6919
Transaction costs Akorn 3
Revaluations of biosimilars contingent purchase price liabilities -32
EBIT (before special items = base Fresenius Kabi guidance) 1205
Net income reported 1883 1200
Transaction costs Akorn 3
Revaluations of biosimilars contingent purchase price liabilities -19
Gain related to divestitures of Care Coordination activities at FMC -15 -49
Transaction costs NxStage 6 18
Expenses associated with cost optimization program at FMC 21 67
Net income (before special items = base Fresenius Group amp FMC guidance) 1879 1236
44
Fresenius Group Financial Results by Business Segment
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 45
20191 20182 2017 Growth3
20192018
Sales euro17592 m euro16026 m euro17784 m 62
EBIT euro2281 m euro2292 m euro2562 m -42
Sales euro6919 m euro6544 m euro6358 m 4
EBIT euro1200 m euro1139 m euro1177 m 3
Sales euro9234 m euro8993 m euro8668 m 3
EBIT euro1015 m euro1052 m euro1052 m -4
Sales euro2206 m euro1688 m euro1228 m 30
EBIT euro131 m euro110 m euro76 m 18
Sales euro35524 m euro33009 m euro33886 m 62
EBIT euro4599 m euro4547 m euro4830 m -22Group
Before special items
1 Adjusted for IFRS 162 On a comparable basis 2018 adjusted for divestitures of Care Coordination activities 3 Growth rates at constant currency and adjusted for IFRS 16
Fresenius Group Margins by Business Segment
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 46
Before special items 2018 adjusted for divestitures of Care Coordination activities 2019 adjusted for IFRS 16
2019 2018 2017
EBITDA margin 178 192 185
EBIT margin 130 143 144
EBITDA margin 217 219 233
EBIT margin 173 174 185
EBITDA margin 148 159 165
EBIT margin 110 117 121
EBITDA margin 78 79 71
EBIT margin 59 65 62
EBITDA margin 174 183 185
EBIT margin 129 138 143Group
Credit Highlights amp Financing Structure
47General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Credit Highlights
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 48
Consistent Cash Generation
Proven Track Record of Deleveraging
Broad Mix of Financing Instruments
Well-Balanced Maturity Profile
Solid Balance Sheet Structure
Solid IG Rating and Strong Access to Capital Markets
120
103
126
114109
120 122116
112120
8
9
10
11
12
13
14
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
48 48 52 5358 55 55 54
6570
2
3
4
5
6
7
8
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
74
56
76
62
52
67 67 66
50 52
4
5
6
7
8
9
10
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Fresenius Group Consistent Cash Generation
Capex gross in of sales
FCF margin (before acquisitions amp dividends)CFFO margin
49General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
2019 including IFRS 16
32x
30x
27x
22x 23x
35x
30x
26x
36x
30x
26x27x
26x
25x
32x
27x
23x
28x
27x
31x 4
20
25
30
35
40
2001 2002 2003 2004 2005 Q106 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
3
2
Hospitals from
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Proven Track Record of Deleveraging
Net DebtEBITDA1
1 At actual FX rates from 2001 to 2010 and at average FX rates from 2011 onwards for both Net Debt and EBITDA before special items pro forma closed acquisitionsdivestitures2 Pro forma excluding advances made for the acquisition of hospitals from Rhoumln-Klinikum AG3 Both net debt and EBITDA including IFRS 16 effect and calculated at expected annual average exchange rates excluding further potential acquisitions4 Including acquisition of NxStage adjusted for IFRS 16 effect
Target 20203 towards thetop end of self-imposed
target corridor of 30 ndash 35x
50
36x
40
35
20
25
30
Equity-neutralconvertible bonds 3
Fresenius Group excl FMC Broad Mix of Financing Instruments
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 51
Total BS Debt
~euro136 bn
1 As of December 31 2019
bull Optimize funding costs and ensure financial flexibility
bull Diversify investor base
bull Strong liquidity provided by sufficient financial cushion (~euro22 billion as of December 31 2019)
Well Positioned to Meet Financing NeedsBonds 40
Lease obligations 14
Syndicated loans 15
Schuldscheinloans 16
Other financial liabilities 5
Commercial paper 7
Average interest ratecost of debt18 pa
Commercial paper 7
Fresenius Group Broad Mix of Financing Instruments
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 52
Total BS Debt
~euro273 bn
1 As of December 31 2019
bull Optimize funding costs and ensure financial flexibility
bull Diversify investor base
bull Strong liquidity provided by sufficient financial cushion (~euro40 billion as of December 31 2019)
Well Positioned to Meet Financing Needs
Average interest ratecost of debt22 pa
Equity-neutralconvertible bonds 3
Syndicated loans 14
Other financial liabilities 6
Bonds 38
Lease liabilities 24
Schuldschein loans 8
Fresenius Group Capitalization1
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 53
Instrument per Book Value in euro million in $ million4 oftotal cap
EBITDA LTM x
Syndicated Credit Agreement Revolver (euro US-$) 0 0 00 Syndicated Credit Agreement Term Loan A (euro US-$) 1976 2220 29 Bonds (euro US-$) 5501 6180 82 Convertible Bonds 465 522 07 Schuldschein Loans 2180 2449 33 Commercial Paper 953 1071 14 Lease Obligations 1876 2107 28 Other debt 675 758 10 Total Debt (FSE excl FMC) gross 13626 15307 203 Cash (excl FMC) 651 731 10 Total debt (FSE excl FMC) net 12975 14576 193 Total FMC debt net 12774 14350 190 Consolidation Adjustments (145) (163) (02)Total consolidated debt net 25604 28764 382 36x Market capitalization2 41470 46587 618 58x
Total capitalization 67074 75351 1000 94x FSE Group EBITDA3 7110
1 As of December 31 20192 Based on market capitalization for FSE and FMC as of December 31 20193 Pro Forma acquisitions before special items4 EURUSD exchange rate as of December 31 2019
Fresenius Group excl FMC Well-Balanced Debt Maturity Profile12
54
1 As of December 31 2019 and based on utilization of major financing instruments2 Excluding lease liabilities3 Pro Forma issuance of FSE EUR 750m bonds in Jan 2020 (average maturity 38)
Maturity 35 years3 on
average
eurom
EUR 750m Jan 2020
500717 700
267
1150
500700 750
500 500
153
903 927
106
304 393
430
421
238
207
84
500
953
0
500
1000
1500
2000
2500
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Bonds Syndicated Loan Schuldschein Loans Equity-neutral convertible bonds Commercial Paper
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
1500
1000
2000
2500
Fresenius Group Well-Balanced Debt Maturity Profile12
1 As of December 31 2019 and based on utilization of major financing instruments2 Excluding lease liabilities3 Pro Forma issuance of FSE EUR 750m bonds in Jan 2020 (average maturity 35)
EUR 750m Jan 2020
2380
13931859
650356 500 600
945
1712
1924
2020
697
2071
500 238
907 750
584
5000
1000
2000
3000
4000
5000
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Fresenius Medical Care Fresenius excl Fresenius Medical Care
5000
4000
3000
2000
1000
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Maturity 33 years3 on
average
eurom
55
23 23 23 19
32 36 33 41
45 41 44 40
Dec 31 16 Dec 31 17 Dec 31 18 Dec 31 19
Equity and non-controlling interest Debt Other liabilities
Fresenius Group Solid Balance Sheet Structure
Healthy Equity and Liability Split
bull Strong equity ratio of gt40 on average
bull Equity ratio kept in narrow range despite rapid growth of Fresenius Group
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 56
467 531 567 670
BS total (eurobn)
Including IFRS 16
Fresenius SE Solid Investment Grade Rating
57
ldquoFSE delivers solid organic growth thanks to positive underlying growth trends in the life-saving and life-sustaining products and therapies that the group offersrdquoSampP Jan 08 2019
ldquoFSErsquos rating remains anchored in investment-grade given its mature and defensive business risk profile its organic deleveraging ability based on free cash flow generation and its record of integrating acquisitions successfully and reducing financial leverage in line with communicated policiesrdquo Fitch April 17 2019
ldquoThe Baa3 long term issuer rating of FSE reflects its strong defensive business profile underpinned by large absolute scale global footprint and segmental diversification within the healthcare market supported by strong position in its four business segmentsrdquo Moodyrsquos May 20 2019
Rating History Rating Agenciesrsquo Key Statements
Following a positive outlook SampP upgraded Fresenius to BBB stable outlook in May 2019
SampP Moodylsquos Fitch
Corporate Credit Rating BBB Baa3 BBB-
Outlook stable stable stable
Current Credit Ratings
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Strong Access to Capital Markets
58
Major Financing Instruments
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Bonds euro250 m euro800 m$105 bn
euro750 m$15 bn
euro500 m euro12 bn$12 bn
$300m euro26 bn euro500 m euro10 bn$500 m
euro175 bn
euro750 m1
euro750 m2
SyndicatedLoans
$35 bn $898 m $385 bn $18 bneuro245 bn
$41 bneuro700 m
$115 bneuro205 bn
euro530 bn$355 bn
euro100 m
SchuldscheinLoans
euro400 m euro125 m euro500 m euro112 m $400 m euro10 bn euro700 m
Convertible Bonds
euro900 m euro500 m
Equity euro10 bn euro400 m
1 January 2020 euro750million 2020-2028 bonds issued by Fresenius SE amp Co KGaA2 March 2020 euro750million 2020-2027 bonds issued by Fresenius SE amp Co KGaA
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Debt and Cash Flow Structure
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 59
1 Incl consolidation adjustments2 Incl Fresenius financing subsidiaries3 Controlling stake4 Incl subsidiaries 5 Based on market capitalization for FMC as of December 31 20196 Via German holding entities (Fresenius Kabi AG and Fresenius ProServe GmbH)
Fresenius Medical Care
Financing
Fresenius SE Financing
Group Net Debt ~euro256 bn1
DividendsRents Service Agreements
~323 100 77 (cross boarder)100
Profit transfer Agreements6
bull Separate financing of Fresenius SE and Fresenius Medical Care
bull No joint financing facilities or mutual guarantees
bull Fresenius Kabi Fresenius Helios and Fresenius Vamed financed primarily through Fresenius SE to avoid structural subordination
bull Subsidiary debt consists mainly of lease liabilities which are on balance acc to IFRS 16 from 2019 onwards
FSE Net Debt2~euro128 bn
incl Net Debt of KabiHeliosVamed
StockMarketValue~euro62 bn5
FSE Net Debt2~euro114 bn
excl Net Debt of KabiHeliosVamed
euro12774 m Net Debt4
Thereof lease liabilities euro4705m
euro951 m Net Debt4
Thereof lease liabilities euro1042m
euro84 m Net Debt4
Thereof lease liabilities euro392m
euro371 m Net Debt4
Thereof lease liabilities euro369m
Fresenius Group Key Credit Figures
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 60
1 Adjusted for IFRS 162 Before special items pro forma acquisitionsdivestitures3 Before special items
20191 2019 2018 2017
Debt (eurom) thereof US$ denominated
2123328
2725834
1898428
1904231
Net debt (eurom) 19579 25604 16275 17406
Net debtEBITDA2
Net debt at year-end exchange rate EBITDA at LTM average FX rates
314 360 273 279
Net debtEBITDA2
at LTM average FX rates for both net debt and EBITDA
314 361 271 284
Operating Cash flowSales 99 120 112 116
EBITDANet Interest3 121 99 106 96
Appendix
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 61
Fresenius Group FY19 Key Financials
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom FY191 IFRS 16effect
specialitems
FY19 reported
Δ YoY cc12
Sales 35524 -115 - 35409 6
EBIT 4599 89 -57 4631 -2
Net interest -510 -204 -5 -719 9
Income taxes -955 30 42 -883 -5
Net income3 1915 -36 4 1883 0
Balance sheet total 61237 5769 - 67006
Operating Cashflow 3514 749 - 4263
1 Before special items adjusted for IFRS 16 effect2 On a comparable basis 2018 adjusted for divestitures of Care Coordination activities at FMC3 Net income attributable to shareholders of Fresenius SE amp Co KGaA
For a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
62
Fresenius Group Cash Flow
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 63
eurom 20191 Margin 2019 Margin 2018 Margin Δ YoY1918
Operating Cash Flow 3514 99 4263 120 3742 112 14
Capex (net) -2433 -69 -2433 -68 -2077 -62 -17
Free Cash Flow(before acquisitions and dividends)
1081 30 1830 52 1665 50 10
Acquisitions (net) -2423 -2423 613 --
Dividends -952 -952 -904 5
Free Cash Flow(after acquisitions and dividends) -2294 -65 -1545 -44 1374 41 --
1 2019 adjusted for IFRS 16
Fresenius Group Calculation of Noncontrolling Interest
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom FY19 FY18
Earnings before tax and noncontrolling interest 4089 3998
Taxes -955 -883
Noncontrolling interest thereof -1219 -1243
Fresenius Medical Care net income not attributable to Fresenius (FY19 ~69)
-897 -928
Noncontrolling interest holders in Fresenius Medical Care -239 -244
Noncontrolling interest holders in Fresenius Kabi (-euro49 m) Fresenius Helios (-euro13 m) Fresenius Vamed (-euro2 m) and due to Fresenius Vamedrsquos 23 external ownership (-euro19 m)
-83 -71
Net income attributable to Fresenius SE amp Co KGaA 1915 1872
64
On a comparable basis Before special items adjusted for IFRS16 effect FY18 adjusted for divestitures of Care Coordination activities at FMC
For a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
002
023 025029
032037
042044
055
062
93 08 09 10 11 12 13 14 15 16 17 18 19
25 2421 20 21 21 22 21 22 23 24
Fresenius SE Earnings-Linked Dividend Policy
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
euro per share
bull Dividend growth aligned to EPS1
growth
bull Pay-out Ratio 20 to 25
Dividend distribution (eurom)
Pay-out Ratio
075
2019 Pay-out Ratio 24 Dividend Policy
122 140 155 196 225 238 300 416114 343 445
080
1 Before special items
468
084
24
Track record
bull 27th consecutive dividend increase
bull CAGR dividend increase +15
65
32x1
Fresenius Medical Care Low Leverage Reflected by Solid Investment Grade Rating
66General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
60 6176
6483
2015 2016 2017 2018 2019
Free Cash Flow in of revenue
SampP Moodylsquos Fitch
Corporate Credit Rating BBB Baa3 BBB-
Outlook stable stable stable
Current Credit Ratings
1 Including IFRS16 effect
29x30x
27x
22x
18x
31x
27x25x
22x
21x
27x25x
25x
31x
26x23x
21x
18x
25x
15
20
25
30
35
40
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
1
Fresenius Medical Care Broad Mix of Financing Instruments
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 67
Total BS Debt
~euro138 m
1 As of December 31 2019
bull Optimize funding costs and ensure financial flexibility
bull Diversify investor base
bull Strong liquidity provided by sufficient financial cushion (~euro18 billion as of December 31 2019)
Well Positioned to Meet Financing Needs
Average interest ratecost of debt25 pa
Equity-neutralconvertible bonds 3
Commercial paper 7
Syndicated loans 14
Other financial liabilities 7
Bonds 36
Lease obligations 33
Fresenius Medical Care Well-Balanced Debt Maturity Profile12
68
eurom
Maturity 30 years on
average
1 As of December 31 2019 and based on utilization of major financing instruments2 Excluding lease liabilities
445
878623 650
356500 600
945
535
135
1236400
1000
380
0
500
1000
1500
2000
2500
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
Bonds Syndicated Loan Equity-neutral convertible bonds Commercial Paper AR Facility
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
2500
2000
1500
1000
Fresenius SE Overview Bonds
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 69
Issuer Volume(in millions)
Coupon type
Coupon (in )
MaturityTerm
ISIN (RegS)
WKN
Fresenius SE amp Co KGaAeuro500 Fix 2875 20132020 XS0873432511 A1HEWZ
Fresenius SE amp Co KGaAeuro450 Fix 300 20142021 XS1013955379 A1ZB7H
Fresenius SE amp Co KGaAeuro450 Fix 400 20142024 XS1026109204 A1ZC60
Fresenius SE amp Co KGaAeuro 500 Fix 1875 20192025 XS1936208252 A2NBMS
Fresenius SE amp Co KGaAeuro 750 Fix 1625 20202027 XS2152329053 A254TA
Fresenius SE amp Co KGaAeuro 750 Fix 075 20202028 XS2101357072 A254QN
Fresenius SE amp Co KGaAeuro 500 Fix 2875 20192029 XS1936208419 A2NBMT
Fresenius Finance Ireland plceuro700 Fix 0875 20172022 XS1554373164 A19B3F
Fresenius Finance Ireland plceuro700 Fix 150 20172024 XS1554373248 A19B3G
Fresenius Finance Ireland plceuro700 Fix 2125 20172027 XS1554373677 A19B3H
Fresenius Finance Ireland plceuro500 Fix 300 20172032 XS1554373834 A19B3J
Fresenius US Finance II IncUS$300 Fix 425 20142021 USU31436AG04 A1ZDVJ
Fresenius US Finance II IncUS$300 Fix 450 20152023 USU31436AH86 A1Z64A
As of April 8 2020
Fresenius Medical Care Overview Bonds
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 70
Issuer Volume(in millions)
Coupon type
Coupon (in )
MaturityTerm
ISIN (RegS)
WKN
FMC Finance VII SA euro300 Fix 525 20112021 XS0576395478 A1GLY6
Fresenius Medical Care US Finance Inc US$650 Fix 575 20112021 USU31433AA03 A1GL0J
Fresenius Medical Care US Finance II Inc US$500 Fix 4125 20142020 US35802XAH61 A1ZRTL
Fresenius Medical Care US Finance II Inc US$700 Fix 5875 20122022 USU31434AC42 A1GZRF
Fresenius Medical Care US Finance II Inc US$400 Fix 475 20142024 US35802XAJ28 A1ZRTN
Fresenius Medical Care US Finance III Inc US$500 Fix 375 20192029 USU3149FAA76 A2R3YR
Fresenius Medical Care AG amp Co KGaA euro650 Fix 0250 20192023 XS2084510069 A255DU
Fresenius Medical Care AG amp Co KGaA euro500 Fix 150 20182025 XS1854532949 A2NBE6
Fresenius Medical Care AG amp Co KGaA euro600 Fix 0625 20192026 XS2084497705 A255DV
Fresenius Medical Care AG amp Co KGaA euro500 Fix 1250 20192029 XS2084488209 A255DW
As of December 31 2019
Financial Calendar Contact
Financial Calendar 06 May 2020 Results Q120
30 July 2020 Results Q220
29 October 2020 Results Q320Please note that these dates could be subject to change
Annual General Meeting Due to the coronavirus pandemic the AGM scheduled for 20 May 2020 has been postponed A new date within the current financial year will be set as soon as the conditions for reliable planning and safe execution of the AGM are once again in place
Contact
Investor Relations amp SustainabilityFresenius SE amp Co KGaAphone +49 6172 608-2485e-mail ir-frefreseniuscomFor further information and current news wwwfreseniuscom
Follow us on Twitter wwwtwittercomfresenius_irand LinkedIn wwwlinkedincomcompanyfresenius-investor-relations
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 71
1 On a comparable basis Q418 adjusted for divestitures of Care Coordination activities at FMC Q419 adjusted for IFRS 16 effect
All figures before special itemsFor a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
Fresenius Group Q419 Business Segment Growth
Organic sales growth1
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
EBIT growth (cc)1
+5
+4
+4
+4
0
-1
5
+7
+4 0
33
Fresenius Kabi Organic Sales Growth by Product Segment
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom Q419Δ YoY
organic FY19Δ YoY
organic
IV Drugs 737 -1 2939 -1
Infusion Therapy 213 2 834 3
Clinical Nutrition 482 8 1898 9
Medical DevicesTransfusion Technology
334 10 1248 11
Total sales 1766 4 6919 4
34
Fresenius Kabi Organic Sales Growth by Regions
eurom Q419Δ YoY
organic FY19Δ YoY
organic
North America 609 -1 2424 -2
Europe 604 2 2313 2
Emerging Markets 553 12 2182 14
Total sales 1766 4 6919 4
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 35
Fresenius Kabi Q4 amp FY19 EBIT Growth
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom Q419 Δ YoY cc FY19 Δ YoY cc
North AmericaMargin
204335
-8-260 bps
907374
-3-50 bps
EuropeMargin
87144
-10-200 bps
328142
-7-160 bps
Emerging MarketsMargin
124224
7-90 bps
476218
19130 bps
Corporate and Corporate RampD -132 11 -511 2
Total EBITMargin
283160
-1-90 bps
1200173
3-10 bps
On a comparable basis before special items and adjusted for IFRS 16 effects
Margin growth at actual ratesFor a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
36
Fresenius Kabi Expected Organic Sales Growth 2020
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Broadly stable
bull Ongoing volume headwinds anticipated
bull Pricing expected to trend more towards mid-single digit price declines in base product portfolio
North America
Mid-single-digit growth
bull Growth driven by first biosimilar in the market (IDACIO)
bull Continued strong growth of clinical nutrition business expected
Europe
High single-digit growth
bull China Healthy volume growth anticipated regulatory headwinds weigh on business
bull Latin America Continued healthy growth expected
Emerging Markets
37
Fresenius Helios Q4 amp FY19 Key Financials
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom Q419 Δ YoY FY19 Δ YoY
Total sales 2344 41 9234 51
Thereof Helios Germany 1475 31 5940 31
Thereof Helios Spain 867 71 3292 71
Total EBIT3
Margin292
1255
10 bps1015110
-4-32
-70 bps
Thereof Helios GermanyMargin
14397
420 bps
57697
-8-62
-80 bps
Thereof Helios SpainMargin
134155
6-50 bps
434132
5-50 bps
Thereof Corporate 15 -- 5 --
1 Organic growth2 Adjusted for the post-acute care business transferred to Fresenius Vamed as of July 1 20183 Adjusted for IFRS 16 effectFor a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
38
Fresenius Helios Key Measures
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
FY19 FY18 Δ
No of hospitals Germany- Acute care hospitals
8683
8683
00
No of hospitals Spain(Hospitals)
51 47 9
No of beds Germany- Acute care hospitals
28907 28380
2932928802
-1-1
No of beds Spain(Hospitals)
7288 7019 4
Admissions Germany (acute care) 1206654 1218199
Admissions Spain (including outpatients) 15396051 13318066
39
Fresenius Vamed
1 Without German post-acute care business acquired from Fresenius Helios as of July 1 2018
2 Adjusted for IFRS 16 effect 3 Project business only4 Versus December 31 2018
bull Both business segments contributed to the organic sales growth of 4 in Q419
bull Stable service business is gaining weight (FY19 63 of sales FY09 32)
bull Geographically well-diversified order backlog is excellent foundation for future growth
eurom Q419 Δ YoY FY19 Δ YoY
Total salesThereof organic sales
737 64
2206 31161
Service business 374 11 1399 43251
Project business 363 1 807 13
Total EBIT2 66 8 131 1961
Order intake3 576 -13 1314 7
Order backlog3 2865 184
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 40
Fresenius Group FY19 amp Cash Flow
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Operating CF1 Capex (net) Free Cash Flow12
eurom FY2019 Margin FY2019 Margin FY2019 Margin
1947 111 -1113 -64 834 47
968 140 -716 -104 252 36
683 74 -477 -52 206 224
-46 -21 -52 -23 -98 -44
CorporateOther -38 na -75 na -113 na
1677 93 -1320 -73 357 20
3514 99 -2433 -69 1081 30
1 Adjusted for IFRS 162 Before acquisitions and dividends3 Incl FMC dividend of euro110 million4 Understated 27 excluding euro45 million of capex commitments from acquisitions
Excl FMC3
41
Fresenius Group 2020 Financial Outlook by Business Segment
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom (except otherwise stated) FY19 Base1 FY20e2
Sales growth (cc) 17477mid to high single digit
-range
Net income growth3 (cc) 1205mid to high single digit
-range
Sales growth (organic) 6919 3 - 6
EBIT growth (cc) 1205 -4 to 0
Sales growth (organic) 9234 3 - 6
EBIT growth (cc) 1025 3 - 7
Sales growth (organic) 2206 4 - 7
EBIT growth (cc) 134 5 - 9
1 Before special items including IFRS 16 effects including NxStage operations2 Before special items3 Net income attributable to shareholders of Fresenius Medical Care AG amp Co KGaA
For a detailed overview of special items please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
42
eurom (except otherwise stated) FY19 Base1 FY202
Sales growth (cc) 35409 4 - 7
Net income3 growth (cc) 1879 1 - 5
Fresenius Group 2020 Financial Guidance
1 Before special items including IFRS 16 effects including NxStage operations 2 Before special items3 Net income attributable to shareholders of Fresenius SEampCoKGaA
For a detailed overview of special items please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 43
FY19 base for Fresenius Group Guidance FY20
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
euromFresenius
GroupFresenius
Medical CareFresenius
Kabi
Sales reported (reported = base for guidance) 35409 17477 6919
Transaction costs Akorn 3
Revaluations of biosimilars contingent purchase price liabilities -32
EBIT (before special items = base Fresenius Kabi guidance) 1205
Net income reported 1883 1200
Transaction costs Akorn 3
Revaluations of biosimilars contingent purchase price liabilities -19
Gain related to divestitures of Care Coordination activities at FMC -15 -49
Transaction costs NxStage 6 18
Expenses associated with cost optimization program at FMC 21 67
Net income (before special items = base Fresenius Group amp FMC guidance) 1879 1236
44
Fresenius Group Financial Results by Business Segment
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 45
20191 20182 2017 Growth3
20192018
Sales euro17592 m euro16026 m euro17784 m 62
EBIT euro2281 m euro2292 m euro2562 m -42
Sales euro6919 m euro6544 m euro6358 m 4
EBIT euro1200 m euro1139 m euro1177 m 3
Sales euro9234 m euro8993 m euro8668 m 3
EBIT euro1015 m euro1052 m euro1052 m -4
Sales euro2206 m euro1688 m euro1228 m 30
EBIT euro131 m euro110 m euro76 m 18
Sales euro35524 m euro33009 m euro33886 m 62
EBIT euro4599 m euro4547 m euro4830 m -22Group
Before special items
1 Adjusted for IFRS 162 On a comparable basis 2018 adjusted for divestitures of Care Coordination activities 3 Growth rates at constant currency and adjusted for IFRS 16
Fresenius Group Margins by Business Segment
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 46
Before special items 2018 adjusted for divestitures of Care Coordination activities 2019 adjusted for IFRS 16
2019 2018 2017
EBITDA margin 178 192 185
EBIT margin 130 143 144
EBITDA margin 217 219 233
EBIT margin 173 174 185
EBITDA margin 148 159 165
EBIT margin 110 117 121
EBITDA margin 78 79 71
EBIT margin 59 65 62
EBITDA margin 174 183 185
EBIT margin 129 138 143Group
Credit Highlights amp Financing Structure
47General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Credit Highlights
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 48
Consistent Cash Generation
Proven Track Record of Deleveraging
Broad Mix of Financing Instruments
Well-Balanced Maturity Profile
Solid Balance Sheet Structure
Solid IG Rating and Strong Access to Capital Markets
120
103
126
114109
120 122116
112120
8
9
10
11
12
13
14
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
48 48 52 5358 55 55 54
6570
2
3
4
5
6
7
8
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
74
56
76
62
52
67 67 66
50 52
4
5
6
7
8
9
10
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Fresenius Group Consistent Cash Generation
Capex gross in of sales
FCF margin (before acquisitions amp dividends)CFFO margin
49General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
2019 including IFRS 16
32x
30x
27x
22x 23x
35x
30x
26x
36x
30x
26x27x
26x
25x
32x
27x
23x
28x
27x
31x 4
20
25
30
35
40
2001 2002 2003 2004 2005 Q106 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
3
2
Hospitals from
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Proven Track Record of Deleveraging
Net DebtEBITDA1
1 At actual FX rates from 2001 to 2010 and at average FX rates from 2011 onwards for both Net Debt and EBITDA before special items pro forma closed acquisitionsdivestitures2 Pro forma excluding advances made for the acquisition of hospitals from Rhoumln-Klinikum AG3 Both net debt and EBITDA including IFRS 16 effect and calculated at expected annual average exchange rates excluding further potential acquisitions4 Including acquisition of NxStage adjusted for IFRS 16 effect
Target 20203 towards thetop end of self-imposed
target corridor of 30 ndash 35x
50
36x
40
35
20
25
30
Equity-neutralconvertible bonds 3
Fresenius Group excl FMC Broad Mix of Financing Instruments
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 51
Total BS Debt
~euro136 bn
1 As of December 31 2019
bull Optimize funding costs and ensure financial flexibility
bull Diversify investor base
bull Strong liquidity provided by sufficient financial cushion (~euro22 billion as of December 31 2019)
Well Positioned to Meet Financing NeedsBonds 40
Lease obligations 14
Syndicated loans 15
Schuldscheinloans 16
Other financial liabilities 5
Commercial paper 7
Average interest ratecost of debt18 pa
Commercial paper 7
Fresenius Group Broad Mix of Financing Instruments
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 52
Total BS Debt
~euro273 bn
1 As of December 31 2019
bull Optimize funding costs and ensure financial flexibility
bull Diversify investor base
bull Strong liquidity provided by sufficient financial cushion (~euro40 billion as of December 31 2019)
Well Positioned to Meet Financing Needs
Average interest ratecost of debt22 pa
Equity-neutralconvertible bonds 3
Syndicated loans 14
Other financial liabilities 6
Bonds 38
Lease liabilities 24
Schuldschein loans 8
Fresenius Group Capitalization1
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 53
Instrument per Book Value in euro million in $ million4 oftotal cap
EBITDA LTM x
Syndicated Credit Agreement Revolver (euro US-$) 0 0 00 Syndicated Credit Agreement Term Loan A (euro US-$) 1976 2220 29 Bonds (euro US-$) 5501 6180 82 Convertible Bonds 465 522 07 Schuldschein Loans 2180 2449 33 Commercial Paper 953 1071 14 Lease Obligations 1876 2107 28 Other debt 675 758 10 Total Debt (FSE excl FMC) gross 13626 15307 203 Cash (excl FMC) 651 731 10 Total debt (FSE excl FMC) net 12975 14576 193 Total FMC debt net 12774 14350 190 Consolidation Adjustments (145) (163) (02)Total consolidated debt net 25604 28764 382 36x Market capitalization2 41470 46587 618 58x
Total capitalization 67074 75351 1000 94x FSE Group EBITDA3 7110
1 As of December 31 20192 Based on market capitalization for FSE and FMC as of December 31 20193 Pro Forma acquisitions before special items4 EURUSD exchange rate as of December 31 2019
Fresenius Group excl FMC Well-Balanced Debt Maturity Profile12
54
1 As of December 31 2019 and based on utilization of major financing instruments2 Excluding lease liabilities3 Pro Forma issuance of FSE EUR 750m bonds in Jan 2020 (average maturity 38)
Maturity 35 years3 on
average
eurom
EUR 750m Jan 2020
500717 700
267
1150
500700 750
500 500
153
903 927
106
304 393
430
421
238
207
84
500
953
0
500
1000
1500
2000
2500
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Bonds Syndicated Loan Schuldschein Loans Equity-neutral convertible bonds Commercial Paper
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
1500
1000
2000
2500
Fresenius Group Well-Balanced Debt Maturity Profile12
1 As of December 31 2019 and based on utilization of major financing instruments2 Excluding lease liabilities3 Pro Forma issuance of FSE EUR 750m bonds in Jan 2020 (average maturity 35)
EUR 750m Jan 2020
2380
13931859
650356 500 600
945
1712
1924
2020
697
2071
500 238
907 750
584
5000
1000
2000
3000
4000
5000
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Fresenius Medical Care Fresenius excl Fresenius Medical Care
5000
4000
3000
2000
1000
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Maturity 33 years3 on
average
eurom
55
23 23 23 19
32 36 33 41
45 41 44 40
Dec 31 16 Dec 31 17 Dec 31 18 Dec 31 19
Equity and non-controlling interest Debt Other liabilities
Fresenius Group Solid Balance Sheet Structure
Healthy Equity and Liability Split
bull Strong equity ratio of gt40 on average
bull Equity ratio kept in narrow range despite rapid growth of Fresenius Group
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 56
467 531 567 670
BS total (eurobn)
Including IFRS 16
Fresenius SE Solid Investment Grade Rating
57
ldquoFSE delivers solid organic growth thanks to positive underlying growth trends in the life-saving and life-sustaining products and therapies that the group offersrdquoSampP Jan 08 2019
ldquoFSErsquos rating remains anchored in investment-grade given its mature and defensive business risk profile its organic deleveraging ability based on free cash flow generation and its record of integrating acquisitions successfully and reducing financial leverage in line with communicated policiesrdquo Fitch April 17 2019
ldquoThe Baa3 long term issuer rating of FSE reflects its strong defensive business profile underpinned by large absolute scale global footprint and segmental diversification within the healthcare market supported by strong position in its four business segmentsrdquo Moodyrsquos May 20 2019
Rating History Rating Agenciesrsquo Key Statements
Following a positive outlook SampP upgraded Fresenius to BBB stable outlook in May 2019
SampP Moodylsquos Fitch
Corporate Credit Rating BBB Baa3 BBB-
Outlook stable stable stable
Current Credit Ratings
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Strong Access to Capital Markets
58
Major Financing Instruments
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Bonds euro250 m euro800 m$105 bn
euro750 m$15 bn
euro500 m euro12 bn$12 bn
$300m euro26 bn euro500 m euro10 bn$500 m
euro175 bn
euro750 m1
euro750 m2
SyndicatedLoans
$35 bn $898 m $385 bn $18 bneuro245 bn
$41 bneuro700 m
$115 bneuro205 bn
euro530 bn$355 bn
euro100 m
SchuldscheinLoans
euro400 m euro125 m euro500 m euro112 m $400 m euro10 bn euro700 m
Convertible Bonds
euro900 m euro500 m
Equity euro10 bn euro400 m
1 January 2020 euro750million 2020-2028 bonds issued by Fresenius SE amp Co KGaA2 March 2020 euro750million 2020-2027 bonds issued by Fresenius SE amp Co KGaA
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Debt and Cash Flow Structure
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 59
1 Incl consolidation adjustments2 Incl Fresenius financing subsidiaries3 Controlling stake4 Incl subsidiaries 5 Based on market capitalization for FMC as of December 31 20196 Via German holding entities (Fresenius Kabi AG and Fresenius ProServe GmbH)
Fresenius Medical Care
Financing
Fresenius SE Financing
Group Net Debt ~euro256 bn1
DividendsRents Service Agreements
~323 100 77 (cross boarder)100
Profit transfer Agreements6
bull Separate financing of Fresenius SE and Fresenius Medical Care
bull No joint financing facilities or mutual guarantees
bull Fresenius Kabi Fresenius Helios and Fresenius Vamed financed primarily through Fresenius SE to avoid structural subordination
bull Subsidiary debt consists mainly of lease liabilities which are on balance acc to IFRS 16 from 2019 onwards
FSE Net Debt2~euro128 bn
incl Net Debt of KabiHeliosVamed
StockMarketValue~euro62 bn5
FSE Net Debt2~euro114 bn
excl Net Debt of KabiHeliosVamed
euro12774 m Net Debt4
Thereof lease liabilities euro4705m
euro951 m Net Debt4
Thereof lease liabilities euro1042m
euro84 m Net Debt4
Thereof lease liabilities euro392m
euro371 m Net Debt4
Thereof lease liabilities euro369m
Fresenius Group Key Credit Figures
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 60
1 Adjusted for IFRS 162 Before special items pro forma acquisitionsdivestitures3 Before special items
20191 2019 2018 2017
Debt (eurom) thereof US$ denominated
2123328
2725834
1898428
1904231
Net debt (eurom) 19579 25604 16275 17406
Net debtEBITDA2
Net debt at year-end exchange rate EBITDA at LTM average FX rates
314 360 273 279
Net debtEBITDA2
at LTM average FX rates for both net debt and EBITDA
314 361 271 284
Operating Cash flowSales 99 120 112 116
EBITDANet Interest3 121 99 106 96
Appendix
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 61
Fresenius Group FY19 Key Financials
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom FY191 IFRS 16effect
specialitems
FY19 reported
Δ YoY cc12
Sales 35524 -115 - 35409 6
EBIT 4599 89 -57 4631 -2
Net interest -510 -204 -5 -719 9
Income taxes -955 30 42 -883 -5
Net income3 1915 -36 4 1883 0
Balance sheet total 61237 5769 - 67006
Operating Cashflow 3514 749 - 4263
1 Before special items adjusted for IFRS 16 effect2 On a comparable basis 2018 adjusted for divestitures of Care Coordination activities at FMC3 Net income attributable to shareholders of Fresenius SE amp Co KGaA
For a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
62
Fresenius Group Cash Flow
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 63
eurom 20191 Margin 2019 Margin 2018 Margin Δ YoY1918
Operating Cash Flow 3514 99 4263 120 3742 112 14
Capex (net) -2433 -69 -2433 -68 -2077 -62 -17
Free Cash Flow(before acquisitions and dividends)
1081 30 1830 52 1665 50 10
Acquisitions (net) -2423 -2423 613 --
Dividends -952 -952 -904 5
Free Cash Flow(after acquisitions and dividends) -2294 -65 -1545 -44 1374 41 --
1 2019 adjusted for IFRS 16
Fresenius Group Calculation of Noncontrolling Interest
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom FY19 FY18
Earnings before tax and noncontrolling interest 4089 3998
Taxes -955 -883
Noncontrolling interest thereof -1219 -1243
Fresenius Medical Care net income not attributable to Fresenius (FY19 ~69)
-897 -928
Noncontrolling interest holders in Fresenius Medical Care -239 -244
Noncontrolling interest holders in Fresenius Kabi (-euro49 m) Fresenius Helios (-euro13 m) Fresenius Vamed (-euro2 m) and due to Fresenius Vamedrsquos 23 external ownership (-euro19 m)
-83 -71
Net income attributable to Fresenius SE amp Co KGaA 1915 1872
64
On a comparable basis Before special items adjusted for IFRS16 effect FY18 adjusted for divestitures of Care Coordination activities at FMC
For a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
002
023 025029
032037
042044
055
062
93 08 09 10 11 12 13 14 15 16 17 18 19
25 2421 20 21 21 22 21 22 23 24
Fresenius SE Earnings-Linked Dividend Policy
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
euro per share
bull Dividend growth aligned to EPS1
growth
bull Pay-out Ratio 20 to 25
Dividend distribution (eurom)
Pay-out Ratio
075
2019 Pay-out Ratio 24 Dividend Policy
122 140 155 196 225 238 300 416114 343 445
080
1 Before special items
468
084
24
Track record
bull 27th consecutive dividend increase
bull CAGR dividend increase +15
65
32x1
Fresenius Medical Care Low Leverage Reflected by Solid Investment Grade Rating
66General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
60 6176
6483
2015 2016 2017 2018 2019
Free Cash Flow in of revenue
SampP Moodylsquos Fitch
Corporate Credit Rating BBB Baa3 BBB-
Outlook stable stable stable
Current Credit Ratings
1 Including IFRS16 effect
29x30x
27x
22x
18x
31x
27x25x
22x
21x
27x25x
25x
31x
26x23x
21x
18x
25x
15
20
25
30
35
40
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
1
Fresenius Medical Care Broad Mix of Financing Instruments
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 67
Total BS Debt
~euro138 m
1 As of December 31 2019
bull Optimize funding costs and ensure financial flexibility
bull Diversify investor base
bull Strong liquidity provided by sufficient financial cushion (~euro18 billion as of December 31 2019)
Well Positioned to Meet Financing Needs
Average interest ratecost of debt25 pa
Equity-neutralconvertible bonds 3
Commercial paper 7
Syndicated loans 14
Other financial liabilities 7
Bonds 36
Lease obligations 33
Fresenius Medical Care Well-Balanced Debt Maturity Profile12
68
eurom
Maturity 30 years on
average
1 As of December 31 2019 and based on utilization of major financing instruments2 Excluding lease liabilities
445
878623 650
356500 600
945
535
135
1236400
1000
380
0
500
1000
1500
2000
2500
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
Bonds Syndicated Loan Equity-neutral convertible bonds Commercial Paper AR Facility
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
2500
2000
1500
1000
Fresenius SE Overview Bonds
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 69
Issuer Volume(in millions)
Coupon type
Coupon (in )
MaturityTerm
ISIN (RegS)
WKN
Fresenius SE amp Co KGaAeuro500 Fix 2875 20132020 XS0873432511 A1HEWZ
Fresenius SE amp Co KGaAeuro450 Fix 300 20142021 XS1013955379 A1ZB7H
Fresenius SE amp Co KGaAeuro450 Fix 400 20142024 XS1026109204 A1ZC60
Fresenius SE amp Co KGaAeuro 500 Fix 1875 20192025 XS1936208252 A2NBMS
Fresenius SE amp Co KGaAeuro 750 Fix 1625 20202027 XS2152329053 A254TA
Fresenius SE amp Co KGaAeuro 750 Fix 075 20202028 XS2101357072 A254QN
Fresenius SE amp Co KGaAeuro 500 Fix 2875 20192029 XS1936208419 A2NBMT
Fresenius Finance Ireland plceuro700 Fix 0875 20172022 XS1554373164 A19B3F
Fresenius Finance Ireland plceuro700 Fix 150 20172024 XS1554373248 A19B3G
Fresenius Finance Ireland plceuro700 Fix 2125 20172027 XS1554373677 A19B3H
Fresenius Finance Ireland plceuro500 Fix 300 20172032 XS1554373834 A19B3J
Fresenius US Finance II IncUS$300 Fix 425 20142021 USU31436AG04 A1ZDVJ
Fresenius US Finance II IncUS$300 Fix 450 20152023 USU31436AH86 A1Z64A
As of April 8 2020
Fresenius Medical Care Overview Bonds
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 70
Issuer Volume(in millions)
Coupon type
Coupon (in )
MaturityTerm
ISIN (RegS)
WKN
FMC Finance VII SA euro300 Fix 525 20112021 XS0576395478 A1GLY6
Fresenius Medical Care US Finance Inc US$650 Fix 575 20112021 USU31433AA03 A1GL0J
Fresenius Medical Care US Finance II Inc US$500 Fix 4125 20142020 US35802XAH61 A1ZRTL
Fresenius Medical Care US Finance II Inc US$700 Fix 5875 20122022 USU31434AC42 A1GZRF
Fresenius Medical Care US Finance II Inc US$400 Fix 475 20142024 US35802XAJ28 A1ZRTN
Fresenius Medical Care US Finance III Inc US$500 Fix 375 20192029 USU3149FAA76 A2R3YR
Fresenius Medical Care AG amp Co KGaA euro650 Fix 0250 20192023 XS2084510069 A255DU
Fresenius Medical Care AG amp Co KGaA euro500 Fix 150 20182025 XS1854532949 A2NBE6
Fresenius Medical Care AG amp Co KGaA euro600 Fix 0625 20192026 XS2084497705 A255DV
Fresenius Medical Care AG amp Co KGaA euro500 Fix 1250 20192029 XS2084488209 A255DW
As of December 31 2019
Financial Calendar Contact
Financial Calendar 06 May 2020 Results Q120
30 July 2020 Results Q220
29 October 2020 Results Q320Please note that these dates could be subject to change
Annual General Meeting Due to the coronavirus pandemic the AGM scheduled for 20 May 2020 has been postponed A new date within the current financial year will be set as soon as the conditions for reliable planning and safe execution of the AGM are once again in place
Contact
Investor Relations amp SustainabilityFresenius SE amp Co KGaAphone +49 6172 608-2485e-mail ir-frefreseniuscomFor further information and current news wwwfreseniuscom
Follow us on Twitter wwwtwittercomfresenius_irand LinkedIn wwwlinkedincomcompanyfresenius-investor-relations
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 71
Fresenius Kabi Organic Sales Growth by Product Segment
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom Q419Δ YoY
organic FY19Δ YoY
organic
IV Drugs 737 -1 2939 -1
Infusion Therapy 213 2 834 3
Clinical Nutrition 482 8 1898 9
Medical DevicesTransfusion Technology
334 10 1248 11
Total sales 1766 4 6919 4
34
Fresenius Kabi Organic Sales Growth by Regions
eurom Q419Δ YoY
organic FY19Δ YoY
organic
North America 609 -1 2424 -2
Europe 604 2 2313 2
Emerging Markets 553 12 2182 14
Total sales 1766 4 6919 4
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 35
Fresenius Kabi Q4 amp FY19 EBIT Growth
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom Q419 Δ YoY cc FY19 Δ YoY cc
North AmericaMargin
204335
-8-260 bps
907374
-3-50 bps
EuropeMargin
87144
-10-200 bps
328142
-7-160 bps
Emerging MarketsMargin
124224
7-90 bps
476218
19130 bps
Corporate and Corporate RampD -132 11 -511 2
Total EBITMargin
283160
-1-90 bps
1200173
3-10 bps
On a comparable basis before special items and adjusted for IFRS 16 effects
Margin growth at actual ratesFor a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
36
Fresenius Kabi Expected Organic Sales Growth 2020
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Broadly stable
bull Ongoing volume headwinds anticipated
bull Pricing expected to trend more towards mid-single digit price declines in base product portfolio
North America
Mid-single-digit growth
bull Growth driven by first biosimilar in the market (IDACIO)
bull Continued strong growth of clinical nutrition business expected
Europe
High single-digit growth
bull China Healthy volume growth anticipated regulatory headwinds weigh on business
bull Latin America Continued healthy growth expected
Emerging Markets
37
Fresenius Helios Q4 amp FY19 Key Financials
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom Q419 Δ YoY FY19 Δ YoY
Total sales 2344 41 9234 51
Thereof Helios Germany 1475 31 5940 31
Thereof Helios Spain 867 71 3292 71
Total EBIT3
Margin292
1255
10 bps1015110
-4-32
-70 bps
Thereof Helios GermanyMargin
14397
420 bps
57697
-8-62
-80 bps
Thereof Helios SpainMargin
134155
6-50 bps
434132
5-50 bps
Thereof Corporate 15 -- 5 --
1 Organic growth2 Adjusted for the post-acute care business transferred to Fresenius Vamed as of July 1 20183 Adjusted for IFRS 16 effectFor a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
38
Fresenius Helios Key Measures
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
FY19 FY18 Δ
No of hospitals Germany- Acute care hospitals
8683
8683
00
No of hospitals Spain(Hospitals)
51 47 9
No of beds Germany- Acute care hospitals
28907 28380
2932928802
-1-1
No of beds Spain(Hospitals)
7288 7019 4
Admissions Germany (acute care) 1206654 1218199
Admissions Spain (including outpatients) 15396051 13318066
39
Fresenius Vamed
1 Without German post-acute care business acquired from Fresenius Helios as of July 1 2018
2 Adjusted for IFRS 16 effect 3 Project business only4 Versus December 31 2018
bull Both business segments contributed to the organic sales growth of 4 in Q419
bull Stable service business is gaining weight (FY19 63 of sales FY09 32)
bull Geographically well-diversified order backlog is excellent foundation for future growth
eurom Q419 Δ YoY FY19 Δ YoY
Total salesThereof organic sales
737 64
2206 31161
Service business 374 11 1399 43251
Project business 363 1 807 13
Total EBIT2 66 8 131 1961
Order intake3 576 -13 1314 7
Order backlog3 2865 184
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 40
Fresenius Group FY19 amp Cash Flow
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Operating CF1 Capex (net) Free Cash Flow12
eurom FY2019 Margin FY2019 Margin FY2019 Margin
1947 111 -1113 -64 834 47
968 140 -716 -104 252 36
683 74 -477 -52 206 224
-46 -21 -52 -23 -98 -44
CorporateOther -38 na -75 na -113 na
1677 93 -1320 -73 357 20
3514 99 -2433 -69 1081 30
1 Adjusted for IFRS 162 Before acquisitions and dividends3 Incl FMC dividend of euro110 million4 Understated 27 excluding euro45 million of capex commitments from acquisitions
Excl FMC3
41
Fresenius Group 2020 Financial Outlook by Business Segment
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom (except otherwise stated) FY19 Base1 FY20e2
Sales growth (cc) 17477mid to high single digit
-range
Net income growth3 (cc) 1205mid to high single digit
-range
Sales growth (organic) 6919 3 - 6
EBIT growth (cc) 1205 -4 to 0
Sales growth (organic) 9234 3 - 6
EBIT growth (cc) 1025 3 - 7
Sales growth (organic) 2206 4 - 7
EBIT growth (cc) 134 5 - 9
1 Before special items including IFRS 16 effects including NxStage operations2 Before special items3 Net income attributable to shareholders of Fresenius Medical Care AG amp Co KGaA
For a detailed overview of special items please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
42
eurom (except otherwise stated) FY19 Base1 FY202
Sales growth (cc) 35409 4 - 7
Net income3 growth (cc) 1879 1 - 5
Fresenius Group 2020 Financial Guidance
1 Before special items including IFRS 16 effects including NxStage operations 2 Before special items3 Net income attributable to shareholders of Fresenius SEampCoKGaA
For a detailed overview of special items please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 43
FY19 base for Fresenius Group Guidance FY20
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
euromFresenius
GroupFresenius
Medical CareFresenius
Kabi
Sales reported (reported = base for guidance) 35409 17477 6919
Transaction costs Akorn 3
Revaluations of biosimilars contingent purchase price liabilities -32
EBIT (before special items = base Fresenius Kabi guidance) 1205
Net income reported 1883 1200
Transaction costs Akorn 3
Revaluations of biosimilars contingent purchase price liabilities -19
Gain related to divestitures of Care Coordination activities at FMC -15 -49
Transaction costs NxStage 6 18
Expenses associated with cost optimization program at FMC 21 67
Net income (before special items = base Fresenius Group amp FMC guidance) 1879 1236
44
Fresenius Group Financial Results by Business Segment
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 45
20191 20182 2017 Growth3
20192018
Sales euro17592 m euro16026 m euro17784 m 62
EBIT euro2281 m euro2292 m euro2562 m -42
Sales euro6919 m euro6544 m euro6358 m 4
EBIT euro1200 m euro1139 m euro1177 m 3
Sales euro9234 m euro8993 m euro8668 m 3
EBIT euro1015 m euro1052 m euro1052 m -4
Sales euro2206 m euro1688 m euro1228 m 30
EBIT euro131 m euro110 m euro76 m 18
Sales euro35524 m euro33009 m euro33886 m 62
EBIT euro4599 m euro4547 m euro4830 m -22Group
Before special items
1 Adjusted for IFRS 162 On a comparable basis 2018 adjusted for divestitures of Care Coordination activities 3 Growth rates at constant currency and adjusted for IFRS 16
Fresenius Group Margins by Business Segment
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 46
Before special items 2018 adjusted for divestitures of Care Coordination activities 2019 adjusted for IFRS 16
2019 2018 2017
EBITDA margin 178 192 185
EBIT margin 130 143 144
EBITDA margin 217 219 233
EBIT margin 173 174 185
EBITDA margin 148 159 165
EBIT margin 110 117 121
EBITDA margin 78 79 71
EBIT margin 59 65 62
EBITDA margin 174 183 185
EBIT margin 129 138 143Group
Credit Highlights amp Financing Structure
47General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Credit Highlights
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 48
Consistent Cash Generation
Proven Track Record of Deleveraging
Broad Mix of Financing Instruments
Well-Balanced Maturity Profile
Solid Balance Sheet Structure
Solid IG Rating and Strong Access to Capital Markets
120
103
126
114109
120 122116
112120
8
9
10
11
12
13
14
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
48 48 52 5358 55 55 54
6570
2
3
4
5
6
7
8
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
74
56
76
62
52
67 67 66
50 52
4
5
6
7
8
9
10
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Fresenius Group Consistent Cash Generation
Capex gross in of sales
FCF margin (before acquisitions amp dividends)CFFO margin
49General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
2019 including IFRS 16
32x
30x
27x
22x 23x
35x
30x
26x
36x
30x
26x27x
26x
25x
32x
27x
23x
28x
27x
31x 4
20
25
30
35
40
2001 2002 2003 2004 2005 Q106 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
3
2
Hospitals from
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Proven Track Record of Deleveraging
Net DebtEBITDA1
1 At actual FX rates from 2001 to 2010 and at average FX rates from 2011 onwards for both Net Debt and EBITDA before special items pro forma closed acquisitionsdivestitures2 Pro forma excluding advances made for the acquisition of hospitals from Rhoumln-Klinikum AG3 Both net debt and EBITDA including IFRS 16 effect and calculated at expected annual average exchange rates excluding further potential acquisitions4 Including acquisition of NxStage adjusted for IFRS 16 effect
Target 20203 towards thetop end of self-imposed
target corridor of 30 ndash 35x
50
36x
40
35
20
25
30
Equity-neutralconvertible bonds 3
Fresenius Group excl FMC Broad Mix of Financing Instruments
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 51
Total BS Debt
~euro136 bn
1 As of December 31 2019
bull Optimize funding costs and ensure financial flexibility
bull Diversify investor base
bull Strong liquidity provided by sufficient financial cushion (~euro22 billion as of December 31 2019)
Well Positioned to Meet Financing NeedsBonds 40
Lease obligations 14
Syndicated loans 15
Schuldscheinloans 16
Other financial liabilities 5
Commercial paper 7
Average interest ratecost of debt18 pa
Commercial paper 7
Fresenius Group Broad Mix of Financing Instruments
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 52
Total BS Debt
~euro273 bn
1 As of December 31 2019
bull Optimize funding costs and ensure financial flexibility
bull Diversify investor base
bull Strong liquidity provided by sufficient financial cushion (~euro40 billion as of December 31 2019)
Well Positioned to Meet Financing Needs
Average interest ratecost of debt22 pa
Equity-neutralconvertible bonds 3
Syndicated loans 14
Other financial liabilities 6
Bonds 38
Lease liabilities 24
Schuldschein loans 8
Fresenius Group Capitalization1
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 53
Instrument per Book Value in euro million in $ million4 oftotal cap
EBITDA LTM x
Syndicated Credit Agreement Revolver (euro US-$) 0 0 00 Syndicated Credit Agreement Term Loan A (euro US-$) 1976 2220 29 Bonds (euro US-$) 5501 6180 82 Convertible Bonds 465 522 07 Schuldschein Loans 2180 2449 33 Commercial Paper 953 1071 14 Lease Obligations 1876 2107 28 Other debt 675 758 10 Total Debt (FSE excl FMC) gross 13626 15307 203 Cash (excl FMC) 651 731 10 Total debt (FSE excl FMC) net 12975 14576 193 Total FMC debt net 12774 14350 190 Consolidation Adjustments (145) (163) (02)Total consolidated debt net 25604 28764 382 36x Market capitalization2 41470 46587 618 58x
Total capitalization 67074 75351 1000 94x FSE Group EBITDA3 7110
1 As of December 31 20192 Based on market capitalization for FSE and FMC as of December 31 20193 Pro Forma acquisitions before special items4 EURUSD exchange rate as of December 31 2019
Fresenius Group excl FMC Well-Balanced Debt Maturity Profile12
54
1 As of December 31 2019 and based on utilization of major financing instruments2 Excluding lease liabilities3 Pro Forma issuance of FSE EUR 750m bonds in Jan 2020 (average maturity 38)
Maturity 35 years3 on
average
eurom
EUR 750m Jan 2020
500717 700
267
1150
500700 750
500 500
153
903 927
106
304 393
430
421
238
207
84
500
953
0
500
1000
1500
2000
2500
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Bonds Syndicated Loan Schuldschein Loans Equity-neutral convertible bonds Commercial Paper
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
1500
1000
2000
2500
Fresenius Group Well-Balanced Debt Maturity Profile12
1 As of December 31 2019 and based on utilization of major financing instruments2 Excluding lease liabilities3 Pro Forma issuance of FSE EUR 750m bonds in Jan 2020 (average maturity 35)
EUR 750m Jan 2020
2380
13931859
650356 500 600
945
1712
1924
2020
697
2071
500 238
907 750
584
5000
1000
2000
3000
4000
5000
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Fresenius Medical Care Fresenius excl Fresenius Medical Care
5000
4000
3000
2000
1000
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Maturity 33 years3 on
average
eurom
55
23 23 23 19
32 36 33 41
45 41 44 40
Dec 31 16 Dec 31 17 Dec 31 18 Dec 31 19
Equity and non-controlling interest Debt Other liabilities
Fresenius Group Solid Balance Sheet Structure
Healthy Equity and Liability Split
bull Strong equity ratio of gt40 on average
bull Equity ratio kept in narrow range despite rapid growth of Fresenius Group
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 56
467 531 567 670
BS total (eurobn)
Including IFRS 16
Fresenius SE Solid Investment Grade Rating
57
ldquoFSE delivers solid organic growth thanks to positive underlying growth trends in the life-saving and life-sustaining products and therapies that the group offersrdquoSampP Jan 08 2019
ldquoFSErsquos rating remains anchored in investment-grade given its mature and defensive business risk profile its organic deleveraging ability based on free cash flow generation and its record of integrating acquisitions successfully and reducing financial leverage in line with communicated policiesrdquo Fitch April 17 2019
ldquoThe Baa3 long term issuer rating of FSE reflects its strong defensive business profile underpinned by large absolute scale global footprint and segmental diversification within the healthcare market supported by strong position in its four business segmentsrdquo Moodyrsquos May 20 2019
Rating History Rating Agenciesrsquo Key Statements
Following a positive outlook SampP upgraded Fresenius to BBB stable outlook in May 2019
SampP Moodylsquos Fitch
Corporate Credit Rating BBB Baa3 BBB-
Outlook stable stable stable
Current Credit Ratings
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Strong Access to Capital Markets
58
Major Financing Instruments
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Bonds euro250 m euro800 m$105 bn
euro750 m$15 bn
euro500 m euro12 bn$12 bn
$300m euro26 bn euro500 m euro10 bn$500 m
euro175 bn
euro750 m1
euro750 m2
SyndicatedLoans
$35 bn $898 m $385 bn $18 bneuro245 bn
$41 bneuro700 m
$115 bneuro205 bn
euro530 bn$355 bn
euro100 m
SchuldscheinLoans
euro400 m euro125 m euro500 m euro112 m $400 m euro10 bn euro700 m
Convertible Bonds
euro900 m euro500 m
Equity euro10 bn euro400 m
1 January 2020 euro750million 2020-2028 bonds issued by Fresenius SE amp Co KGaA2 March 2020 euro750million 2020-2027 bonds issued by Fresenius SE amp Co KGaA
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Debt and Cash Flow Structure
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 59
1 Incl consolidation adjustments2 Incl Fresenius financing subsidiaries3 Controlling stake4 Incl subsidiaries 5 Based on market capitalization for FMC as of December 31 20196 Via German holding entities (Fresenius Kabi AG and Fresenius ProServe GmbH)
Fresenius Medical Care
Financing
Fresenius SE Financing
Group Net Debt ~euro256 bn1
DividendsRents Service Agreements
~323 100 77 (cross boarder)100
Profit transfer Agreements6
bull Separate financing of Fresenius SE and Fresenius Medical Care
bull No joint financing facilities or mutual guarantees
bull Fresenius Kabi Fresenius Helios and Fresenius Vamed financed primarily through Fresenius SE to avoid structural subordination
bull Subsidiary debt consists mainly of lease liabilities which are on balance acc to IFRS 16 from 2019 onwards
FSE Net Debt2~euro128 bn
incl Net Debt of KabiHeliosVamed
StockMarketValue~euro62 bn5
FSE Net Debt2~euro114 bn
excl Net Debt of KabiHeliosVamed
euro12774 m Net Debt4
Thereof lease liabilities euro4705m
euro951 m Net Debt4
Thereof lease liabilities euro1042m
euro84 m Net Debt4
Thereof lease liabilities euro392m
euro371 m Net Debt4
Thereof lease liabilities euro369m
Fresenius Group Key Credit Figures
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 60
1 Adjusted for IFRS 162 Before special items pro forma acquisitionsdivestitures3 Before special items
20191 2019 2018 2017
Debt (eurom) thereof US$ denominated
2123328
2725834
1898428
1904231
Net debt (eurom) 19579 25604 16275 17406
Net debtEBITDA2
Net debt at year-end exchange rate EBITDA at LTM average FX rates
314 360 273 279
Net debtEBITDA2
at LTM average FX rates for both net debt and EBITDA
314 361 271 284
Operating Cash flowSales 99 120 112 116
EBITDANet Interest3 121 99 106 96
Appendix
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 61
Fresenius Group FY19 Key Financials
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom FY191 IFRS 16effect
specialitems
FY19 reported
Δ YoY cc12
Sales 35524 -115 - 35409 6
EBIT 4599 89 -57 4631 -2
Net interest -510 -204 -5 -719 9
Income taxes -955 30 42 -883 -5
Net income3 1915 -36 4 1883 0
Balance sheet total 61237 5769 - 67006
Operating Cashflow 3514 749 - 4263
1 Before special items adjusted for IFRS 16 effect2 On a comparable basis 2018 adjusted for divestitures of Care Coordination activities at FMC3 Net income attributable to shareholders of Fresenius SE amp Co KGaA
For a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
62
Fresenius Group Cash Flow
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 63
eurom 20191 Margin 2019 Margin 2018 Margin Δ YoY1918
Operating Cash Flow 3514 99 4263 120 3742 112 14
Capex (net) -2433 -69 -2433 -68 -2077 -62 -17
Free Cash Flow(before acquisitions and dividends)
1081 30 1830 52 1665 50 10
Acquisitions (net) -2423 -2423 613 --
Dividends -952 -952 -904 5
Free Cash Flow(after acquisitions and dividends) -2294 -65 -1545 -44 1374 41 --
1 2019 adjusted for IFRS 16
Fresenius Group Calculation of Noncontrolling Interest
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom FY19 FY18
Earnings before tax and noncontrolling interest 4089 3998
Taxes -955 -883
Noncontrolling interest thereof -1219 -1243
Fresenius Medical Care net income not attributable to Fresenius (FY19 ~69)
-897 -928
Noncontrolling interest holders in Fresenius Medical Care -239 -244
Noncontrolling interest holders in Fresenius Kabi (-euro49 m) Fresenius Helios (-euro13 m) Fresenius Vamed (-euro2 m) and due to Fresenius Vamedrsquos 23 external ownership (-euro19 m)
-83 -71
Net income attributable to Fresenius SE amp Co KGaA 1915 1872
64
On a comparable basis Before special items adjusted for IFRS16 effect FY18 adjusted for divestitures of Care Coordination activities at FMC
For a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
002
023 025029
032037
042044
055
062
93 08 09 10 11 12 13 14 15 16 17 18 19
25 2421 20 21 21 22 21 22 23 24
Fresenius SE Earnings-Linked Dividend Policy
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
euro per share
bull Dividend growth aligned to EPS1
growth
bull Pay-out Ratio 20 to 25
Dividend distribution (eurom)
Pay-out Ratio
075
2019 Pay-out Ratio 24 Dividend Policy
122 140 155 196 225 238 300 416114 343 445
080
1 Before special items
468
084
24
Track record
bull 27th consecutive dividend increase
bull CAGR dividend increase +15
65
32x1
Fresenius Medical Care Low Leverage Reflected by Solid Investment Grade Rating
66General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
60 6176
6483
2015 2016 2017 2018 2019
Free Cash Flow in of revenue
SampP Moodylsquos Fitch
Corporate Credit Rating BBB Baa3 BBB-
Outlook stable stable stable
Current Credit Ratings
1 Including IFRS16 effect
29x30x
27x
22x
18x
31x
27x25x
22x
21x
27x25x
25x
31x
26x23x
21x
18x
25x
15
20
25
30
35
40
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
1
Fresenius Medical Care Broad Mix of Financing Instruments
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 67
Total BS Debt
~euro138 m
1 As of December 31 2019
bull Optimize funding costs and ensure financial flexibility
bull Diversify investor base
bull Strong liquidity provided by sufficient financial cushion (~euro18 billion as of December 31 2019)
Well Positioned to Meet Financing Needs
Average interest ratecost of debt25 pa
Equity-neutralconvertible bonds 3
Commercial paper 7
Syndicated loans 14
Other financial liabilities 7
Bonds 36
Lease obligations 33
Fresenius Medical Care Well-Balanced Debt Maturity Profile12
68
eurom
Maturity 30 years on
average
1 As of December 31 2019 and based on utilization of major financing instruments2 Excluding lease liabilities
445
878623 650
356500 600
945
535
135
1236400
1000
380
0
500
1000
1500
2000
2500
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
Bonds Syndicated Loan Equity-neutral convertible bonds Commercial Paper AR Facility
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
2500
2000
1500
1000
Fresenius SE Overview Bonds
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 69
Issuer Volume(in millions)
Coupon type
Coupon (in )
MaturityTerm
ISIN (RegS)
WKN
Fresenius SE amp Co KGaAeuro500 Fix 2875 20132020 XS0873432511 A1HEWZ
Fresenius SE amp Co KGaAeuro450 Fix 300 20142021 XS1013955379 A1ZB7H
Fresenius SE amp Co KGaAeuro450 Fix 400 20142024 XS1026109204 A1ZC60
Fresenius SE amp Co KGaAeuro 500 Fix 1875 20192025 XS1936208252 A2NBMS
Fresenius SE amp Co KGaAeuro 750 Fix 1625 20202027 XS2152329053 A254TA
Fresenius SE amp Co KGaAeuro 750 Fix 075 20202028 XS2101357072 A254QN
Fresenius SE amp Co KGaAeuro 500 Fix 2875 20192029 XS1936208419 A2NBMT
Fresenius Finance Ireland plceuro700 Fix 0875 20172022 XS1554373164 A19B3F
Fresenius Finance Ireland plceuro700 Fix 150 20172024 XS1554373248 A19B3G
Fresenius Finance Ireland plceuro700 Fix 2125 20172027 XS1554373677 A19B3H
Fresenius Finance Ireland plceuro500 Fix 300 20172032 XS1554373834 A19B3J
Fresenius US Finance II IncUS$300 Fix 425 20142021 USU31436AG04 A1ZDVJ
Fresenius US Finance II IncUS$300 Fix 450 20152023 USU31436AH86 A1Z64A
As of April 8 2020
Fresenius Medical Care Overview Bonds
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 70
Issuer Volume(in millions)
Coupon type
Coupon (in )
MaturityTerm
ISIN (RegS)
WKN
FMC Finance VII SA euro300 Fix 525 20112021 XS0576395478 A1GLY6
Fresenius Medical Care US Finance Inc US$650 Fix 575 20112021 USU31433AA03 A1GL0J
Fresenius Medical Care US Finance II Inc US$500 Fix 4125 20142020 US35802XAH61 A1ZRTL
Fresenius Medical Care US Finance II Inc US$700 Fix 5875 20122022 USU31434AC42 A1GZRF
Fresenius Medical Care US Finance II Inc US$400 Fix 475 20142024 US35802XAJ28 A1ZRTN
Fresenius Medical Care US Finance III Inc US$500 Fix 375 20192029 USU3149FAA76 A2R3YR
Fresenius Medical Care AG amp Co KGaA euro650 Fix 0250 20192023 XS2084510069 A255DU
Fresenius Medical Care AG amp Co KGaA euro500 Fix 150 20182025 XS1854532949 A2NBE6
Fresenius Medical Care AG amp Co KGaA euro600 Fix 0625 20192026 XS2084497705 A255DV
Fresenius Medical Care AG amp Co KGaA euro500 Fix 1250 20192029 XS2084488209 A255DW
As of December 31 2019
Financial Calendar Contact
Financial Calendar 06 May 2020 Results Q120
30 July 2020 Results Q220
29 October 2020 Results Q320Please note that these dates could be subject to change
Annual General Meeting Due to the coronavirus pandemic the AGM scheduled for 20 May 2020 has been postponed A new date within the current financial year will be set as soon as the conditions for reliable planning and safe execution of the AGM are once again in place
Contact
Investor Relations amp SustainabilityFresenius SE amp Co KGaAphone +49 6172 608-2485e-mail ir-frefreseniuscomFor further information and current news wwwfreseniuscom
Follow us on Twitter wwwtwittercomfresenius_irand LinkedIn wwwlinkedincomcompanyfresenius-investor-relations
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 71
Fresenius Kabi Organic Sales Growth by Regions
eurom Q419Δ YoY
organic FY19Δ YoY
organic
North America 609 -1 2424 -2
Europe 604 2 2313 2
Emerging Markets 553 12 2182 14
Total sales 1766 4 6919 4
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 35
Fresenius Kabi Q4 amp FY19 EBIT Growth
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom Q419 Δ YoY cc FY19 Δ YoY cc
North AmericaMargin
204335
-8-260 bps
907374
-3-50 bps
EuropeMargin
87144
-10-200 bps
328142
-7-160 bps
Emerging MarketsMargin
124224
7-90 bps
476218
19130 bps
Corporate and Corporate RampD -132 11 -511 2
Total EBITMargin
283160
-1-90 bps
1200173
3-10 bps
On a comparable basis before special items and adjusted for IFRS 16 effects
Margin growth at actual ratesFor a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
36
Fresenius Kabi Expected Organic Sales Growth 2020
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Broadly stable
bull Ongoing volume headwinds anticipated
bull Pricing expected to trend more towards mid-single digit price declines in base product portfolio
North America
Mid-single-digit growth
bull Growth driven by first biosimilar in the market (IDACIO)
bull Continued strong growth of clinical nutrition business expected
Europe
High single-digit growth
bull China Healthy volume growth anticipated regulatory headwinds weigh on business
bull Latin America Continued healthy growth expected
Emerging Markets
37
Fresenius Helios Q4 amp FY19 Key Financials
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom Q419 Δ YoY FY19 Δ YoY
Total sales 2344 41 9234 51
Thereof Helios Germany 1475 31 5940 31
Thereof Helios Spain 867 71 3292 71
Total EBIT3
Margin292
1255
10 bps1015110
-4-32
-70 bps
Thereof Helios GermanyMargin
14397
420 bps
57697
-8-62
-80 bps
Thereof Helios SpainMargin
134155
6-50 bps
434132
5-50 bps
Thereof Corporate 15 -- 5 --
1 Organic growth2 Adjusted for the post-acute care business transferred to Fresenius Vamed as of July 1 20183 Adjusted for IFRS 16 effectFor a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
38
Fresenius Helios Key Measures
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
FY19 FY18 Δ
No of hospitals Germany- Acute care hospitals
8683
8683
00
No of hospitals Spain(Hospitals)
51 47 9
No of beds Germany- Acute care hospitals
28907 28380
2932928802
-1-1
No of beds Spain(Hospitals)
7288 7019 4
Admissions Germany (acute care) 1206654 1218199
Admissions Spain (including outpatients) 15396051 13318066
39
Fresenius Vamed
1 Without German post-acute care business acquired from Fresenius Helios as of July 1 2018
2 Adjusted for IFRS 16 effect 3 Project business only4 Versus December 31 2018
bull Both business segments contributed to the organic sales growth of 4 in Q419
bull Stable service business is gaining weight (FY19 63 of sales FY09 32)
bull Geographically well-diversified order backlog is excellent foundation for future growth
eurom Q419 Δ YoY FY19 Δ YoY
Total salesThereof organic sales
737 64
2206 31161
Service business 374 11 1399 43251
Project business 363 1 807 13
Total EBIT2 66 8 131 1961
Order intake3 576 -13 1314 7
Order backlog3 2865 184
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 40
Fresenius Group FY19 amp Cash Flow
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Operating CF1 Capex (net) Free Cash Flow12
eurom FY2019 Margin FY2019 Margin FY2019 Margin
1947 111 -1113 -64 834 47
968 140 -716 -104 252 36
683 74 -477 -52 206 224
-46 -21 -52 -23 -98 -44
CorporateOther -38 na -75 na -113 na
1677 93 -1320 -73 357 20
3514 99 -2433 -69 1081 30
1 Adjusted for IFRS 162 Before acquisitions and dividends3 Incl FMC dividend of euro110 million4 Understated 27 excluding euro45 million of capex commitments from acquisitions
Excl FMC3
41
Fresenius Group 2020 Financial Outlook by Business Segment
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom (except otherwise stated) FY19 Base1 FY20e2
Sales growth (cc) 17477mid to high single digit
-range
Net income growth3 (cc) 1205mid to high single digit
-range
Sales growth (organic) 6919 3 - 6
EBIT growth (cc) 1205 -4 to 0
Sales growth (organic) 9234 3 - 6
EBIT growth (cc) 1025 3 - 7
Sales growth (organic) 2206 4 - 7
EBIT growth (cc) 134 5 - 9
1 Before special items including IFRS 16 effects including NxStage operations2 Before special items3 Net income attributable to shareholders of Fresenius Medical Care AG amp Co KGaA
For a detailed overview of special items please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
42
eurom (except otherwise stated) FY19 Base1 FY202
Sales growth (cc) 35409 4 - 7
Net income3 growth (cc) 1879 1 - 5
Fresenius Group 2020 Financial Guidance
1 Before special items including IFRS 16 effects including NxStage operations 2 Before special items3 Net income attributable to shareholders of Fresenius SEampCoKGaA
For a detailed overview of special items please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 43
FY19 base for Fresenius Group Guidance FY20
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
euromFresenius
GroupFresenius
Medical CareFresenius
Kabi
Sales reported (reported = base for guidance) 35409 17477 6919
Transaction costs Akorn 3
Revaluations of biosimilars contingent purchase price liabilities -32
EBIT (before special items = base Fresenius Kabi guidance) 1205
Net income reported 1883 1200
Transaction costs Akorn 3
Revaluations of biosimilars contingent purchase price liabilities -19
Gain related to divestitures of Care Coordination activities at FMC -15 -49
Transaction costs NxStage 6 18
Expenses associated with cost optimization program at FMC 21 67
Net income (before special items = base Fresenius Group amp FMC guidance) 1879 1236
44
Fresenius Group Financial Results by Business Segment
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 45
20191 20182 2017 Growth3
20192018
Sales euro17592 m euro16026 m euro17784 m 62
EBIT euro2281 m euro2292 m euro2562 m -42
Sales euro6919 m euro6544 m euro6358 m 4
EBIT euro1200 m euro1139 m euro1177 m 3
Sales euro9234 m euro8993 m euro8668 m 3
EBIT euro1015 m euro1052 m euro1052 m -4
Sales euro2206 m euro1688 m euro1228 m 30
EBIT euro131 m euro110 m euro76 m 18
Sales euro35524 m euro33009 m euro33886 m 62
EBIT euro4599 m euro4547 m euro4830 m -22Group
Before special items
1 Adjusted for IFRS 162 On a comparable basis 2018 adjusted for divestitures of Care Coordination activities 3 Growth rates at constant currency and adjusted for IFRS 16
Fresenius Group Margins by Business Segment
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 46
Before special items 2018 adjusted for divestitures of Care Coordination activities 2019 adjusted for IFRS 16
2019 2018 2017
EBITDA margin 178 192 185
EBIT margin 130 143 144
EBITDA margin 217 219 233
EBIT margin 173 174 185
EBITDA margin 148 159 165
EBIT margin 110 117 121
EBITDA margin 78 79 71
EBIT margin 59 65 62
EBITDA margin 174 183 185
EBIT margin 129 138 143Group
Credit Highlights amp Financing Structure
47General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Credit Highlights
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 48
Consistent Cash Generation
Proven Track Record of Deleveraging
Broad Mix of Financing Instruments
Well-Balanced Maturity Profile
Solid Balance Sheet Structure
Solid IG Rating and Strong Access to Capital Markets
120
103
126
114109
120 122116
112120
8
9
10
11
12
13
14
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
48 48 52 5358 55 55 54
6570
2
3
4
5
6
7
8
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
74
56
76
62
52
67 67 66
50 52
4
5
6
7
8
9
10
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Fresenius Group Consistent Cash Generation
Capex gross in of sales
FCF margin (before acquisitions amp dividends)CFFO margin
49General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
2019 including IFRS 16
32x
30x
27x
22x 23x
35x
30x
26x
36x
30x
26x27x
26x
25x
32x
27x
23x
28x
27x
31x 4
20
25
30
35
40
2001 2002 2003 2004 2005 Q106 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
3
2
Hospitals from
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Proven Track Record of Deleveraging
Net DebtEBITDA1
1 At actual FX rates from 2001 to 2010 and at average FX rates from 2011 onwards for both Net Debt and EBITDA before special items pro forma closed acquisitionsdivestitures2 Pro forma excluding advances made for the acquisition of hospitals from Rhoumln-Klinikum AG3 Both net debt and EBITDA including IFRS 16 effect and calculated at expected annual average exchange rates excluding further potential acquisitions4 Including acquisition of NxStage adjusted for IFRS 16 effect
Target 20203 towards thetop end of self-imposed
target corridor of 30 ndash 35x
50
36x
40
35
20
25
30
Equity-neutralconvertible bonds 3
Fresenius Group excl FMC Broad Mix of Financing Instruments
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 51
Total BS Debt
~euro136 bn
1 As of December 31 2019
bull Optimize funding costs and ensure financial flexibility
bull Diversify investor base
bull Strong liquidity provided by sufficient financial cushion (~euro22 billion as of December 31 2019)
Well Positioned to Meet Financing NeedsBonds 40
Lease obligations 14
Syndicated loans 15
Schuldscheinloans 16
Other financial liabilities 5
Commercial paper 7
Average interest ratecost of debt18 pa
Commercial paper 7
Fresenius Group Broad Mix of Financing Instruments
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 52
Total BS Debt
~euro273 bn
1 As of December 31 2019
bull Optimize funding costs and ensure financial flexibility
bull Diversify investor base
bull Strong liquidity provided by sufficient financial cushion (~euro40 billion as of December 31 2019)
Well Positioned to Meet Financing Needs
Average interest ratecost of debt22 pa
Equity-neutralconvertible bonds 3
Syndicated loans 14
Other financial liabilities 6
Bonds 38
Lease liabilities 24
Schuldschein loans 8
Fresenius Group Capitalization1
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 53
Instrument per Book Value in euro million in $ million4 oftotal cap
EBITDA LTM x
Syndicated Credit Agreement Revolver (euro US-$) 0 0 00 Syndicated Credit Agreement Term Loan A (euro US-$) 1976 2220 29 Bonds (euro US-$) 5501 6180 82 Convertible Bonds 465 522 07 Schuldschein Loans 2180 2449 33 Commercial Paper 953 1071 14 Lease Obligations 1876 2107 28 Other debt 675 758 10 Total Debt (FSE excl FMC) gross 13626 15307 203 Cash (excl FMC) 651 731 10 Total debt (FSE excl FMC) net 12975 14576 193 Total FMC debt net 12774 14350 190 Consolidation Adjustments (145) (163) (02)Total consolidated debt net 25604 28764 382 36x Market capitalization2 41470 46587 618 58x
Total capitalization 67074 75351 1000 94x FSE Group EBITDA3 7110
1 As of December 31 20192 Based on market capitalization for FSE and FMC as of December 31 20193 Pro Forma acquisitions before special items4 EURUSD exchange rate as of December 31 2019
Fresenius Group excl FMC Well-Balanced Debt Maturity Profile12
54
1 As of December 31 2019 and based on utilization of major financing instruments2 Excluding lease liabilities3 Pro Forma issuance of FSE EUR 750m bonds in Jan 2020 (average maturity 38)
Maturity 35 years3 on
average
eurom
EUR 750m Jan 2020
500717 700
267
1150
500700 750
500 500
153
903 927
106
304 393
430
421
238
207
84
500
953
0
500
1000
1500
2000
2500
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Bonds Syndicated Loan Schuldschein Loans Equity-neutral convertible bonds Commercial Paper
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
1500
1000
2000
2500
Fresenius Group Well-Balanced Debt Maturity Profile12
1 As of December 31 2019 and based on utilization of major financing instruments2 Excluding lease liabilities3 Pro Forma issuance of FSE EUR 750m bonds in Jan 2020 (average maturity 35)
EUR 750m Jan 2020
2380
13931859
650356 500 600
945
1712
1924
2020
697
2071
500 238
907 750
584
5000
1000
2000
3000
4000
5000
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Fresenius Medical Care Fresenius excl Fresenius Medical Care
5000
4000
3000
2000
1000
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Maturity 33 years3 on
average
eurom
55
23 23 23 19
32 36 33 41
45 41 44 40
Dec 31 16 Dec 31 17 Dec 31 18 Dec 31 19
Equity and non-controlling interest Debt Other liabilities
Fresenius Group Solid Balance Sheet Structure
Healthy Equity and Liability Split
bull Strong equity ratio of gt40 on average
bull Equity ratio kept in narrow range despite rapid growth of Fresenius Group
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 56
467 531 567 670
BS total (eurobn)
Including IFRS 16
Fresenius SE Solid Investment Grade Rating
57
ldquoFSE delivers solid organic growth thanks to positive underlying growth trends in the life-saving and life-sustaining products and therapies that the group offersrdquoSampP Jan 08 2019
ldquoFSErsquos rating remains anchored in investment-grade given its mature and defensive business risk profile its organic deleveraging ability based on free cash flow generation and its record of integrating acquisitions successfully and reducing financial leverage in line with communicated policiesrdquo Fitch April 17 2019
ldquoThe Baa3 long term issuer rating of FSE reflects its strong defensive business profile underpinned by large absolute scale global footprint and segmental diversification within the healthcare market supported by strong position in its four business segmentsrdquo Moodyrsquos May 20 2019
Rating History Rating Agenciesrsquo Key Statements
Following a positive outlook SampP upgraded Fresenius to BBB stable outlook in May 2019
SampP Moodylsquos Fitch
Corporate Credit Rating BBB Baa3 BBB-
Outlook stable stable stable
Current Credit Ratings
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Strong Access to Capital Markets
58
Major Financing Instruments
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Bonds euro250 m euro800 m$105 bn
euro750 m$15 bn
euro500 m euro12 bn$12 bn
$300m euro26 bn euro500 m euro10 bn$500 m
euro175 bn
euro750 m1
euro750 m2
SyndicatedLoans
$35 bn $898 m $385 bn $18 bneuro245 bn
$41 bneuro700 m
$115 bneuro205 bn
euro530 bn$355 bn
euro100 m
SchuldscheinLoans
euro400 m euro125 m euro500 m euro112 m $400 m euro10 bn euro700 m
Convertible Bonds
euro900 m euro500 m
Equity euro10 bn euro400 m
1 January 2020 euro750million 2020-2028 bonds issued by Fresenius SE amp Co KGaA2 March 2020 euro750million 2020-2027 bonds issued by Fresenius SE amp Co KGaA
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Debt and Cash Flow Structure
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 59
1 Incl consolidation adjustments2 Incl Fresenius financing subsidiaries3 Controlling stake4 Incl subsidiaries 5 Based on market capitalization for FMC as of December 31 20196 Via German holding entities (Fresenius Kabi AG and Fresenius ProServe GmbH)
Fresenius Medical Care
Financing
Fresenius SE Financing
Group Net Debt ~euro256 bn1
DividendsRents Service Agreements
~323 100 77 (cross boarder)100
Profit transfer Agreements6
bull Separate financing of Fresenius SE and Fresenius Medical Care
bull No joint financing facilities or mutual guarantees
bull Fresenius Kabi Fresenius Helios and Fresenius Vamed financed primarily through Fresenius SE to avoid structural subordination
bull Subsidiary debt consists mainly of lease liabilities which are on balance acc to IFRS 16 from 2019 onwards
FSE Net Debt2~euro128 bn
incl Net Debt of KabiHeliosVamed
StockMarketValue~euro62 bn5
FSE Net Debt2~euro114 bn
excl Net Debt of KabiHeliosVamed
euro12774 m Net Debt4
Thereof lease liabilities euro4705m
euro951 m Net Debt4
Thereof lease liabilities euro1042m
euro84 m Net Debt4
Thereof lease liabilities euro392m
euro371 m Net Debt4
Thereof lease liabilities euro369m
Fresenius Group Key Credit Figures
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 60
1 Adjusted for IFRS 162 Before special items pro forma acquisitionsdivestitures3 Before special items
20191 2019 2018 2017
Debt (eurom) thereof US$ denominated
2123328
2725834
1898428
1904231
Net debt (eurom) 19579 25604 16275 17406
Net debtEBITDA2
Net debt at year-end exchange rate EBITDA at LTM average FX rates
314 360 273 279
Net debtEBITDA2
at LTM average FX rates for both net debt and EBITDA
314 361 271 284
Operating Cash flowSales 99 120 112 116
EBITDANet Interest3 121 99 106 96
Appendix
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 61
Fresenius Group FY19 Key Financials
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom FY191 IFRS 16effect
specialitems
FY19 reported
Δ YoY cc12
Sales 35524 -115 - 35409 6
EBIT 4599 89 -57 4631 -2
Net interest -510 -204 -5 -719 9
Income taxes -955 30 42 -883 -5
Net income3 1915 -36 4 1883 0
Balance sheet total 61237 5769 - 67006
Operating Cashflow 3514 749 - 4263
1 Before special items adjusted for IFRS 16 effect2 On a comparable basis 2018 adjusted for divestitures of Care Coordination activities at FMC3 Net income attributable to shareholders of Fresenius SE amp Co KGaA
For a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
62
Fresenius Group Cash Flow
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 63
eurom 20191 Margin 2019 Margin 2018 Margin Δ YoY1918
Operating Cash Flow 3514 99 4263 120 3742 112 14
Capex (net) -2433 -69 -2433 -68 -2077 -62 -17
Free Cash Flow(before acquisitions and dividends)
1081 30 1830 52 1665 50 10
Acquisitions (net) -2423 -2423 613 --
Dividends -952 -952 -904 5
Free Cash Flow(after acquisitions and dividends) -2294 -65 -1545 -44 1374 41 --
1 2019 adjusted for IFRS 16
Fresenius Group Calculation of Noncontrolling Interest
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom FY19 FY18
Earnings before tax and noncontrolling interest 4089 3998
Taxes -955 -883
Noncontrolling interest thereof -1219 -1243
Fresenius Medical Care net income not attributable to Fresenius (FY19 ~69)
-897 -928
Noncontrolling interest holders in Fresenius Medical Care -239 -244
Noncontrolling interest holders in Fresenius Kabi (-euro49 m) Fresenius Helios (-euro13 m) Fresenius Vamed (-euro2 m) and due to Fresenius Vamedrsquos 23 external ownership (-euro19 m)
-83 -71
Net income attributable to Fresenius SE amp Co KGaA 1915 1872
64
On a comparable basis Before special items adjusted for IFRS16 effect FY18 adjusted for divestitures of Care Coordination activities at FMC
For a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
002
023 025029
032037
042044
055
062
93 08 09 10 11 12 13 14 15 16 17 18 19
25 2421 20 21 21 22 21 22 23 24
Fresenius SE Earnings-Linked Dividend Policy
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
euro per share
bull Dividend growth aligned to EPS1
growth
bull Pay-out Ratio 20 to 25
Dividend distribution (eurom)
Pay-out Ratio
075
2019 Pay-out Ratio 24 Dividend Policy
122 140 155 196 225 238 300 416114 343 445
080
1 Before special items
468
084
24
Track record
bull 27th consecutive dividend increase
bull CAGR dividend increase +15
65
32x1
Fresenius Medical Care Low Leverage Reflected by Solid Investment Grade Rating
66General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
60 6176
6483
2015 2016 2017 2018 2019
Free Cash Flow in of revenue
SampP Moodylsquos Fitch
Corporate Credit Rating BBB Baa3 BBB-
Outlook stable stable stable
Current Credit Ratings
1 Including IFRS16 effect
29x30x
27x
22x
18x
31x
27x25x
22x
21x
27x25x
25x
31x
26x23x
21x
18x
25x
15
20
25
30
35
40
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
1
Fresenius Medical Care Broad Mix of Financing Instruments
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 67
Total BS Debt
~euro138 m
1 As of December 31 2019
bull Optimize funding costs and ensure financial flexibility
bull Diversify investor base
bull Strong liquidity provided by sufficient financial cushion (~euro18 billion as of December 31 2019)
Well Positioned to Meet Financing Needs
Average interest ratecost of debt25 pa
Equity-neutralconvertible bonds 3
Commercial paper 7
Syndicated loans 14
Other financial liabilities 7
Bonds 36
Lease obligations 33
Fresenius Medical Care Well-Balanced Debt Maturity Profile12
68
eurom
Maturity 30 years on
average
1 As of December 31 2019 and based on utilization of major financing instruments2 Excluding lease liabilities
445
878623 650
356500 600
945
535
135
1236400
1000
380
0
500
1000
1500
2000
2500
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
Bonds Syndicated Loan Equity-neutral convertible bonds Commercial Paper AR Facility
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
2500
2000
1500
1000
Fresenius SE Overview Bonds
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 69
Issuer Volume(in millions)
Coupon type
Coupon (in )
MaturityTerm
ISIN (RegS)
WKN
Fresenius SE amp Co KGaAeuro500 Fix 2875 20132020 XS0873432511 A1HEWZ
Fresenius SE amp Co KGaAeuro450 Fix 300 20142021 XS1013955379 A1ZB7H
Fresenius SE amp Co KGaAeuro450 Fix 400 20142024 XS1026109204 A1ZC60
Fresenius SE amp Co KGaAeuro 500 Fix 1875 20192025 XS1936208252 A2NBMS
Fresenius SE amp Co KGaAeuro 750 Fix 1625 20202027 XS2152329053 A254TA
Fresenius SE amp Co KGaAeuro 750 Fix 075 20202028 XS2101357072 A254QN
Fresenius SE amp Co KGaAeuro 500 Fix 2875 20192029 XS1936208419 A2NBMT
Fresenius Finance Ireland plceuro700 Fix 0875 20172022 XS1554373164 A19B3F
Fresenius Finance Ireland plceuro700 Fix 150 20172024 XS1554373248 A19B3G
Fresenius Finance Ireland plceuro700 Fix 2125 20172027 XS1554373677 A19B3H
Fresenius Finance Ireland plceuro500 Fix 300 20172032 XS1554373834 A19B3J
Fresenius US Finance II IncUS$300 Fix 425 20142021 USU31436AG04 A1ZDVJ
Fresenius US Finance II IncUS$300 Fix 450 20152023 USU31436AH86 A1Z64A
As of April 8 2020
Fresenius Medical Care Overview Bonds
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 70
Issuer Volume(in millions)
Coupon type
Coupon (in )
MaturityTerm
ISIN (RegS)
WKN
FMC Finance VII SA euro300 Fix 525 20112021 XS0576395478 A1GLY6
Fresenius Medical Care US Finance Inc US$650 Fix 575 20112021 USU31433AA03 A1GL0J
Fresenius Medical Care US Finance II Inc US$500 Fix 4125 20142020 US35802XAH61 A1ZRTL
Fresenius Medical Care US Finance II Inc US$700 Fix 5875 20122022 USU31434AC42 A1GZRF
Fresenius Medical Care US Finance II Inc US$400 Fix 475 20142024 US35802XAJ28 A1ZRTN
Fresenius Medical Care US Finance III Inc US$500 Fix 375 20192029 USU3149FAA76 A2R3YR
Fresenius Medical Care AG amp Co KGaA euro650 Fix 0250 20192023 XS2084510069 A255DU
Fresenius Medical Care AG amp Co KGaA euro500 Fix 150 20182025 XS1854532949 A2NBE6
Fresenius Medical Care AG amp Co KGaA euro600 Fix 0625 20192026 XS2084497705 A255DV
Fresenius Medical Care AG amp Co KGaA euro500 Fix 1250 20192029 XS2084488209 A255DW
As of December 31 2019
Financial Calendar Contact
Financial Calendar 06 May 2020 Results Q120
30 July 2020 Results Q220
29 October 2020 Results Q320Please note that these dates could be subject to change
Annual General Meeting Due to the coronavirus pandemic the AGM scheduled for 20 May 2020 has been postponed A new date within the current financial year will be set as soon as the conditions for reliable planning and safe execution of the AGM are once again in place
Contact
Investor Relations amp SustainabilityFresenius SE amp Co KGaAphone +49 6172 608-2485e-mail ir-frefreseniuscomFor further information and current news wwwfreseniuscom
Follow us on Twitter wwwtwittercomfresenius_irand LinkedIn wwwlinkedincomcompanyfresenius-investor-relations
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 71
Fresenius Kabi Q4 amp FY19 EBIT Growth
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom Q419 Δ YoY cc FY19 Δ YoY cc
North AmericaMargin
204335
-8-260 bps
907374
-3-50 bps
EuropeMargin
87144
-10-200 bps
328142
-7-160 bps
Emerging MarketsMargin
124224
7-90 bps
476218
19130 bps
Corporate and Corporate RampD -132 11 -511 2
Total EBITMargin
283160
-1-90 bps
1200173
3-10 bps
On a comparable basis before special items and adjusted for IFRS 16 effects
Margin growth at actual ratesFor a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
36
Fresenius Kabi Expected Organic Sales Growth 2020
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Broadly stable
bull Ongoing volume headwinds anticipated
bull Pricing expected to trend more towards mid-single digit price declines in base product portfolio
North America
Mid-single-digit growth
bull Growth driven by first biosimilar in the market (IDACIO)
bull Continued strong growth of clinical nutrition business expected
Europe
High single-digit growth
bull China Healthy volume growth anticipated regulatory headwinds weigh on business
bull Latin America Continued healthy growth expected
Emerging Markets
37
Fresenius Helios Q4 amp FY19 Key Financials
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom Q419 Δ YoY FY19 Δ YoY
Total sales 2344 41 9234 51
Thereof Helios Germany 1475 31 5940 31
Thereof Helios Spain 867 71 3292 71
Total EBIT3
Margin292
1255
10 bps1015110
-4-32
-70 bps
Thereof Helios GermanyMargin
14397
420 bps
57697
-8-62
-80 bps
Thereof Helios SpainMargin
134155
6-50 bps
434132
5-50 bps
Thereof Corporate 15 -- 5 --
1 Organic growth2 Adjusted for the post-acute care business transferred to Fresenius Vamed as of July 1 20183 Adjusted for IFRS 16 effectFor a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
38
Fresenius Helios Key Measures
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
FY19 FY18 Δ
No of hospitals Germany- Acute care hospitals
8683
8683
00
No of hospitals Spain(Hospitals)
51 47 9
No of beds Germany- Acute care hospitals
28907 28380
2932928802
-1-1
No of beds Spain(Hospitals)
7288 7019 4
Admissions Germany (acute care) 1206654 1218199
Admissions Spain (including outpatients) 15396051 13318066
39
Fresenius Vamed
1 Without German post-acute care business acquired from Fresenius Helios as of July 1 2018
2 Adjusted for IFRS 16 effect 3 Project business only4 Versus December 31 2018
bull Both business segments contributed to the organic sales growth of 4 in Q419
bull Stable service business is gaining weight (FY19 63 of sales FY09 32)
bull Geographically well-diversified order backlog is excellent foundation for future growth
eurom Q419 Δ YoY FY19 Δ YoY
Total salesThereof organic sales
737 64
2206 31161
Service business 374 11 1399 43251
Project business 363 1 807 13
Total EBIT2 66 8 131 1961
Order intake3 576 -13 1314 7
Order backlog3 2865 184
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 40
Fresenius Group FY19 amp Cash Flow
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Operating CF1 Capex (net) Free Cash Flow12
eurom FY2019 Margin FY2019 Margin FY2019 Margin
1947 111 -1113 -64 834 47
968 140 -716 -104 252 36
683 74 -477 -52 206 224
-46 -21 -52 -23 -98 -44
CorporateOther -38 na -75 na -113 na
1677 93 -1320 -73 357 20
3514 99 -2433 -69 1081 30
1 Adjusted for IFRS 162 Before acquisitions and dividends3 Incl FMC dividend of euro110 million4 Understated 27 excluding euro45 million of capex commitments from acquisitions
Excl FMC3
41
Fresenius Group 2020 Financial Outlook by Business Segment
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom (except otherwise stated) FY19 Base1 FY20e2
Sales growth (cc) 17477mid to high single digit
-range
Net income growth3 (cc) 1205mid to high single digit
-range
Sales growth (organic) 6919 3 - 6
EBIT growth (cc) 1205 -4 to 0
Sales growth (organic) 9234 3 - 6
EBIT growth (cc) 1025 3 - 7
Sales growth (organic) 2206 4 - 7
EBIT growth (cc) 134 5 - 9
1 Before special items including IFRS 16 effects including NxStage operations2 Before special items3 Net income attributable to shareholders of Fresenius Medical Care AG amp Co KGaA
For a detailed overview of special items please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
42
eurom (except otherwise stated) FY19 Base1 FY202
Sales growth (cc) 35409 4 - 7
Net income3 growth (cc) 1879 1 - 5
Fresenius Group 2020 Financial Guidance
1 Before special items including IFRS 16 effects including NxStage operations 2 Before special items3 Net income attributable to shareholders of Fresenius SEampCoKGaA
For a detailed overview of special items please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 43
FY19 base for Fresenius Group Guidance FY20
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
euromFresenius
GroupFresenius
Medical CareFresenius
Kabi
Sales reported (reported = base for guidance) 35409 17477 6919
Transaction costs Akorn 3
Revaluations of biosimilars contingent purchase price liabilities -32
EBIT (before special items = base Fresenius Kabi guidance) 1205
Net income reported 1883 1200
Transaction costs Akorn 3
Revaluations of biosimilars contingent purchase price liabilities -19
Gain related to divestitures of Care Coordination activities at FMC -15 -49
Transaction costs NxStage 6 18
Expenses associated with cost optimization program at FMC 21 67
Net income (before special items = base Fresenius Group amp FMC guidance) 1879 1236
44
Fresenius Group Financial Results by Business Segment
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 45
20191 20182 2017 Growth3
20192018
Sales euro17592 m euro16026 m euro17784 m 62
EBIT euro2281 m euro2292 m euro2562 m -42
Sales euro6919 m euro6544 m euro6358 m 4
EBIT euro1200 m euro1139 m euro1177 m 3
Sales euro9234 m euro8993 m euro8668 m 3
EBIT euro1015 m euro1052 m euro1052 m -4
Sales euro2206 m euro1688 m euro1228 m 30
EBIT euro131 m euro110 m euro76 m 18
Sales euro35524 m euro33009 m euro33886 m 62
EBIT euro4599 m euro4547 m euro4830 m -22Group
Before special items
1 Adjusted for IFRS 162 On a comparable basis 2018 adjusted for divestitures of Care Coordination activities 3 Growth rates at constant currency and adjusted for IFRS 16
Fresenius Group Margins by Business Segment
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 46
Before special items 2018 adjusted for divestitures of Care Coordination activities 2019 adjusted for IFRS 16
2019 2018 2017
EBITDA margin 178 192 185
EBIT margin 130 143 144
EBITDA margin 217 219 233
EBIT margin 173 174 185
EBITDA margin 148 159 165
EBIT margin 110 117 121
EBITDA margin 78 79 71
EBIT margin 59 65 62
EBITDA margin 174 183 185
EBIT margin 129 138 143Group
Credit Highlights amp Financing Structure
47General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Credit Highlights
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 48
Consistent Cash Generation
Proven Track Record of Deleveraging
Broad Mix of Financing Instruments
Well-Balanced Maturity Profile
Solid Balance Sheet Structure
Solid IG Rating and Strong Access to Capital Markets
120
103
126
114109
120 122116
112120
8
9
10
11
12
13
14
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
48 48 52 5358 55 55 54
6570
2
3
4
5
6
7
8
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
74
56
76
62
52
67 67 66
50 52
4
5
6
7
8
9
10
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Fresenius Group Consistent Cash Generation
Capex gross in of sales
FCF margin (before acquisitions amp dividends)CFFO margin
49General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
2019 including IFRS 16
32x
30x
27x
22x 23x
35x
30x
26x
36x
30x
26x27x
26x
25x
32x
27x
23x
28x
27x
31x 4
20
25
30
35
40
2001 2002 2003 2004 2005 Q106 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
3
2
Hospitals from
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Proven Track Record of Deleveraging
Net DebtEBITDA1
1 At actual FX rates from 2001 to 2010 and at average FX rates from 2011 onwards for both Net Debt and EBITDA before special items pro forma closed acquisitionsdivestitures2 Pro forma excluding advances made for the acquisition of hospitals from Rhoumln-Klinikum AG3 Both net debt and EBITDA including IFRS 16 effect and calculated at expected annual average exchange rates excluding further potential acquisitions4 Including acquisition of NxStage adjusted for IFRS 16 effect
Target 20203 towards thetop end of self-imposed
target corridor of 30 ndash 35x
50
36x
40
35
20
25
30
Equity-neutralconvertible bonds 3
Fresenius Group excl FMC Broad Mix of Financing Instruments
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 51
Total BS Debt
~euro136 bn
1 As of December 31 2019
bull Optimize funding costs and ensure financial flexibility
bull Diversify investor base
bull Strong liquidity provided by sufficient financial cushion (~euro22 billion as of December 31 2019)
Well Positioned to Meet Financing NeedsBonds 40
Lease obligations 14
Syndicated loans 15
Schuldscheinloans 16
Other financial liabilities 5
Commercial paper 7
Average interest ratecost of debt18 pa
Commercial paper 7
Fresenius Group Broad Mix of Financing Instruments
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 52
Total BS Debt
~euro273 bn
1 As of December 31 2019
bull Optimize funding costs and ensure financial flexibility
bull Diversify investor base
bull Strong liquidity provided by sufficient financial cushion (~euro40 billion as of December 31 2019)
Well Positioned to Meet Financing Needs
Average interest ratecost of debt22 pa
Equity-neutralconvertible bonds 3
Syndicated loans 14
Other financial liabilities 6
Bonds 38
Lease liabilities 24
Schuldschein loans 8
Fresenius Group Capitalization1
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 53
Instrument per Book Value in euro million in $ million4 oftotal cap
EBITDA LTM x
Syndicated Credit Agreement Revolver (euro US-$) 0 0 00 Syndicated Credit Agreement Term Loan A (euro US-$) 1976 2220 29 Bonds (euro US-$) 5501 6180 82 Convertible Bonds 465 522 07 Schuldschein Loans 2180 2449 33 Commercial Paper 953 1071 14 Lease Obligations 1876 2107 28 Other debt 675 758 10 Total Debt (FSE excl FMC) gross 13626 15307 203 Cash (excl FMC) 651 731 10 Total debt (FSE excl FMC) net 12975 14576 193 Total FMC debt net 12774 14350 190 Consolidation Adjustments (145) (163) (02)Total consolidated debt net 25604 28764 382 36x Market capitalization2 41470 46587 618 58x
Total capitalization 67074 75351 1000 94x FSE Group EBITDA3 7110
1 As of December 31 20192 Based on market capitalization for FSE and FMC as of December 31 20193 Pro Forma acquisitions before special items4 EURUSD exchange rate as of December 31 2019
Fresenius Group excl FMC Well-Balanced Debt Maturity Profile12
54
1 As of December 31 2019 and based on utilization of major financing instruments2 Excluding lease liabilities3 Pro Forma issuance of FSE EUR 750m bonds in Jan 2020 (average maturity 38)
Maturity 35 years3 on
average
eurom
EUR 750m Jan 2020
500717 700
267
1150
500700 750
500 500
153
903 927
106
304 393
430
421
238
207
84
500
953
0
500
1000
1500
2000
2500
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Bonds Syndicated Loan Schuldschein Loans Equity-neutral convertible bonds Commercial Paper
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
1500
1000
2000
2500
Fresenius Group Well-Balanced Debt Maturity Profile12
1 As of December 31 2019 and based on utilization of major financing instruments2 Excluding lease liabilities3 Pro Forma issuance of FSE EUR 750m bonds in Jan 2020 (average maturity 35)
EUR 750m Jan 2020
2380
13931859
650356 500 600
945
1712
1924
2020
697
2071
500 238
907 750
584
5000
1000
2000
3000
4000
5000
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Fresenius Medical Care Fresenius excl Fresenius Medical Care
5000
4000
3000
2000
1000
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Maturity 33 years3 on
average
eurom
55
23 23 23 19
32 36 33 41
45 41 44 40
Dec 31 16 Dec 31 17 Dec 31 18 Dec 31 19
Equity and non-controlling interest Debt Other liabilities
Fresenius Group Solid Balance Sheet Structure
Healthy Equity and Liability Split
bull Strong equity ratio of gt40 on average
bull Equity ratio kept in narrow range despite rapid growth of Fresenius Group
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 56
467 531 567 670
BS total (eurobn)
Including IFRS 16
Fresenius SE Solid Investment Grade Rating
57
ldquoFSE delivers solid organic growth thanks to positive underlying growth trends in the life-saving and life-sustaining products and therapies that the group offersrdquoSampP Jan 08 2019
ldquoFSErsquos rating remains anchored in investment-grade given its mature and defensive business risk profile its organic deleveraging ability based on free cash flow generation and its record of integrating acquisitions successfully and reducing financial leverage in line with communicated policiesrdquo Fitch April 17 2019
ldquoThe Baa3 long term issuer rating of FSE reflects its strong defensive business profile underpinned by large absolute scale global footprint and segmental diversification within the healthcare market supported by strong position in its four business segmentsrdquo Moodyrsquos May 20 2019
Rating History Rating Agenciesrsquo Key Statements
Following a positive outlook SampP upgraded Fresenius to BBB stable outlook in May 2019
SampP Moodylsquos Fitch
Corporate Credit Rating BBB Baa3 BBB-
Outlook stable stable stable
Current Credit Ratings
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Strong Access to Capital Markets
58
Major Financing Instruments
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Bonds euro250 m euro800 m$105 bn
euro750 m$15 bn
euro500 m euro12 bn$12 bn
$300m euro26 bn euro500 m euro10 bn$500 m
euro175 bn
euro750 m1
euro750 m2
SyndicatedLoans
$35 bn $898 m $385 bn $18 bneuro245 bn
$41 bneuro700 m
$115 bneuro205 bn
euro530 bn$355 bn
euro100 m
SchuldscheinLoans
euro400 m euro125 m euro500 m euro112 m $400 m euro10 bn euro700 m
Convertible Bonds
euro900 m euro500 m
Equity euro10 bn euro400 m
1 January 2020 euro750million 2020-2028 bonds issued by Fresenius SE amp Co KGaA2 March 2020 euro750million 2020-2027 bonds issued by Fresenius SE amp Co KGaA
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Debt and Cash Flow Structure
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 59
1 Incl consolidation adjustments2 Incl Fresenius financing subsidiaries3 Controlling stake4 Incl subsidiaries 5 Based on market capitalization for FMC as of December 31 20196 Via German holding entities (Fresenius Kabi AG and Fresenius ProServe GmbH)
Fresenius Medical Care
Financing
Fresenius SE Financing
Group Net Debt ~euro256 bn1
DividendsRents Service Agreements
~323 100 77 (cross boarder)100
Profit transfer Agreements6
bull Separate financing of Fresenius SE and Fresenius Medical Care
bull No joint financing facilities or mutual guarantees
bull Fresenius Kabi Fresenius Helios and Fresenius Vamed financed primarily through Fresenius SE to avoid structural subordination
bull Subsidiary debt consists mainly of lease liabilities which are on balance acc to IFRS 16 from 2019 onwards
FSE Net Debt2~euro128 bn
incl Net Debt of KabiHeliosVamed
StockMarketValue~euro62 bn5
FSE Net Debt2~euro114 bn
excl Net Debt of KabiHeliosVamed
euro12774 m Net Debt4
Thereof lease liabilities euro4705m
euro951 m Net Debt4
Thereof lease liabilities euro1042m
euro84 m Net Debt4
Thereof lease liabilities euro392m
euro371 m Net Debt4
Thereof lease liabilities euro369m
Fresenius Group Key Credit Figures
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 60
1 Adjusted for IFRS 162 Before special items pro forma acquisitionsdivestitures3 Before special items
20191 2019 2018 2017
Debt (eurom) thereof US$ denominated
2123328
2725834
1898428
1904231
Net debt (eurom) 19579 25604 16275 17406
Net debtEBITDA2
Net debt at year-end exchange rate EBITDA at LTM average FX rates
314 360 273 279
Net debtEBITDA2
at LTM average FX rates for both net debt and EBITDA
314 361 271 284
Operating Cash flowSales 99 120 112 116
EBITDANet Interest3 121 99 106 96
Appendix
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 61
Fresenius Group FY19 Key Financials
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom FY191 IFRS 16effect
specialitems
FY19 reported
Δ YoY cc12
Sales 35524 -115 - 35409 6
EBIT 4599 89 -57 4631 -2
Net interest -510 -204 -5 -719 9
Income taxes -955 30 42 -883 -5
Net income3 1915 -36 4 1883 0
Balance sheet total 61237 5769 - 67006
Operating Cashflow 3514 749 - 4263
1 Before special items adjusted for IFRS 16 effect2 On a comparable basis 2018 adjusted for divestitures of Care Coordination activities at FMC3 Net income attributable to shareholders of Fresenius SE amp Co KGaA
For a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
62
Fresenius Group Cash Flow
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 63
eurom 20191 Margin 2019 Margin 2018 Margin Δ YoY1918
Operating Cash Flow 3514 99 4263 120 3742 112 14
Capex (net) -2433 -69 -2433 -68 -2077 -62 -17
Free Cash Flow(before acquisitions and dividends)
1081 30 1830 52 1665 50 10
Acquisitions (net) -2423 -2423 613 --
Dividends -952 -952 -904 5
Free Cash Flow(after acquisitions and dividends) -2294 -65 -1545 -44 1374 41 --
1 2019 adjusted for IFRS 16
Fresenius Group Calculation of Noncontrolling Interest
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom FY19 FY18
Earnings before tax and noncontrolling interest 4089 3998
Taxes -955 -883
Noncontrolling interest thereof -1219 -1243
Fresenius Medical Care net income not attributable to Fresenius (FY19 ~69)
-897 -928
Noncontrolling interest holders in Fresenius Medical Care -239 -244
Noncontrolling interest holders in Fresenius Kabi (-euro49 m) Fresenius Helios (-euro13 m) Fresenius Vamed (-euro2 m) and due to Fresenius Vamedrsquos 23 external ownership (-euro19 m)
-83 -71
Net income attributable to Fresenius SE amp Co KGaA 1915 1872
64
On a comparable basis Before special items adjusted for IFRS16 effect FY18 adjusted for divestitures of Care Coordination activities at FMC
For a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
002
023 025029
032037
042044
055
062
93 08 09 10 11 12 13 14 15 16 17 18 19
25 2421 20 21 21 22 21 22 23 24
Fresenius SE Earnings-Linked Dividend Policy
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
euro per share
bull Dividend growth aligned to EPS1
growth
bull Pay-out Ratio 20 to 25
Dividend distribution (eurom)
Pay-out Ratio
075
2019 Pay-out Ratio 24 Dividend Policy
122 140 155 196 225 238 300 416114 343 445
080
1 Before special items
468
084
24
Track record
bull 27th consecutive dividend increase
bull CAGR dividend increase +15
65
32x1
Fresenius Medical Care Low Leverage Reflected by Solid Investment Grade Rating
66General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
60 6176
6483
2015 2016 2017 2018 2019
Free Cash Flow in of revenue
SampP Moodylsquos Fitch
Corporate Credit Rating BBB Baa3 BBB-
Outlook stable stable stable
Current Credit Ratings
1 Including IFRS16 effect
29x30x
27x
22x
18x
31x
27x25x
22x
21x
27x25x
25x
31x
26x23x
21x
18x
25x
15
20
25
30
35
40
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
1
Fresenius Medical Care Broad Mix of Financing Instruments
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 67
Total BS Debt
~euro138 m
1 As of December 31 2019
bull Optimize funding costs and ensure financial flexibility
bull Diversify investor base
bull Strong liquidity provided by sufficient financial cushion (~euro18 billion as of December 31 2019)
Well Positioned to Meet Financing Needs
Average interest ratecost of debt25 pa
Equity-neutralconvertible bonds 3
Commercial paper 7
Syndicated loans 14
Other financial liabilities 7
Bonds 36
Lease obligations 33
Fresenius Medical Care Well-Balanced Debt Maturity Profile12
68
eurom
Maturity 30 years on
average
1 As of December 31 2019 and based on utilization of major financing instruments2 Excluding lease liabilities
445
878623 650
356500 600
945
535
135
1236400
1000
380
0
500
1000
1500
2000
2500
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
Bonds Syndicated Loan Equity-neutral convertible bonds Commercial Paper AR Facility
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
2500
2000
1500
1000
Fresenius SE Overview Bonds
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 69
Issuer Volume(in millions)
Coupon type
Coupon (in )
MaturityTerm
ISIN (RegS)
WKN
Fresenius SE amp Co KGaAeuro500 Fix 2875 20132020 XS0873432511 A1HEWZ
Fresenius SE amp Co KGaAeuro450 Fix 300 20142021 XS1013955379 A1ZB7H
Fresenius SE amp Co KGaAeuro450 Fix 400 20142024 XS1026109204 A1ZC60
Fresenius SE amp Co KGaAeuro 500 Fix 1875 20192025 XS1936208252 A2NBMS
Fresenius SE amp Co KGaAeuro 750 Fix 1625 20202027 XS2152329053 A254TA
Fresenius SE amp Co KGaAeuro 750 Fix 075 20202028 XS2101357072 A254QN
Fresenius SE amp Co KGaAeuro 500 Fix 2875 20192029 XS1936208419 A2NBMT
Fresenius Finance Ireland plceuro700 Fix 0875 20172022 XS1554373164 A19B3F
Fresenius Finance Ireland plceuro700 Fix 150 20172024 XS1554373248 A19B3G
Fresenius Finance Ireland plceuro700 Fix 2125 20172027 XS1554373677 A19B3H
Fresenius Finance Ireland plceuro500 Fix 300 20172032 XS1554373834 A19B3J
Fresenius US Finance II IncUS$300 Fix 425 20142021 USU31436AG04 A1ZDVJ
Fresenius US Finance II IncUS$300 Fix 450 20152023 USU31436AH86 A1Z64A
As of April 8 2020
Fresenius Medical Care Overview Bonds
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 70
Issuer Volume(in millions)
Coupon type
Coupon (in )
MaturityTerm
ISIN (RegS)
WKN
FMC Finance VII SA euro300 Fix 525 20112021 XS0576395478 A1GLY6
Fresenius Medical Care US Finance Inc US$650 Fix 575 20112021 USU31433AA03 A1GL0J
Fresenius Medical Care US Finance II Inc US$500 Fix 4125 20142020 US35802XAH61 A1ZRTL
Fresenius Medical Care US Finance II Inc US$700 Fix 5875 20122022 USU31434AC42 A1GZRF
Fresenius Medical Care US Finance II Inc US$400 Fix 475 20142024 US35802XAJ28 A1ZRTN
Fresenius Medical Care US Finance III Inc US$500 Fix 375 20192029 USU3149FAA76 A2R3YR
Fresenius Medical Care AG amp Co KGaA euro650 Fix 0250 20192023 XS2084510069 A255DU
Fresenius Medical Care AG amp Co KGaA euro500 Fix 150 20182025 XS1854532949 A2NBE6
Fresenius Medical Care AG amp Co KGaA euro600 Fix 0625 20192026 XS2084497705 A255DV
Fresenius Medical Care AG amp Co KGaA euro500 Fix 1250 20192029 XS2084488209 A255DW
As of December 31 2019
Financial Calendar Contact
Financial Calendar 06 May 2020 Results Q120
30 July 2020 Results Q220
29 October 2020 Results Q320Please note that these dates could be subject to change
Annual General Meeting Due to the coronavirus pandemic the AGM scheduled for 20 May 2020 has been postponed A new date within the current financial year will be set as soon as the conditions for reliable planning and safe execution of the AGM are once again in place
Contact
Investor Relations amp SustainabilityFresenius SE amp Co KGaAphone +49 6172 608-2485e-mail ir-frefreseniuscomFor further information and current news wwwfreseniuscom
Follow us on Twitter wwwtwittercomfresenius_irand LinkedIn wwwlinkedincomcompanyfresenius-investor-relations
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 71
Fresenius Kabi Expected Organic Sales Growth 2020
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Broadly stable
bull Ongoing volume headwinds anticipated
bull Pricing expected to trend more towards mid-single digit price declines in base product portfolio
North America
Mid-single-digit growth
bull Growth driven by first biosimilar in the market (IDACIO)
bull Continued strong growth of clinical nutrition business expected
Europe
High single-digit growth
bull China Healthy volume growth anticipated regulatory headwinds weigh on business
bull Latin America Continued healthy growth expected
Emerging Markets
37
Fresenius Helios Q4 amp FY19 Key Financials
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom Q419 Δ YoY FY19 Δ YoY
Total sales 2344 41 9234 51
Thereof Helios Germany 1475 31 5940 31
Thereof Helios Spain 867 71 3292 71
Total EBIT3
Margin292
1255
10 bps1015110
-4-32
-70 bps
Thereof Helios GermanyMargin
14397
420 bps
57697
-8-62
-80 bps
Thereof Helios SpainMargin
134155
6-50 bps
434132
5-50 bps
Thereof Corporate 15 -- 5 --
1 Organic growth2 Adjusted for the post-acute care business transferred to Fresenius Vamed as of July 1 20183 Adjusted for IFRS 16 effectFor a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
38
Fresenius Helios Key Measures
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
FY19 FY18 Δ
No of hospitals Germany- Acute care hospitals
8683
8683
00
No of hospitals Spain(Hospitals)
51 47 9
No of beds Germany- Acute care hospitals
28907 28380
2932928802
-1-1
No of beds Spain(Hospitals)
7288 7019 4
Admissions Germany (acute care) 1206654 1218199
Admissions Spain (including outpatients) 15396051 13318066
39
Fresenius Vamed
1 Without German post-acute care business acquired from Fresenius Helios as of July 1 2018
2 Adjusted for IFRS 16 effect 3 Project business only4 Versus December 31 2018
bull Both business segments contributed to the organic sales growth of 4 in Q419
bull Stable service business is gaining weight (FY19 63 of sales FY09 32)
bull Geographically well-diversified order backlog is excellent foundation for future growth
eurom Q419 Δ YoY FY19 Δ YoY
Total salesThereof organic sales
737 64
2206 31161
Service business 374 11 1399 43251
Project business 363 1 807 13
Total EBIT2 66 8 131 1961
Order intake3 576 -13 1314 7
Order backlog3 2865 184
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 40
Fresenius Group FY19 amp Cash Flow
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Operating CF1 Capex (net) Free Cash Flow12
eurom FY2019 Margin FY2019 Margin FY2019 Margin
1947 111 -1113 -64 834 47
968 140 -716 -104 252 36
683 74 -477 -52 206 224
-46 -21 -52 -23 -98 -44
CorporateOther -38 na -75 na -113 na
1677 93 -1320 -73 357 20
3514 99 -2433 -69 1081 30
1 Adjusted for IFRS 162 Before acquisitions and dividends3 Incl FMC dividend of euro110 million4 Understated 27 excluding euro45 million of capex commitments from acquisitions
Excl FMC3
41
Fresenius Group 2020 Financial Outlook by Business Segment
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom (except otherwise stated) FY19 Base1 FY20e2
Sales growth (cc) 17477mid to high single digit
-range
Net income growth3 (cc) 1205mid to high single digit
-range
Sales growth (organic) 6919 3 - 6
EBIT growth (cc) 1205 -4 to 0
Sales growth (organic) 9234 3 - 6
EBIT growth (cc) 1025 3 - 7
Sales growth (organic) 2206 4 - 7
EBIT growth (cc) 134 5 - 9
1 Before special items including IFRS 16 effects including NxStage operations2 Before special items3 Net income attributable to shareholders of Fresenius Medical Care AG amp Co KGaA
For a detailed overview of special items please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
42
eurom (except otherwise stated) FY19 Base1 FY202
Sales growth (cc) 35409 4 - 7
Net income3 growth (cc) 1879 1 - 5
Fresenius Group 2020 Financial Guidance
1 Before special items including IFRS 16 effects including NxStage operations 2 Before special items3 Net income attributable to shareholders of Fresenius SEampCoKGaA
For a detailed overview of special items please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 43
FY19 base for Fresenius Group Guidance FY20
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
euromFresenius
GroupFresenius
Medical CareFresenius
Kabi
Sales reported (reported = base for guidance) 35409 17477 6919
Transaction costs Akorn 3
Revaluations of biosimilars contingent purchase price liabilities -32
EBIT (before special items = base Fresenius Kabi guidance) 1205
Net income reported 1883 1200
Transaction costs Akorn 3
Revaluations of biosimilars contingent purchase price liabilities -19
Gain related to divestitures of Care Coordination activities at FMC -15 -49
Transaction costs NxStage 6 18
Expenses associated with cost optimization program at FMC 21 67
Net income (before special items = base Fresenius Group amp FMC guidance) 1879 1236
44
Fresenius Group Financial Results by Business Segment
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 45
20191 20182 2017 Growth3
20192018
Sales euro17592 m euro16026 m euro17784 m 62
EBIT euro2281 m euro2292 m euro2562 m -42
Sales euro6919 m euro6544 m euro6358 m 4
EBIT euro1200 m euro1139 m euro1177 m 3
Sales euro9234 m euro8993 m euro8668 m 3
EBIT euro1015 m euro1052 m euro1052 m -4
Sales euro2206 m euro1688 m euro1228 m 30
EBIT euro131 m euro110 m euro76 m 18
Sales euro35524 m euro33009 m euro33886 m 62
EBIT euro4599 m euro4547 m euro4830 m -22Group
Before special items
1 Adjusted for IFRS 162 On a comparable basis 2018 adjusted for divestitures of Care Coordination activities 3 Growth rates at constant currency and adjusted for IFRS 16
Fresenius Group Margins by Business Segment
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 46
Before special items 2018 adjusted for divestitures of Care Coordination activities 2019 adjusted for IFRS 16
2019 2018 2017
EBITDA margin 178 192 185
EBIT margin 130 143 144
EBITDA margin 217 219 233
EBIT margin 173 174 185
EBITDA margin 148 159 165
EBIT margin 110 117 121
EBITDA margin 78 79 71
EBIT margin 59 65 62
EBITDA margin 174 183 185
EBIT margin 129 138 143Group
Credit Highlights amp Financing Structure
47General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Credit Highlights
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 48
Consistent Cash Generation
Proven Track Record of Deleveraging
Broad Mix of Financing Instruments
Well-Balanced Maturity Profile
Solid Balance Sheet Structure
Solid IG Rating and Strong Access to Capital Markets
120
103
126
114109
120 122116
112120
8
9
10
11
12
13
14
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
48 48 52 5358 55 55 54
6570
2
3
4
5
6
7
8
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
74
56
76
62
52
67 67 66
50 52
4
5
6
7
8
9
10
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Fresenius Group Consistent Cash Generation
Capex gross in of sales
FCF margin (before acquisitions amp dividends)CFFO margin
49General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
2019 including IFRS 16
32x
30x
27x
22x 23x
35x
30x
26x
36x
30x
26x27x
26x
25x
32x
27x
23x
28x
27x
31x 4
20
25
30
35
40
2001 2002 2003 2004 2005 Q106 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
3
2
Hospitals from
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Proven Track Record of Deleveraging
Net DebtEBITDA1
1 At actual FX rates from 2001 to 2010 and at average FX rates from 2011 onwards for both Net Debt and EBITDA before special items pro forma closed acquisitionsdivestitures2 Pro forma excluding advances made for the acquisition of hospitals from Rhoumln-Klinikum AG3 Both net debt and EBITDA including IFRS 16 effect and calculated at expected annual average exchange rates excluding further potential acquisitions4 Including acquisition of NxStage adjusted for IFRS 16 effect
Target 20203 towards thetop end of self-imposed
target corridor of 30 ndash 35x
50
36x
40
35
20
25
30
Equity-neutralconvertible bonds 3
Fresenius Group excl FMC Broad Mix of Financing Instruments
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 51
Total BS Debt
~euro136 bn
1 As of December 31 2019
bull Optimize funding costs and ensure financial flexibility
bull Diversify investor base
bull Strong liquidity provided by sufficient financial cushion (~euro22 billion as of December 31 2019)
Well Positioned to Meet Financing NeedsBonds 40
Lease obligations 14
Syndicated loans 15
Schuldscheinloans 16
Other financial liabilities 5
Commercial paper 7
Average interest ratecost of debt18 pa
Commercial paper 7
Fresenius Group Broad Mix of Financing Instruments
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 52
Total BS Debt
~euro273 bn
1 As of December 31 2019
bull Optimize funding costs and ensure financial flexibility
bull Diversify investor base
bull Strong liquidity provided by sufficient financial cushion (~euro40 billion as of December 31 2019)
Well Positioned to Meet Financing Needs
Average interest ratecost of debt22 pa
Equity-neutralconvertible bonds 3
Syndicated loans 14
Other financial liabilities 6
Bonds 38
Lease liabilities 24
Schuldschein loans 8
Fresenius Group Capitalization1
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 53
Instrument per Book Value in euro million in $ million4 oftotal cap
EBITDA LTM x
Syndicated Credit Agreement Revolver (euro US-$) 0 0 00 Syndicated Credit Agreement Term Loan A (euro US-$) 1976 2220 29 Bonds (euro US-$) 5501 6180 82 Convertible Bonds 465 522 07 Schuldschein Loans 2180 2449 33 Commercial Paper 953 1071 14 Lease Obligations 1876 2107 28 Other debt 675 758 10 Total Debt (FSE excl FMC) gross 13626 15307 203 Cash (excl FMC) 651 731 10 Total debt (FSE excl FMC) net 12975 14576 193 Total FMC debt net 12774 14350 190 Consolidation Adjustments (145) (163) (02)Total consolidated debt net 25604 28764 382 36x Market capitalization2 41470 46587 618 58x
Total capitalization 67074 75351 1000 94x FSE Group EBITDA3 7110
1 As of December 31 20192 Based on market capitalization for FSE and FMC as of December 31 20193 Pro Forma acquisitions before special items4 EURUSD exchange rate as of December 31 2019
Fresenius Group excl FMC Well-Balanced Debt Maturity Profile12
54
1 As of December 31 2019 and based on utilization of major financing instruments2 Excluding lease liabilities3 Pro Forma issuance of FSE EUR 750m bonds in Jan 2020 (average maturity 38)
Maturity 35 years3 on
average
eurom
EUR 750m Jan 2020
500717 700
267
1150
500700 750
500 500
153
903 927
106
304 393
430
421
238
207
84
500
953
0
500
1000
1500
2000
2500
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Bonds Syndicated Loan Schuldschein Loans Equity-neutral convertible bonds Commercial Paper
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
1500
1000
2000
2500
Fresenius Group Well-Balanced Debt Maturity Profile12
1 As of December 31 2019 and based on utilization of major financing instruments2 Excluding lease liabilities3 Pro Forma issuance of FSE EUR 750m bonds in Jan 2020 (average maturity 35)
EUR 750m Jan 2020
2380
13931859
650356 500 600
945
1712
1924
2020
697
2071
500 238
907 750
584
5000
1000
2000
3000
4000
5000
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Fresenius Medical Care Fresenius excl Fresenius Medical Care
5000
4000
3000
2000
1000
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Maturity 33 years3 on
average
eurom
55
23 23 23 19
32 36 33 41
45 41 44 40
Dec 31 16 Dec 31 17 Dec 31 18 Dec 31 19
Equity and non-controlling interest Debt Other liabilities
Fresenius Group Solid Balance Sheet Structure
Healthy Equity and Liability Split
bull Strong equity ratio of gt40 on average
bull Equity ratio kept in narrow range despite rapid growth of Fresenius Group
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 56
467 531 567 670
BS total (eurobn)
Including IFRS 16
Fresenius SE Solid Investment Grade Rating
57
ldquoFSE delivers solid organic growth thanks to positive underlying growth trends in the life-saving and life-sustaining products and therapies that the group offersrdquoSampP Jan 08 2019
ldquoFSErsquos rating remains anchored in investment-grade given its mature and defensive business risk profile its organic deleveraging ability based on free cash flow generation and its record of integrating acquisitions successfully and reducing financial leverage in line with communicated policiesrdquo Fitch April 17 2019
ldquoThe Baa3 long term issuer rating of FSE reflects its strong defensive business profile underpinned by large absolute scale global footprint and segmental diversification within the healthcare market supported by strong position in its four business segmentsrdquo Moodyrsquos May 20 2019
Rating History Rating Agenciesrsquo Key Statements
Following a positive outlook SampP upgraded Fresenius to BBB stable outlook in May 2019
SampP Moodylsquos Fitch
Corporate Credit Rating BBB Baa3 BBB-
Outlook stable stable stable
Current Credit Ratings
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Strong Access to Capital Markets
58
Major Financing Instruments
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Bonds euro250 m euro800 m$105 bn
euro750 m$15 bn
euro500 m euro12 bn$12 bn
$300m euro26 bn euro500 m euro10 bn$500 m
euro175 bn
euro750 m1
euro750 m2
SyndicatedLoans
$35 bn $898 m $385 bn $18 bneuro245 bn
$41 bneuro700 m
$115 bneuro205 bn
euro530 bn$355 bn
euro100 m
SchuldscheinLoans
euro400 m euro125 m euro500 m euro112 m $400 m euro10 bn euro700 m
Convertible Bonds
euro900 m euro500 m
Equity euro10 bn euro400 m
1 January 2020 euro750million 2020-2028 bonds issued by Fresenius SE amp Co KGaA2 March 2020 euro750million 2020-2027 bonds issued by Fresenius SE amp Co KGaA
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Debt and Cash Flow Structure
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 59
1 Incl consolidation adjustments2 Incl Fresenius financing subsidiaries3 Controlling stake4 Incl subsidiaries 5 Based on market capitalization for FMC as of December 31 20196 Via German holding entities (Fresenius Kabi AG and Fresenius ProServe GmbH)
Fresenius Medical Care
Financing
Fresenius SE Financing
Group Net Debt ~euro256 bn1
DividendsRents Service Agreements
~323 100 77 (cross boarder)100
Profit transfer Agreements6
bull Separate financing of Fresenius SE and Fresenius Medical Care
bull No joint financing facilities or mutual guarantees
bull Fresenius Kabi Fresenius Helios and Fresenius Vamed financed primarily through Fresenius SE to avoid structural subordination
bull Subsidiary debt consists mainly of lease liabilities which are on balance acc to IFRS 16 from 2019 onwards
FSE Net Debt2~euro128 bn
incl Net Debt of KabiHeliosVamed
StockMarketValue~euro62 bn5
FSE Net Debt2~euro114 bn
excl Net Debt of KabiHeliosVamed
euro12774 m Net Debt4
Thereof lease liabilities euro4705m
euro951 m Net Debt4
Thereof lease liabilities euro1042m
euro84 m Net Debt4
Thereof lease liabilities euro392m
euro371 m Net Debt4
Thereof lease liabilities euro369m
Fresenius Group Key Credit Figures
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 60
1 Adjusted for IFRS 162 Before special items pro forma acquisitionsdivestitures3 Before special items
20191 2019 2018 2017
Debt (eurom) thereof US$ denominated
2123328
2725834
1898428
1904231
Net debt (eurom) 19579 25604 16275 17406
Net debtEBITDA2
Net debt at year-end exchange rate EBITDA at LTM average FX rates
314 360 273 279
Net debtEBITDA2
at LTM average FX rates for both net debt and EBITDA
314 361 271 284
Operating Cash flowSales 99 120 112 116
EBITDANet Interest3 121 99 106 96
Appendix
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 61
Fresenius Group FY19 Key Financials
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom FY191 IFRS 16effect
specialitems
FY19 reported
Δ YoY cc12
Sales 35524 -115 - 35409 6
EBIT 4599 89 -57 4631 -2
Net interest -510 -204 -5 -719 9
Income taxes -955 30 42 -883 -5
Net income3 1915 -36 4 1883 0
Balance sheet total 61237 5769 - 67006
Operating Cashflow 3514 749 - 4263
1 Before special items adjusted for IFRS 16 effect2 On a comparable basis 2018 adjusted for divestitures of Care Coordination activities at FMC3 Net income attributable to shareholders of Fresenius SE amp Co KGaA
For a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
62
Fresenius Group Cash Flow
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 63
eurom 20191 Margin 2019 Margin 2018 Margin Δ YoY1918
Operating Cash Flow 3514 99 4263 120 3742 112 14
Capex (net) -2433 -69 -2433 -68 -2077 -62 -17
Free Cash Flow(before acquisitions and dividends)
1081 30 1830 52 1665 50 10
Acquisitions (net) -2423 -2423 613 --
Dividends -952 -952 -904 5
Free Cash Flow(after acquisitions and dividends) -2294 -65 -1545 -44 1374 41 --
1 2019 adjusted for IFRS 16
Fresenius Group Calculation of Noncontrolling Interest
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom FY19 FY18
Earnings before tax and noncontrolling interest 4089 3998
Taxes -955 -883
Noncontrolling interest thereof -1219 -1243
Fresenius Medical Care net income not attributable to Fresenius (FY19 ~69)
-897 -928
Noncontrolling interest holders in Fresenius Medical Care -239 -244
Noncontrolling interest holders in Fresenius Kabi (-euro49 m) Fresenius Helios (-euro13 m) Fresenius Vamed (-euro2 m) and due to Fresenius Vamedrsquos 23 external ownership (-euro19 m)
-83 -71
Net income attributable to Fresenius SE amp Co KGaA 1915 1872
64
On a comparable basis Before special items adjusted for IFRS16 effect FY18 adjusted for divestitures of Care Coordination activities at FMC
For a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
002
023 025029
032037
042044
055
062
93 08 09 10 11 12 13 14 15 16 17 18 19
25 2421 20 21 21 22 21 22 23 24
Fresenius SE Earnings-Linked Dividend Policy
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
euro per share
bull Dividend growth aligned to EPS1
growth
bull Pay-out Ratio 20 to 25
Dividend distribution (eurom)
Pay-out Ratio
075
2019 Pay-out Ratio 24 Dividend Policy
122 140 155 196 225 238 300 416114 343 445
080
1 Before special items
468
084
24
Track record
bull 27th consecutive dividend increase
bull CAGR dividend increase +15
65
32x1
Fresenius Medical Care Low Leverage Reflected by Solid Investment Grade Rating
66General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
60 6176
6483
2015 2016 2017 2018 2019
Free Cash Flow in of revenue
SampP Moodylsquos Fitch
Corporate Credit Rating BBB Baa3 BBB-
Outlook stable stable stable
Current Credit Ratings
1 Including IFRS16 effect
29x30x
27x
22x
18x
31x
27x25x
22x
21x
27x25x
25x
31x
26x23x
21x
18x
25x
15
20
25
30
35
40
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
1
Fresenius Medical Care Broad Mix of Financing Instruments
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 67
Total BS Debt
~euro138 m
1 As of December 31 2019
bull Optimize funding costs and ensure financial flexibility
bull Diversify investor base
bull Strong liquidity provided by sufficient financial cushion (~euro18 billion as of December 31 2019)
Well Positioned to Meet Financing Needs
Average interest ratecost of debt25 pa
Equity-neutralconvertible bonds 3
Commercial paper 7
Syndicated loans 14
Other financial liabilities 7
Bonds 36
Lease obligations 33
Fresenius Medical Care Well-Balanced Debt Maturity Profile12
68
eurom
Maturity 30 years on
average
1 As of December 31 2019 and based on utilization of major financing instruments2 Excluding lease liabilities
445
878623 650
356500 600
945
535
135
1236400
1000
380
0
500
1000
1500
2000
2500
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
Bonds Syndicated Loan Equity-neutral convertible bonds Commercial Paper AR Facility
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
2500
2000
1500
1000
Fresenius SE Overview Bonds
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 69
Issuer Volume(in millions)
Coupon type
Coupon (in )
MaturityTerm
ISIN (RegS)
WKN
Fresenius SE amp Co KGaAeuro500 Fix 2875 20132020 XS0873432511 A1HEWZ
Fresenius SE amp Co KGaAeuro450 Fix 300 20142021 XS1013955379 A1ZB7H
Fresenius SE amp Co KGaAeuro450 Fix 400 20142024 XS1026109204 A1ZC60
Fresenius SE amp Co KGaAeuro 500 Fix 1875 20192025 XS1936208252 A2NBMS
Fresenius SE amp Co KGaAeuro 750 Fix 1625 20202027 XS2152329053 A254TA
Fresenius SE amp Co KGaAeuro 750 Fix 075 20202028 XS2101357072 A254QN
Fresenius SE amp Co KGaAeuro 500 Fix 2875 20192029 XS1936208419 A2NBMT
Fresenius Finance Ireland plceuro700 Fix 0875 20172022 XS1554373164 A19B3F
Fresenius Finance Ireland plceuro700 Fix 150 20172024 XS1554373248 A19B3G
Fresenius Finance Ireland plceuro700 Fix 2125 20172027 XS1554373677 A19B3H
Fresenius Finance Ireland plceuro500 Fix 300 20172032 XS1554373834 A19B3J
Fresenius US Finance II IncUS$300 Fix 425 20142021 USU31436AG04 A1ZDVJ
Fresenius US Finance II IncUS$300 Fix 450 20152023 USU31436AH86 A1Z64A
As of April 8 2020
Fresenius Medical Care Overview Bonds
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 70
Issuer Volume(in millions)
Coupon type
Coupon (in )
MaturityTerm
ISIN (RegS)
WKN
FMC Finance VII SA euro300 Fix 525 20112021 XS0576395478 A1GLY6
Fresenius Medical Care US Finance Inc US$650 Fix 575 20112021 USU31433AA03 A1GL0J
Fresenius Medical Care US Finance II Inc US$500 Fix 4125 20142020 US35802XAH61 A1ZRTL
Fresenius Medical Care US Finance II Inc US$700 Fix 5875 20122022 USU31434AC42 A1GZRF
Fresenius Medical Care US Finance II Inc US$400 Fix 475 20142024 US35802XAJ28 A1ZRTN
Fresenius Medical Care US Finance III Inc US$500 Fix 375 20192029 USU3149FAA76 A2R3YR
Fresenius Medical Care AG amp Co KGaA euro650 Fix 0250 20192023 XS2084510069 A255DU
Fresenius Medical Care AG amp Co KGaA euro500 Fix 150 20182025 XS1854532949 A2NBE6
Fresenius Medical Care AG amp Co KGaA euro600 Fix 0625 20192026 XS2084497705 A255DV
Fresenius Medical Care AG amp Co KGaA euro500 Fix 1250 20192029 XS2084488209 A255DW
As of December 31 2019
Financial Calendar Contact
Financial Calendar 06 May 2020 Results Q120
30 July 2020 Results Q220
29 October 2020 Results Q320Please note that these dates could be subject to change
Annual General Meeting Due to the coronavirus pandemic the AGM scheduled for 20 May 2020 has been postponed A new date within the current financial year will be set as soon as the conditions for reliable planning and safe execution of the AGM are once again in place
Contact
Investor Relations amp SustainabilityFresenius SE amp Co KGaAphone +49 6172 608-2485e-mail ir-frefreseniuscomFor further information and current news wwwfreseniuscom
Follow us on Twitter wwwtwittercomfresenius_irand LinkedIn wwwlinkedincomcompanyfresenius-investor-relations
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 71
Fresenius Helios Q4 amp FY19 Key Financials
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom Q419 Δ YoY FY19 Δ YoY
Total sales 2344 41 9234 51
Thereof Helios Germany 1475 31 5940 31
Thereof Helios Spain 867 71 3292 71
Total EBIT3
Margin292
1255
10 bps1015110
-4-32
-70 bps
Thereof Helios GermanyMargin
14397
420 bps
57697
-8-62
-80 bps
Thereof Helios SpainMargin
134155
6-50 bps
434132
5-50 bps
Thereof Corporate 15 -- 5 --
1 Organic growth2 Adjusted for the post-acute care business transferred to Fresenius Vamed as of July 1 20183 Adjusted for IFRS 16 effectFor a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
38
Fresenius Helios Key Measures
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
FY19 FY18 Δ
No of hospitals Germany- Acute care hospitals
8683
8683
00
No of hospitals Spain(Hospitals)
51 47 9
No of beds Germany- Acute care hospitals
28907 28380
2932928802
-1-1
No of beds Spain(Hospitals)
7288 7019 4
Admissions Germany (acute care) 1206654 1218199
Admissions Spain (including outpatients) 15396051 13318066
39
Fresenius Vamed
1 Without German post-acute care business acquired from Fresenius Helios as of July 1 2018
2 Adjusted for IFRS 16 effect 3 Project business only4 Versus December 31 2018
bull Both business segments contributed to the organic sales growth of 4 in Q419
bull Stable service business is gaining weight (FY19 63 of sales FY09 32)
bull Geographically well-diversified order backlog is excellent foundation for future growth
eurom Q419 Δ YoY FY19 Δ YoY
Total salesThereof organic sales
737 64
2206 31161
Service business 374 11 1399 43251
Project business 363 1 807 13
Total EBIT2 66 8 131 1961
Order intake3 576 -13 1314 7
Order backlog3 2865 184
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 40
Fresenius Group FY19 amp Cash Flow
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Operating CF1 Capex (net) Free Cash Flow12
eurom FY2019 Margin FY2019 Margin FY2019 Margin
1947 111 -1113 -64 834 47
968 140 -716 -104 252 36
683 74 -477 -52 206 224
-46 -21 -52 -23 -98 -44
CorporateOther -38 na -75 na -113 na
1677 93 -1320 -73 357 20
3514 99 -2433 -69 1081 30
1 Adjusted for IFRS 162 Before acquisitions and dividends3 Incl FMC dividend of euro110 million4 Understated 27 excluding euro45 million of capex commitments from acquisitions
Excl FMC3
41
Fresenius Group 2020 Financial Outlook by Business Segment
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom (except otherwise stated) FY19 Base1 FY20e2
Sales growth (cc) 17477mid to high single digit
-range
Net income growth3 (cc) 1205mid to high single digit
-range
Sales growth (organic) 6919 3 - 6
EBIT growth (cc) 1205 -4 to 0
Sales growth (organic) 9234 3 - 6
EBIT growth (cc) 1025 3 - 7
Sales growth (organic) 2206 4 - 7
EBIT growth (cc) 134 5 - 9
1 Before special items including IFRS 16 effects including NxStage operations2 Before special items3 Net income attributable to shareholders of Fresenius Medical Care AG amp Co KGaA
For a detailed overview of special items please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
42
eurom (except otherwise stated) FY19 Base1 FY202
Sales growth (cc) 35409 4 - 7
Net income3 growth (cc) 1879 1 - 5
Fresenius Group 2020 Financial Guidance
1 Before special items including IFRS 16 effects including NxStage operations 2 Before special items3 Net income attributable to shareholders of Fresenius SEampCoKGaA
For a detailed overview of special items please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 43
FY19 base for Fresenius Group Guidance FY20
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
euromFresenius
GroupFresenius
Medical CareFresenius
Kabi
Sales reported (reported = base for guidance) 35409 17477 6919
Transaction costs Akorn 3
Revaluations of biosimilars contingent purchase price liabilities -32
EBIT (before special items = base Fresenius Kabi guidance) 1205
Net income reported 1883 1200
Transaction costs Akorn 3
Revaluations of biosimilars contingent purchase price liabilities -19
Gain related to divestitures of Care Coordination activities at FMC -15 -49
Transaction costs NxStage 6 18
Expenses associated with cost optimization program at FMC 21 67
Net income (before special items = base Fresenius Group amp FMC guidance) 1879 1236
44
Fresenius Group Financial Results by Business Segment
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 45
20191 20182 2017 Growth3
20192018
Sales euro17592 m euro16026 m euro17784 m 62
EBIT euro2281 m euro2292 m euro2562 m -42
Sales euro6919 m euro6544 m euro6358 m 4
EBIT euro1200 m euro1139 m euro1177 m 3
Sales euro9234 m euro8993 m euro8668 m 3
EBIT euro1015 m euro1052 m euro1052 m -4
Sales euro2206 m euro1688 m euro1228 m 30
EBIT euro131 m euro110 m euro76 m 18
Sales euro35524 m euro33009 m euro33886 m 62
EBIT euro4599 m euro4547 m euro4830 m -22Group
Before special items
1 Adjusted for IFRS 162 On a comparable basis 2018 adjusted for divestitures of Care Coordination activities 3 Growth rates at constant currency and adjusted for IFRS 16
Fresenius Group Margins by Business Segment
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 46
Before special items 2018 adjusted for divestitures of Care Coordination activities 2019 adjusted for IFRS 16
2019 2018 2017
EBITDA margin 178 192 185
EBIT margin 130 143 144
EBITDA margin 217 219 233
EBIT margin 173 174 185
EBITDA margin 148 159 165
EBIT margin 110 117 121
EBITDA margin 78 79 71
EBIT margin 59 65 62
EBITDA margin 174 183 185
EBIT margin 129 138 143Group
Credit Highlights amp Financing Structure
47General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Credit Highlights
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 48
Consistent Cash Generation
Proven Track Record of Deleveraging
Broad Mix of Financing Instruments
Well-Balanced Maturity Profile
Solid Balance Sheet Structure
Solid IG Rating and Strong Access to Capital Markets
120
103
126
114109
120 122116
112120
8
9
10
11
12
13
14
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
48 48 52 5358 55 55 54
6570
2
3
4
5
6
7
8
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
74
56
76
62
52
67 67 66
50 52
4
5
6
7
8
9
10
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Fresenius Group Consistent Cash Generation
Capex gross in of sales
FCF margin (before acquisitions amp dividends)CFFO margin
49General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
2019 including IFRS 16
32x
30x
27x
22x 23x
35x
30x
26x
36x
30x
26x27x
26x
25x
32x
27x
23x
28x
27x
31x 4
20
25
30
35
40
2001 2002 2003 2004 2005 Q106 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
3
2
Hospitals from
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Proven Track Record of Deleveraging
Net DebtEBITDA1
1 At actual FX rates from 2001 to 2010 and at average FX rates from 2011 onwards for both Net Debt and EBITDA before special items pro forma closed acquisitionsdivestitures2 Pro forma excluding advances made for the acquisition of hospitals from Rhoumln-Klinikum AG3 Both net debt and EBITDA including IFRS 16 effect and calculated at expected annual average exchange rates excluding further potential acquisitions4 Including acquisition of NxStage adjusted for IFRS 16 effect
Target 20203 towards thetop end of self-imposed
target corridor of 30 ndash 35x
50
36x
40
35
20
25
30
Equity-neutralconvertible bonds 3
Fresenius Group excl FMC Broad Mix of Financing Instruments
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 51
Total BS Debt
~euro136 bn
1 As of December 31 2019
bull Optimize funding costs and ensure financial flexibility
bull Diversify investor base
bull Strong liquidity provided by sufficient financial cushion (~euro22 billion as of December 31 2019)
Well Positioned to Meet Financing NeedsBonds 40
Lease obligations 14
Syndicated loans 15
Schuldscheinloans 16
Other financial liabilities 5
Commercial paper 7
Average interest ratecost of debt18 pa
Commercial paper 7
Fresenius Group Broad Mix of Financing Instruments
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 52
Total BS Debt
~euro273 bn
1 As of December 31 2019
bull Optimize funding costs and ensure financial flexibility
bull Diversify investor base
bull Strong liquidity provided by sufficient financial cushion (~euro40 billion as of December 31 2019)
Well Positioned to Meet Financing Needs
Average interest ratecost of debt22 pa
Equity-neutralconvertible bonds 3
Syndicated loans 14
Other financial liabilities 6
Bonds 38
Lease liabilities 24
Schuldschein loans 8
Fresenius Group Capitalization1
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 53
Instrument per Book Value in euro million in $ million4 oftotal cap
EBITDA LTM x
Syndicated Credit Agreement Revolver (euro US-$) 0 0 00 Syndicated Credit Agreement Term Loan A (euro US-$) 1976 2220 29 Bonds (euro US-$) 5501 6180 82 Convertible Bonds 465 522 07 Schuldschein Loans 2180 2449 33 Commercial Paper 953 1071 14 Lease Obligations 1876 2107 28 Other debt 675 758 10 Total Debt (FSE excl FMC) gross 13626 15307 203 Cash (excl FMC) 651 731 10 Total debt (FSE excl FMC) net 12975 14576 193 Total FMC debt net 12774 14350 190 Consolidation Adjustments (145) (163) (02)Total consolidated debt net 25604 28764 382 36x Market capitalization2 41470 46587 618 58x
Total capitalization 67074 75351 1000 94x FSE Group EBITDA3 7110
1 As of December 31 20192 Based on market capitalization for FSE and FMC as of December 31 20193 Pro Forma acquisitions before special items4 EURUSD exchange rate as of December 31 2019
Fresenius Group excl FMC Well-Balanced Debt Maturity Profile12
54
1 As of December 31 2019 and based on utilization of major financing instruments2 Excluding lease liabilities3 Pro Forma issuance of FSE EUR 750m bonds in Jan 2020 (average maturity 38)
Maturity 35 years3 on
average
eurom
EUR 750m Jan 2020
500717 700
267
1150
500700 750
500 500
153
903 927
106
304 393
430
421
238
207
84
500
953
0
500
1000
1500
2000
2500
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Bonds Syndicated Loan Schuldschein Loans Equity-neutral convertible bonds Commercial Paper
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
1500
1000
2000
2500
Fresenius Group Well-Balanced Debt Maturity Profile12
1 As of December 31 2019 and based on utilization of major financing instruments2 Excluding lease liabilities3 Pro Forma issuance of FSE EUR 750m bonds in Jan 2020 (average maturity 35)
EUR 750m Jan 2020
2380
13931859
650356 500 600
945
1712
1924
2020
697
2071
500 238
907 750
584
5000
1000
2000
3000
4000
5000
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Fresenius Medical Care Fresenius excl Fresenius Medical Care
5000
4000
3000
2000
1000
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Maturity 33 years3 on
average
eurom
55
23 23 23 19
32 36 33 41
45 41 44 40
Dec 31 16 Dec 31 17 Dec 31 18 Dec 31 19
Equity and non-controlling interest Debt Other liabilities
Fresenius Group Solid Balance Sheet Structure
Healthy Equity and Liability Split
bull Strong equity ratio of gt40 on average
bull Equity ratio kept in narrow range despite rapid growth of Fresenius Group
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 56
467 531 567 670
BS total (eurobn)
Including IFRS 16
Fresenius SE Solid Investment Grade Rating
57
ldquoFSE delivers solid organic growth thanks to positive underlying growth trends in the life-saving and life-sustaining products and therapies that the group offersrdquoSampP Jan 08 2019
ldquoFSErsquos rating remains anchored in investment-grade given its mature and defensive business risk profile its organic deleveraging ability based on free cash flow generation and its record of integrating acquisitions successfully and reducing financial leverage in line with communicated policiesrdquo Fitch April 17 2019
ldquoThe Baa3 long term issuer rating of FSE reflects its strong defensive business profile underpinned by large absolute scale global footprint and segmental diversification within the healthcare market supported by strong position in its four business segmentsrdquo Moodyrsquos May 20 2019
Rating History Rating Agenciesrsquo Key Statements
Following a positive outlook SampP upgraded Fresenius to BBB stable outlook in May 2019
SampP Moodylsquos Fitch
Corporate Credit Rating BBB Baa3 BBB-
Outlook stable stable stable
Current Credit Ratings
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Strong Access to Capital Markets
58
Major Financing Instruments
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Bonds euro250 m euro800 m$105 bn
euro750 m$15 bn
euro500 m euro12 bn$12 bn
$300m euro26 bn euro500 m euro10 bn$500 m
euro175 bn
euro750 m1
euro750 m2
SyndicatedLoans
$35 bn $898 m $385 bn $18 bneuro245 bn
$41 bneuro700 m
$115 bneuro205 bn
euro530 bn$355 bn
euro100 m
SchuldscheinLoans
euro400 m euro125 m euro500 m euro112 m $400 m euro10 bn euro700 m
Convertible Bonds
euro900 m euro500 m
Equity euro10 bn euro400 m
1 January 2020 euro750million 2020-2028 bonds issued by Fresenius SE amp Co KGaA2 March 2020 euro750million 2020-2027 bonds issued by Fresenius SE amp Co KGaA
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Debt and Cash Flow Structure
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 59
1 Incl consolidation adjustments2 Incl Fresenius financing subsidiaries3 Controlling stake4 Incl subsidiaries 5 Based on market capitalization for FMC as of December 31 20196 Via German holding entities (Fresenius Kabi AG and Fresenius ProServe GmbH)
Fresenius Medical Care
Financing
Fresenius SE Financing
Group Net Debt ~euro256 bn1
DividendsRents Service Agreements
~323 100 77 (cross boarder)100
Profit transfer Agreements6
bull Separate financing of Fresenius SE and Fresenius Medical Care
bull No joint financing facilities or mutual guarantees
bull Fresenius Kabi Fresenius Helios and Fresenius Vamed financed primarily through Fresenius SE to avoid structural subordination
bull Subsidiary debt consists mainly of lease liabilities which are on balance acc to IFRS 16 from 2019 onwards
FSE Net Debt2~euro128 bn
incl Net Debt of KabiHeliosVamed
StockMarketValue~euro62 bn5
FSE Net Debt2~euro114 bn
excl Net Debt of KabiHeliosVamed
euro12774 m Net Debt4
Thereof lease liabilities euro4705m
euro951 m Net Debt4
Thereof lease liabilities euro1042m
euro84 m Net Debt4
Thereof lease liabilities euro392m
euro371 m Net Debt4
Thereof lease liabilities euro369m
Fresenius Group Key Credit Figures
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 60
1 Adjusted for IFRS 162 Before special items pro forma acquisitionsdivestitures3 Before special items
20191 2019 2018 2017
Debt (eurom) thereof US$ denominated
2123328
2725834
1898428
1904231
Net debt (eurom) 19579 25604 16275 17406
Net debtEBITDA2
Net debt at year-end exchange rate EBITDA at LTM average FX rates
314 360 273 279
Net debtEBITDA2
at LTM average FX rates for both net debt and EBITDA
314 361 271 284
Operating Cash flowSales 99 120 112 116
EBITDANet Interest3 121 99 106 96
Appendix
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 61
Fresenius Group FY19 Key Financials
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom FY191 IFRS 16effect
specialitems
FY19 reported
Δ YoY cc12
Sales 35524 -115 - 35409 6
EBIT 4599 89 -57 4631 -2
Net interest -510 -204 -5 -719 9
Income taxes -955 30 42 -883 -5
Net income3 1915 -36 4 1883 0
Balance sheet total 61237 5769 - 67006
Operating Cashflow 3514 749 - 4263
1 Before special items adjusted for IFRS 16 effect2 On a comparable basis 2018 adjusted for divestitures of Care Coordination activities at FMC3 Net income attributable to shareholders of Fresenius SE amp Co KGaA
For a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
62
Fresenius Group Cash Flow
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 63
eurom 20191 Margin 2019 Margin 2018 Margin Δ YoY1918
Operating Cash Flow 3514 99 4263 120 3742 112 14
Capex (net) -2433 -69 -2433 -68 -2077 -62 -17
Free Cash Flow(before acquisitions and dividends)
1081 30 1830 52 1665 50 10
Acquisitions (net) -2423 -2423 613 --
Dividends -952 -952 -904 5
Free Cash Flow(after acquisitions and dividends) -2294 -65 -1545 -44 1374 41 --
1 2019 adjusted for IFRS 16
Fresenius Group Calculation of Noncontrolling Interest
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom FY19 FY18
Earnings before tax and noncontrolling interest 4089 3998
Taxes -955 -883
Noncontrolling interest thereof -1219 -1243
Fresenius Medical Care net income not attributable to Fresenius (FY19 ~69)
-897 -928
Noncontrolling interest holders in Fresenius Medical Care -239 -244
Noncontrolling interest holders in Fresenius Kabi (-euro49 m) Fresenius Helios (-euro13 m) Fresenius Vamed (-euro2 m) and due to Fresenius Vamedrsquos 23 external ownership (-euro19 m)
-83 -71
Net income attributable to Fresenius SE amp Co KGaA 1915 1872
64
On a comparable basis Before special items adjusted for IFRS16 effect FY18 adjusted for divestitures of Care Coordination activities at FMC
For a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
002
023 025029
032037
042044
055
062
93 08 09 10 11 12 13 14 15 16 17 18 19
25 2421 20 21 21 22 21 22 23 24
Fresenius SE Earnings-Linked Dividend Policy
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
euro per share
bull Dividend growth aligned to EPS1
growth
bull Pay-out Ratio 20 to 25
Dividend distribution (eurom)
Pay-out Ratio
075
2019 Pay-out Ratio 24 Dividend Policy
122 140 155 196 225 238 300 416114 343 445
080
1 Before special items
468
084
24
Track record
bull 27th consecutive dividend increase
bull CAGR dividend increase +15
65
32x1
Fresenius Medical Care Low Leverage Reflected by Solid Investment Grade Rating
66General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
60 6176
6483
2015 2016 2017 2018 2019
Free Cash Flow in of revenue
SampP Moodylsquos Fitch
Corporate Credit Rating BBB Baa3 BBB-
Outlook stable stable stable
Current Credit Ratings
1 Including IFRS16 effect
29x30x
27x
22x
18x
31x
27x25x
22x
21x
27x25x
25x
31x
26x23x
21x
18x
25x
15
20
25
30
35
40
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
1
Fresenius Medical Care Broad Mix of Financing Instruments
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 67
Total BS Debt
~euro138 m
1 As of December 31 2019
bull Optimize funding costs and ensure financial flexibility
bull Diversify investor base
bull Strong liquidity provided by sufficient financial cushion (~euro18 billion as of December 31 2019)
Well Positioned to Meet Financing Needs
Average interest ratecost of debt25 pa
Equity-neutralconvertible bonds 3
Commercial paper 7
Syndicated loans 14
Other financial liabilities 7
Bonds 36
Lease obligations 33
Fresenius Medical Care Well-Balanced Debt Maturity Profile12
68
eurom
Maturity 30 years on
average
1 As of December 31 2019 and based on utilization of major financing instruments2 Excluding lease liabilities
445
878623 650
356500 600
945
535
135
1236400
1000
380
0
500
1000
1500
2000
2500
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
Bonds Syndicated Loan Equity-neutral convertible bonds Commercial Paper AR Facility
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
2500
2000
1500
1000
Fresenius SE Overview Bonds
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 69
Issuer Volume(in millions)
Coupon type
Coupon (in )
MaturityTerm
ISIN (RegS)
WKN
Fresenius SE amp Co KGaAeuro500 Fix 2875 20132020 XS0873432511 A1HEWZ
Fresenius SE amp Co KGaAeuro450 Fix 300 20142021 XS1013955379 A1ZB7H
Fresenius SE amp Co KGaAeuro450 Fix 400 20142024 XS1026109204 A1ZC60
Fresenius SE amp Co KGaAeuro 500 Fix 1875 20192025 XS1936208252 A2NBMS
Fresenius SE amp Co KGaAeuro 750 Fix 1625 20202027 XS2152329053 A254TA
Fresenius SE amp Co KGaAeuro 750 Fix 075 20202028 XS2101357072 A254QN
Fresenius SE amp Co KGaAeuro 500 Fix 2875 20192029 XS1936208419 A2NBMT
Fresenius Finance Ireland plceuro700 Fix 0875 20172022 XS1554373164 A19B3F
Fresenius Finance Ireland plceuro700 Fix 150 20172024 XS1554373248 A19B3G
Fresenius Finance Ireland plceuro700 Fix 2125 20172027 XS1554373677 A19B3H
Fresenius Finance Ireland plceuro500 Fix 300 20172032 XS1554373834 A19B3J
Fresenius US Finance II IncUS$300 Fix 425 20142021 USU31436AG04 A1ZDVJ
Fresenius US Finance II IncUS$300 Fix 450 20152023 USU31436AH86 A1Z64A
As of April 8 2020
Fresenius Medical Care Overview Bonds
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 70
Issuer Volume(in millions)
Coupon type
Coupon (in )
MaturityTerm
ISIN (RegS)
WKN
FMC Finance VII SA euro300 Fix 525 20112021 XS0576395478 A1GLY6
Fresenius Medical Care US Finance Inc US$650 Fix 575 20112021 USU31433AA03 A1GL0J
Fresenius Medical Care US Finance II Inc US$500 Fix 4125 20142020 US35802XAH61 A1ZRTL
Fresenius Medical Care US Finance II Inc US$700 Fix 5875 20122022 USU31434AC42 A1GZRF
Fresenius Medical Care US Finance II Inc US$400 Fix 475 20142024 US35802XAJ28 A1ZRTN
Fresenius Medical Care US Finance III Inc US$500 Fix 375 20192029 USU3149FAA76 A2R3YR
Fresenius Medical Care AG amp Co KGaA euro650 Fix 0250 20192023 XS2084510069 A255DU
Fresenius Medical Care AG amp Co KGaA euro500 Fix 150 20182025 XS1854532949 A2NBE6
Fresenius Medical Care AG amp Co KGaA euro600 Fix 0625 20192026 XS2084497705 A255DV
Fresenius Medical Care AG amp Co KGaA euro500 Fix 1250 20192029 XS2084488209 A255DW
As of December 31 2019
Financial Calendar Contact
Financial Calendar 06 May 2020 Results Q120
30 July 2020 Results Q220
29 October 2020 Results Q320Please note that these dates could be subject to change
Annual General Meeting Due to the coronavirus pandemic the AGM scheduled for 20 May 2020 has been postponed A new date within the current financial year will be set as soon as the conditions for reliable planning and safe execution of the AGM are once again in place
Contact
Investor Relations amp SustainabilityFresenius SE amp Co KGaAphone +49 6172 608-2485e-mail ir-frefreseniuscomFor further information and current news wwwfreseniuscom
Follow us on Twitter wwwtwittercomfresenius_irand LinkedIn wwwlinkedincomcompanyfresenius-investor-relations
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 71
Fresenius Helios Key Measures
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
FY19 FY18 Δ
No of hospitals Germany- Acute care hospitals
8683
8683
00
No of hospitals Spain(Hospitals)
51 47 9
No of beds Germany- Acute care hospitals
28907 28380
2932928802
-1-1
No of beds Spain(Hospitals)
7288 7019 4
Admissions Germany (acute care) 1206654 1218199
Admissions Spain (including outpatients) 15396051 13318066
39
Fresenius Vamed
1 Without German post-acute care business acquired from Fresenius Helios as of July 1 2018
2 Adjusted for IFRS 16 effect 3 Project business only4 Versus December 31 2018
bull Both business segments contributed to the organic sales growth of 4 in Q419
bull Stable service business is gaining weight (FY19 63 of sales FY09 32)
bull Geographically well-diversified order backlog is excellent foundation for future growth
eurom Q419 Δ YoY FY19 Δ YoY
Total salesThereof organic sales
737 64
2206 31161
Service business 374 11 1399 43251
Project business 363 1 807 13
Total EBIT2 66 8 131 1961
Order intake3 576 -13 1314 7
Order backlog3 2865 184
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 40
Fresenius Group FY19 amp Cash Flow
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Operating CF1 Capex (net) Free Cash Flow12
eurom FY2019 Margin FY2019 Margin FY2019 Margin
1947 111 -1113 -64 834 47
968 140 -716 -104 252 36
683 74 -477 -52 206 224
-46 -21 -52 -23 -98 -44
CorporateOther -38 na -75 na -113 na
1677 93 -1320 -73 357 20
3514 99 -2433 -69 1081 30
1 Adjusted for IFRS 162 Before acquisitions and dividends3 Incl FMC dividend of euro110 million4 Understated 27 excluding euro45 million of capex commitments from acquisitions
Excl FMC3
41
Fresenius Group 2020 Financial Outlook by Business Segment
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom (except otherwise stated) FY19 Base1 FY20e2
Sales growth (cc) 17477mid to high single digit
-range
Net income growth3 (cc) 1205mid to high single digit
-range
Sales growth (organic) 6919 3 - 6
EBIT growth (cc) 1205 -4 to 0
Sales growth (organic) 9234 3 - 6
EBIT growth (cc) 1025 3 - 7
Sales growth (organic) 2206 4 - 7
EBIT growth (cc) 134 5 - 9
1 Before special items including IFRS 16 effects including NxStage operations2 Before special items3 Net income attributable to shareholders of Fresenius Medical Care AG amp Co KGaA
For a detailed overview of special items please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
42
eurom (except otherwise stated) FY19 Base1 FY202
Sales growth (cc) 35409 4 - 7
Net income3 growth (cc) 1879 1 - 5
Fresenius Group 2020 Financial Guidance
1 Before special items including IFRS 16 effects including NxStage operations 2 Before special items3 Net income attributable to shareholders of Fresenius SEampCoKGaA
For a detailed overview of special items please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 43
FY19 base for Fresenius Group Guidance FY20
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
euromFresenius
GroupFresenius
Medical CareFresenius
Kabi
Sales reported (reported = base for guidance) 35409 17477 6919
Transaction costs Akorn 3
Revaluations of biosimilars contingent purchase price liabilities -32
EBIT (before special items = base Fresenius Kabi guidance) 1205
Net income reported 1883 1200
Transaction costs Akorn 3
Revaluations of biosimilars contingent purchase price liabilities -19
Gain related to divestitures of Care Coordination activities at FMC -15 -49
Transaction costs NxStage 6 18
Expenses associated with cost optimization program at FMC 21 67
Net income (before special items = base Fresenius Group amp FMC guidance) 1879 1236
44
Fresenius Group Financial Results by Business Segment
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 45
20191 20182 2017 Growth3
20192018
Sales euro17592 m euro16026 m euro17784 m 62
EBIT euro2281 m euro2292 m euro2562 m -42
Sales euro6919 m euro6544 m euro6358 m 4
EBIT euro1200 m euro1139 m euro1177 m 3
Sales euro9234 m euro8993 m euro8668 m 3
EBIT euro1015 m euro1052 m euro1052 m -4
Sales euro2206 m euro1688 m euro1228 m 30
EBIT euro131 m euro110 m euro76 m 18
Sales euro35524 m euro33009 m euro33886 m 62
EBIT euro4599 m euro4547 m euro4830 m -22Group
Before special items
1 Adjusted for IFRS 162 On a comparable basis 2018 adjusted for divestitures of Care Coordination activities 3 Growth rates at constant currency and adjusted for IFRS 16
Fresenius Group Margins by Business Segment
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 46
Before special items 2018 adjusted for divestitures of Care Coordination activities 2019 adjusted for IFRS 16
2019 2018 2017
EBITDA margin 178 192 185
EBIT margin 130 143 144
EBITDA margin 217 219 233
EBIT margin 173 174 185
EBITDA margin 148 159 165
EBIT margin 110 117 121
EBITDA margin 78 79 71
EBIT margin 59 65 62
EBITDA margin 174 183 185
EBIT margin 129 138 143Group
Credit Highlights amp Financing Structure
47General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Credit Highlights
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 48
Consistent Cash Generation
Proven Track Record of Deleveraging
Broad Mix of Financing Instruments
Well-Balanced Maturity Profile
Solid Balance Sheet Structure
Solid IG Rating and Strong Access to Capital Markets
120
103
126
114109
120 122116
112120
8
9
10
11
12
13
14
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
48 48 52 5358 55 55 54
6570
2
3
4
5
6
7
8
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
74
56
76
62
52
67 67 66
50 52
4
5
6
7
8
9
10
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Fresenius Group Consistent Cash Generation
Capex gross in of sales
FCF margin (before acquisitions amp dividends)CFFO margin
49General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
2019 including IFRS 16
32x
30x
27x
22x 23x
35x
30x
26x
36x
30x
26x27x
26x
25x
32x
27x
23x
28x
27x
31x 4
20
25
30
35
40
2001 2002 2003 2004 2005 Q106 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
3
2
Hospitals from
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Proven Track Record of Deleveraging
Net DebtEBITDA1
1 At actual FX rates from 2001 to 2010 and at average FX rates from 2011 onwards for both Net Debt and EBITDA before special items pro forma closed acquisitionsdivestitures2 Pro forma excluding advances made for the acquisition of hospitals from Rhoumln-Klinikum AG3 Both net debt and EBITDA including IFRS 16 effect and calculated at expected annual average exchange rates excluding further potential acquisitions4 Including acquisition of NxStage adjusted for IFRS 16 effect
Target 20203 towards thetop end of self-imposed
target corridor of 30 ndash 35x
50
36x
40
35
20
25
30
Equity-neutralconvertible bonds 3
Fresenius Group excl FMC Broad Mix of Financing Instruments
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 51
Total BS Debt
~euro136 bn
1 As of December 31 2019
bull Optimize funding costs and ensure financial flexibility
bull Diversify investor base
bull Strong liquidity provided by sufficient financial cushion (~euro22 billion as of December 31 2019)
Well Positioned to Meet Financing NeedsBonds 40
Lease obligations 14
Syndicated loans 15
Schuldscheinloans 16
Other financial liabilities 5
Commercial paper 7
Average interest ratecost of debt18 pa
Commercial paper 7
Fresenius Group Broad Mix of Financing Instruments
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 52
Total BS Debt
~euro273 bn
1 As of December 31 2019
bull Optimize funding costs and ensure financial flexibility
bull Diversify investor base
bull Strong liquidity provided by sufficient financial cushion (~euro40 billion as of December 31 2019)
Well Positioned to Meet Financing Needs
Average interest ratecost of debt22 pa
Equity-neutralconvertible bonds 3
Syndicated loans 14
Other financial liabilities 6
Bonds 38
Lease liabilities 24
Schuldschein loans 8
Fresenius Group Capitalization1
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 53
Instrument per Book Value in euro million in $ million4 oftotal cap
EBITDA LTM x
Syndicated Credit Agreement Revolver (euro US-$) 0 0 00 Syndicated Credit Agreement Term Loan A (euro US-$) 1976 2220 29 Bonds (euro US-$) 5501 6180 82 Convertible Bonds 465 522 07 Schuldschein Loans 2180 2449 33 Commercial Paper 953 1071 14 Lease Obligations 1876 2107 28 Other debt 675 758 10 Total Debt (FSE excl FMC) gross 13626 15307 203 Cash (excl FMC) 651 731 10 Total debt (FSE excl FMC) net 12975 14576 193 Total FMC debt net 12774 14350 190 Consolidation Adjustments (145) (163) (02)Total consolidated debt net 25604 28764 382 36x Market capitalization2 41470 46587 618 58x
Total capitalization 67074 75351 1000 94x FSE Group EBITDA3 7110
1 As of December 31 20192 Based on market capitalization for FSE and FMC as of December 31 20193 Pro Forma acquisitions before special items4 EURUSD exchange rate as of December 31 2019
Fresenius Group excl FMC Well-Balanced Debt Maturity Profile12
54
1 As of December 31 2019 and based on utilization of major financing instruments2 Excluding lease liabilities3 Pro Forma issuance of FSE EUR 750m bonds in Jan 2020 (average maturity 38)
Maturity 35 years3 on
average
eurom
EUR 750m Jan 2020
500717 700
267
1150
500700 750
500 500
153
903 927
106
304 393
430
421
238
207
84
500
953
0
500
1000
1500
2000
2500
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Bonds Syndicated Loan Schuldschein Loans Equity-neutral convertible bonds Commercial Paper
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
1500
1000
2000
2500
Fresenius Group Well-Balanced Debt Maturity Profile12
1 As of December 31 2019 and based on utilization of major financing instruments2 Excluding lease liabilities3 Pro Forma issuance of FSE EUR 750m bonds in Jan 2020 (average maturity 35)
EUR 750m Jan 2020
2380
13931859
650356 500 600
945
1712
1924
2020
697
2071
500 238
907 750
584
5000
1000
2000
3000
4000
5000
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Fresenius Medical Care Fresenius excl Fresenius Medical Care
5000
4000
3000
2000
1000
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Maturity 33 years3 on
average
eurom
55
23 23 23 19
32 36 33 41
45 41 44 40
Dec 31 16 Dec 31 17 Dec 31 18 Dec 31 19
Equity and non-controlling interest Debt Other liabilities
Fresenius Group Solid Balance Sheet Structure
Healthy Equity and Liability Split
bull Strong equity ratio of gt40 on average
bull Equity ratio kept in narrow range despite rapid growth of Fresenius Group
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 56
467 531 567 670
BS total (eurobn)
Including IFRS 16
Fresenius SE Solid Investment Grade Rating
57
ldquoFSE delivers solid organic growth thanks to positive underlying growth trends in the life-saving and life-sustaining products and therapies that the group offersrdquoSampP Jan 08 2019
ldquoFSErsquos rating remains anchored in investment-grade given its mature and defensive business risk profile its organic deleveraging ability based on free cash flow generation and its record of integrating acquisitions successfully and reducing financial leverage in line with communicated policiesrdquo Fitch April 17 2019
ldquoThe Baa3 long term issuer rating of FSE reflects its strong defensive business profile underpinned by large absolute scale global footprint and segmental diversification within the healthcare market supported by strong position in its four business segmentsrdquo Moodyrsquos May 20 2019
Rating History Rating Agenciesrsquo Key Statements
Following a positive outlook SampP upgraded Fresenius to BBB stable outlook in May 2019
SampP Moodylsquos Fitch
Corporate Credit Rating BBB Baa3 BBB-
Outlook stable stable stable
Current Credit Ratings
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Strong Access to Capital Markets
58
Major Financing Instruments
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Bonds euro250 m euro800 m$105 bn
euro750 m$15 bn
euro500 m euro12 bn$12 bn
$300m euro26 bn euro500 m euro10 bn$500 m
euro175 bn
euro750 m1
euro750 m2
SyndicatedLoans
$35 bn $898 m $385 bn $18 bneuro245 bn
$41 bneuro700 m
$115 bneuro205 bn
euro530 bn$355 bn
euro100 m
SchuldscheinLoans
euro400 m euro125 m euro500 m euro112 m $400 m euro10 bn euro700 m
Convertible Bonds
euro900 m euro500 m
Equity euro10 bn euro400 m
1 January 2020 euro750million 2020-2028 bonds issued by Fresenius SE amp Co KGaA2 March 2020 euro750million 2020-2027 bonds issued by Fresenius SE amp Co KGaA
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Debt and Cash Flow Structure
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 59
1 Incl consolidation adjustments2 Incl Fresenius financing subsidiaries3 Controlling stake4 Incl subsidiaries 5 Based on market capitalization for FMC as of December 31 20196 Via German holding entities (Fresenius Kabi AG and Fresenius ProServe GmbH)
Fresenius Medical Care
Financing
Fresenius SE Financing
Group Net Debt ~euro256 bn1
DividendsRents Service Agreements
~323 100 77 (cross boarder)100
Profit transfer Agreements6
bull Separate financing of Fresenius SE and Fresenius Medical Care
bull No joint financing facilities or mutual guarantees
bull Fresenius Kabi Fresenius Helios and Fresenius Vamed financed primarily through Fresenius SE to avoid structural subordination
bull Subsidiary debt consists mainly of lease liabilities which are on balance acc to IFRS 16 from 2019 onwards
FSE Net Debt2~euro128 bn
incl Net Debt of KabiHeliosVamed
StockMarketValue~euro62 bn5
FSE Net Debt2~euro114 bn
excl Net Debt of KabiHeliosVamed
euro12774 m Net Debt4
Thereof lease liabilities euro4705m
euro951 m Net Debt4
Thereof lease liabilities euro1042m
euro84 m Net Debt4
Thereof lease liabilities euro392m
euro371 m Net Debt4
Thereof lease liabilities euro369m
Fresenius Group Key Credit Figures
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 60
1 Adjusted for IFRS 162 Before special items pro forma acquisitionsdivestitures3 Before special items
20191 2019 2018 2017
Debt (eurom) thereof US$ denominated
2123328
2725834
1898428
1904231
Net debt (eurom) 19579 25604 16275 17406
Net debtEBITDA2
Net debt at year-end exchange rate EBITDA at LTM average FX rates
314 360 273 279
Net debtEBITDA2
at LTM average FX rates for both net debt and EBITDA
314 361 271 284
Operating Cash flowSales 99 120 112 116
EBITDANet Interest3 121 99 106 96
Appendix
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 61
Fresenius Group FY19 Key Financials
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom FY191 IFRS 16effect
specialitems
FY19 reported
Δ YoY cc12
Sales 35524 -115 - 35409 6
EBIT 4599 89 -57 4631 -2
Net interest -510 -204 -5 -719 9
Income taxes -955 30 42 -883 -5
Net income3 1915 -36 4 1883 0
Balance sheet total 61237 5769 - 67006
Operating Cashflow 3514 749 - 4263
1 Before special items adjusted for IFRS 16 effect2 On a comparable basis 2018 adjusted for divestitures of Care Coordination activities at FMC3 Net income attributable to shareholders of Fresenius SE amp Co KGaA
For a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
62
Fresenius Group Cash Flow
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 63
eurom 20191 Margin 2019 Margin 2018 Margin Δ YoY1918
Operating Cash Flow 3514 99 4263 120 3742 112 14
Capex (net) -2433 -69 -2433 -68 -2077 -62 -17
Free Cash Flow(before acquisitions and dividends)
1081 30 1830 52 1665 50 10
Acquisitions (net) -2423 -2423 613 --
Dividends -952 -952 -904 5
Free Cash Flow(after acquisitions and dividends) -2294 -65 -1545 -44 1374 41 --
1 2019 adjusted for IFRS 16
Fresenius Group Calculation of Noncontrolling Interest
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom FY19 FY18
Earnings before tax and noncontrolling interest 4089 3998
Taxes -955 -883
Noncontrolling interest thereof -1219 -1243
Fresenius Medical Care net income not attributable to Fresenius (FY19 ~69)
-897 -928
Noncontrolling interest holders in Fresenius Medical Care -239 -244
Noncontrolling interest holders in Fresenius Kabi (-euro49 m) Fresenius Helios (-euro13 m) Fresenius Vamed (-euro2 m) and due to Fresenius Vamedrsquos 23 external ownership (-euro19 m)
-83 -71
Net income attributable to Fresenius SE amp Co KGaA 1915 1872
64
On a comparable basis Before special items adjusted for IFRS16 effect FY18 adjusted for divestitures of Care Coordination activities at FMC
For a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
002
023 025029
032037
042044
055
062
93 08 09 10 11 12 13 14 15 16 17 18 19
25 2421 20 21 21 22 21 22 23 24
Fresenius SE Earnings-Linked Dividend Policy
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
euro per share
bull Dividend growth aligned to EPS1
growth
bull Pay-out Ratio 20 to 25
Dividend distribution (eurom)
Pay-out Ratio
075
2019 Pay-out Ratio 24 Dividend Policy
122 140 155 196 225 238 300 416114 343 445
080
1 Before special items
468
084
24
Track record
bull 27th consecutive dividend increase
bull CAGR dividend increase +15
65
32x1
Fresenius Medical Care Low Leverage Reflected by Solid Investment Grade Rating
66General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
60 6176
6483
2015 2016 2017 2018 2019
Free Cash Flow in of revenue
SampP Moodylsquos Fitch
Corporate Credit Rating BBB Baa3 BBB-
Outlook stable stable stable
Current Credit Ratings
1 Including IFRS16 effect
29x30x
27x
22x
18x
31x
27x25x
22x
21x
27x25x
25x
31x
26x23x
21x
18x
25x
15
20
25
30
35
40
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
1
Fresenius Medical Care Broad Mix of Financing Instruments
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 67
Total BS Debt
~euro138 m
1 As of December 31 2019
bull Optimize funding costs and ensure financial flexibility
bull Diversify investor base
bull Strong liquidity provided by sufficient financial cushion (~euro18 billion as of December 31 2019)
Well Positioned to Meet Financing Needs
Average interest ratecost of debt25 pa
Equity-neutralconvertible bonds 3
Commercial paper 7
Syndicated loans 14
Other financial liabilities 7
Bonds 36
Lease obligations 33
Fresenius Medical Care Well-Balanced Debt Maturity Profile12
68
eurom
Maturity 30 years on
average
1 As of December 31 2019 and based on utilization of major financing instruments2 Excluding lease liabilities
445
878623 650
356500 600
945
535
135
1236400
1000
380
0
500
1000
1500
2000
2500
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
Bonds Syndicated Loan Equity-neutral convertible bonds Commercial Paper AR Facility
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
2500
2000
1500
1000
Fresenius SE Overview Bonds
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 69
Issuer Volume(in millions)
Coupon type
Coupon (in )
MaturityTerm
ISIN (RegS)
WKN
Fresenius SE amp Co KGaAeuro500 Fix 2875 20132020 XS0873432511 A1HEWZ
Fresenius SE amp Co KGaAeuro450 Fix 300 20142021 XS1013955379 A1ZB7H
Fresenius SE amp Co KGaAeuro450 Fix 400 20142024 XS1026109204 A1ZC60
Fresenius SE amp Co KGaAeuro 500 Fix 1875 20192025 XS1936208252 A2NBMS
Fresenius SE amp Co KGaAeuro 750 Fix 1625 20202027 XS2152329053 A254TA
Fresenius SE amp Co KGaAeuro 750 Fix 075 20202028 XS2101357072 A254QN
Fresenius SE amp Co KGaAeuro 500 Fix 2875 20192029 XS1936208419 A2NBMT
Fresenius Finance Ireland plceuro700 Fix 0875 20172022 XS1554373164 A19B3F
Fresenius Finance Ireland plceuro700 Fix 150 20172024 XS1554373248 A19B3G
Fresenius Finance Ireland plceuro700 Fix 2125 20172027 XS1554373677 A19B3H
Fresenius Finance Ireland plceuro500 Fix 300 20172032 XS1554373834 A19B3J
Fresenius US Finance II IncUS$300 Fix 425 20142021 USU31436AG04 A1ZDVJ
Fresenius US Finance II IncUS$300 Fix 450 20152023 USU31436AH86 A1Z64A
As of April 8 2020
Fresenius Medical Care Overview Bonds
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 70
Issuer Volume(in millions)
Coupon type
Coupon (in )
MaturityTerm
ISIN (RegS)
WKN
FMC Finance VII SA euro300 Fix 525 20112021 XS0576395478 A1GLY6
Fresenius Medical Care US Finance Inc US$650 Fix 575 20112021 USU31433AA03 A1GL0J
Fresenius Medical Care US Finance II Inc US$500 Fix 4125 20142020 US35802XAH61 A1ZRTL
Fresenius Medical Care US Finance II Inc US$700 Fix 5875 20122022 USU31434AC42 A1GZRF
Fresenius Medical Care US Finance II Inc US$400 Fix 475 20142024 US35802XAJ28 A1ZRTN
Fresenius Medical Care US Finance III Inc US$500 Fix 375 20192029 USU3149FAA76 A2R3YR
Fresenius Medical Care AG amp Co KGaA euro650 Fix 0250 20192023 XS2084510069 A255DU
Fresenius Medical Care AG amp Co KGaA euro500 Fix 150 20182025 XS1854532949 A2NBE6
Fresenius Medical Care AG amp Co KGaA euro600 Fix 0625 20192026 XS2084497705 A255DV
Fresenius Medical Care AG amp Co KGaA euro500 Fix 1250 20192029 XS2084488209 A255DW
As of December 31 2019
Financial Calendar Contact
Financial Calendar 06 May 2020 Results Q120
30 July 2020 Results Q220
29 October 2020 Results Q320Please note that these dates could be subject to change
Annual General Meeting Due to the coronavirus pandemic the AGM scheduled for 20 May 2020 has been postponed A new date within the current financial year will be set as soon as the conditions for reliable planning and safe execution of the AGM are once again in place
Contact
Investor Relations amp SustainabilityFresenius SE amp Co KGaAphone +49 6172 608-2485e-mail ir-frefreseniuscomFor further information and current news wwwfreseniuscom
Follow us on Twitter wwwtwittercomfresenius_irand LinkedIn wwwlinkedincomcompanyfresenius-investor-relations
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 71
Fresenius Vamed
1 Without German post-acute care business acquired from Fresenius Helios as of July 1 2018
2 Adjusted for IFRS 16 effect 3 Project business only4 Versus December 31 2018
bull Both business segments contributed to the organic sales growth of 4 in Q419
bull Stable service business is gaining weight (FY19 63 of sales FY09 32)
bull Geographically well-diversified order backlog is excellent foundation for future growth
eurom Q419 Δ YoY FY19 Δ YoY
Total salesThereof organic sales
737 64
2206 31161
Service business 374 11 1399 43251
Project business 363 1 807 13
Total EBIT2 66 8 131 1961
Order intake3 576 -13 1314 7
Order backlog3 2865 184
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 40
Fresenius Group FY19 amp Cash Flow
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Operating CF1 Capex (net) Free Cash Flow12
eurom FY2019 Margin FY2019 Margin FY2019 Margin
1947 111 -1113 -64 834 47
968 140 -716 -104 252 36
683 74 -477 -52 206 224
-46 -21 -52 -23 -98 -44
CorporateOther -38 na -75 na -113 na
1677 93 -1320 -73 357 20
3514 99 -2433 -69 1081 30
1 Adjusted for IFRS 162 Before acquisitions and dividends3 Incl FMC dividend of euro110 million4 Understated 27 excluding euro45 million of capex commitments from acquisitions
Excl FMC3
41
Fresenius Group 2020 Financial Outlook by Business Segment
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom (except otherwise stated) FY19 Base1 FY20e2
Sales growth (cc) 17477mid to high single digit
-range
Net income growth3 (cc) 1205mid to high single digit
-range
Sales growth (organic) 6919 3 - 6
EBIT growth (cc) 1205 -4 to 0
Sales growth (organic) 9234 3 - 6
EBIT growth (cc) 1025 3 - 7
Sales growth (organic) 2206 4 - 7
EBIT growth (cc) 134 5 - 9
1 Before special items including IFRS 16 effects including NxStage operations2 Before special items3 Net income attributable to shareholders of Fresenius Medical Care AG amp Co KGaA
For a detailed overview of special items please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
42
eurom (except otherwise stated) FY19 Base1 FY202
Sales growth (cc) 35409 4 - 7
Net income3 growth (cc) 1879 1 - 5
Fresenius Group 2020 Financial Guidance
1 Before special items including IFRS 16 effects including NxStage operations 2 Before special items3 Net income attributable to shareholders of Fresenius SEampCoKGaA
For a detailed overview of special items please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 43
FY19 base for Fresenius Group Guidance FY20
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
euromFresenius
GroupFresenius
Medical CareFresenius
Kabi
Sales reported (reported = base for guidance) 35409 17477 6919
Transaction costs Akorn 3
Revaluations of biosimilars contingent purchase price liabilities -32
EBIT (before special items = base Fresenius Kabi guidance) 1205
Net income reported 1883 1200
Transaction costs Akorn 3
Revaluations of biosimilars contingent purchase price liabilities -19
Gain related to divestitures of Care Coordination activities at FMC -15 -49
Transaction costs NxStage 6 18
Expenses associated with cost optimization program at FMC 21 67
Net income (before special items = base Fresenius Group amp FMC guidance) 1879 1236
44
Fresenius Group Financial Results by Business Segment
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 45
20191 20182 2017 Growth3
20192018
Sales euro17592 m euro16026 m euro17784 m 62
EBIT euro2281 m euro2292 m euro2562 m -42
Sales euro6919 m euro6544 m euro6358 m 4
EBIT euro1200 m euro1139 m euro1177 m 3
Sales euro9234 m euro8993 m euro8668 m 3
EBIT euro1015 m euro1052 m euro1052 m -4
Sales euro2206 m euro1688 m euro1228 m 30
EBIT euro131 m euro110 m euro76 m 18
Sales euro35524 m euro33009 m euro33886 m 62
EBIT euro4599 m euro4547 m euro4830 m -22Group
Before special items
1 Adjusted for IFRS 162 On a comparable basis 2018 adjusted for divestitures of Care Coordination activities 3 Growth rates at constant currency and adjusted for IFRS 16
Fresenius Group Margins by Business Segment
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 46
Before special items 2018 adjusted for divestitures of Care Coordination activities 2019 adjusted for IFRS 16
2019 2018 2017
EBITDA margin 178 192 185
EBIT margin 130 143 144
EBITDA margin 217 219 233
EBIT margin 173 174 185
EBITDA margin 148 159 165
EBIT margin 110 117 121
EBITDA margin 78 79 71
EBIT margin 59 65 62
EBITDA margin 174 183 185
EBIT margin 129 138 143Group
Credit Highlights amp Financing Structure
47General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Credit Highlights
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 48
Consistent Cash Generation
Proven Track Record of Deleveraging
Broad Mix of Financing Instruments
Well-Balanced Maturity Profile
Solid Balance Sheet Structure
Solid IG Rating and Strong Access to Capital Markets
120
103
126
114109
120 122116
112120
8
9
10
11
12
13
14
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
48 48 52 5358 55 55 54
6570
2
3
4
5
6
7
8
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
74
56
76
62
52
67 67 66
50 52
4
5
6
7
8
9
10
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Fresenius Group Consistent Cash Generation
Capex gross in of sales
FCF margin (before acquisitions amp dividends)CFFO margin
49General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
2019 including IFRS 16
32x
30x
27x
22x 23x
35x
30x
26x
36x
30x
26x27x
26x
25x
32x
27x
23x
28x
27x
31x 4
20
25
30
35
40
2001 2002 2003 2004 2005 Q106 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
3
2
Hospitals from
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Proven Track Record of Deleveraging
Net DebtEBITDA1
1 At actual FX rates from 2001 to 2010 and at average FX rates from 2011 onwards for both Net Debt and EBITDA before special items pro forma closed acquisitionsdivestitures2 Pro forma excluding advances made for the acquisition of hospitals from Rhoumln-Klinikum AG3 Both net debt and EBITDA including IFRS 16 effect and calculated at expected annual average exchange rates excluding further potential acquisitions4 Including acquisition of NxStage adjusted for IFRS 16 effect
Target 20203 towards thetop end of self-imposed
target corridor of 30 ndash 35x
50
36x
40
35
20
25
30
Equity-neutralconvertible bonds 3
Fresenius Group excl FMC Broad Mix of Financing Instruments
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 51
Total BS Debt
~euro136 bn
1 As of December 31 2019
bull Optimize funding costs and ensure financial flexibility
bull Diversify investor base
bull Strong liquidity provided by sufficient financial cushion (~euro22 billion as of December 31 2019)
Well Positioned to Meet Financing NeedsBonds 40
Lease obligations 14
Syndicated loans 15
Schuldscheinloans 16
Other financial liabilities 5
Commercial paper 7
Average interest ratecost of debt18 pa
Commercial paper 7
Fresenius Group Broad Mix of Financing Instruments
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 52
Total BS Debt
~euro273 bn
1 As of December 31 2019
bull Optimize funding costs and ensure financial flexibility
bull Diversify investor base
bull Strong liquidity provided by sufficient financial cushion (~euro40 billion as of December 31 2019)
Well Positioned to Meet Financing Needs
Average interest ratecost of debt22 pa
Equity-neutralconvertible bonds 3
Syndicated loans 14
Other financial liabilities 6
Bonds 38
Lease liabilities 24
Schuldschein loans 8
Fresenius Group Capitalization1
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 53
Instrument per Book Value in euro million in $ million4 oftotal cap
EBITDA LTM x
Syndicated Credit Agreement Revolver (euro US-$) 0 0 00 Syndicated Credit Agreement Term Loan A (euro US-$) 1976 2220 29 Bonds (euro US-$) 5501 6180 82 Convertible Bonds 465 522 07 Schuldschein Loans 2180 2449 33 Commercial Paper 953 1071 14 Lease Obligations 1876 2107 28 Other debt 675 758 10 Total Debt (FSE excl FMC) gross 13626 15307 203 Cash (excl FMC) 651 731 10 Total debt (FSE excl FMC) net 12975 14576 193 Total FMC debt net 12774 14350 190 Consolidation Adjustments (145) (163) (02)Total consolidated debt net 25604 28764 382 36x Market capitalization2 41470 46587 618 58x
Total capitalization 67074 75351 1000 94x FSE Group EBITDA3 7110
1 As of December 31 20192 Based on market capitalization for FSE and FMC as of December 31 20193 Pro Forma acquisitions before special items4 EURUSD exchange rate as of December 31 2019
Fresenius Group excl FMC Well-Balanced Debt Maturity Profile12
54
1 As of December 31 2019 and based on utilization of major financing instruments2 Excluding lease liabilities3 Pro Forma issuance of FSE EUR 750m bonds in Jan 2020 (average maturity 38)
Maturity 35 years3 on
average
eurom
EUR 750m Jan 2020
500717 700
267
1150
500700 750
500 500
153
903 927
106
304 393
430
421
238
207
84
500
953
0
500
1000
1500
2000
2500
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Bonds Syndicated Loan Schuldschein Loans Equity-neutral convertible bonds Commercial Paper
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
1500
1000
2000
2500
Fresenius Group Well-Balanced Debt Maturity Profile12
1 As of December 31 2019 and based on utilization of major financing instruments2 Excluding lease liabilities3 Pro Forma issuance of FSE EUR 750m bonds in Jan 2020 (average maturity 35)
EUR 750m Jan 2020
2380
13931859
650356 500 600
945
1712
1924
2020
697
2071
500 238
907 750
584
5000
1000
2000
3000
4000
5000
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Fresenius Medical Care Fresenius excl Fresenius Medical Care
5000
4000
3000
2000
1000
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Maturity 33 years3 on
average
eurom
55
23 23 23 19
32 36 33 41
45 41 44 40
Dec 31 16 Dec 31 17 Dec 31 18 Dec 31 19
Equity and non-controlling interest Debt Other liabilities
Fresenius Group Solid Balance Sheet Structure
Healthy Equity and Liability Split
bull Strong equity ratio of gt40 on average
bull Equity ratio kept in narrow range despite rapid growth of Fresenius Group
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 56
467 531 567 670
BS total (eurobn)
Including IFRS 16
Fresenius SE Solid Investment Grade Rating
57
ldquoFSE delivers solid organic growth thanks to positive underlying growth trends in the life-saving and life-sustaining products and therapies that the group offersrdquoSampP Jan 08 2019
ldquoFSErsquos rating remains anchored in investment-grade given its mature and defensive business risk profile its organic deleveraging ability based on free cash flow generation and its record of integrating acquisitions successfully and reducing financial leverage in line with communicated policiesrdquo Fitch April 17 2019
ldquoThe Baa3 long term issuer rating of FSE reflects its strong defensive business profile underpinned by large absolute scale global footprint and segmental diversification within the healthcare market supported by strong position in its four business segmentsrdquo Moodyrsquos May 20 2019
Rating History Rating Agenciesrsquo Key Statements
Following a positive outlook SampP upgraded Fresenius to BBB stable outlook in May 2019
SampP Moodylsquos Fitch
Corporate Credit Rating BBB Baa3 BBB-
Outlook stable stable stable
Current Credit Ratings
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Strong Access to Capital Markets
58
Major Financing Instruments
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Bonds euro250 m euro800 m$105 bn
euro750 m$15 bn
euro500 m euro12 bn$12 bn
$300m euro26 bn euro500 m euro10 bn$500 m
euro175 bn
euro750 m1
euro750 m2
SyndicatedLoans
$35 bn $898 m $385 bn $18 bneuro245 bn
$41 bneuro700 m
$115 bneuro205 bn
euro530 bn$355 bn
euro100 m
SchuldscheinLoans
euro400 m euro125 m euro500 m euro112 m $400 m euro10 bn euro700 m
Convertible Bonds
euro900 m euro500 m
Equity euro10 bn euro400 m
1 January 2020 euro750million 2020-2028 bonds issued by Fresenius SE amp Co KGaA2 March 2020 euro750million 2020-2027 bonds issued by Fresenius SE amp Co KGaA
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Debt and Cash Flow Structure
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 59
1 Incl consolidation adjustments2 Incl Fresenius financing subsidiaries3 Controlling stake4 Incl subsidiaries 5 Based on market capitalization for FMC as of December 31 20196 Via German holding entities (Fresenius Kabi AG and Fresenius ProServe GmbH)
Fresenius Medical Care
Financing
Fresenius SE Financing
Group Net Debt ~euro256 bn1
DividendsRents Service Agreements
~323 100 77 (cross boarder)100
Profit transfer Agreements6
bull Separate financing of Fresenius SE and Fresenius Medical Care
bull No joint financing facilities or mutual guarantees
bull Fresenius Kabi Fresenius Helios and Fresenius Vamed financed primarily through Fresenius SE to avoid structural subordination
bull Subsidiary debt consists mainly of lease liabilities which are on balance acc to IFRS 16 from 2019 onwards
FSE Net Debt2~euro128 bn
incl Net Debt of KabiHeliosVamed
StockMarketValue~euro62 bn5
FSE Net Debt2~euro114 bn
excl Net Debt of KabiHeliosVamed
euro12774 m Net Debt4
Thereof lease liabilities euro4705m
euro951 m Net Debt4
Thereof lease liabilities euro1042m
euro84 m Net Debt4
Thereof lease liabilities euro392m
euro371 m Net Debt4
Thereof lease liabilities euro369m
Fresenius Group Key Credit Figures
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 60
1 Adjusted for IFRS 162 Before special items pro forma acquisitionsdivestitures3 Before special items
20191 2019 2018 2017
Debt (eurom) thereof US$ denominated
2123328
2725834
1898428
1904231
Net debt (eurom) 19579 25604 16275 17406
Net debtEBITDA2
Net debt at year-end exchange rate EBITDA at LTM average FX rates
314 360 273 279
Net debtEBITDA2
at LTM average FX rates for both net debt and EBITDA
314 361 271 284
Operating Cash flowSales 99 120 112 116
EBITDANet Interest3 121 99 106 96
Appendix
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 61
Fresenius Group FY19 Key Financials
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom FY191 IFRS 16effect
specialitems
FY19 reported
Δ YoY cc12
Sales 35524 -115 - 35409 6
EBIT 4599 89 -57 4631 -2
Net interest -510 -204 -5 -719 9
Income taxes -955 30 42 -883 -5
Net income3 1915 -36 4 1883 0
Balance sheet total 61237 5769 - 67006
Operating Cashflow 3514 749 - 4263
1 Before special items adjusted for IFRS 16 effect2 On a comparable basis 2018 adjusted for divestitures of Care Coordination activities at FMC3 Net income attributable to shareholders of Fresenius SE amp Co KGaA
For a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
62
Fresenius Group Cash Flow
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 63
eurom 20191 Margin 2019 Margin 2018 Margin Δ YoY1918
Operating Cash Flow 3514 99 4263 120 3742 112 14
Capex (net) -2433 -69 -2433 -68 -2077 -62 -17
Free Cash Flow(before acquisitions and dividends)
1081 30 1830 52 1665 50 10
Acquisitions (net) -2423 -2423 613 --
Dividends -952 -952 -904 5
Free Cash Flow(after acquisitions and dividends) -2294 -65 -1545 -44 1374 41 --
1 2019 adjusted for IFRS 16
Fresenius Group Calculation of Noncontrolling Interest
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom FY19 FY18
Earnings before tax and noncontrolling interest 4089 3998
Taxes -955 -883
Noncontrolling interest thereof -1219 -1243
Fresenius Medical Care net income not attributable to Fresenius (FY19 ~69)
-897 -928
Noncontrolling interest holders in Fresenius Medical Care -239 -244
Noncontrolling interest holders in Fresenius Kabi (-euro49 m) Fresenius Helios (-euro13 m) Fresenius Vamed (-euro2 m) and due to Fresenius Vamedrsquos 23 external ownership (-euro19 m)
-83 -71
Net income attributable to Fresenius SE amp Co KGaA 1915 1872
64
On a comparable basis Before special items adjusted for IFRS16 effect FY18 adjusted for divestitures of Care Coordination activities at FMC
For a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
002
023 025029
032037
042044
055
062
93 08 09 10 11 12 13 14 15 16 17 18 19
25 2421 20 21 21 22 21 22 23 24
Fresenius SE Earnings-Linked Dividend Policy
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
euro per share
bull Dividend growth aligned to EPS1
growth
bull Pay-out Ratio 20 to 25
Dividend distribution (eurom)
Pay-out Ratio
075
2019 Pay-out Ratio 24 Dividend Policy
122 140 155 196 225 238 300 416114 343 445
080
1 Before special items
468
084
24
Track record
bull 27th consecutive dividend increase
bull CAGR dividend increase +15
65
32x1
Fresenius Medical Care Low Leverage Reflected by Solid Investment Grade Rating
66General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
60 6176
6483
2015 2016 2017 2018 2019
Free Cash Flow in of revenue
SampP Moodylsquos Fitch
Corporate Credit Rating BBB Baa3 BBB-
Outlook stable stable stable
Current Credit Ratings
1 Including IFRS16 effect
29x30x
27x
22x
18x
31x
27x25x
22x
21x
27x25x
25x
31x
26x23x
21x
18x
25x
15
20
25
30
35
40
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
1
Fresenius Medical Care Broad Mix of Financing Instruments
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 67
Total BS Debt
~euro138 m
1 As of December 31 2019
bull Optimize funding costs and ensure financial flexibility
bull Diversify investor base
bull Strong liquidity provided by sufficient financial cushion (~euro18 billion as of December 31 2019)
Well Positioned to Meet Financing Needs
Average interest ratecost of debt25 pa
Equity-neutralconvertible bonds 3
Commercial paper 7
Syndicated loans 14
Other financial liabilities 7
Bonds 36
Lease obligations 33
Fresenius Medical Care Well-Balanced Debt Maturity Profile12
68
eurom
Maturity 30 years on
average
1 As of December 31 2019 and based on utilization of major financing instruments2 Excluding lease liabilities
445
878623 650
356500 600
945
535
135
1236400
1000
380
0
500
1000
1500
2000
2500
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
Bonds Syndicated Loan Equity-neutral convertible bonds Commercial Paper AR Facility
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
2500
2000
1500
1000
Fresenius SE Overview Bonds
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 69
Issuer Volume(in millions)
Coupon type
Coupon (in )
MaturityTerm
ISIN (RegS)
WKN
Fresenius SE amp Co KGaAeuro500 Fix 2875 20132020 XS0873432511 A1HEWZ
Fresenius SE amp Co KGaAeuro450 Fix 300 20142021 XS1013955379 A1ZB7H
Fresenius SE amp Co KGaAeuro450 Fix 400 20142024 XS1026109204 A1ZC60
Fresenius SE amp Co KGaAeuro 500 Fix 1875 20192025 XS1936208252 A2NBMS
Fresenius SE amp Co KGaAeuro 750 Fix 1625 20202027 XS2152329053 A254TA
Fresenius SE amp Co KGaAeuro 750 Fix 075 20202028 XS2101357072 A254QN
Fresenius SE amp Co KGaAeuro 500 Fix 2875 20192029 XS1936208419 A2NBMT
Fresenius Finance Ireland plceuro700 Fix 0875 20172022 XS1554373164 A19B3F
Fresenius Finance Ireland plceuro700 Fix 150 20172024 XS1554373248 A19B3G
Fresenius Finance Ireland plceuro700 Fix 2125 20172027 XS1554373677 A19B3H
Fresenius Finance Ireland plceuro500 Fix 300 20172032 XS1554373834 A19B3J
Fresenius US Finance II IncUS$300 Fix 425 20142021 USU31436AG04 A1ZDVJ
Fresenius US Finance II IncUS$300 Fix 450 20152023 USU31436AH86 A1Z64A
As of April 8 2020
Fresenius Medical Care Overview Bonds
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 70
Issuer Volume(in millions)
Coupon type
Coupon (in )
MaturityTerm
ISIN (RegS)
WKN
FMC Finance VII SA euro300 Fix 525 20112021 XS0576395478 A1GLY6
Fresenius Medical Care US Finance Inc US$650 Fix 575 20112021 USU31433AA03 A1GL0J
Fresenius Medical Care US Finance II Inc US$500 Fix 4125 20142020 US35802XAH61 A1ZRTL
Fresenius Medical Care US Finance II Inc US$700 Fix 5875 20122022 USU31434AC42 A1GZRF
Fresenius Medical Care US Finance II Inc US$400 Fix 475 20142024 US35802XAJ28 A1ZRTN
Fresenius Medical Care US Finance III Inc US$500 Fix 375 20192029 USU3149FAA76 A2R3YR
Fresenius Medical Care AG amp Co KGaA euro650 Fix 0250 20192023 XS2084510069 A255DU
Fresenius Medical Care AG amp Co KGaA euro500 Fix 150 20182025 XS1854532949 A2NBE6
Fresenius Medical Care AG amp Co KGaA euro600 Fix 0625 20192026 XS2084497705 A255DV
Fresenius Medical Care AG amp Co KGaA euro500 Fix 1250 20192029 XS2084488209 A255DW
As of December 31 2019
Financial Calendar Contact
Financial Calendar 06 May 2020 Results Q120
30 July 2020 Results Q220
29 October 2020 Results Q320Please note that these dates could be subject to change
Annual General Meeting Due to the coronavirus pandemic the AGM scheduled for 20 May 2020 has been postponed A new date within the current financial year will be set as soon as the conditions for reliable planning and safe execution of the AGM are once again in place
Contact
Investor Relations amp SustainabilityFresenius SE amp Co KGaAphone +49 6172 608-2485e-mail ir-frefreseniuscomFor further information and current news wwwfreseniuscom
Follow us on Twitter wwwtwittercomfresenius_irand LinkedIn wwwlinkedincomcompanyfresenius-investor-relations
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 71
Fresenius Group FY19 amp Cash Flow
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Operating CF1 Capex (net) Free Cash Flow12
eurom FY2019 Margin FY2019 Margin FY2019 Margin
1947 111 -1113 -64 834 47
968 140 -716 -104 252 36
683 74 -477 -52 206 224
-46 -21 -52 -23 -98 -44
CorporateOther -38 na -75 na -113 na
1677 93 -1320 -73 357 20
3514 99 -2433 -69 1081 30
1 Adjusted for IFRS 162 Before acquisitions and dividends3 Incl FMC dividend of euro110 million4 Understated 27 excluding euro45 million of capex commitments from acquisitions
Excl FMC3
41
Fresenius Group 2020 Financial Outlook by Business Segment
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom (except otherwise stated) FY19 Base1 FY20e2
Sales growth (cc) 17477mid to high single digit
-range
Net income growth3 (cc) 1205mid to high single digit
-range
Sales growth (organic) 6919 3 - 6
EBIT growth (cc) 1205 -4 to 0
Sales growth (organic) 9234 3 - 6
EBIT growth (cc) 1025 3 - 7
Sales growth (organic) 2206 4 - 7
EBIT growth (cc) 134 5 - 9
1 Before special items including IFRS 16 effects including NxStage operations2 Before special items3 Net income attributable to shareholders of Fresenius Medical Care AG amp Co KGaA
For a detailed overview of special items please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
42
eurom (except otherwise stated) FY19 Base1 FY202
Sales growth (cc) 35409 4 - 7
Net income3 growth (cc) 1879 1 - 5
Fresenius Group 2020 Financial Guidance
1 Before special items including IFRS 16 effects including NxStage operations 2 Before special items3 Net income attributable to shareholders of Fresenius SEampCoKGaA
For a detailed overview of special items please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 43
FY19 base for Fresenius Group Guidance FY20
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
euromFresenius
GroupFresenius
Medical CareFresenius
Kabi
Sales reported (reported = base for guidance) 35409 17477 6919
Transaction costs Akorn 3
Revaluations of biosimilars contingent purchase price liabilities -32
EBIT (before special items = base Fresenius Kabi guidance) 1205
Net income reported 1883 1200
Transaction costs Akorn 3
Revaluations of biosimilars contingent purchase price liabilities -19
Gain related to divestitures of Care Coordination activities at FMC -15 -49
Transaction costs NxStage 6 18
Expenses associated with cost optimization program at FMC 21 67
Net income (before special items = base Fresenius Group amp FMC guidance) 1879 1236
44
Fresenius Group Financial Results by Business Segment
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 45
20191 20182 2017 Growth3
20192018
Sales euro17592 m euro16026 m euro17784 m 62
EBIT euro2281 m euro2292 m euro2562 m -42
Sales euro6919 m euro6544 m euro6358 m 4
EBIT euro1200 m euro1139 m euro1177 m 3
Sales euro9234 m euro8993 m euro8668 m 3
EBIT euro1015 m euro1052 m euro1052 m -4
Sales euro2206 m euro1688 m euro1228 m 30
EBIT euro131 m euro110 m euro76 m 18
Sales euro35524 m euro33009 m euro33886 m 62
EBIT euro4599 m euro4547 m euro4830 m -22Group
Before special items
1 Adjusted for IFRS 162 On a comparable basis 2018 adjusted for divestitures of Care Coordination activities 3 Growth rates at constant currency and adjusted for IFRS 16
Fresenius Group Margins by Business Segment
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 46
Before special items 2018 adjusted for divestitures of Care Coordination activities 2019 adjusted for IFRS 16
2019 2018 2017
EBITDA margin 178 192 185
EBIT margin 130 143 144
EBITDA margin 217 219 233
EBIT margin 173 174 185
EBITDA margin 148 159 165
EBIT margin 110 117 121
EBITDA margin 78 79 71
EBIT margin 59 65 62
EBITDA margin 174 183 185
EBIT margin 129 138 143Group
Credit Highlights amp Financing Structure
47General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Credit Highlights
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 48
Consistent Cash Generation
Proven Track Record of Deleveraging
Broad Mix of Financing Instruments
Well-Balanced Maturity Profile
Solid Balance Sheet Structure
Solid IG Rating and Strong Access to Capital Markets
120
103
126
114109
120 122116
112120
8
9
10
11
12
13
14
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
48 48 52 5358 55 55 54
6570
2
3
4
5
6
7
8
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
74
56
76
62
52
67 67 66
50 52
4
5
6
7
8
9
10
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Fresenius Group Consistent Cash Generation
Capex gross in of sales
FCF margin (before acquisitions amp dividends)CFFO margin
49General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
2019 including IFRS 16
32x
30x
27x
22x 23x
35x
30x
26x
36x
30x
26x27x
26x
25x
32x
27x
23x
28x
27x
31x 4
20
25
30
35
40
2001 2002 2003 2004 2005 Q106 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
3
2
Hospitals from
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Proven Track Record of Deleveraging
Net DebtEBITDA1
1 At actual FX rates from 2001 to 2010 and at average FX rates from 2011 onwards for both Net Debt and EBITDA before special items pro forma closed acquisitionsdivestitures2 Pro forma excluding advances made for the acquisition of hospitals from Rhoumln-Klinikum AG3 Both net debt and EBITDA including IFRS 16 effect and calculated at expected annual average exchange rates excluding further potential acquisitions4 Including acquisition of NxStage adjusted for IFRS 16 effect
Target 20203 towards thetop end of self-imposed
target corridor of 30 ndash 35x
50
36x
40
35
20
25
30
Equity-neutralconvertible bonds 3
Fresenius Group excl FMC Broad Mix of Financing Instruments
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 51
Total BS Debt
~euro136 bn
1 As of December 31 2019
bull Optimize funding costs and ensure financial flexibility
bull Diversify investor base
bull Strong liquidity provided by sufficient financial cushion (~euro22 billion as of December 31 2019)
Well Positioned to Meet Financing NeedsBonds 40
Lease obligations 14
Syndicated loans 15
Schuldscheinloans 16
Other financial liabilities 5
Commercial paper 7
Average interest ratecost of debt18 pa
Commercial paper 7
Fresenius Group Broad Mix of Financing Instruments
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 52
Total BS Debt
~euro273 bn
1 As of December 31 2019
bull Optimize funding costs and ensure financial flexibility
bull Diversify investor base
bull Strong liquidity provided by sufficient financial cushion (~euro40 billion as of December 31 2019)
Well Positioned to Meet Financing Needs
Average interest ratecost of debt22 pa
Equity-neutralconvertible bonds 3
Syndicated loans 14
Other financial liabilities 6
Bonds 38
Lease liabilities 24
Schuldschein loans 8
Fresenius Group Capitalization1
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 53
Instrument per Book Value in euro million in $ million4 oftotal cap
EBITDA LTM x
Syndicated Credit Agreement Revolver (euro US-$) 0 0 00 Syndicated Credit Agreement Term Loan A (euro US-$) 1976 2220 29 Bonds (euro US-$) 5501 6180 82 Convertible Bonds 465 522 07 Schuldschein Loans 2180 2449 33 Commercial Paper 953 1071 14 Lease Obligations 1876 2107 28 Other debt 675 758 10 Total Debt (FSE excl FMC) gross 13626 15307 203 Cash (excl FMC) 651 731 10 Total debt (FSE excl FMC) net 12975 14576 193 Total FMC debt net 12774 14350 190 Consolidation Adjustments (145) (163) (02)Total consolidated debt net 25604 28764 382 36x Market capitalization2 41470 46587 618 58x
Total capitalization 67074 75351 1000 94x FSE Group EBITDA3 7110
1 As of December 31 20192 Based on market capitalization for FSE and FMC as of December 31 20193 Pro Forma acquisitions before special items4 EURUSD exchange rate as of December 31 2019
Fresenius Group excl FMC Well-Balanced Debt Maturity Profile12
54
1 As of December 31 2019 and based on utilization of major financing instruments2 Excluding lease liabilities3 Pro Forma issuance of FSE EUR 750m bonds in Jan 2020 (average maturity 38)
Maturity 35 years3 on
average
eurom
EUR 750m Jan 2020
500717 700
267
1150
500700 750
500 500
153
903 927
106
304 393
430
421
238
207
84
500
953
0
500
1000
1500
2000
2500
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Bonds Syndicated Loan Schuldschein Loans Equity-neutral convertible bonds Commercial Paper
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
1500
1000
2000
2500
Fresenius Group Well-Balanced Debt Maturity Profile12
1 As of December 31 2019 and based on utilization of major financing instruments2 Excluding lease liabilities3 Pro Forma issuance of FSE EUR 750m bonds in Jan 2020 (average maturity 35)
EUR 750m Jan 2020
2380
13931859
650356 500 600
945
1712
1924
2020
697
2071
500 238
907 750
584
5000
1000
2000
3000
4000
5000
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Fresenius Medical Care Fresenius excl Fresenius Medical Care
5000
4000
3000
2000
1000
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Maturity 33 years3 on
average
eurom
55
23 23 23 19
32 36 33 41
45 41 44 40
Dec 31 16 Dec 31 17 Dec 31 18 Dec 31 19
Equity and non-controlling interest Debt Other liabilities
Fresenius Group Solid Balance Sheet Structure
Healthy Equity and Liability Split
bull Strong equity ratio of gt40 on average
bull Equity ratio kept in narrow range despite rapid growth of Fresenius Group
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 56
467 531 567 670
BS total (eurobn)
Including IFRS 16
Fresenius SE Solid Investment Grade Rating
57
ldquoFSE delivers solid organic growth thanks to positive underlying growth trends in the life-saving and life-sustaining products and therapies that the group offersrdquoSampP Jan 08 2019
ldquoFSErsquos rating remains anchored in investment-grade given its mature and defensive business risk profile its organic deleveraging ability based on free cash flow generation and its record of integrating acquisitions successfully and reducing financial leverage in line with communicated policiesrdquo Fitch April 17 2019
ldquoThe Baa3 long term issuer rating of FSE reflects its strong defensive business profile underpinned by large absolute scale global footprint and segmental diversification within the healthcare market supported by strong position in its four business segmentsrdquo Moodyrsquos May 20 2019
Rating History Rating Agenciesrsquo Key Statements
Following a positive outlook SampP upgraded Fresenius to BBB stable outlook in May 2019
SampP Moodylsquos Fitch
Corporate Credit Rating BBB Baa3 BBB-
Outlook stable stable stable
Current Credit Ratings
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Strong Access to Capital Markets
58
Major Financing Instruments
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Bonds euro250 m euro800 m$105 bn
euro750 m$15 bn
euro500 m euro12 bn$12 bn
$300m euro26 bn euro500 m euro10 bn$500 m
euro175 bn
euro750 m1
euro750 m2
SyndicatedLoans
$35 bn $898 m $385 bn $18 bneuro245 bn
$41 bneuro700 m
$115 bneuro205 bn
euro530 bn$355 bn
euro100 m
SchuldscheinLoans
euro400 m euro125 m euro500 m euro112 m $400 m euro10 bn euro700 m
Convertible Bonds
euro900 m euro500 m
Equity euro10 bn euro400 m
1 January 2020 euro750million 2020-2028 bonds issued by Fresenius SE amp Co KGaA2 March 2020 euro750million 2020-2027 bonds issued by Fresenius SE amp Co KGaA
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Debt and Cash Flow Structure
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 59
1 Incl consolidation adjustments2 Incl Fresenius financing subsidiaries3 Controlling stake4 Incl subsidiaries 5 Based on market capitalization for FMC as of December 31 20196 Via German holding entities (Fresenius Kabi AG and Fresenius ProServe GmbH)
Fresenius Medical Care
Financing
Fresenius SE Financing
Group Net Debt ~euro256 bn1
DividendsRents Service Agreements
~323 100 77 (cross boarder)100
Profit transfer Agreements6
bull Separate financing of Fresenius SE and Fresenius Medical Care
bull No joint financing facilities or mutual guarantees
bull Fresenius Kabi Fresenius Helios and Fresenius Vamed financed primarily through Fresenius SE to avoid structural subordination
bull Subsidiary debt consists mainly of lease liabilities which are on balance acc to IFRS 16 from 2019 onwards
FSE Net Debt2~euro128 bn
incl Net Debt of KabiHeliosVamed
StockMarketValue~euro62 bn5
FSE Net Debt2~euro114 bn
excl Net Debt of KabiHeliosVamed
euro12774 m Net Debt4
Thereof lease liabilities euro4705m
euro951 m Net Debt4
Thereof lease liabilities euro1042m
euro84 m Net Debt4
Thereof lease liabilities euro392m
euro371 m Net Debt4
Thereof lease liabilities euro369m
Fresenius Group Key Credit Figures
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 60
1 Adjusted for IFRS 162 Before special items pro forma acquisitionsdivestitures3 Before special items
20191 2019 2018 2017
Debt (eurom) thereof US$ denominated
2123328
2725834
1898428
1904231
Net debt (eurom) 19579 25604 16275 17406
Net debtEBITDA2
Net debt at year-end exchange rate EBITDA at LTM average FX rates
314 360 273 279
Net debtEBITDA2
at LTM average FX rates for both net debt and EBITDA
314 361 271 284
Operating Cash flowSales 99 120 112 116
EBITDANet Interest3 121 99 106 96
Appendix
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 61
Fresenius Group FY19 Key Financials
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom FY191 IFRS 16effect
specialitems
FY19 reported
Δ YoY cc12
Sales 35524 -115 - 35409 6
EBIT 4599 89 -57 4631 -2
Net interest -510 -204 -5 -719 9
Income taxes -955 30 42 -883 -5
Net income3 1915 -36 4 1883 0
Balance sheet total 61237 5769 - 67006
Operating Cashflow 3514 749 - 4263
1 Before special items adjusted for IFRS 16 effect2 On a comparable basis 2018 adjusted for divestitures of Care Coordination activities at FMC3 Net income attributable to shareholders of Fresenius SE amp Co KGaA
For a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
62
Fresenius Group Cash Flow
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 63
eurom 20191 Margin 2019 Margin 2018 Margin Δ YoY1918
Operating Cash Flow 3514 99 4263 120 3742 112 14
Capex (net) -2433 -69 -2433 -68 -2077 -62 -17
Free Cash Flow(before acquisitions and dividends)
1081 30 1830 52 1665 50 10
Acquisitions (net) -2423 -2423 613 --
Dividends -952 -952 -904 5
Free Cash Flow(after acquisitions and dividends) -2294 -65 -1545 -44 1374 41 --
1 2019 adjusted for IFRS 16
Fresenius Group Calculation of Noncontrolling Interest
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom FY19 FY18
Earnings before tax and noncontrolling interest 4089 3998
Taxes -955 -883
Noncontrolling interest thereof -1219 -1243
Fresenius Medical Care net income not attributable to Fresenius (FY19 ~69)
-897 -928
Noncontrolling interest holders in Fresenius Medical Care -239 -244
Noncontrolling interest holders in Fresenius Kabi (-euro49 m) Fresenius Helios (-euro13 m) Fresenius Vamed (-euro2 m) and due to Fresenius Vamedrsquos 23 external ownership (-euro19 m)
-83 -71
Net income attributable to Fresenius SE amp Co KGaA 1915 1872
64
On a comparable basis Before special items adjusted for IFRS16 effect FY18 adjusted for divestitures of Care Coordination activities at FMC
For a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
002
023 025029
032037
042044
055
062
93 08 09 10 11 12 13 14 15 16 17 18 19
25 2421 20 21 21 22 21 22 23 24
Fresenius SE Earnings-Linked Dividend Policy
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
euro per share
bull Dividend growth aligned to EPS1
growth
bull Pay-out Ratio 20 to 25
Dividend distribution (eurom)
Pay-out Ratio
075
2019 Pay-out Ratio 24 Dividend Policy
122 140 155 196 225 238 300 416114 343 445
080
1 Before special items
468
084
24
Track record
bull 27th consecutive dividend increase
bull CAGR dividend increase +15
65
32x1
Fresenius Medical Care Low Leverage Reflected by Solid Investment Grade Rating
66General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
60 6176
6483
2015 2016 2017 2018 2019
Free Cash Flow in of revenue
SampP Moodylsquos Fitch
Corporate Credit Rating BBB Baa3 BBB-
Outlook stable stable stable
Current Credit Ratings
1 Including IFRS16 effect
29x30x
27x
22x
18x
31x
27x25x
22x
21x
27x25x
25x
31x
26x23x
21x
18x
25x
15
20
25
30
35
40
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
1
Fresenius Medical Care Broad Mix of Financing Instruments
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 67
Total BS Debt
~euro138 m
1 As of December 31 2019
bull Optimize funding costs and ensure financial flexibility
bull Diversify investor base
bull Strong liquidity provided by sufficient financial cushion (~euro18 billion as of December 31 2019)
Well Positioned to Meet Financing Needs
Average interest ratecost of debt25 pa
Equity-neutralconvertible bonds 3
Commercial paper 7
Syndicated loans 14
Other financial liabilities 7
Bonds 36
Lease obligations 33
Fresenius Medical Care Well-Balanced Debt Maturity Profile12
68
eurom
Maturity 30 years on
average
1 As of December 31 2019 and based on utilization of major financing instruments2 Excluding lease liabilities
445
878623 650
356500 600
945
535
135
1236400
1000
380
0
500
1000
1500
2000
2500
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
Bonds Syndicated Loan Equity-neutral convertible bonds Commercial Paper AR Facility
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
2500
2000
1500
1000
Fresenius SE Overview Bonds
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 69
Issuer Volume(in millions)
Coupon type
Coupon (in )
MaturityTerm
ISIN (RegS)
WKN
Fresenius SE amp Co KGaAeuro500 Fix 2875 20132020 XS0873432511 A1HEWZ
Fresenius SE amp Co KGaAeuro450 Fix 300 20142021 XS1013955379 A1ZB7H
Fresenius SE amp Co KGaAeuro450 Fix 400 20142024 XS1026109204 A1ZC60
Fresenius SE amp Co KGaAeuro 500 Fix 1875 20192025 XS1936208252 A2NBMS
Fresenius SE amp Co KGaAeuro 750 Fix 1625 20202027 XS2152329053 A254TA
Fresenius SE amp Co KGaAeuro 750 Fix 075 20202028 XS2101357072 A254QN
Fresenius SE amp Co KGaAeuro 500 Fix 2875 20192029 XS1936208419 A2NBMT
Fresenius Finance Ireland plceuro700 Fix 0875 20172022 XS1554373164 A19B3F
Fresenius Finance Ireland plceuro700 Fix 150 20172024 XS1554373248 A19B3G
Fresenius Finance Ireland plceuro700 Fix 2125 20172027 XS1554373677 A19B3H
Fresenius Finance Ireland plceuro500 Fix 300 20172032 XS1554373834 A19B3J
Fresenius US Finance II IncUS$300 Fix 425 20142021 USU31436AG04 A1ZDVJ
Fresenius US Finance II IncUS$300 Fix 450 20152023 USU31436AH86 A1Z64A
As of April 8 2020
Fresenius Medical Care Overview Bonds
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 70
Issuer Volume(in millions)
Coupon type
Coupon (in )
MaturityTerm
ISIN (RegS)
WKN
FMC Finance VII SA euro300 Fix 525 20112021 XS0576395478 A1GLY6
Fresenius Medical Care US Finance Inc US$650 Fix 575 20112021 USU31433AA03 A1GL0J
Fresenius Medical Care US Finance II Inc US$500 Fix 4125 20142020 US35802XAH61 A1ZRTL
Fresenius Medical Care US Finance II Inc US$700 Fix 5875 20122022 USU31434AC42 A1GZRF
Fresenius Medical Care US Finance II Inc US$400 Fix 475 20142024 US35802XAJ28 A1ZRTN
Fresenius Medical Care US Finance III Inc US$500 Fix 375 20192029 USU3149FAA76 A2R3YR
Fresenius Medical Care AG amp Co KGaA euro650 Fix 0250 20192023 XS2084510069 A255DU
Fresenius Medical Care AG amp Co KGaA euro500 Fix 150 20182025 XS1854532949 A2NBE6
Fresenius Medical Care AG amp Co KGaA euro600 Fix 0625 20192026 XS2084497705 A255DV
Fresenius Medical Care AG amp Co KGaA euro500 Fix 1250 20192029 XS2084488209 A255DW
As of December 31 2019
Financial Calendar Contact
Financial Calendar 06 May 2020 Results Q120
30 July 2020 Results Q220
29 October 2020 Results Q320Please note that these dates could be subject to change
Annual General Meeting Due to the coronavirus pandemic the AGM scheduled for 20 May 2020 has been postponed A new date within the current financial year will be set as soon as the conditions for reliable planning and safe execution of the AGM are once again in place
Contact
Investor Relations amp SustainabilityFresenius SE amp Co KGaAphone +49 6172 608-2485e-mail ir-frefreseniuscomFor further information and current news wwwfreseniuscom
Follow us on Twitter wwwtwittercomfresenius_irand LinkedIn wwwlinkedincomcompanyfresenius-investor-relations
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 71
Fresenius Group 2020 Financial Outlook by Business Segment
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom (except otherwise stated) FY19 Base1 FY20e2
Sales growth (cc) 17477mid to high single digit
-range
Net income growth3 (cc) 1205mid to high single digit
-range
Sales growth (organic) 6919 3 - 6
EBIT growth (cc) 1205 -4 to 0
Sales growth (organic) 9234 3 - 6
EBIT growth (cc) 1025 3 - 7
Sales growth (organic) 2206 4 - 7
EBIT growth (cc) 134 5 - 9
1 Before special items including IFRS 16 effects including NxStage operations2 Before special items3 Net income attributable to shareholders of Fresenius Medical Care AG amp Co KGaA
For a detailed overview of special items please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
42
eurom (except otherwise stated) FY19 Base1 FY202
Sales growth (cc) 35409 4 - 7
Net income3 growth (cc) 1879 1 - 5
Fresenius Group 2020 Financial Guidance
1 Before special items including IFRS 16 effects including NxStage operations 2 Before special items3 Net income attributable to shareholders of Fresenius SEampCoKGaA
For a detailed overview of special items please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 43
FY19 base for Fresenius Group Guidance FY20
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
euromFresenius
GroupFresenius
Medical CareFresenius
Kabi
Sales reported (reported = base for guidance) 35409 17477 6919
Transaction costs Akorn 3
Revaluations of biosimilars contingent purchase price liabilities -32
EBIT (before special items = base Fresenius Kabi guidance) 1205
Net income reported 1883 1200
Transaction costs Akorn 3
Revaluations of biosimilars contingent purchase price liabilities -19
Gain related to divestitures of Care Coordination activities at FMC -15 -49
Transaction costs NxStage 6 18
Expenses associated with cost optimization program at FMC 21 67
Net income (before special items = base Fresenius Group amp FMC guidance) 1879 1236
44
Fresenius Group Financial Results by Business Segment
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 45
20191 20182 2017 Growth3
20192018
Sales euro17592 m euro16026 m euro17784 m 62
EBIT euro2281 m euro2292 m euro2562 m -42
Sales euro6919 m euro6544 m euro6358 m 4
EBIT euro1200 m euro1139 m euro1177 m 3
Sales euro9234 m euro8993 m euro8668 m 3
EBIT euro1015 m euro1052 m euro1052 m -4
Sales euro2206 m euro1688 m euro1228 m 30
EBIT euro131 m euro110 m euro76 m 18
Sales euro35524 m euro33009 m euro33886 m 62
EBIT euro4599 m euro4547 m euro4830 m -22Group
Before special items
1 Adjusted for IFRS 162 On a comparable basis 2018 adjusted for divestitures of Care Coordination activities 3 Growth rates at constant currency and adjusted for IFRS 16
Fresenius Group Margins by Business Segment
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 46
Before special items 2018 adjusted for divestitures of Care Coordination activities 2019 adjusted for IFRS 16
2019 2018 2017
EBITDA margin 178 192 185
EBIT margin 130 143 144
EBITDA margin 217 219 233
EBIT margin 173 174 185
EBITDA margin 148 159 165
EBIT margin 110 117 121
EBITDA margin 78 79 71
EBIT margin 59 65 62
EBITDA margin 174 183 185
EBIT margin 129 138 143Group
Credit Highlights amp Financing Structure
47General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Credit Highlights
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 48
Consistent Cash Generation
Proven Track Record of Deleveraging
Broad Mix of Financing Instruments
Well-Balanced Maturity Profile
Solid Balance Sheet Structure
Solid IG Rating and Strong Access to Capital Markets
120
103
126
114109
120 122116
112120
8
9
10
11
12
13
14
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
48 48 52 5358 55 55 54
6570
2
3
4
5
6
7
8
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
74
56
76
62
52
67 67 66
50 52
4
5
6
7
8
9
10
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Fresenius Group Consistent Cash Generation
Capex gross in of sales
FCF margin (before acquisitions amp dividends)CFFO margin
49General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
2019 including IFRS 16
32x
30x
27x
22x 23x
35x
30x
26x
36x
30x
26x27x
26x
25x
32x
27x
23x
28x
27x
31x 4
20
25
30
35
40
2001 2002 2003 2004 2005 Q106 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
3
2
Hospitals from
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Proven Track Record of Deleveraging
Net DebtEBITDA1
1 At actual FX rates from 2001 to 2010 and at average FX rates from 2011 onwards for both Net Debt and EBITDA before special items pro forma closed acquisitionsdivestitures2 Pro forma excluding advances made for the acquisition of hospitals from Rhoumln-Klinikum AG3 Both net debt and EBITDA including IFRS 16 effect and calculated at expected annual average exchange rates excluding further potential acquisitions4 Including acquisition of NxStage adjusted for IFRS 16 effect
Target 20203 towards thetop end of self-imposed
target corridor of 30 ndash 35x
50
36x
40
35
20
25
30
Equity-neutralconvertible bonds 3
Fresenius Group excl FMC Broad Mix of Financing Instruments
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 51
Total BS Debt
~euro136 bn
1 As of December 31 2019
bull Optimize funding costs and ensure financial flexibility
bull Diversify investor base
bull Strong liquidity provided by sufficient financial cushion (~euro22 billion as of December 31 2019)
Well Positioned to Meet Financing NeedsBonds 40
Lease obligations 14
Syndicated loans 15
Schuldscheinloans 16
Other financial liabilities 5
Commercial paper 7
Average interest ratecost of debt18 pa
Commercial paper 7
Fresenius Group Broad Mix of Financing Instruments
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 52
Total BS Debt
~euro273 bn
1 As of December 31 2019
bull Optimize funding costs and ensure financial flexibility
bull Diversify investor base
bull Strong liquidity provided by sufficient financial cushion (~euro40 billion as of December 31 2019)
Well Positioned to Meet Financing Needs
Average interest ratecost of debt22 pa
Equity-neutralconvertible bonds 3
Syndicated loans 14
Other financial liabilities 6
Bonds 38
Lease liabilities 24
Schuldschein loans 8
Fresenius Group Capitalization1
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 53
Instrument per Book Value in euro million in $ million4 oftotal cap
EBITDA LTM x
Syndicated Credit Agreement Revolver (euro US-$) 0 0 00 Syndicated Credit Agreement Term Loan A (euro US-$) 1976 2220 29 Bonds (euro US-$) 5501 6180 82 Convertible Bonds 465 522 07 Schuldschein Loans 2180 2449 33 Commercial Paper 953 1071 14 Lease Obligations 1876 2107 28 Other debt 675 758 10 Total Debt (FSE excl FMC) gross 13626 15307 203 Cash (excl FMC) 651 731 10 Total debt (FSE excl FMC) net 12975 14576 193 Total FMC debt net 12774 14350 190 Consolidation Adjustments (145) (163) (02)Total consolidated debt net 25604 28764 382 36x Market capitalization2 41470 46587 618 58x
Total capitalization 67074 75351 1000 94x FSE Group EBITDA3 7110
1 As of December 31 20192 Based on market capitalization for FSE and FMC as of December 31 20193 Pro Forma acquisitions before special items4 EURUSD exchange rate as of December 31 2019
Fresenius Group excl FMC Well-Balanced Debt Maturity Profile12
54
1 As of December 31 2019 and based on utilization of major financing instruments2 Excluding lease liabilities3 Pro Forma issuance of FSE EUR 750m bonds in Jan 2020 (average maturity 38)
Maturity 35 years3 on
average
eurom
EUR 750m Jan 2020
500717 700
267
1150
500700 750
500 500
153
903 927
106
304 393
430
421
238
207
84
500
953
0
500
1000
1500
2000
2500
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Bonds Syndicated Loan Schuldschein Loans Equity-neutral convertible bonds Commercial Paper
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
1500
1000
2000
2500
Fresenius Group Well-Balanced Debt Maturity Profile12
1 As of December 31 2019 and based on utilization of major financing instruments2 Excluding lease liabilities3 Pro Forma issuance of FSE EUR 750m bonds in Jan 2020 (average maturity 35)
EUR 750m Jan 2020
2380
13931859
650356 500 600
945
1712
1924
2020
697
2071
500 238
907 750
584
5000
1000
2000
3000
4000
5000
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Fresenius Medical Care Fresenius excl Fresenius Medical Care
5000
4000
3000
2000
1000
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Maturity 33 years3 on
average
eurom
55
23 23 23 19
32 36 33 41
45 41 44 40
Dec 31 16 Dec 31 17 Dec 31 18 Dec 31 19
Equity and non-controlling interest Debt Other liabilities
Fresenius Group Solid Balance Sheet Structure
Healthy Equity and Liability Split
bull Strong equity ratio of gt40 on average
bull Equity ratio kept in narrow range despite rapid growth of Fresenius Group
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 56
467 531 567 670
BS total (eurobn)
Including IFRS 16
Fresenius SE Solid Investment Grade Rating
57
ldquoFSE delivers solid organic growth thanks to positive underlying growth trends in the life-saving and life-sustaining products and therapies that the group offersrdquoSampP Jan 08 2019
ldquoFSErsquos rating remains anchored in investment-grade given its mature and defensive business risk profile its organic deleveraging ability based on free cash flow generation and its record of integrating acquisitions successfully and reducing financial leverage in line with communicated policiesrdquo Fitch April 17 2019
ldquoThe Baa3 long term issuer rating of FSE reflects its strong defensive business profile underpinned by large absolute scale global footprint and segmental diversification within the healthcare market supported by strong position in its four business segmentsrdquo Moodyrsquos May 20 2019
Rating History Rating Agenciesrsquo Key Statements
Following a positive outlook SampP upgraded Fresenius to BBB stable outlook in May 2019
SampP Moodylsquos Fitch
Corporate Credit Rating BBB Baa3 BBB-
Outlook stable stable stable
Current Credit Ratings
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Strong Access to Capital Markets
58
Major Financing Instruments
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Bonds euro250 m euro800 m$105 bn
euro750 m$15 bn
euro500 m euro12 bn$12 bn
$300m euro26 bn euro500 m euro10 bn$500 m
euro175 bn
euro750 m1
euro750 m2
SyndicatedLoans
$35 bn $898 m $385 bn $18 bneuro245 bn
$41 bneuro700 m
$115 bneuro205 bn
euro530 bn$355 bn
euro100 m
SchuldscheinLoans
euro400 m euro125 m euro500 m euro112 m $400 m euro10 bn euro700 m
Convertible Bonds
euro900 m euro500 m
Equity euro10 bn euro400 m
1 January 2020 euro750million 2020-2028 bonds issued by Fresenius SE amp Co KGaA2 March 2020 euro750million 2020-2027 bonds issued by Fresenius SE amp Co KGaA
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Debt and Cash Flow Structure
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 59
1 Incl consolidation adjustments2 Incl Fresenius financing subsidiaries3 Controlling stake4 Incl subsidiaries 5 Based on market capitalization for FMC as of December 31 20196 Via German holding entities (Fresenius Kabi AG and Fresenius ProServe GmbH)
Fresenius Medical Care
Financing
Fresenius SE Financing
Group Net Debt ~euro256 bn1
DividendsRents Service Agreements
~323 100 77 (cross boarder)100
Profit transfer Agreements6
bull Separate financing of Fresenius SE and Fresenius Medical Care
bull No joint financing facilities or mutual guarantees
bull Fresenius Kabi Fresenius Helios and Fresenius Vamed financed primarily through Fresenius SE to avoid structural subordination
bull Subsidiary debt consists mainly of lease liabilities which are on balance acc to IFRS 16 from 2019 onwards
FSE Net Debt2~euro128 bn
incl Net Debt of KabiHeliosVamed
StockMarketValue~euro62 bn5
FSE Net Debt2~euro114 bn
excl Net Debt of KabiHeliosVamed
euro12774 m Net Debt4
Thereof lease liabilities euro4705m
euro951 m Net Debt4
Thereof lease liabilities euro1042m
euro84 m Net Debt4
Thereof lease liabilities euro392m
euro371 m Net Debt4
Thereof lease liabilities euro369m
Fresenius Group Key Credit Figures
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 60
1 Adjusted for IFRS 162 Before special items pro forma acquisitionsdivestitures3 Before special items
20191 2019 2018 2017
Debt (eurom) thereof US$ denominated
2123328
2725834
1898428
1904231
Net debt (eurom) 19579 25604 16275 17406
Net debtEBITDA2
Net debt at year-end exchange rate EBITDA at LTM average FX rates
314 360 273 279
Net debtEBITDA2
at LTM average FX rates for both net debt and EBITDA
314 361 271 284
Operating Cash flowSales 99 120 112 116
EBITDANet Interest3 121 99 106 96
Appendix
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 61
Fresenius Group FY19 Key Financials
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom FY191 IFRS 16effect
specialitems
FY19 reported
Δ YoY cc12
Sales 35524 -115 - 35409 6
EBIT 4599 89 -57 4631 -2
Net interest -510 -204 -5 -719 9
Income taxes -955 30 42 -883 -5
Net income3 1915 -36 4 1883 0
Balance sheet total 61237 5769 - 67006
Operating Cashflow 3514 749 - 4263
1 Before special items adjusted for IFRS 16 effect2 On a comparable basis 2018 adjusted for divestitures of Care Coordination activities at FMC3 Net income attributable to shareholders of Fresenius SE amp Co KGaA
For a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
62
Fresenius Group Cash Flow
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 63
eurom 20191 Margin 2019 Margin 2018 Margin Δ YoY1918
Operating Cash Flow 3514 99 4263 120 3742 112 14
Capex (net) -2433 -69 -2433 -68 -2077 -62 -17
Free Cash Flow(before acquisitions and dividends)
1081 30 1830 52 1665 50 10
Acquisitions (net) -2423 -2423 613 --
Dividends -952 -952 -904 5
Free Cash Flow(after acquisitions and dividends) -2294 -65 -1545 -44 1374 41 --
1 2019 adjusted for IFRS 16
Fresenius Group Calculation of Noncontrolling Interest
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom FY19 FY18
Earnings before tax and noncontrolling interest 4089 3998
Taxes -955 -883
Noncontrolling interest thereof -1219 -1243
Fresenius Medical Care net income not attributable to Fresenius (FY19 ~69)
-897 -928
Noncontrolling interest holders in Fresenius Medical Care -239 -244
Noncontrolling interest holders in Fresenius Kabi (-euro49 m) Fresenius Helios (-euro13 m) Fresenius Vamed (-euro2 m) and due to Fresenius Vamedrsquos 23 external ownership (-euro19 m)
-83 -71
Net income attributable to Fresenius SE amp Co KGaA 1915 1872
64
On a comparable basis Before special items adjusted for IFRS16 effect FY18 adjusted for divestitures of Care Coordination activities at FMC
For a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
002
023 025029
032037
042044
055
062
93 08 09 10 11 12 13 14 15 16 17 18 19
25 2421 20 21 21 22 21 22 23 24
Fresenius SE Earnings-Linked Dividend Policy
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
euro per share
bull Dividend growth aligned to EPS1
growth
bull Pay-out Ratio 20 to 25
Dividend distribution (eurom)
Pay-out Ratio
075
2019 Pay-out Ratio 24 Dividend Policy
122 140 155 196 225 238 300 416114 343 445
080
1 Before special items
468
084
24
Track record
bull 27th consecutive dividend increase
bull CAGR dividend increase +15
65
32x1
Fresenius Medical Care Low Leverage Reflected by Solid Investment Grade Rating
66General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
60 6176
6483
2015 2016 2017 2018 2019
Free Cash Flow in of revenue
SampP Moodylsquos Fitch
Corporate Credit Rating BBB Baa3 BBB-
Outlook stable stable stable
Current Credit Ratings
1 Including IFRS16 effect
29x30x
27x
22x
18x
31x
27x25x
22x
21x
27x25x
25x
31x
26x23x
21x
18x
25x
15
20
25
30
35
40
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
1
Fresenius Medical Care Broad Mix of Financing Instruments
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 67
Total BS Debt
~euro138 m
1 As of December 31 2019
bull Optimize funding costs and ensure financial flexibility
bull Diversify investor base
bull Strong liquidity provided by sufficient financial cushion (~euro18 billion as of December 31 2019)
Well Positioned to Meet Financing Needs
Average interest ratecost of debt25 pa
Equity-neutralconvertible bonds 3
Commercial paper 7
Syndicated loans 14
Other financial liabilities 7
Bonds 36
Lease obligations 33
Fresenius Medical Care Well-Balanced Debt Maturity Profile12
68
eurom
Maturity 30 years on
average
1 As of December 31 2019 and based on utilization of major financing instruments2 Excluding lease liabilities
445
878623 650
356500 600
945
535
135
1236400
1000
380
0
500
1000
1500
2000
2500
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
Bonds Syndicated Loan Equity-neutral convertible bonds Commercial Paper AR Facility
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
2500
2000
1500
1000
Fresenius SE Overview Bonds
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 69
Issuer Volume(in millions)
Coupon type
Coupon (in )
MaturityTerm
ISIN (RegS)
WKN
Fresenius SE amp Co KGaAeuro500 Fix 2875 20132020 XS0873432511 A1HEWZ
Fresenius SE amp Co KGaAeuro450 Fix 300 20142021 XS1013955379 A1ZB7H
Fresenius SE amp Co KGaAeuro450 Fix 400 20142024 XS1026109204 A1ZC60
Fresenius SE amp Co KGaAeuro 500 Fix 1875 20192025 XS1936208252 A2NBMS
Fresenius SE amp Co KGaAeuro 750 Fix 1625 20202027 XS2152329053 A254TA
Fresenius SE amp Co KGaAeuro 750 Fix 075 20202028 XS2101357072 A254QN
Fresenius SE amp Co KGaAeuro 500 Fix 2875 20192029 XS1936208419 A2NBMT
Fresenius Finance Ireland plceuro700 Fix 0875 20172022 XS1554373164 A19B3F
Fresenius Finance Ireland plceuro700 Fix 150 20172024 XS1554373248 A19B3G
Fresenius Finance Ireland plceuro700 Fix 2125 20172027 XS1554373677 A19B3H
Fresenius Finance Ireland plceuro500 Fix 300 20172032 XS1554373834 A19B3J
Fresenius US Finance II IncUS$300 Fix 425 20142021 USU31436AG04 A1ZDVJ
Fresenius US Finance II IncUS$300 Fix 450 20152023 USU31436AH86 A1Z64A
As of April 8 2020
Fresenius Medical Care Overview Bonds
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 70
Issuer Volume(in millions)
Coupon type
Coupon (in )
MaturityTerm
ISIN (RegS)
WKN
FMC Finance VII SA euro300 Fix 525 20112021 XS0576395478 A1GLY6
Fresenius Medical Care US Finance Inc US$650 Fix 575 20112021 USU31433AA03 A1GL0J
Fresenius Medical Care US Finance II Inc US$500 Fix 4125 20142020 US35802XAH61 A1ZRTL
Fresenius Medical Care US Finance II Inc US$700 Fix 5875 20122022 USU31434AC42 A1GZRF
Fresenius Medical Care US Finance II Inc US$400 Fix 475 20142024 US35802XAJ28 A1ZRTN
Fresenius Medical Care US Finance III Inc US$500 Fix 375 20192029 USU3149FAA76 A2R3YR
Fresenius Medical Care AG amp Co KGaA euro650 Fix 0250 20192023 XS2084510069 A255DU
Fresenius Medical Care AG amp Co KGaA euro500 Fix 150 20182025 XS1854532949 A2NBE6
Fresenius Medical Care AG amp Co KGaA euro600 Fix 0625 20192026 XS2084497705 A255DV
Fresenius Medical Care AG amp Co KGaA euro500 Fix 1250 20192029 XS2084488209 A255DW
As of December 31 2019
Financial Calendar Contact
Financial Calendar 06 May 2020 Results Q120
30 July 2020 Results Q220
29 October 2020 Results Q320Please note that these dates could be subject to change
Annual General Meeting Due to the coronavirus pandemic the AGM scheduled for 20 May 2020 has been postponed A new date within the current financial year will be set as soon as the conditions for reliable planning and safe execution of the AGM are once again in place
Contact
Investor Relations amp SustainabilityFresenius SE amp Co KGaAphone +49 6172 608-2485e-mail ir-frefreseniuscomFor further information and current news wwwfreseniuscom
Follow us on Twitter wwwtwittercomfresenius_irand LinkedIn wwwlinkedincomcompanyfresenius-investor-relations
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 71
eurom (except otherwise stated) FY19 Base1 FY202
Sales growth (cc) 35409 4 - 7
Net income3 growth (cc) 1879 1 - 5
Fresenius Group 2020 Financial Guidance
1 Before special items including IFRS 16 effects including NxStage operations 2 Before special items3 Net income attributable to shareholders of Fresenius SEampCoKGaA
For a detailed overview of special items please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 43
FY19 base for Fresenius Group Guidance FY20
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
euromFresenius
GroupFresenius
Medical CareFresenius
Kabi
Sales reported (reported = base for guidance) 35409 17477 6919
Transaction costs Akorn 3
Revaluations of biosimilars contingent purchase price liabilities -32
EBIT (before special items = base Fresenius Kabi guidance) 1205
Net income reported 1883 1200
Transaction costs Akorn 3
Revaluations of biosimilars contingent purchase price liabilities -19
Gain related to divestitures of Care Coordination activities at FMC -15 -49
Transaction costs NxStage 6 18
Expenses associated with cost optimization program at FMC 21 67
Net income (before special items = base Fresenius Group amp FMC guidance) 1879 1236
44
Fresenius Group Financial Results by Business Segment
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 45
20191 20182 2017 Growth3
20192018
Sales euro17592 m euro16026 m euro17784 m 62
EBIT euro2281 m euro2292 m euro2562 m -42
Sales euro6919 m euro6544 m euro6358 m 4
EBIT euro1200 m euro1139 m euro1177 m 3
Sales euro9234 m euro8993 m euro8668 m 3
EBIT euro1015 m euro1052 m euro1052 m -4
Sales euro2206 m euro1688 m euro1228 m 30
EBIT euro131 m euro110 m euro76 m 18
Sales euro35524 m euro33009 m euro33886 m 62
EBIT euro4599 m euro4547 m euro4830 m -22Group
Before special items
1 Adjusted for IFRS 162 On a comparable basis 2018 adjusted for divestitures of Care Coordination activities 3 Growth rates at constant currency and adjusted for IFRS 16
Fresenius Group Margins by Business Segment
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 46
Before special items 2018 adjusted for divestitures of Care Coordination activities 2019 adjusted for IFRS 16
2019 2018 2017
EBITDA margin 178 192 185
EBIT margin 130 143 144
EBITDA margin 217 219 233
EBIT margin 173 174 185
EBITDA margin 148 159 165
EBIT margin 110 117 121
EBITDA margin 78 79 71
EBIT margin 59 65 62
EBITDA margin 174 183 185
EBIT margin 129 138 143Group
Credit Highlights amp Financing Structure
47General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Credit Highlights
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 48
Consistent Cash Generation
Proven Track Record of Deleveraging
Broad Mix of Financing Instruments
Well-Balanced Maturity Profile
Solid Balance Sheet Structure
Solid IG Rating and Strong Access to Capital Markets
120
103
126
114109
120 122116
112120
8
9
10
11
12
13
14
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
48 48 52 5358 55 55 54
6570
2
3
4
5
6
7
8
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
74
56
76
62
52
67 67 66
50 52
4
5
6
7
8
9
10
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Fresenius Group Consistent Cash Generation
Capex gross in of sales
FCF margin (before acquisitions amp dividends)CFFO margin
49General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
2019 including IFRS 16
32x
30x
27x
22x 23x
35x
30x
26x
36x
30x
26x27x
26x
25x
32x
27x
23x
28x
27x
31x 4
20
25
30
35
40
2001 2002 2003 2004 2005 Q106 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
3
2
Hospitals from
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Proven Track Record of Deleveraging
Net DebtEBITDA1
1 At actual FX rates from 2001 to 2010 and at average FX rates from 2011 onwards for both Net Debt and EBITDA before special items pro forma closed acquisitionsdivestitures2 Pro forma excluding advances made for the acquisition of hospitals from Rhoumln-Klinikum AG3 Both net debt and EBITDA including IFRS 16 effect and calculated at expected annual average exchange rates excluding further potential acquisitions4 Including acquisition of NxStage adjusted for IFRS 16 effect
Target 20203 towards thetop end of self-imposed
target corridor of 30 ndash 35x
50
36x
40
35
20
25
30
Equity-neutralconvertible bonds 3
Fresenius Group excl FMC Broad Mix of Financing Instruments
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 51
Total BS Debt
~euro136 bn
1 As of December 31 2019
bull Optimize funding costs and ensure financial flexibility
bull Diversify investor base
bull Strong liquidity provided by sufficient financial cushion (~euro22 billion as of December 31 2019)
Well Positioned to Meet Financing NeedsBonds 40
Lease obligations 14
Syndicated loans 15
Schuldscheinloans 16
Other financial liabilities 5
Commercial paper 7
Average interest ratecost of debt18 pa
Commercial paper 7
Fresenius Group Broad Mix of Financing Instruments
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 52
Total BS Debt
~euro273 bn
1 As of December 31 2019
bull Optimize funding costs and ensure financial flexibility
bull Diversify investor base
bull Strong liquidity provided by sufficient financial cushion (~euro40 billion as of December 31 2019)
Well Positioned to Meet Financing Needs
Average interest ratecost of debt22 pa
Equity-neutralconvertible bonds 3
Syndicated loans 14
Other financial liabilities 6
Bonds 38
Lease liabilities 24
Schuldschein loans 8
Fresenius Group Capitalization1
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 53
Instrument per Book Value in euro million in $ million4 oftotal cap
EBITDA LTM x
Syndicated Credit Agreement Revolver (euro US-$) 0 0 00 Syndicated Credit Agreement Term Loan A (euro US-$) 1976 2220 29 Bonds (euro US-$) 5501 6180 82 Convertible Bonds 465 522 07 Schuldschein Loans 2180 2449 33 Commercial Paper 953 1071 14 Lease Obligations 1876 2107 28 Other debt 675 758 10 Total Debt (FSE excl FMC) gross 13626 15307 203 Cash (excl FMC) 651 731 10 Total debt (FSE excl FMC) net 12975 14576 193 Total FMC debt net 12774 14350 190 Consolidation Adjustments (145) (163) (02)Total consolidated debt net 25604 28764 382 36x Market capitalization2 41470 46587 618 58x
Total capitalization 67074 75351 1000 94x FSE Group EBITDA3 7110
1 As of December 31 20192 Based on market capitalization for FSE and FMC as of December 31 20193 Pro Forma acquisitions before special items4 EURUSD exchange rate as of December 31 2019
Fresenius Group excl FMC Well-Balanced Debt Maturity Profile12
54
1 As of December 31 2019 and based on utilization of major financing instruments2 Excluding lease liabilities3 Pro Forma issuance of FSE EUR 750m bonds in Jan 2020 (average maturity 38)
Maturity 35 years3 on
average
eurom
EUR 750m Jan 2020
500717 700
267
1150
500700 750
500 500
153
903 927
106
304 393
430
421
238
207
84
500
953
0
500
1000
1500
2000
2500
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Bonds Syndicated Loan Schuldschein Loans Equity-neutral convertible bonds Commercial Paper
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
1500
1000
2000
2500
Fresenius Group Well-Balanced Debt Maturity Profile12
1 As of December 31 2019 and based on utilization of major financing instruments2 Excluding lease liabilities3 Pro Forma issuance of FSE EUR 750m bonds in Jan 2020 (average maturity 35)
EUR 750m Jan 2020
2380
13931859
650356 500 600
945
1712
1924
2020
697
2071
500 238
907 750
584
5000
1000
2000
3000
4000
5000
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Fresenius Medical Care Fresenius excl Fresenius Medical Care
5000
4000
3000
2000
1000
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Maturity 33 years3 on
average
eurom
55
23 23 23 19
32 36 33 41
45 41 44 40
Dec 31 16 Dec 31 17 Dec 31 18 Dec 31 19
Equity and non-controlling interest Debt Other liabilities
Fresenius Group Solid Balance Sheet Structure
Healthy Equity and Liability Split
bull Strong equity ratio of gt40 on average
bull Equity ratio kept in narrow range despite rapid growth of Fresenius Group
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 56
467 531 567 670
BS total (eurobn)
Including IFRS 16
Fresenius SE Solid Investment Grade Rating
57
ldquoFSE delivers solid organic growth thanks to positive underlying growth trends in the life-saving and life-sustaining products and therapies that the group offersrdquoSampP Jan 08 2019
ldquoFSErsquos rating remains anchored in investment-grade given its mature and defensive business risk profile its organic deleveraging ability based on free cash flow generation and its record of integrating acquisitions successfully and reducing financial leverage in line with communicated policiesrdquo Fitch April 17 2019
ldquoThe Baa3 long term issuer rating of FSE reflects its strong defensive business profile underpinned by large absolute scale global footprint and segmental diversification within the healthcare market supported by strong position in its four business segmentsrdquo Moodyrsquos May 20 2019
Rating History Rating Agenciesrsquo Key Statements
Following a positive outlook SampP upgraded Fresenius to BBB stable outlook in May 2019
SampP Moodylsquos Fitch
Corporate Credit Rating BBB Baa3 BBB-
Outlook stable stable stable
Current Credit Ratings
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Strong Access to Capital Markets
58
Major Financing Instruments
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Bonds euro250 m euro800 m$105 bn
euro750 m$15 bn
euro500 m euro12 bn$12 bn
$300m euro26 bn euro500 m euro10 bn$500 m
euro175 bn
euro750 m1
euro750 m2
SyndicatedLoans
$35 bn $898 m $385 bn $18 bneuro245 bn
$41 bneuro700 m
$115 bneuro205 bn
euro530 bn$355 bn
euro100 m
SchuldscheinLoans
euro400 m euro125 m euro500 m euro112 m $400 m euro10 bn euro700 m
Convertible Bonds
euro900 m euro500 m
Equity euro10 bn euro400 m
1 January 2020 euro750million 2020-2028 bonds issued by Fresenius SE amp Co KGaA2 March 2020 euro750million 2020-2027 bonds issued by Fresenius SE amp Co KGaA
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Debt and Cash Flow Structure
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 59
1 Incl consolidation adjustments2 Incl Fresenius financing subsidiaries3 Controlling stake4 Incl subsidiaries 5 Based on market capitalization for FMC as of December 31 20196 Via German holding entities (Fresenius Kabi AG and Fresenius ProServe GmbH)
Fresenius Medical Care
Financing
Fresenius SE Financing
Group Net Debt ~euro256 bn1
DividendsRents Service Agreements
~323 100 77 (cross boarder)100
Profit transfer Agreements6
bull Separate financing of Fresenius SE and Fresenius Medical Care
bull No joint financing facilities or mutual guarantees
bull Fresenius Kabi Fresenius Helios and Fresenius Vamed financed primarily through Fresenius SE to avoid structural subordination
bull Subsidiary debt consists mainly of lease liabilities which are on balance acc to IFRS 16 from 2019 onwards
FSE Net Debt2~euro128 bn
incl Net Debt of KabiHeliosVamed
StockMarketValue~euro62 bn5
FSE Net Debt2~euro114 bn
excl Net Debt of KabiHeliosVamed
euro12774 m Net Debt4
Thereof lease liabilities euro4705m
euro951 m Net Debt4
Thereof lease liabilities euro1042m
euro84 m Net Debt4
Thereof lease liabilities euro392m
euro371 m Net Debt4
Thereof lease liabilities euro369m
Fresenius Group Key Credit Figures
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 60
1 Adjusted for IFRS 162 Before special items pro forma acquisitionsdivestitures3 Before special items
20191 2019 2018 2017
Debt (eurom) thereof US$ denominated
2123328
2725834
1898428
1904231
Net debt (eurom) 19579 25604 16275 17406
Net debtEBITDA2
Net debt at year-end exchange rate EBITDA at LTM average FX rates
314 360 273 279
Net debtEBITDA2
at LTM average FX rates for both net debt and EBITDA
314 361 271 284
Operating Cash flowSales 99 120 112 116
EBITDANet Interest3 121 99 106 96
Appendix
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 61
Fresenius Group FY19 Key Financials
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom FY191 IFRS 16effect
specialitems
FY19 reported
Δ YoY cc12
Sales 35524 -115 - 35409 6
EBIT 4599 89 -57 4631 -2
Net interest -510 -204 -5 -719 9
Income taxes -955 30 42 -883 -5
Net income3 1915 -36 4 1883 0
Balance sheet total 61237 5769 - 67006
Operating Cashflow 3514 749 - 4263
1 Before special items adjusted for IFRS 16 effect2 On a comparable basis 2018 adjusted for divestitures of Care Coordination activities at FMC3 Net income attributable to shareholders of Fresenius SE amp Co KGaA
For a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
62
Fresenius Group Cash Flow
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 63
eurom 20191 Margin 2019 Margin 2018 Margin Δ YoY1918
Operating Cash Flow 3514 99 4263 120 3742 112 14
Capex (net) -2433 -69 -2433 -68 -2077 -62 -17
Free Cash Flow(before acquisitions and dividends)
1081 30 1830 52 1665 50 10
Acquisitions (net) -2423 -2423 613 --
Dividends -952 -952 -904 5
Free Cash Flow(after acquisitions and dividends) -2294 -65 -1545 -44 1374 41 --
1 2019 adjusted for IFRS 16
Fresenius Group Calculation of Noncontrolling Interest
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom FY19 FY18
Earnings before tax and noncontrolling interest 4089 3998
Taxes -955 -883
Noncontrolling interest thereof -1219 -1243
Fresenius Medical Care net income not attributable to Fresenius (FY19 ~69)
-897 -928
Noncontrolling interest holders in Fresenius Medical Care -239 -244
Noncontrolling interest holders in Fresenius Kabi (-euro49 m) Fresenius Helios (-euro13 m) Fresenius Vamed (-euro2 m) and due to Fresenius Vamedrsquos 23 external ownership (-euro19 m)
-83 -71
Net income attributable to Fresenius SE amp Co KGaA 1915 1872
64
On a comparable basis Before special items adjusted for IFRS16 effect FY18 adjusted for divestitures of Care Coordination activities at FMC
For a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
002
023 025029
032037
042044
055
062
93 08 09 10 11 12 13 14 15 16 17 18 19
25 2421 20 21 21 22 21 22 23 24
Fresenius SE Earnings-Linked Dividend Policy
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
euro per share
bull Dividend growth aligned to EPS1
growth
bull Pay-out Ratio 20 to 25
Dividend distribution (eurom)
Pay-out Ratio
075
2019 Pay-out Ratio 24 Dividend Policy
122 140 155 196 225 238 300 416114 343 445
080
1 Before special items
468
084
24
Track record
bull 27th consecutive dividend increase
bull CAGR dividend increase +15
65
32x1
Fresenius Medical Care Low Leverage Reflected by Solid Investment Grade Rating
66General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
60 6176
6483
2015 2016 2017 2018 2019
Free Cash Flow in of revenue
SampP Moodylsquos Fitch
Corporate Credit Rating BBB Baa3 BBB-
Outlook stable stable stable
Current Credit Ratings
1 Including IFRS16 effect
29x30x
27x
22x
18x
31x
27x25x
22x
21x
27x25x
25x
31x
26x23x
21x
18x
25x
15
20
25
30
35
40
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
1
Fresenius Medical Care Broad Mix of Financing Instruments
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 67
Total BS Debt
~euro138 m
1 As of December 31 2019
bull Optimize funding costs and ensure financial flexibility
bull Diversify investor base
bull Strong liquidity provided by sufficient financial cushion (~euro18 billion as of December 31 2019)
Well Positioned to Meet Financing Needs
Average interest ratecost of debt25 pa
Equity-neutralconvertible bonds 3
Commercial paper 7
Syndicated loans 14
Other financial liabilities 7
Bonds 36
Lease obligations 33
Fresenius Medical Care Well-Balanced Debt Maturity Profile12
68
eurom
Maturity 30 years on
average
1 As of December 31 2019 and based on utilization of major financing instruments2 Excluding lease liabilities
445
878623 650
356500 600
945
535
135
1236400
1000
380
0
500
1000
1500
2000
2500
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
Bonds Syndicated Loan Equity-neutral convertible bonds Commercial Paper AR Facility
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
2500
2000
1500
1000
Fresenius SE Overview Bonds
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 69
Issuer Volume(in millions)
Coupon type
Coupon (in )
MaturityTerm
ISIN (RegS)
WKN
Fresenius SE amp Co KGaAeuro500 Fix 2875 20132020 XS0873432511 A1HEWZ
Fresenius SE amp Co KGaAeuro450 Fix 300 20142021 XS1013955379 A1ZB7H
Fresenius SE amp Co KGaAeuro450 Fix 400 20142024 XS1026109204 A1ZC60
Fresenius SE amp Co KGaAeuro 500 Fix 1875 20192025 XS1936208252 A2NBMS
Fresenius SE amp Co KGaAeuro 750 Fix 1625 20202027 XS2152329053 A254TA
Fresenius SE amp Co KGaAeuro 750 Fix 075 20202028 XS2101357072 A254QN
Fresenius SE amp Co KGaAeuro 500 Fix 2875 20192029 XS1936208419 A2NBMT
Fresenius Finance Ireland plceuro700 Fix 0875 20172022 XS1554373164 A19B3F
Fresenius Finance Ireland plceuro700 Fix 150 20172024 XS1554373248 A19B3G
Fresenius Finance Ireland plceuro700 Fix 2125 20172027 XS1554373677 A19B3H
Fresenius Finance Ireland plceuro500 Fix 300 20172032 XS1554373834 A19B3J
Fresenius US Finance II IncUS$300 Fix 425 20142021 USU31436AG04 A1ZDVJ
Fresenius US Finance II IncUS$300 Fix 450 20152023 USU31436AH86 A1Z64A
As of April 8 2020
Fresenius Medical Care Overview Bonds
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 70
Issuer Volume(in millions)
Coupon type
Coupon (in )
MaturityTerm
ISIN (RegS)
WKN
FMC Finance VII SA euro300 Fix 525 20112021 XS0576395478 A1GLY6
Fresenius Medical Care US Finance Inc US$650 Fix 575 20112021 USU31433AA03 A1GL0J
Fresenius Medical Care US Finance II Inc US$500 Fix 4125 20142020 US35802XAH61 A1ZRTL
Fresenius Medical Care US Finance II Inc US$700 Fix 5875 20122022 USU31434AC42 A1GZRF
Fresenius Medical Care US Finance II Inc US$400 Fix 475 20142024 US35802XAJ28 A1ZRTN
Fresenius Medical Care US Finance III Inc US$500 Fix 375 20192029 USU3149FAA76 A2R3YR
Fresenius Medical Care AG amp Co KGaA euro650 Fix 0250 20192023 XS2084510069 A255DU
Fresenius Medical Care AG amp Co KGaA euro500 Fix 150 20182025 XS1854532949 A2NBE6
Fresenius Medical Care AG amp Co KGaA euro600 Fix 0625 20192026 XS2084497705 A255DV
Fresenius Medical Care AG amp Co KGaA euro500 Fix 1250 20192029 XS2084488209 A255DW
As of December 31 2019
Financial Calendar Contact
Financial Calendar 06 May 2020 Results Q120
30 July 2020 Results Q220
29 October 2020 Results Q320Please note that these dates could be subject to change
Annual General Meeting Due to the coronavirus pandemic the AGM scheduled for 20 May 2020 has been postponed A new date within the current financial year will be set as soon as the conditions for reliable planning and safe execution of the AGM are once again in place
Contact
Investor Relations amp SustainabilityFresenius SE amp Co KGaAphone +49 6172 608-2485e-mail ir-frefreseniuscomFor further information and current news wwwfreseniuscom
Follow us on Twitter wwwtwittercomfresenius_irand LinkedIn wwwlinkedincomcompanyfresenius-investor-relations
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 71
FY19 base for Fresenius Group Guidance FY20
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
euromFresenius
GroupFresenius
Medical CareFresenius
Kabi
Sales reported (reported = base for guidance) 35409 17477 6919
Transaction costs Akorn 3
Revaluations of biosimilars contingent purchase price liabilities -32
EBIT (before special items = base Fresenius Kabi guidance) 1205
Net income reported 1883 1200
Transaction costs Akorn 3
Revaluations of biosimilars contingent purchase price liabilities -19
Gain related to divestitures of Care Coordination activities at FMC -15 -49
Transaction costs NxStage 6 18
Expenses associated with cost optimization program at FMC 21 67
Net income (before special items = base Fresenius Group amp FMC guidance) 1879 1236
44
Fresenius Group Financial Results by Business Segment
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 45
20191 20182 2017 Growth3
20192018
Sales euro17592 m euro16026 m euro17784 m 62
EBIT euro2281 m euro2292 m euro2562 m -42
Sales euro6919 m euro6544 m euro6358 m 4
EBIT euro1200 m euro1139 m euro1177 m 3
Sales euro9234 m euro8993 m euro8668 m 3
EBIT euro1015 m euro1052 m euro1052 m -4
Sales euro2206 m euro1688 m euro1228 m 30
EBIT euro131 m euro110 m euro76 m 18
Sales euro35524 m euro33009 m euro33886 m 62
EBIT euro4599 m euro4547 m euro4830 m -22Group
Before special items
1 Adjusted for IFRS 162 On a comparable basis 2018 adjusted for divestitures of Care Coordination activities 3 Growth rates at constant currency and adjusted for IFRS 16
Fresenius Group Margins by Business Segment
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 46
Before special items 2018 adjusted for divestitures of Care Coordination activities 2019 adjusted for IFRS 16
2019 2018 2017
EBITDA margin 178 192 185
EBIT margin 130 143 144
EBITDA margin 217 219 233
EBIT margin 173 174 185
EBITDA margin 148 159 165
EBIT margin 110 117 121
EBITDA margin 78 79 71
EBIT margin 59 65 62
EBITDA margin 174 183 185
EBIT margin 129 138 143Group
Credit Highlights amp Financing Structure
47General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Credit Highlights
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 48
Consistent Cash Generation
Proven Track Record of Deleveraging
Broad Mix of Financing Instruments
Well-Balanced Maturity Profile
Solid Balance Sheet Structure
Solid IG Rating and Strong Access to Capital Markets
120
103
126
114109
120 122116
112120
8
9
10
11
12
13
14
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
48 48 52 5358 55 55 54
6570
2
3
4
5
6
7
8
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
74
56
76
62
52
67 67 66
50 52
4
5
6
7
8
9
10
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Fresenius Group Consistent Cash Generation
Capex gross in of sales
FCF margin (before acquisitions amp dividends)CFFO margin
49General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
2019 including IFRS 16
32x
30x
27x
22x 23x
35x
30x
26x
36x
30x
26x27x
26x
25x
32x
27x
23x
28x
27x
31x 4
20
25
30
35
40
2001 2002 2003 2004 2005 Q106 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
3
2
Hospitals from
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Proven Track Record of Deleveraging
Net DebtEBITDA1
1 At actual FX rates from 2001 to 2010 and at average FX rates from 2011 onwards for both Net Debt and EBITDA before special items pro forma closed acquisitionsdivestitures2 Pro forma excluding advances made for the acquisition of hospitals from Rhoumln-Klinikum AG3 Both net debt and EBITDA including IFRS 16 effect and calculated at expected annual average exchange rates excluding further potential acquisitions4 Including acquisition of NxStage adjusted for IFRS 16 effect
Target 20203 towards thetop end of self-imposed
target corridor of 30 ndash 35x
50
36x
40
35
20
25
30
Equity-neutralconvertible bonds 3
Fresenius Group excl FMC Broad Mix of Financing Instruments
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 51
Total BS Debt
~euro136 bn
1 As of December 31 2019
bull Optimize funding costs and ensure financial flexibility
bull Diversify investor base
bull Strong liquidity provided by sufficient financial cushion (~euro22 billion as of December 31 2019)
Well Positioned to Meet Financing NeedsBonds 40
Lease obligations 14
Syndicated loans 15
Schuldscheinloans 16
Other financial liabilities 5
Commercial paper 7
Average interest ratecost of debt18 pa
Commercial paper 7
Fresenius Group Broad Mix of Financing Instruments
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 52
Total BS Debt
~euro273 bn
1 As of December 31 2019
bull Optimize funding costs and ensure financial flexibility
bull Diversify investor base
bull Strong liquidity provided by sufficient financial cushion (~euro40 billion as of December 31 2019)
Well Positioned to Meet Financing Needs
Average interest ratecost of debt22 pa
Equity-neutralconvertible bonds 3
Syndicated loans 14
Other financial liabilities 6
Bonds 38
Lease liabilities 24
Schuldschein loans 8
Fresenius Group Capitalization1
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 53
Instrument per Book Value in euro million in $ million4 oftotal cap
EBITDA LTM x
Syndicated Credit Agreement Revolver (euro US-$) 0 0 00 Syndicated Credit Agreement Term Loan A (euro US-$) 1976 2220 29 Bonds (euro US-$) 5501 6180 82 Convertible Bonds 465 522 07 Schuldschein Loans 2180 2449 33 Commercial Paper 953 1071 14 Lease Obligations 1876 2107 28 Other debt 675 758 10 Total Debt (FSE excl FMC) gross 13626 15307 203 Cash (excl FMC) 651 731 10 Total debt (FSE excl FMC) net 12975 14576 193 Total FMC debt net 12774 14350 190 Consolidation Adjustments (145) (163) (02)Total consolidated debt net 25604 28764 382 36x Market capitalization2 41470 46587 618 58x
Total capitalization 67074 75351 1000 94x FSE Group EBITDA3 7110
1 As of December 31 20192 Based on market capitalization for FSE and FMC as of December 31 20193 Pro Forma acquisitions before special items4 EURUSD exchange rate as of December 31 2019
Fresenius Group excl FMC Well-Balanced Debt Maturity Profile12
54
1 As of December 31 2019 and based on utilization of major financing instruments2 Excluding lease liabilities3 Pro Forma issuance of FSE EUR 750m bonds in Jan 2020 (average maturity 38)
Maturity 35 years3 on
average
eurom
EUR 750m Jan 2020
500717 700
267
1150
500700 750
500 500
153
903 927
106
304 393
430
421
238
207
84
500
953
0
500
1000
1500
2000
2500
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Bonds Syndicated Loan Schuldschein Loans Equity-neutral convertible bonds Commercial Paper
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
1500
1000
2000
2500
Fresenius Group Well-Balanced Debt Maturity Profile12
1 As of December 31 2019 and based on utilization of major financing instruments2 Excluding lease liabilities3 Pro Forma issuance of FSE EUR 750m bonds in Jan 2020 (average maturity 35)
EUR 750m Jan 2020
2380
13931859
650356 500 600
945
1712
1924
2020
697
2071
500 238
907 750
584
5000
1000
2000
3000
4000
5000
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Fresenius Medical Care Fresenius excl Fresenius Medical Care
5000
4000
3000
2000
1000
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Maturity 33 years3 on
average
eurom
55
23 23 23 19
32 36 33 41
45 41 44 40
Dec 31 16 Dec 31 17 Dec 31 18 Dec 31 19
Equity and non-controlling interest Debt Other liabilities
Fresenius Group Solid Balance Sheet Structure
Healthy Equity and Liability Split
bull Strong equity ratio of gt40 on average
bull Equity ratio kept in narrow range despite rapid growth of Fresenius Group
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 56
467 531 567 670
BS total (eurobn)
Including IFRS 16
Fresenius SE Solid Investment Grade Rating
57
ldquoFSE delivers solid organic growth thanks to positive underlying growth trends in the life-saving and life-sustaining products and therapies that the group offersrdquoSampP Jan 08 2019
ldquoFSErsquos rating remains anchored in investment-grade given its mature and defensive business risk profile its organic deleveraging ability based on free cash flow generation and its record of integrating acquisitions successfully and reducing financial leverage in line with communicated policiesrdquo Fitch April 17 2019
ldquoThe Baa3 long term issuer rating of FSE reflects its strong defensive business profile underpinned by large absolute scale global footprint and segmental diversification within the healthcare market supported by strong position in its four business segmentsrdquo Moodyrsquos May 20 2019
Rating History Rating Agenciesrsquo Key Statements
Following a positive outlook SampP upgraded Fresenius to BBB stable outlook in May 2019
SampP Moodylsquos Fitch
Corporate Credit Rating BBB Baa3 BBB-
Outlook stable stable stable
Current Credit Ratings
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Strong Access to Capital Markets
58
Major Financing Instruments
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Bonds euro250 m euro800 m$105 bn
euro750 m$15 bn
euro500 m euro12 bn$12 bn
$300m euro26 bn euro500 m euro10 bn$500 m
euro175 bn
euro750 m1
euro750 m2
SyndicatedLoans
$35 bn $898 m $385 bn $18 bneuro245 bn
$41 bneuro700 m
$115 bneuro205 bn
euro530 bn$355 bn
euro100 m
SchuldscheinLoans
euro400 m euro125 m euro500 m euro112 m $400 m euro10 bn euro700 m
Convertible Bonds
euro900 m euro500 m
Equity euro10 bn euro400 m
1 January 2020 euro750million 2020-2028 bonds issued by Fresenius SE amp Co KGaA2 March 2020 euro750million 2020-2027 bonds issued by Fresenius SE amp Co KGaA
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Debt and Cash Flow Structure
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 59
1 Incl consolidation adjustments2 Incl Fresenius financing subsidiaries3 Controlling stake4 Incl subsidiaries 5 Based on market capitalization for FMC as of December 31 20196 Via German holding entities (Fresenius Kabi AG and Fresenius ProServe GmbH)
Fresenius Medical Care
Financing
Fresenius SE Financing
Group Net Debt ~euro256 bn1
DividendsRents Service Agreements
~323 100 77 (cross boarder)100
Profit transfer Agreements6
bull Separate financing of Fresenius SE and Fresenius Medical Care
bull No joint financing facilities or mutual guarantees
bull Fresenius Kabi Fresenius Helios and Fresenius Vamed financed primarily through Fresenius SE to avoid structural subordination
bull Subsidiary debt consists mainly of lease liabilities which are on balance acc to IFRS 16 from 2019 onwards
FSE Net Debt2~euro128 bn
incl Net Debt of KabiHeliosVamed
StockMarketValue~euro62 bn5
FSE Net Debt2~euro114 bn
excl Net Debt of KabiHeliosVamed
euro12774 m Net Debt4
Thereof lease liabilities euro4705m
euro951 m Net Debt4
Thereof lease liabilities euro1042m
euro84 m Net Debt4
Thereof lease liabilities euro392m
euro371 m Net Debt4
Thereof lease liabilities euro369m
Fresenius Group Key Credit Figures
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 60
1 Adjusted for IFRS 162 Before special items pro forma acquisitionsdivestitures3 Before special items
20191 2019 2018 2017
Debt (eurom) thereof US$ denominated
2123328
2725834
1898428
1904231
Net debt (eurom) 19579 25604 16275 17406
Net debtEBITDA2
Net debt at year-end exchange rate EBITDA at LTM average FX rates
314 360 273 279
Net debtEBITDA2
at LTM average FX rates for both net debt and EBITDA
314 361 271 284
Operating Cash flowSales 99 120 112 116
EBITDANet Interest3 121 99 106 96
Appendix
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 61
Fresenius Group FY19 Key Financials
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom FY191 IFRS 16effect
specialitems
FY19 reported
Δ YoY cc12
Sales 35524 -115 - 35409 6
EBIT 4599 89 -57 4631 -2
Net interest -510 -204 -5 -719 9
Income taxes -955 30 42 -883 -5
Net income3 1915 -36 4 1883 0
Balance sheet total 61237 5769 - 67006
Operating Cashflow 3514 749 - 4263
1 Before special items adjusted for IFRS 16 effect2 On a comparable basis 2018 adjusted for divestitures of Care Coordination activities at FMC3 Net income attributable to shareholders of Fresenius SE amp Co KGaA
For a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
62
Fresenius Group Cash Flow
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 63
eurom 20191 Margin 2019 Margin 2018 Margin Δ YoY1918
Operating Cash Flow 3514 99 4263 120 3742 112 14
Capex (net) -2433 -69 -2433 -68 -2077 -62 -17
Free Cash Flow(before acquisitions and dividends)
1081 30 1830 52 1665 50 10
Acquisitions (net) -2423 -2423 613 --
Dividends -952 -952 -904 5
Free Cash Flow(after acquisitions and dividends) -2294 -65 -1545 -44 1374 41 --
1 2019 adjusted for IFRS 16
Fresenius Group Calculation of Noncontrolling Interest
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom FY19 FY18
Earnings before tax and noncontrolling interest 4089 3998
Taxes -955 -883
Noncontrolling interest thereof -1219 -1243
Fresenius Medical Care net income not attributable to Fresenius (FY19 ~69)
-897 -928
Noncontrolling interest holders in Fresenius Medical Care -239 -244
Noncontrolling interest holders in Fresenius Kabi (-euro49 m) Fresenius Helios (-euro13 m) Fresenius Vamed (-euro2 m) and due to Fresenius Vamedrsquos 23 external ownership (-euro19 m)
-83 -71
Net income attributable to Fresenius SE amp Co KGaA 1915 1872
64
On a comparable basis Before special items adjusted for IFRS16 effect FY18 adjusted for divestitures of Care Coordination activities at FMC
For a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
002
023 025029
032037
042044
055
062
93 08 09 10 11 12 13 14 15 16 17 18 19
25 2421 20 21 21 22 21 22 23 24
Fresenius SE Earnings-Linked Dividend Policy
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
euro per share
bull Dividend growth aligned to EPS1
growth
bull Pay-out Ratio 20 to 25
Dividend distribution (eurom)
Pay-out Ratio
075
2019 Pay-out Ratio 24 Dividend Policy
122 140 155 196 225 238 300 416114 343 445
080
1 Before special items
468
084
24
Track record
bull 27th consecutive dividend increase
bull CAGR dividend increase +15
65
32x1
Fresenius Medical Care Low Leverage Reflected by Solid Investment Grade Rating
66General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
60 6176
6483
2015 2016 2017 2018 2019
Free Cash Flow in of revenue
SampP Moodylsquos Fitch
Corporate Credit Rating BBB Baa3 BBB-
Outlook stable stable stable
Current Credit Ratings
1 Including IFRS16 effect
29x30x
27x
22x
18x
31x
27x25x
22x
21x
27x25x
25x
31x
26x23x
21x
18x
25x
15
20
25
30
35
40
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
1
Fresenius Medical Care Broad Mix of Financing Instruments
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 67
Total BS Debt
~euro138 m
1 As of December 31 2019
bull Optimize funding costs and ensure financial flexibility
bull Diversify investor base
bull Strong liquidity provided by sufficient financial cushion (~euro18 billion as of December 31 2019)
Well Positioned to Meet Financing Needs
Average interest ratecost of debt25 pa
Equity-neutralconvertible bonds 3
Commercial paper 7
Syndicated loans 14
Other financial liabilities 7
Bonds 36
Lease obligations 33
Fresenius Medical Care Well-Balanced Debt Maturity Profile12
68
eurom
Maturity 30 years on
average
1 As of December 31 2019 and based on utilization of major financing instruments2 Excluding lease liabilities
445
878623 650
356500 600
945
535
135
1236400
1000
380
0
500
1000
1500
2000
2500
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
Bonds Syndicated Loan Equity-neutral convertible bonds Commercial Paper AR Facility
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
2500
2000
1500
1000
Fresenius SE Overview Bonds
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 69
Issuer Volume(in millions)
Coupon type
Coupon (in )
MaturityTerm
ISIN (RegS)
WKN
Fresenius SE amp Co KGaAeuro500 Fix 2875 20132020 XS0873432511 A1HEWZ
Fresenius SE amp Co KGaAeuro450 Fix 300 20142021 XS1013955379 A1ZB7H
Fresenius SE amp Co KGaAeuro450 Fix 400 20142024 XS1026109204 A1ZC60
Fresenius SE amp Co KGaAeuro 500 Fix 1875 20192025 XS1936208252 A2NBMS
Fresenius SE amp Co KGaAeuro 750 Fix 1625 20202027 XS2152329053 A254TA
Fresenius SE amp Co KGaAeuro 750 Fix 075 20202028 XS2101357072 A254QN
Fresenius SE amp Co KGaAeuro 500 Fix 2875 20192029 XS1936208419 A2NBMT
Fresenius Finance Ireland plceuro700 Fix 0875 20172022 XS1554373164 A19B3F
Fresenius Finance Ireland plceuro700 Fix 150 20172024 XS1554373248 A19B3G
Fresenius Finance Ireland plceuro700 Fix 2125 20172027 XS1554373677 A19B3H
Fresenius Finance Ireland plceuro500 Fix 300 20172032 XS1554373834 A19B3J
Fresenius US Finance II IncUS$300 Fix 425 20142021 USU31436AG04 A1ZDVJ
Fresenius US Finance II IncUS$300 Fix 450 20152023 USU31436AH86 A1Z64A
As of April 8 2020
Fresenius Medical Care Overview Bonds
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 70
Issuer Volume(in millions)
Coupon type
Coupon (in )
MaturityTerm
ISIN (RegS)
WKN
FMC Finance VII SA euro300 Fix 525 20112021 XS0576395478 A1GLY6
Fresenius Medical Care US Finance Inc US$650 Fix 575 20112021 USU31433AA03 A1GL0J
Fresenius Medical Care US Finance II Inc US$500 Fix 4125 20142020 US35802XAH61 A1ZRTL
Fresenius Medical Care US Finance II Inc US$700 Fix 5875 20122022 USU31434AC42 A1GZRF
Fresenius Medical Care US Finance II Inc US$400 Fix 475 20142024 US35802XAJ28 A1ZRTN
Fresenius Medical Care US Finance III Inc US$500 Fix 375 20192029 USU3149FAA76 A2R3YR
Fresenius Medical Care AG amp Co KGaA euro650 Fix 0250 20192023 XS2084510069 A255DU
Fresenius Medical Care AG amp Co KGaA euro500 Fix 150 20182025 XS1854532949 A2NBE6
Fresenius Medical Care AG amp Co KGaA euro600 Fix 0625 20192026 XS2084497705 A255DV
Fresenius Medical Care AG amp Co KGaA euro500 Fix 1250 20192029 XS2084488209 A255DW
As of December 31 2019
Financial Calendar Contact
Financial Calendar 06 May 2020 Results Q120
30 July 2020 Results Q220
29 October 2020 Results Q320Please note that these dates could be subject to change
Annual General Meeting Due to the coronavirus pandemic the AGM scheduled for 20 May 2020 has been postponed A new date within the current financial year will be set as soon as the conditions for reliable planning and safe execution of the AGM are once again in place
Contact
Investor Relations amp SustainabilityFresenius SE amp Co KGaAphone +49 6172 608-2485e-mail ir-frefreseniuscomFor further information and current news wwwfreseniuscom
Follow us on Twitter wwwtwittercomfresenius_irand LinkedIn wwwlinkedincomcompanyfresenius-investor-relations
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 71
Fresenius Group Financial Results by Business Segment
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 45
20191 20182 2017 Growth3
20192018
Sales euro17592 m euro16026 m euro17784 m 62
EBIT euro2281 m euro2292 m euro2562 m -42
Sales euro6919 m euro6544 m euro6358 m 4
EBIT euro1200 m euro1139 m euro1177 m 3
Sales euro9234 m euro8993 m euro8668 m 3
EBIT euro1015 m euro1052 m euro1052 m -4
Sales euro2206 m euro1688 m euro1228 m 30
EBIT euro131 m euro110 m euro76 m 18
Sales euro35524 m euro33009 m euro33886 m 62
EBIT euro4599 m euro4547 m euro4830 m -22Group
Before special items
1 Adjusted for IFRS 162 On a comparable basis 2018 adjusted for divestitures of Care Coordination activities 3 Growth rates at constant currency and adjusted for IFRS 16
Fresenius Group Margins by Business Segment
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 46
Before special items 2018 adjusted for divestitures of Care Coordination activities 2019 adjusted for IFRS 16
2019 2018 2017
EBITDA margin 178 192 185
EBIT margin 130 143 144
EBITDA margin 217 219 233
EBIT margin 173 174 185
EBITDA margin 148 159 165
EBIT margin 110 117 121
EBITDA margin 78 79 71
EBIT margin 59 65 62
EBITDA margin 174 183 185
EBIT margin 129 138 143Group
Credit Highlights amp Financing Structure
47General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Credit Highlights
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 48
Consistent Cash Generation
Proven Track Record of Deleveraging
Broad Mix of Financing Instruments
Well-Balanced Maturity Profile
Solid Balance Sheet Structure
Solid IG Rating and Strong Access to Capital Markets
120
103
126
114109
120 122116
112120
8
9
10
11
12
13
14
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
48 48 52 5358 55 55 54
6570
2
3
4
5
6
7
8
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
74
56
76
62
52
67 67 66
50 52
4
5
6
7
8
9
10
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Fresenius Group Consistent Cash Generation
Capex gross in of sales
FCF margin (before acquisitions amp dividends)CFFO margin
49General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
2019 including IFRS 16
32x
30x
27x
22x 23x
35x
30x
26x
36x
30x
26x27x
26x
25x
32x
27x
23x
28x
27x
31x 4
20
25
30
35
40
2001 2002 2003 2004 2005 Q106 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
3
2
Hospitals from
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Proven Track Record of Deleveraging
Net DebtEBITDA1
1 At actual FX rates from 2001 to 2010 and at average FX rates from 2011 onwards for both Net Debt and EBITDA before special items pro forma closed acquisitionsdivestitures2 Pro forma excluding advances made for the acquisition of hospitals from Rhoumln-Klinikum AG3 Both net debt and EBITDA including IFRS 16 effect and calculated at expected annual average exchange rates excluding further potential acquisitions4 Including acquisition of NxStage adjusted for IFRS 16 effect
Target 20203 towards thetop end of self-imposed
target corridor of 30 ndash 35x
50
36x
40
35
20
25
30
Equity-neutralconvertible bonds 3
Fresenius Group excl FMC Broad Mix of Financing Instruments
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 51
Total BS Debt
~euro136 bn
1 As of December 31 2019
bull Optimize funding costs and ensure financial flexibility
bull Diversify investor base
bull Strong liquidity provided by sufficient financial cushion (~euro22 billion as of December 31 2019)
Well Positioned to Meet Financing NeedsBonds 40
Lease obligations 14
Syndicated loans 15
Schuldscheinloans 16
Other financial liabilities 5
Commercial paper 7
Average interest ratecost of debt18 pa
Commercial paper 7
Fresenius Group Broad Mix of Financing Instruments
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 52
Total BS Debt
~euro273 bn
1 As of December 31 2019
bull Optimize funding costs and ensure financial flexibility
bull Diversify investor base
bull Strong liquidity provided by sufficient financial cushion (~euro40 billion as of December 31 2019)
Well Positioned to Meet Financing Needs
Average interest ratecost of debt22 pa
Equity-neutralconvertible bonds 3
Syndicated loans 14
Other financial liabilities 6
Bonds 38
Lease liabilities 24
Schuldschein loans 8
Fresenius Group Capitalization1
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 53
Instrument per Book Value in euro million in $ million4 oftotal cap
EBITDA LTM x
Syndicated Credit Agreement Revolver (euro US-$) 0 0 00 Syndicated Credit Agreement Term Loan A (euro US-$) 1976 2220 29 Bonds (euro US-$) 5501 6180 82 Convertible Bonds 465 522 07 Schuldschein Loans 2180 2449 33 Commercial Paper 953 1071 14 Lease Obligations 1876 2107 28 Other debt 675 758 10 Total Debt (FSE excl FMC) gross 13626 15307 203 Cash (excl FMC) 651 731 10 Total debt (FSE excl FMC) net 12975 14576 193 Total FMC debt net 12774 14350 190 Consolidation Adjustments (145) (163) (02)Total consolidated debt net 25604 28764 382 36x Market capitalization2 41470 46587 618 58x
Total capitalization 67074 75351 1000 94x FSE Group EBITDA3 7110
1 As of December 31 20192 Based on market capitalization for FSE and FMC as of December 31 20193 Pro Forma acquisitions before special items4 EURUSD exchange rate as of December 31 2019
Fresenius Group excl FMC Well-Balanced Debt Maturity Profile12
54
1 As of December 31 2019 and based on utilization of major financing instruments2 Excluding lease liabilities3 Pro Forma issuance of FSE EUR 750m bonds in Jan 2020 (average maturity 38)
Maturity 35 years3 on
average
eurom
EUR 750m Jan 2020
500717 700
267
1150
500700 750
500 500
153
903 927
106
304 393
430
421
238
207
84
500
953
0
500
1000
1500
2000
2500
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Bonds Syndicated Loan Schuldschein Loans Equity-neutral convertible bonds Commercial Paper
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
1500
1000
2000
2500
Fresenius Group Well-Balanced Debt Maturity Profile12
1 As of December 31 2019 and based on utilization of major financing instruments2 Excluding lease liabilities3 Pro Forma issuance of FSE EUR 750m bonds in Jan 2020 (average maturity 35)
EUR 750m Jan 2020
2380
13931859
650356 500 600
945
1712
1924
2020
697
2071
500 238
907 750
584
5000
1000
2000
3000
4000
5000
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Fresenius Medical Care Fresenius excl Fresenius Medical Care
5000
4000
3000
2000
1000
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Maturity 33 years3 on
average
eurom
55
23 23 23 19
32 36 33 41
45 41 44 40
Dec 31 16 Dec 31 17 Dec 31 18 Dec 31 19
Equity and non-controlling interest Debt Other liabilities
Fresenius Group Solid Balance Sheet Structure
Healthy Equity and Liability Split
bull Strong equity ratio of gt40 on average
bull Equity ratio kept in narrow range despite rapid growth of Fresenius Group
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 56
467 531 567 670
BS total (eurobn)
Including IFRS 16
Fresenius SE Solid Investment Grade Rating
57
ldquoFSE delivers solid organic growth thanks to positive underlying growth trends in the life-saving and life-sustaining products and therapies that the group offersrdquoSampP Jan 08 2019
ldquoFSErsquos rating remains anchored in investment-grade given its mature and defensive business risk profile its organic deleveraging ability based on free cash flow generation and its record of integrating acquisitions successfully and reducing financial leverage in line with communicated policiesrdquo Fitch April 17 2019
ldquoThe Baa3 long term issuer rating of FSE reflects its strong defensive business profile underpinned by large absolute scale global footprint and segmental diversification within the healthcare market supported by strong position in its four business segmentsrdquo Moodyrsquos May 20 2019
Rating History Rating Agenciesrsquo Key Statements
Following a positive outlook SampP upgraded Fresenius to BBB stable outlook in May 2019
SampP Moodylsquos Fitch
Corporate Credit Rating BBB Baa3 BBB-
Outlook stable stable stable
Current Credit Ratings
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Strong Access to Capital Markets
58
Major Financing Instruments
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Bonds euro250 m euro800 m$105 bn
euro750 m$15 bn
euro500 m euro12 bn$12 bn
$300m euro26 bn euro500 m euro10 bn$500 m
euro175 bn
euro750 m1
euro750 m2
SyndicatedLoans
$35 bn $898 m $385 bn $18 bneuro245 bn
$41 bneuro700 m
$115 bneuro205 bn
euro530 bn$355 bn
euro100 m
SchuldscheinLoans
euro400 m euro125 m euro500 m euro112 m $400 m euro10 bn euro700 m
Convertible Bonds
euro900 m euro500 m
Equity euro10 bn euro400 m
1 January 2020 euro750million 2020-2028 bonds issued by Fresenius SE amp Co KGaA2 March 2020 euro750million 2020-2027 bonds issued by Fresenius SE amp Co KGaA
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Debt and Cash Flow Structure
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 59
1 Incl consolidation adjustments2 Incl Fresenius financing subsidiaries3 Controlling stake4 Incl subsidiaries 5 Based on market capitalization for FMC as of December 31 20196 Via German holding entities (Fresenius Kabi AG and Fresenius ProServe GmbH)
Fresenius Medical Care
Financing
Fresenius SE Financing
Group Net Debt ~euro256 bn1
DividendsRents Service Agreements
~323 100 77 (cross boarder)100
Profit transfer Agreements6
bull Separate financing of Fresenius SE and Fresenius Medical Care
bull No joint financing facilities or mutual guarantees
bull Fresenius Kabi Fresenius Helios and Fresenius Vamed financed primarily through Fresenius SE to avoid structural subordination
bull Subsidiary debt consists mainly of lease liabilities which are on balance acc to IFRS 16 from 2019 onwards
FSE Net Debt2~euro128 bn
incl Net Debt of KabiHeliosVamed
StockMarketValue~euro62 bn5
FSE Net Debt2~euro114 bn
excl Net Debt of KabiHeliosVamed
euro12774 m Net Debt4
Thereof lease liabilities euro4705m
euro951 m Net Debt4
Thereof lease liabilities euro1042m
euro84 m Net Debt4
Thereof lease liabilities euro392m
euro371 m Net Debt4
Thereof lease liabilities euro369m
Fresenius Group Key Credit Figures
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 60
1 Adjusted for IFRS 162 Before special items pro forma acquisitionsdivestitures3 Before special items
20191 2019 2018 2017
Debt (eurom) thereof US$ denominated
2123328
2725834
1898428
1904231
Net debt (eurom) 19579 25604 16275 17406
Net debtEBITDA2
Net debt at year-end exchange rate EBITDA at LTM average FX rates
314 360 273 279
Net debtEBITDA2
at LTM average FX rates for both net debt and EBITDA
314 361 271 284
Operating Cash flowSales 99 120 112 116
EBITDANet Interest3 121 99 106 96
Appendix
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 61
Fresenius Group FY19 Key Financials
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom FY191 IFRS 16effect
specialitems
FY19 reported
Δ YoY cc12
Sales 35524 -115 - 35409 6
EBIT 4599 89 -57 4631 -2
Net interest -510 -204 -5 -719 9
Income taxes -955 30 42 -883 -5
Net income3 1915 -36 4 1883 0
Balance sheet total 61237 5769 - 67006
Operating Cashflow 3514 749 - 4263
1 Before special items adjusted for IFRS 16 effect2 On a comparable basis 2018 adjusted for divestitures of Care Coordination activities at FMC3 Net income attributable to shareholders of Fresenius SE amp Co KGaA
For a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
62
Fresenius Group Cash Flow
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 63
eurom 20191 Margin 2019 Margin 2018 Margin Δ YoY1918
Operating Cash Flow 3514 99 4263 120 3742 112 14
Capex (net) -2433 -69 -2433 -68 -2077 -62 -17
Free Cash Flow(before acquisitions and dividends)
1081 30 1830 52 1665 50 10
Acquisitions (net) -2423 -2423 613 --
Dividends -952 -952 -904 5
Free Cash Flow(after acquisitions and dividends) -2294 -65 -1545 -44 1374 41 --
1 2019 adjusted for IFRS 16
Fresenius Group Calculation of Noncontrolling Interest
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom FY19 FY18
Earnings before tax and noncontrolling interest 4089 3998
Taxes -955 -883
Noncontrolling interest thereof -1219 -1243
Fresenius Medical Care net income not attributable to Fresenius (FY19 ~69)
-897 -928
Noncontrolling interest holders in Fresenius Medical Care -239 -244
Noncontrolling interest holders in Fresenius Kabi (-euro49 m) Fresenius Helios (-euro13 m) Fresenius Vamed (-euro2 m) and due to Fresenius Vamedrsquos 23 external ownership (-euro19 m)
-83 -71
Net income attributable to Fresenius SE amp Co KGaA 1915 1872
64
On a comparable basis Before special items adjusted for IFRS16 effect FY18 adjusted for divestitures of Care Coordination activities at FMC
For a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
002
023 025029
032037
042044
055
062
93 08 09 10 11 12 13 14 15 16 17 18 19
25 2421 20 21 21 22 21 22 23 24
Fresenius SE Earnings-Linked Dividend Policy
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
euro per share
bull Dividend growth aligned to EPS1
growth
bull Pay-out Ratio 20 to 25
Dividend distribution (eurom)
Pay-out Ratio
075
2019 Pay-out Ratio 24 Dividend Policy
122 140 155 196 225 238 300 416114 343 445
080
1 Before special items
468
084
24
Track record
bull 27th consecutive dividend increase
bull CAGR dividend increase +15
65
32x1
Fresenius Medical Care Low Leverage Reflected by Solid Investment Grade Rating
66General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
60 6176
6483
2015 2016 2017 2018 2019
Free Cash Flow in of revenue
SampP Moodylsquos Fitch
Corporate Credit Rating BBB Baa3 BBB-
Outlook stable stable stable
Current Credit Ratings
1 Including IFRS16 effect
29x30x
27x
22x
18x
31x
27x25x
22x
21x
27x25x
25x
31x
26x23x
21x
18x
25x
15
20
25
30
35
40
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
1
Fresenius Medical Care Broad Mix of Financing Instruments
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 67
Total BS Debt
~euro138 m
1 As of December 31 2019
bull Optimize funding costs and ensure financial flexibility
bull Diversify investor base
bull Strong liquidity provided by sufficient financial cushion (~euro18 billion as of December 31 2019)
Well Positioned to Meet Financing Needs
Average interest ratecost of debt25 pa
Equity-neutralconvertible bonds 3
Commercial paper 7
Syndicated loans 14
Other financial liabilities 7
Bonds 36
Lease obligations 33
Fresenius Medical Care Well-Balanced Debt Maturity Profile12
68
eurom
Maturity 30 years on
average
1 As of December 31 2019 and based on utilization of major financing instruments2 Excluding lease liabilities
445
878623 650
356500 600
945
535
135
1236400
1000
380
0
500
1000
1500
2000
2500
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
Bonds Syndicated Loan Equity-neutral convertible bonds Commercial Paper AR Facility
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
2500
2000
1500
1000
Fresenius SE Overview Bonds
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 69
Issuer Volume(in millions)
Coupon type
Coupon (in )
MaturityTerm
ISIN (RegS)
WKN
Fresenius SE amp Co KGaAeuro500 Fix 2875 20132020 XS0873432511 A1HEWZ
Fresenius SE amp Co KGaAeuro450 Fix 300 20142021 XS1013955379 A1ZB7H
Fresenius SE amp Co KGaAeuro450 Fix 400 20142024 XS1026109204 A1ZC60
Fresenius SE amp Co KGaAeuro 500 Fix 1875 20192025 XS1936208252 A2NBMS
Fresenius SE amp Co KGaAeuro 750 Fix 1625 20202027 XS2152329053 A254TA
Fresenius SE amp Co KGaAeuro 750 Fix 075 20202028 XS2101357072 A254QN
Fresenius SE amp Co KGaAeuro 500 Fix 2875 20192029 XS1936208419 A2NBMT
Fresenius Finance Ireland plceuro700 Fix 0875 20172022 XS1554373164 A19B3F
Fresenius Finance Ireland plceuro700 Fix 150 20172024 XS1554373248 A19B3G
Fresenius Finance Ireland plceuro700 Fix 2125 20172027 XS1554373677 A19B3H
Fresenius Finance Ireland plceuro500 Fix 300 20172032 XS1554373834 A19B3J
Fresenius US Finance II IncUS$300 Fix 425 20142021 USU31436AG04 A1ZDVJ
Fresenius US Finance II IncUS$300 Fix 450 20152023 USU31436AH86 A1Z64A
As of April 8 2020
Fresenius Medical Care Overview Bonds
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 70
Issuer Volume(in millions)
Coupon type
Coupon (in )
MaturityTerm
ISIN (RegS)
WKN
FMC Finance VII SA euro300 Fix 525 20112021 XS0576395478 A1GLY6
Fresenius Medical Care US Finance Inc US$650 Fix 575 20112021 USU31433AA03 A1GL0J
Fresenius Medical Care US Finance II Inc US$500 Fix 4125 20142020 US35802XAH61 A1ZRTL
Fresenius Medical Care US Finance II Inc US$700 Fix 5875 20122022 USU31434AC42 A1GZRF
Fresenius Medical Care US Finance II Inc US$400 Fix 475 20142024 US35802XAJ28 A1ZRTN
Fresenius Medical Care US Finance III Inc US$500 Fix 375 20192029 USU3149FAA76 A2R3YR
Fresenius Medical Care AG amp Co KGaA euro650 Fix 0250 20192023 XS2084510069 A255DU
Fresenius Medical Care AG amp Co KGaA euro500 Fix 150 20182025 XS1854532949 A2NBE6
Fresenius Medical Care AG amp Co KGaA euro600 Fix 0625 20192026 XS2084497705 A255DV
Fresenius Medical Care AG amp Co KGaA euro500 Fix 1250 20192029 XS2084488209 A255DW
As of December 31 2019
Financial Calendar Contact
Financial Calendar 06 May 2020 Results Q120
30 July 2020 Results Q220
29 October 2020 Results Q320Please note that these dates could be subject to change
Annual General Meeting Due to the coronavirus pandemic the AGM scheduled for 20 May 2020 has been postponed A new date within the current financial year will be set as soon as the conditions for reliable planning and safe execution of the AGM are once again in place
Contact
Investor Relations amp SustainabilityFresenius SE amp Co KGaAphone +49 6172 608-2485e-mail ir-frefreseniuscomFor further information and current news wwwfreseniuscom
Follow us on Twitter wwwtwittercomfresenius_irand LinkedIn wwwlinkedincomcompanyfresenius-investor-relations
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 71
Fresenius Group Margins by Business Segment
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 46
Before special items 2018 adjusted for divestitures of Care Coordination activities 2019 adjusted for IFRS 16
2019 2018 2017
EBITDA margin 178 192 185
EBIT margin 130 143 144
EBITDA margin 217 219 233
EBIT margin 173 174 185
EBITDA margin 148 159 165
EBIT margin 110 117 121
EBITDA margin 78 79 71
EBIT margin 59 65 62
EBITDA margin 174 183 185
EBIT margin 129 138 143Group
Credit Highlights amp Financing Structure
47General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Credit Highlights
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 48
Consistent Cash Generation
Proven Track Record of Deleveraging
Broad Mix of Financing Instruments
Well-Balanced Maturity Profile
Solid Balance Sheet Structure
Solid IG Rating and Strong Access to Capital Markets
120
103
126
114109
120 122116
112120
8
9
10
11
12
13
14
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
48 48 52 5358 55 55 54
6570
2
3
4
5
6
7
8
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
74
56
76
62
52
67 67 66
50 52
4
5
6
7
8
9
10
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Fresenius Group Consistent Cash Generation
Capex gross in of sales
FCF margin (before acquisitions amp dividends)CFFO margin
49General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
2019 including IFRS 16
32x
30x
27x
22x 23x
35x
30x
26x
36x
30x
26x27x
26x
25x
32x
27x
23x
28x
27x
31x 4
20
25
30
35
40
2001 2002 2003 2004 2005 Q106 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
3
2
Hospitals from
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Proven Track Record of Deleveraging
Net DebtEBITDA1
1 At actual FX rates from 2001 to 2010 and at average FX rates from 2011 onwards for both Net Debt and EBITDA before special items pro forma closed acquisitionsdivestitures2 Pro forma excluding advances made for the acquisition of hospitals from Rhoumln-Klinikum AG3 Both net debt and EBITDA including IFRS 16 effect and calculated at expected annual average exchange rates excluding further potential acquisitions4 Including acquisition of NxStage adjusted for IFRS 16 effect
Target 20203 towards thetop end of self-imposed
target corridor of 30 ndash 35x
50
36x
40
35
20
25
30
Equity-neutralconvertible bonds 3
Fresenius Group excl FMC Broad Mix of Financing Instruments
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 51
Total BS Debt
~euro136 bn
1 As of December 31 2019
bull Optimize funding costs and ensure financial flexibility
bull Diversify investor base
bull Strong liquidity provided by sufficient financial cushion (~euro22 billion as of December 31 2019)
Well Positioned to Meet Financing NeedsBonds 40
Lease obligations 14
Syndicated loans 15
Schuldscheinloans 16
Other financial liabilities 5
Commercial paper 7
Average interest ratecost of debt18 pa
Commercial paper 7
Fresenius Group Broad Mix of Financing Instruments
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 52
Total BS Debt
~euro273 bn
1 As of December 31 2019
bull Optimize funding costs and ensure financial flexibility
bull Diversify investor base
bull Strong liquidity provided by sufficient financial cushion (~euro40 billion as of December 31 2019)
Well Positioned to Meet Financing Needs
Average interest ratecost of debt22 pa
Equity-neutralconvertible bonds 3
Syndicated loans 14
Other financial liabilities 6
Bonds 38
Lease liabilities 24
Schuldschein loans 8
Fresenius Group Capitalization1
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 53
Instrument per Book Value in euro million in $ million4 oftotal cap
EBITDA LTM x
Syndicated Credit Agreement Revolver (euro US-$) 0 0 00 Syndicated Credit Agreement Term Loan A (euro US-$) 1976 2220 29 Bonds (euro US-$) 5501 6180 82 Convertible Bonds 465 522 07 Schuldschein Loans 2180 2449 33 Commercial Paper 953 1071 14 Lease Obligations 1876 2107 28 Other debt 675 758 10 Total Debt (FSE excl FMC) gross 13626 15307 203 Cash (excl FMC) 651 731 10 Total debt (FSE excl FMC) net 12975 14576 193 Total FMC debt net 12774 14350 190 Consolidation Adjustments (145) (163) (02)Total consolidated debt net 25604 28764 382 36x Market capitalization2 41470 46587 618 58x
Total capitalization 67074 75351 1000 94x FSE Group EBITDA3 7110
1 As of December 31 20192 Based on market capitalization for FSE and FMC as of December 31 20193 Pro Forma acquisitions before special items4 EURUSD exchange rate as of December 31 2019
Fresenius Group excl FMC Well-Balanced Debt Maturity Profile12
54
1 As of December 31 2019 and based on utilization of major financing instruments2 Excluding lease liabilities3 Pro Forma issuance of FSE EUR 750m bonds in Jan 2020 (average maturity 38)
Maturity 35 years3 on
average
eurom
EUR 750m Jan 2020
500717 700
267
1150
500700 750
500 500
153
903 927
106
304 393
430
421
238
207
84
500
953
0
500
1000
1500
2000
2500
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Bonds Syndicated Loan Schuldschein Loans Equity-neutral convertible bonds Commercial Paper
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
1500
1000
2000
2500
Fresenius Group Well-Balanced Debt Maturity Profile12
1 As of December 31 2019 and based on utilization of major financing instruments2 Excluding lease liabilities3 Pro Forma issuance of FSE EUR 750m bonds in Jan 2020 (average maturity 35)
EUR 750m Jan 2020
2380
13931859
650356 500 600
945
1712
1924
2020
697
2071
500 238
907 750
584
5000
1000
2000
3000
4000
5000
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Fresenius Medical Care Fresenius excl Fresenius Medical Care
5000
4000
3000
2000
1000
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Maturity 33 years3 on
average
eurom
55
23 23 23 19
32 36 33 41
45 41 44 40
Dec 31 16 Dec 31 17 Dec 31 18 Dec 31 19
Equity and non-controlling interest Debt Other liabilities
Fresenius Group Solid Balance Sheet Structure
Healthy Equity and Liability Split
bull Strong equity ratio of gt40 on average
bull Equity ratio kept in narrow range despite rapid growth of Fresenius Group
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 56
467 531 567 670
BS total (eurobn)
Including IFRS 16
Fresenius SE Solid Investment Grade Rating
57
ldquoFSE delivers solid organic growth thanks to positive underlying growth trends in the life-saving and life-sustaining products and therapies that the group offersrdquoSampP Jan 08 2019
ldquoFSErsquos rating remains anchored in investment-grade given its mature and defensive business risk profile its organic deleveraging ability based on free cash flow generation and its record of integrating acquisitions successfully and reducing financial leverage in line with communicated policiesrdquo Fitch April 17 2019
ldquoThe Baa3 long term issuer rating of FSE reflects its strong defensive business profile underpinned by large absolute scale global footprint and segmental diversification within the healthcare market supported by strong position in its four business segmentsrdquo Moodyrsquos May 20 2019
Rating History Rating Agenciesrsquo Key Statements
Following a positive outlook SampP upgraded Fresenius to BBB stable outlook in May 2019
SampP Moodylsquos Fitch
Corporate Credit Rating BBB Baa3 BBB-
Outlook stable stable stable
Current Credit Ratings
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Strong Access to Capital Markets
58
Major Financing Instruments
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Bonds euro250 m euro800 m$105 bn
euro750 m$15 bn
euro500 m euro12 bn$12 bn
$300m euro26 bn euro500 m euro10 bn$500 m
euro175 bn
euro750 m1
euro750 m2
SyndicatedLoans
$35 bn $898 m $385 bn $18 bneuro245 bn
$41 bneuro700 m
$115 bneuro205 bn
euro530 bn$355 bn
euro100 m
SchuldscheinLoans
euro400 m euro125 m euro500 m euro112 m $400 m euro10 bn euro700 m
Convertible Bonds
euro900 m euro500 m
Equity euro10 bn euro400 m
1 January 2020 euro750million 2020-2028 bonds issued by Fresenius SE amp Co KGaA2 March 2020 euro750million 2020-2027 bonds issued by Fresenius SE amp Co KGaA
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Debt and Cash Flow Structure
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 59
1 Incl consolidation adjustments2 Incl Fresenius financing subsidiaries3 Controlling stake4 Incl subsidiaries 5 Based on market capitalization for FMC as of December 31 20196 Via German holding entities (Fresenius Kabi AG and Fresenius ProServe GmbH)
Fresenius Medical Care
Financing
Fresenius SE Financing
Group Net Debt ~euro256 bn1
DividendsRents Service Agreements
~323 100 77 (cross boarder)100
Profit transfer Agreements6
bull Separate financing of Fresenius SE and Fresenius Medical Care
bull No joint financing facilities or mutual guarantees
bull Fresenius Kabi Fresenius Helios and Fresenius Vamed financed primarily through Fresenius SE to avoid structural subordination
bull Subsidiary debt consists mainly of lease liabilities which are on balance acc to IFRS 16 from 2019 onwards
FSE Net Debt2~euro128 bn
incl Net Debt of KabiHeliosVamed
StockMarketValue~euro62 bn5
FSE Net Debt2~euro114 bn
excl Net Debt of KabiHeliosVamed
euro12774 m Net Debt4
Thereof lease liabilities euro4705m
euro951 m Net Debt4
Thereof lease liabilities euro1042m
euro84 m Net Debt4
Thereof lease liabilities euro392m
euro371 m Net Debt4
Thereof lease liabilities euro369m
Fresenius Group Key Credit Figures
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 60
1 Adjusted for IFRS 162 Before special items pro forma acquisitionsdivestitures3 Before special items
20191 2019 2018 2017
Debt (eurom) thereof US$ denominated
2123328
2725834
1898428
1904231
Net debt (eurom) 19579 25604 16275 17406
Net debtEBITDA2
Net debt at year-end exchange rate EBITDA at LTM average FX rates
314 360 273 279
Net debtEBITDA2
at LTM average FX rates for both net debt and EBITDA
314 361 271 284
Operating Cash flowSales 99 120 112 116
EBITDANet Interest3 121 99 106 96
Appendix
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 61
Fresenius Group FY19 Key Financials
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom FY191 IFRS 16effect
specialitems
FY19 reported
Δ YoY cc12
Sales 35524 -115 - 35409 6
EBIT 4599 89 -57 4631 -2
Net interest -510 -204 -5 -719 9
Income taxes -955 30 42 -883 -5
Net income3 1915 -36 4 1883 0
Balance sheet total 61237 5769 - 67006
Operating Cashflow 3514 749 - 4263
1 Before special items adjusted for IFRS 16 effect2 On a comparable basis 2018 adjusted for divestitures of Care Coordination activities at FMC3 Net income attributable to shareholders of Fresenius SE amp Co KGaA
For a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
62
Fresenius Group Cash Flow
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 63
eurom 20191 Margin 2019 Margin 2018 Margin Δ YoY1918
Operating Cash Flow 3514 99 4263 120 3742 112 14
Capex (net) -2433 -69 -2433 -68 -2077 -62 -17
Free Cash Flow(before acquisitions and dividends)
1081 30 1830 52 1665 50 10
Acquisitions (net) -2423 -2423 613 --
Dividends -952 -952 -904 5
Free Cash Flow(after acquisitions and dividends) -2294 -65 -1545 -44 1374 41 --
1 2019 adjusted for IFRS 16
Fresenius Group Calculation of Noncontrolling Interest
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom FY19 FY18
Earnings before tax and noncontrolling interest 4089 3998
Taxes -955 -883
Noncontrolling interest thereof -1219 -1243
Fresenius Medical Care net income not attributable to Fresenius (FY19 ~69)
-897 -928
Noncontrolling interest holders in Fresenius Medical Care -239 -244
Noncontrolling interest holders in Fresenius Kabi (-euro49 m) Fresenius Helios (-euro13 m) Fresenius Vamed (-euro2 m) and due to Fresenius Vamedrsquos 23 external ownership (-euro19 m)
-83 -71
Net income attributable to Fresenius SE amp Co KGaA 1915 1872
64
On a comparable basis Before special items adjusted for IFRS16 effect FY18 adjusted for divestitures of Care Coordination activities at FMC
For a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
002
023 025029
032037
042044
055
062
93 08 09 10 11 12 13 14 15 16 17 18 19
25 2421 20 21 21 22 21 22 23 24
Fresenius SE Earnings-Linked Dividend Policy
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
euro per share
bull Dividend growth aligned to EPS1
growth
bull Pay-out Ratio 20 to 25
Dividend distribution (eurom)
Pay-out Ratio
075
2019 Pay-out Ratio 24 Dividend Policy
122 140 155 196 225 238 300 416114 343 445
080
1 Before special items
468
084
24
Track record
bull 27th consecutive dividend increase
bull CAGR dividend increase +15
65
32x1
Fresenius Medical Care Low Leverage Reflected by Solid Investment Grade Rating
66General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
60 6176
6483
2015 2016 2017 2018 2019
Free Cash Flow in of revenue
SampP Moodylsquos Fitch
Corporate Credit Rating BBB Baa3 BBB-
Outlook stable stable stable
Current Credit Ratings
1 Including IFRS16 effect
29x30x
27x
22x
18x
31x
27x25x
22x
21x
27x25x
25x
31x
26x23x
21x
18x
25x
15
20
25
30
35
40
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
1
Fresenius Medical Care Broad Mix of Financing Instruments
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 67
Total BS Debt
~euro138 m
1 As of December 31 2019
bull Optimize funding costs and ensure financial flexibility
bull Diversify investor base
bull Strong liquidity provided by sufficient financial cushion (~euro18 billion as of December 31 2019)
Well Positioned to Meet Financing Needs
Average interest ratecost of debt25 pa
Equity-neutralconvertible bonds 3
Commercial paper 7
Syndicated loans 14
Other financial liabilities 7
Bonds 36
Lease obligations 33
Fresenius Medical Care Well-Balanced Debt Maturity Profile12
68
eurom
Maturity 30 years on
average
1 As of December 31 2019 and based on utilization of major financing instruments2 Excluding lease liabilities
445
878623 650
356500 600
945
535
135
1236400
1000
380
0
500
1000
1500
2000
2500
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
Bonds Syndicated Loan Equity-neutral convertible bonds Commercial Paper AR Facility
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
2500
2000
1500
1000
Fresenius SE Overview Bonds
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 69
Issuer Volume(in millions)
Coupon type
Coupon (in )
MaturityTerm
ISIN (RegS)
WKN
Fresenius SE amp Co KGaAeuro500 Fix 2875 20132020 XS0873432511 A1HEWZ
Fresenius SE amp Co KGaAeuro450 Fix 300 20142021 XS1013955379 A1ZB7H
Fresenius SE amp Co KGaAeuro450 Fix 400 20142024 XS1026109204 A1ZC60
Fresenius SE amp Co KGaAeuro 500 Fix 1875 20192025 XS1936208252 A2NBMS
Fresenius SE amp Co KGaAeuro 750 Fix 1625 20202027 XS2152329053 A254TA
Fresenius SE amp Co KGaAeuro 750 Fix 075 20202028 XS2101357072 A254QN
Fresenius SE amp Co KGaAeuro 500 Fix 2875 20192029 XS1936208419 A2NBMT
Fresenius Finance Ireland plceuro700 Fix 0875 20172022 XS1554373164 A19B3F
Fresenius Finance Ireland plceuro700 Fix 150 20172024 XS1554373248 A19B3G
Fresenius Finance Ireland plceuro700 Fix 2125 20172027 XS1554373677 A19B3H
Fresenius Finance Ireland plceuro500 Fix 300 20172032 XS1554373834 A19B3J
Fresenius US Finance II IncUS$300 Fix 425 20142021 USU31436AG04 A1ZDVJ
Fresenius US Finance II IncUS$300 Fix 450 20152023 USU31436AH86 A1Z64A
As of April 8 2020
Fresenius Medical Care Overview Bonds
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 70
Issuer Volume(in millions)
Coupon type
Coupon (in )
MaturityTerm
ISIN (RegS)
WKN
FMC Finance VII SA euro300 Fix 525 20112021 XS0576395478 A1GLY6
Fresenius Medical Care US Finance Inc US$650 Fix 575 20112021 USU31433AA03 A1GL0J
Fresenius Medical Care US Finance II Inc US$500 Fix 4125 20142020 US35802XAH61 A1ZRTL
Fresenius Medical Care US Finance II Inc US$700 Fix 5875 20122022 USU31434AC42 A1GZRF
Fresenius Medical Care US Finance II Inc US$400 Fix 475 20142024 US35802XAJ28 A1ZRTN
Fresenius Medical Care US Finance III Inc US$500 Fix 375 20192029 USU3149FAA76 A2R3YR
Fresenius Medical Care AG amp Co KGaA euro650 Fix 0250 20192023 XS2084510069 A255DU
Fresenius Medical Care AG amp Co KGaA euro500 Fix 150 20182025 XS1854532949 A2NBE6
Fresenius Medical Care AG amp Co KGaA euro600 Fix 0625 20192026 XS2084497705 A255DV
Fresenius Medical Care AG amp Co KGaA euro500 Fix 1250 20192029 XS2084488209 A255DW
As of December 31 2019
Financial Calendar Contact
Financial Calendar 06 May 2020 Results Q120
30 July 2020 Results Q220
29 October 2020 Results Q320Please note that these dates could be subject to change
Annual General Meeting Due to the coronavirus pandemic the AGM scheduled for 20 May 2020 has been postponed A new date within the current financial year will be set as soon as the conditions for reliable planning and safe execution of the AGM are once again in place
Contact
Investor Relations amp SustainabilityFresenius SE amp Co KGaAphone +49 6172 608-2485e-mail ir-frefreseniuscomFor further information and current news wwwfreseniuscom
Follow us on Twitter wwwtwittercomfresenius_irand LinkedIn wwwlinkedincomcompanyfresenius-investor-relations
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 71
Credit Highlights amp Financing Structure
47General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Credit Highlights
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 48
Consistent Cash Generation
Proven Track Record of Deleveraging
Broad Mix of Financing Instruments
Well-Balanced Maturity Profile
Solid Balance Sheet Structure
Solid IG Rating and Strong Access to Capital Markets
120
103
126
114109
120 122116
112120
8
9
10
11
12
13
14
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
48 48 52 5358 55 55 54
6570
2
3
4
5
6
7
8
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
74
56
76
62
52
67 67 66
50 52
4
5
6
7
8
9
10
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Fresenius Group Consistent Cash Generation
Capex gross in of sales
FCF margin (before acquisitions amp dividends)CFFO margin
49General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
2019 including IFRS 16
32x
30x
27x
22x 23x
35x
30x
26x
36x
30x
26x27x
26x
25x
32x
27x
23x
28x
27x
31x 4
20
25
30
35
40
2001 2002 2003 2004 2005 Q106 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
3
2
Hospitals from
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Proven Track Record of Deleveraging
Net DebtEBITDA1
1 At actual FX rates from 2001 to 2010 and at average FX rates from 2011 onwards for both Net Debt and EBITDA before special items pro forma closed acquisitionsdivestitures2 Pro forma excluding advances made for the acquisition of hospitals from Rhoumln-Klinikum AG3 Both net debt and EBITDA including IFRS 16 effect and calculated at expected annual average exchange rates excluding further potential acquisitions4 Including acquisition of NxStage adjusted for IFRS 16 effect
Target 20203 towards thetop end of self-imposed
target corridor of 30 ndash 35x
50
36x
40
35
20
25
30
Equity-neutralconvertible bonds 3
Fresenius Group excl FMC Broad Mix of Financing Instruments
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 51
Total BS Debt
~euro136 bn
1 As of December 31 2019
bull Optimize funding costs and ensure financial flexibility
bull Diversify investor base
bull Strong liquidity provided by sufficient financial cushion (~euro22 billion as of December 31 2019)
Well Positioned to Meet Financing NeedsBonds 40
Lease obligations 14
Syndicated loans 15
Schuldscheinloans 16
Other financial liabilities 5
Commercial paper 7
Average interest ratecost of debt18 pa
Commercial paper 7
Fresenius Group Broad Mix of Financing Instruments
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 52
Total BS Debt
~euro273 bn
1 As of December 31 2019
bull Optimize funding costs and ensure financial flexibility
bull Diversify investor base
bull Strong liquidity provided by sufficient financial cushion (~euro40 billion as of December 31 2019)
Well Positioned to Meet Financing Needs
Average interest ratecost of debt22 pa
Equity-neutralconvertible bonds 3
Syndicated loans 14
Other financial liabilities 6
Bonds 38
Lease liabilities 24
Schuldschein loans 8
Fresenius Group Capitalization1
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 53
Instrument per Book Value in euro million in $ million4 oftotal cap
EBITDA LTM x
Syndicated Credit Agreement Revolver (euro US-$) 0 0 00 Syndicated Credit Agreement Term Loan A (euro US-$) 1976 2220 29 Bonds (euro US-$) 5501 6180 82 Convertible Bonds 465 522 07 Schuldschein Loans 2180 2449 33 Commercial Paper 953 1071 14 Lease Obligations 1876 2107 28 Other debt 675 758 10 Total Debt (FSE excl FMC) gross 13626 15307 203 Cash (excl FMC) 651 731 10 Total debt (FSE excl FMC) net 12975 14576 193 Total FMC debt net 12774 14350 190 Consolidation Adjustments (145) (163) (02)Total consolidated debt net 25604 28764 382 36x Market capitalization2 41470 46587 618 58x
Total capitalization 67074 75351 1000 94x FSE Group EBITDA3 7110
1 As of December 31 20192 Based on market capitalization for FSE and FMC as of December 31 20193 Pro Forma acquisitions before special items4 EURUSD exchange rate as of December 31 2019
Fresenius Group excl FMC Well-Balanced Debt Maturity Profile12
54
1 As of December 31 2019 and based on utilization of major financing instruments2 Excluding lease liabilities3 Pro Forma issuance of FSE EUR 750m bonds in Jan 2020 (average maturity 38)
Maturity 35 years3 on
average
eurom
EUR 750m Jan 2020
500717 700
267
1150
500700 750
500 500
153
903 927
106
304 393
430
421
238
207
84
500
953
0
500
1000
1500
2000
2500
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Bonds Syndicated Loan Schuldschein Loans Equity-neutral convertible bonds Commercial Paper
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
1500
1000
2000
2500
Fresenius Group Well-Balanced Debt Maturity Profile12
1 As of December 31 2019 and based on utilization of major financing instruments2 Excluding lease liabilities3 Pro Forma issuance of FSE EUR 750m bonds in Jan 2020 (average maturity 35)
EUR 750m Jan 2020
2380
13931859
650356 500 600
945
1712
1924
2020
697
2071
500 238
907 750
584
5000
1000
2000
3000
4000
5000
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Fresenius Medical Care Fresenius excl Fresenius Medical Care
5000
4000
3000
2000
1000
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Maturity 33 years3 on
average
eurom
55
23 23 23 19
32 36 33 41
45 41 44 40
Dec 31 16 Dec 31 17 Dec 31 18 Dec 31 19
Equity and non-controlling interest Debt Other liabilities
Fresenius Group Solid Balance Sheet Structure
Healthy Equity and Liability Split
bull Strong equity ratio of gt40 on average
bull Equity ratio kept in narrow range despite rapid growth of Fresenius Group
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 56
467 531 567 670
BS total (eurobn)
Including IFRS 16
Fresenius SE Solid Investment Grade Rating
57
ldquoFSE delivers solid organic growth thanks to positive underlying growth trends in the life-saving and life-sustaining products and therapies that the group offersrdquoSampP Jan 08 2019
ldquoFSErsquos rating remains anchored in investment-grade given its mature and defensive business risk profile its organic deleveraging ability based on free cash flow generation and its record of integrating acquisitions successfully and reducing financial leverage in line with communicated policiesrdquo Fitch April 17 2019
ldquoThe Baa3 long term issuer rating of FSE reflects its strong defensive business profile underpinned by large absolute scale global footprint and segmental diversification within the healthcare market supported by strong position in its four business segmentsrdquo Moodyrsquos May 20 2019
Rating History Rating Agenciesrsquo Key Statements
Following a positive outlook SampP upgraded Fresenius to BBB stable outlook in May 2019
SampP Moodylsquos Fitch
Corporate Credit Rating BBB Baa3 BBB-
Outlook stable stable stable
Current Credit Ratings
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Strong Access to Capital Markets
58
Major Financing Instruments
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Bonds euro250 m euro800 m$105 bn
euro750 m$15 bn
euro500 m euro12 bn$12 bn
$300m euro26 bn euro500 m euro10 bn$500 m
euro175 bn
euro750 m1
euro750 m2
SyndicatedLoans
$35 bn $898 m $385 bn $18 bneuro245 bn
$41 bneuro700 m
$115 bneuro205 bn
euro530 bn$355 bn
euro100 m
SchuldscheinLoans
euro400 m euro125 m euro500 m euro112 m $400 m euro10 bn euro700 m
Convertible Bonds
euro900 m euro500 m
Equity euro10 bn euro400 m
1 January 2020 euro750million 2020-2028 bonds issued by Fresenius SE amp Co KGaA2 March 2020 euro750million 2020-2027 bonds issued by Fresenius SE amp Co KGaA
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Debt and Cash Flow Structure
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 59
1 Incl consolidation adjustments2 Incl Fresenius financing subsidiaries3 Controlling stake4 Incl subsidiaries 5 Based on market capitalization for FMC as of December 31 20196 Via German holding entities (Fresenius Kabi AG and Fresenius ProServe GmbH)
Fresenius Medical Care
Financing
Fresenius SE Financing
Group Net Debt ~euro256 bn1
DividendsRents Service Agreements
~323 100 77 (cross boarder)100
Profit transfer Agreements6
bull Separate financing of Fresenius SE and Fresenius Medical Care
bull No joint financing facilities or mutual guarantees
bull Fresenius Kabi Fresenius Helios and Fresenius Vamed financed primarily through Fresenius SE to avoid structural subordination
bull Subsidiary debt consists mainly of lease liabilities which are on balance acc to IFRS 16 from 2019 onwards
FSE Net Debt2~euro128 bn
incl Net Debt of KabiHeliosVamed
StockMarketValue~euro62 bn5
FSE Net Debt2~euro114 bn
excl Net Debt of KabiHeliosVamed
euro12774 m Net Debt4
Thereof lease liabilities euro4705m
euro951 m Net Debt4
Thereof lease liabilities euro1042m
euro84 m Net Debt4
Thereof lease liabilities euro392m
euro371 m Net Debt4
Thereof lease liabilities euro369m
Fresenius Group Key Credit Figures
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 60
1 Adjusted for IFRS 162 Before special items pro forma acquisitionsdivestitures3 Before special items
20191 2019 2018 2017
Debt (eurom) thereof US$ denominated
2123328
2725834
1898428
1904231
Net debt (eurom) 19579 25604 16275 17406
Net debtEBITDA2
Net debt at year-end exchange rate EBITDA at LTM average FX rates
314 360 273 279
Net debtEBITDA2
at LTM average FX rates for both net debt and EBITDA
314 361 271 284
Operating Cash flowSales 99 120 112 116
EBITDANet Interest3 121 99 106 96
Appendix
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 61
Fresenius Group FY19 Key Financials
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom FY191 IFRS 16effect
specialitems
FY19 reported
Δ YoY cc12
Sales 35524 -115 - 35409 6
EBIT 4599 89 -57 4631 -2
Net interest -510 -204 -5 -719 9
Income taxes -955 30 42 -883 -5
Net income3 1915 -36 4 1883 0
Balance sheet total 61237 5769 - 67006
Operating Cashflow 3514 749 - 4263
1 Before special items adjusted for IFRS 16 effect2 On a comparable basis 2018 adjusted for divestitures of Care Coordination activities at FMC3 Net income attributable to shareholders of Fresenius SE amp Co KGaA
For a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
62
Fresenius Group Cash Flow
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 63
eurom 20191 Margin 2019 Margin 2018 Margin Δ YoY1918
Operating Cash Flow 3514 99 4263 120 3742 112 14
Capex (net) -2433 -69 -2433 -68 -2077 -62 -17
Free Cash Flow(before acquisitions and dividends)
1081 30 1830 52 1665 50 10
Acquisitions (net) -2423 -2423 613 --
Dividends -952 -952 -904 5
Free Cash Flow(after acquisitions and dividends) -2294 -65 -1545 -44 1374 41 --
1 2019 adjusted for IFRS 16
Fresenius Group Calculation of Noncontrolling Interest
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom FY19 FY18
Earnings before tax and noncontrolling interest 4089 3998
Taxes -955 -883
Noncontrolling interest thereof -1219 -1243
Fresenius Medical Care net income not attributable to Fresenius (FY19 ~69)
-897 -928
Noncontrolling interest holders in Fresenius Medical Care -239 -244
Noncontrolling interest holders in Fresenius Kabi (-euro49 m) Fresenius Helios (-euro13 m) Fresenius Vamed (-euro2 m) and due to Fresenius Vamedrsquos 23 external ownership (-euro19 m)
-83 -71
Net income attributable to Fresenius SE amp Co KGaA 1915 1872
64
On a comparable basis Before special items adjusted for IFRS16 effect FY18 adjusted for divestitures of Care Coordination activities at FMC
For a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
002
023 025029
032037
042044
055
062
93 08 09 10 11 12 13 14 15 16 17 18 19
25 2421 20 21 21 22 21 22 23 24
Fresenius SE Earnings-Linked Dividend Policy
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
euro per share
bull Dividend growth aligned to EPS1
growth
bull Pay-out Ratio 20 to 25
Dividend distribution (eurom)
Pay-out Ratio
075
2019 Pay-out Ratio 24 Dividend Policy
122 140 155 196 225 238 300 416114 343 445
080
1 Before special items
468
084
24
Track record
bull 27th consecutive dividend increase
bull CAGR dividend increase +15
65
32x1
Fresenius Medical Care Low Leverage Reflected by Solid Investment Grade Rating
66General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
60 6176
6483
2015 2016 2017 2018 2019
Free Cash Flow in of revenue
SampP Moodylsquos Fitch
Corporate Credit Rating BBB Baa3 BBB-
Outlook stable stable stable
Current Credit Ratings
1 Including IFRS16 effect
29x30x
27x
22x
18x
31x
27x25x
22x
21x
27x25x
25x
31x
26x23x
21x
18x
25x
15
20
25
30
35
40
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
1
Fresenius Medical Care Broad Mix of Financing Instruments
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 67
Total BS Debt
~euro138 m
1 As of December 31 2019
bull Optimize funding costs and ensure financial flexibility
bull Diversify investor base
bull Strong liquidity provided by sufficient financial cushion (~euro18 billion as of December 31 2019)
Well Positioned to Meet Financing Needs
Average interest ratecost of debt25 pa
Equity-neutralconvertible bonds 3
Commercial paper 7
Syndicated loans 14
Other financial liabilities 7
Bonds 36
Lease obligations 33
Fresenius Medical Care Well-Balanced Debt Maturity Profile12
68
eurom
Maturity 30 years on
average
1 As of December 31 2019 and based on utilization of major financing instruments2 Excluding lease liabilities
445
878623 650
356500 600
945
535
135
1236400
1000
380
0
500
1000
1500
2000
2500
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
Bonds Syndicated Loan Equity-neutral convertible bonds Commercial Paper AR Facility
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
2500
2000
1500
1000
Fresenius SE Overview Bonds
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 69
Issuer Volume(in millions)
Coupon type
Coupon (in )
MaturityTerm
ISIN (RegS)
WKN
Fresenius SE amp Co KGaAeuro500 Fix 2875 20132020 XS0873432511 A1HEWZ
Fresenius SE amp Co KGaAeuro450 Fix 300 20142021 XS1013955379 A1ZB7H
Fresenius SE amp Co KGaAeuro450 Fix 400 20142024 XS1026109204 A1ZC60
Fresenius SE amp Co KGaAeuro 500 Fix 1875 20192025 XS1936208252 A2NBMS
Fresenius SE amp Co KGaAeuro 750 Fix 1625 20202027 XS2152329053 A254TA
Fresenius SE amp Co KGaAeuro 750 Fix 075 20202028 XS2101357072 A254QN
Fresenius SE amp Co KGaAeuro 500 Fix 2875 20192029 XS1936208419 A2NBMT
Fresenius Finance Ireland plceuro700 Fix 0875 20172022 XS1554373164 A19B3F
Fresenius Finance Ireland plceuro700 Fix 150 20172024 XS1554373248 A19B3G
Fresenius Finance Ireland plceuro700 Fix 2125 20172027 XS1554373677 A19B3H
Fresenius Finance Ireland plceuro500 Fix 300 20172032 XS1554373834 A19B3J
Fresenius US Finance II IncUS$300 Fix 425 20142021 USU31436AG04 A1ZDVJ
Fresenius US Finance II IncUS$300 Fix 450 20152023 USU31436AH86 A1Z64A
As of April 8 2020
Fresenius Medical Care Overview Bonds
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 70
Issuer Volume(in millions)
Coupon type
Coupon (in )
MaturityTerm
ISIN (RegS)
WKN
FMC Finance VII SA euro300 Fix 525 20112021 XS0576395478 A1GLY6
Fresenius Medical Care US Finance Inc US$650 Fix 575 20112021 USU31433AA03 A1GL0J
Fresenius Medical Care US Finance II Inc US$500 Fix 4125 20142020 US35802XAH61 A1ZRTL
Fresenius Medical Care US Finance II Inc US$700 Fix 5875 20122022 USU31434AC42 A1GZRF
Fresenius Medical Care US Finance II Inc US$400 Fix 475 20142024 US35802XAJ28 A1ZRTN
Fresenius Medical Care US Finance III Inc US$500 Fix 375 20192029 USU3149FAA76 A2R3YR
Fresenius Medical Care AG amp Co KGaA euro650 Fix 0250 20192023 XS2084510069 A255DU
Fresenius Medical Care AG amp Co KGaA euro500 Fix 150 20182025 XS1854532949 A2NBE6
Fresenius Medical Care AG amp Co KGaA euro600 Fix 0625 20192026 XS2084497705 A255DV
Fresenius Medical Care AG amp Co KGaA euro500 Fix 1250 20192029 XS2084488209 A255DW
As of December 31 2019
Financial Calendar Contact
Financial Calendar 06 May 2020 Results Q120
30 July 2020 Results Q220
29 October 2020 Results Q320Please note that these dates could be subject to change
Annual General Meeting Due to the coronavirus pandemic the AGM scheduled for 20 May 2020 has been postponed A new date within the current financial year will be set as soon as the conditions for reliable planning and safe execution of the AGM are once again in place
Contact
Investor Relations amp SustainabilityFresenius SE amp Co KGaAphone +49 6172 608-2485e-mail ir-frefreseniuscomFor further information and current news wwwfreseniuscom
Follow us on Twitter wwwtwittercomfresenius_irand LinkedIn wwwlinkedincomcompanyfresenius-investor-relations
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 71
Fresenius Group Credit Highlights
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 48
Consistent Cash Generation
Proven Track Record of Deleveraging
Broad Mix of Financing Instruments
Well-Balanced Maturity Profile
Solid Balance Sheet Structure
Solid IG Rating and Strong Access to Capital Markets
120
103
126
114109
120 122116
112120
8
9
10
11
12
13
14
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
48 48 52 5358 55 55 54
6570
2
3
4
5
6
7
8
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
74
56
76
62
52
67 67 66
50 52
4
5
6
7
8
9
10
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Fresenius Group Consistent Cash Generation
Capex gross in of sales
FCF margin (before acquisitions amp dividends)CFFO margin
49General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
2019 including IFRS 16
32x
30x
27x
22x 23x
35x
30x
26x
36x
30x
26x27x
26x
25x
32x
27x
23x
28x
27x
31x 4
20
25
30
35
40
2001 2002 2003 2004 2005 Q106 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
3
2
Hospitals from
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Proven Track Record of Deleveraging
Net DebtEBITDA1
1 At actual FX rates from 2001 to 2010 and at average FX rates from 2011 onwards for both Net Debt and EBITDA before special items pro forma closed acquisitionsdivestitures2 Pro forma excluding advances made for the acquisition of hospitals from Rhoumln-Klinikum AG3 Both net debt and EBITDA including IFRS 16 effect and calculated at expected annual average exchange rates excluding further potential acquisitions4 Including acquisition of NxStage adjusted for IFRS 16 effect
Target 20203 towards thetop end of self-imposed
target corridor of 30 ndash 35x
50
36x
40
35
20
25
30
Equity-neutralconvertible bonds 3
Fresenius Group excl FMC Broad Mix of Financing Instruments
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 51
Total BS Debt
~euro136 bn
1 As of December 31 2019
bull Optimize funding costs and ensure financial flexibility
bull Diversify investor base
bull Strong liquidity provided by sufficient financial cushion (~euro22 billion as of December 31 2019)
Well Positioned to Meet Financing NeedsBonds 40
Lease obligations 14
Syndicated loans 15
Schuldscheinloans 16
Other financial liabilities 5
Commercial paper 7
Average interest ratecost of debt18 pa
Commercial paper 7
Fresenius Group Broad Mix of Financing Instruments
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 52
Total BS Debt
~euro273 bn
1 As of December 31 2019
bull Optimize funding costs and ensure financial flexibility
bull Diversify investor base
bull Strong liquidity provided by sufficient financial cushion (~euro40 billion as of December 31 2019)
Well Positioned to Meet Financing Needs
Average interest ratecost of debt22 pa
Equity-neutralconvertible bonds 3
Syndicated loans 14
Other financial liabilities 6
Bonds 38
Lease liabilities 24
Schuldschein loans 8
Fresenius Group Capitalization1
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 53
Instrument per Book Value in euro million in $ million4 oftotal cap
EBITDA LTM x
Syndicated Credit Agreement Revolver (euro US-$) 0 0 00 Syndicated Credit Agreement Term Loan A (euro US-$) 1976 2220 29 Bonds (euro US-$) 5501 6180 82 Convertible Bonds 465 522 07 Schuldschein Loans 2180 2449 33 Commercial Paper 953 1071 14 Lease Obligations 1876 2107 28 Other debt 675 758 10 Total Debt (FSE excl FMC) gross 13626 15307 203 Cash (excl FMC) 651 731 10 Total debt (FSE excl FMC) net 12975 14576 193 Total FMC debt net 12774 14350 190 Consolidation Adjustments (145) (163) (02)Total consolidated debt net 25604 28764 382 36x Market capitalization2 41470 46587 618 58x
Total capitalization 67074 75351 1000 94x FSE Group EBITDA3 7110
1 As of December 31 20192 Based on market capitalization for FSE and FMC as of December 31 20193 Pro Forma acquisitions before special items4 EURUSD exchange rate as of December 31 2019
Fresenius Group excl FMC Well-Balanced Debt Maturity Profile12
54
1 As of December 31 2019 and based on utilization of major financing instruments2 Excluding lease liabilities3 Pro Forma issuance of FSE EUR 750m bonds in Jan 2020 (average maturity 38)
Maturity 35 years3 on
average
eurom
EUR 750m Jan 2020
500717 700
267
1150
500700 750
500 500
153
903 927
106
304 393
430
421
238
207
84
500
953
0
500
1000
1500
2000
2500
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Bonds Syndicated Loan Schuldschein Loans Equity-neutral convertible bonds Commercial Paper
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
1500
1000
2000
2500
Fresenius Group Well-Balanced Debt Maturity Profile12
1 As of December 31 2019 and based on utilization of major financing instruments2 Excluding lease liabilities3 Pro Forma issuance of FSE EUR 750m bonds in Jan 2020 (average maturity 35)
EUR 750m Jan 2020
2380
13931859
650356 500 600
945
1712
1924
2020
697
2071
500 238
907 750
584
5000
1000
2000
3000
4000
5000
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Fresenius Medical Care Fresenius excl Fresenius Medical Care
5000
4000
3000
2000
1000
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Maturity 33 years3 on
average
eurom
55
23 23 23 19
32 36 33 41
45 41 44 40
Dec 31 16 Dec 31 17 Dec 31 18 Dec 31 19
Equity and non-controlling interest Debt Other liabilities
Fresenius Group Solid Balance Sheet Structure
Healthy Equity and Liability Split
bull Strong equity ratio of gt40 on average
bull Equity ratio kept in narrow range despite rapid growth of Fresenius Group
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 56
467 531 567 670
BS total (eurobn)
Including IFRS 16
Fresenius SE Solid Investment Grade Rating
57
ldquoFSE delivers solid organic growth thanks to positive underlying growth trends in the life-saving and life-sustaining products and therapies that the group offersrdquoSampP Jan 08 2019
ldquoFSErsquos rating remains anchored in investment-grade given its mature and defensive business risk profile its organic deleveraging ability based on free cash flow generation and its record of integrating acquisitions successfully and reducing financial leverage in line with communicated policiesrdquo Fitch April 17 2019
ldquoThe Baa3 long term issuer rating of FSE reflects its strong defensive business profile underpinned by large absolute scale global footprint and segmental diversification within the healthcare market supported by strong position in its four business segmentsrdquo Moodyrsquos May 20 2019
Rating History Rating Agenciesrsquo Key Statements
Following a positive outlook SampP upgraded Fresenius to BBB stable outlook in May 2019
SampP Moodylsquos Fitch
Corporate Credit Rating BBB Baa3 BBB-
Outlook stable stable stable
Current Credit Ratings
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Strong Access to Capital Markets
58
Major Financing Instruments
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Bonds euro250 m euro800 m$105 bn
euro750 m$15 bn
euro500 m euro12 bn$12 bn
$300m euro26 bn euro500 m euro10 bn$500 m
euro175 bn
euro750 m1
euro750 m2
SyndicatedLoans
$35 bn $898 m $385 bn $18 bneuro245 bn
$41 bneuro700 m
$115 bneuro205 bn
euro530 bn$355 bn
euro100 m
SchuldscheinLoans
euro400 m euro125 m euro500 m euro112 m $400 m euro10 bn euro700 m
Convertible Bonds
euro900 m euro500 m
Equity euro10 bn euro400 m
1 January 2020 euro750million 2020-2028 bonds issued by Fresenius SE amp Co KGaA2 March 2020 euro750million 2020-2027 bonds issued by Fresenius SE amp Co KGaA
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Debt and Cash Flow Structure
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 59
1 Incl consolidation adjustments2 Incl Fresenius financing subsidiaries3 Controlling stake4 Incl subsidiaries 5 Based on market capitalization for FMC as of December 31 20196 Via German holding entities (Fresenius Kabi AG and Fresenius ProServe GmbH)
Fresenius Medical Care
Financing
Fresenius SE Financing
Group Net Debt ~euro256 bn1
DividendsRents Service Agreements
~323 100 77 (cross boarder)100
Profit transfer Agreements6
bull Separate financing of Fresenius SE and Fresenius Medical Care
bull No joint financing facilities or mutual guarantees
bull Fresenius Kabi Fresenius Helios and Fresenius Vamed financed primarily through Fresenius SE to avoid structural subordination
bull Subsidiary debt consists mainly of lease liabilities which are on balance acc to IFRS 16 from 2019 onwards
FSE Net Debt2~euro128 bn
incl Net Debt of KabiHeliosVamed
StockMarketValue~euro62 bn5
FSE Net Debt2~euro114 bn
excl Net Debt of KabiHeliosVamed
euro12774 m Net Debt4
Thereof lease liabilities euro4705m
euro951 m Net Debt4
Thereof lease liabilities euro1042m
euro84 m Net Debt4
Thereof lease liabilities euro392m
euro371 m Net Debt4
Thereof lease liabilities euro369m
Fresenius Group Key Credit Figures
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 60
1 Adjusted for IFRS 162 Before special items pro forma acquisitionsdivestitures3 Before special items
20191 2019 2018 2017
Debt (eurom) thereof US$ denominated
2123328
2725834
1898428
1904231
Net debt (eurom) 19579 25604 16275 17406
Net debtEBITDA2
Net debt at year-end exchange rate EBITDA at LTM average FX rates
314 360 273 279
Net debtEBITDA2
at LTM average FX rates for both net debt and EBITDA
314 361 271 284
Operating Cash flowSales 99 120 112 116
EBITDANet Interest3 121 99 106 96
Appendix
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 61
Fresenius Group FY19 Key Financials
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom FY191 IFRS 16effect
specialitems
FY19 reported
Δ YoY cc12
Sales 35524 -115 - 35409 6
EBIT 4599 89 -57 4631 -2
Net interest -510 -204 -5 -719 9
Income taxes -955 30 42 -883 -5
Net income3 1915 -36 4 1883 0
Balance sheet total 61237 5769 - 67006
Operating Cashflow 3514 749 - 4263
1 Before special items adjusted for IFRS 16 effect2 On a comparable basis 2018 adjusted for divestitures of Care Coordination activities at FMC3 Net income attributable to shareholders of Fresenius SE amp Co KGaA
For a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
62
Fresenius Group Cash Flow
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 63
eurom 20191 Margin 2019 Margin 2018 Margin Δ YoY1918
Operating Cash Flow 3514 99 4263 120 3742 112 14
Capex (net) -2433 -69 -2433 -68 -2077 -62 -17
Free Cash Flow(before acquisitions and dividends)
1081 30 1830 52 1665 50 10
Acquisitions (net) -2423 -2423 613 --
Dividends -952 -952 -904 5
Free Cash Flow(after acquisitions and dividends) -2294 -65 -1545 -44 1374 41 --
1 2019 adjusted for IFRS 16
Fresenius Group Calculation of Noncontrolling Interest
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom FY19 FY18
Earnings before tax and noncontrolling interest 4089 3998
Taxes -955 -883
Noncontrolling interest thereof -1219 -1243
Fresenius Medical Care net income not attributable to Fresenius (FY19 ~69)
-897 -928
Noncontrolling interest holders in Fresenius Medical Care -239 -244
Noncontrolling interest holders in Fresenius Kabi (-euro49 m) Fresenius Helios (-euro13 m) Fresenius Vamed (-euro2 m) and due to Fresenius Vamedrsquos 23 external ownership (-euro19 m)
-83 -71
Net income attributable to Fresenius SE amp Co KGaA 1915 1872
64
On a comparable basis Before special items adjusted for IFRS16 effect FY18 adjusted for divestitures of Care Coordination activities at FMC
For a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
002
023 025029
032037
042044
055
062
93 08 09 10 11 12 13 14 15 16 17 18 19
25 2421 20 21 21 22 21 22 23 24
Fresenius SE Earnings-Linked Dividend Policy
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
euro per share
bull Dividend growth aligned to EPS1
growth
bull Pay-out Ratio 20 to 25
Dividend distribution (eurom)
Pay-out Ratio
075
2019 Pay-out Ratio 24 Dividend Policy
122 140 155 196 225 238 300 416114 343 445
080
1 Before special items
468
084
24
Track record
bull 27th consecutive dividend increase
bull CAGR dividend increase +15
65
32x1
Fresenius Medical Care Low Leverage Reflected by Solid Investment Grade Rating
66General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
60 6176
6483
2015 2016 2017 2018 2019
Free Cash Flow in of revenue
SampP Moodylsquos Fitch
Corporate Credit Rating BBB Baa3 BBB-
Outlook stable stable stable
Current Credit Ratings
1 Including IFRS16 effect
29x30x
27x
22x
18x
31x
27x25x
22x
21x
27x25x
25x
31x
26x23x
21x
18x
25x
15
20
25
30
35
40
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
1
Fresenius Medical Care Broad Mix of Financing Instruments
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 67
Total BS Debt
~euro138 m
1 As of December 31 2019
bull Optimize funding costs and ensure financial flexibility
bull Diversify investor base
bull Strong liquidity provided by sufficient financial cushion (~euro18 billion as of December 31 2019)
Well Positioned to Meet Financing Needs
Average interest ratecost of debt25 pa
Equity-neutralconvertible bonds 3
Commercial paper 7
Syndicated loans 14
Other financial liabilities 7
Bonds 36
Lease obligations 33
Fresenius Medical Care Well-Balanced Debt Maturity Profile12
68
eurom
Maturity 30 years on
average
1 As of December 31 2019 and based on utilization of major financing instruments2 Excluding lease liabilities
445
878623 650
356500 600
945
535
135
1236400
1000
380
0
500
1000
1500
2000
2500
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
Bonds Syndicated Loan Equity-neutral convertible bonds Commercial Paper AR Facility
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
2500
2000
1500
1000
Fresenius SE Overview Bonds
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 69
Issuer Volume(in millions)
Coupon type
Coupon (in )
MaturityTerm
ISIN (RegS)
WKN
Fresenius SE amp Co KGaAeuro500 Fix 2875 20132020 XS0873432511 A1HEWZ
Fresenius SE amp Co KGaAeuro450 Fix 300 20142021 XS1013955379 A1ZB7H
Fresenius SE amp Co KGaAeuro450 Fix 400 20142024 XS1026109204 A1ZC60
Fresenius SE amp Co KGaAeuro 500 Fix 1875 20192025 XS1936208252 A2NBMS
Fresenius SE amp Co KGaAeuro 750 Fix 1625 20202027 XS2152329053 A254TA
Fresenius SE amp Co KGaAeuro 750 Fix 075 20202028 XS2101357072 A254QN
Fresenius SE amp Co KGaAeuro 500 Fix 2875 20192029 XS1936208419 A2NBMT
Fresenius Finance Ireland plceuro700 Fix 0875 20172022 XS1554373164 A19B3F
Fresenius Finance Ireland plceuro700 Fix 150 20172024 XS1554373248 A19B3G
Fresenius Finance Ireland plceuro700 Fix 2125 20172027 XS1554373677 A19B3H
Fresenius Finance Ireland plceuro500 Fix 300 20172032 XS1554373834 A19B3J
Fresenius US Finance II IncUS$300 Fix 425 20142021 USU31436AG04 A1ZDVJ
Fresenius US Finance II IncUS$300 Fix 450 20152023 USU31436AH86 A1Z64A
As of April 8 2020
Fresenius Medical Care Overview Bonds
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 70
Issuer Volume(in millions)
Coupon type
Coupon (in )
MaturityTerm
ISIN (RegS)
WKN
FMC Finance VII SA euro300 Fix 525 20112021 XS0576395478 A1GLY6
Fresenius Medical Care US Finance Inc US$650 Fix 575 20112021 USU31433AA03 A1GL0J
Fresenius Medical Care US Finance II Inc US$500 Fix 4125 20142020 US35802XAH61 A1ZRTL
Fresenius Medical Care US Finance II Inc US$700 Fix 5875 20122022 USU31434AC42 A1GZRF
Fresenius Medical Care US Finance II Inc US$400 Fix 475 20142024 US35802XAJ28 A1ZRTN
Fresenius Medical Care US Finance III Inc US$500 Fix 375 20192029 USU3149FAA76 A2R3YR
Fresenius Medical Care AG amp Co KGaA euro650 Fix 0250 20192023 XS2084510069 A255DU
Fresenius Medical Care AG amp Co KGaA euro500 Fix 150 20182025 XS1854532949 A2NBE6
Fresenius Medical Care AG amp Co KGaA euro600 Fix 0625 20192026 XS2084497705 A255DV
Fresenius Medical Care AG amp Co KGaA euro500 Fix 1250 20192029 XS2084488209 A255DW
As of December 31 2019
Financial Calendar Contact
Financial Calendar 06 May 2020 Results Q120
30 July 2020 Results Q220
29 October 2020 Results Q320Please note that these dates could be subject to change
Annual General Meeting Due to the coronavirus pandemic the AGM scheduled for 20 May 2020 has been postponed A new date within the current financial year will be set as soon as the conditions for reliable planning and safe execution of the AGM are once again in place
Contact
Investor Relations amp SustainabilityFresenius SE amp Co KGaAphone +49 6172 608-2485e-mail ir-frefreseniuscomFor further information and current news wwwfreseniuscom
Follow us on Twitter wwwtwittercomfresenius_irand LinkedIn wwwlinkedincomcompanyfresenius-investor-relations
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 71
120
103
126
114109
120 122116
112120
8
9
10
11
12
13
14
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
48 48 52 5358 55 55 54
6570
2
3
4
5
6
7
8
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
74
56
76
62
52
67 67 66
50 52
4
5
6
7
8
9
10
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Fresenius Group Consistent Cash Generation
Capex gross in of sales
FCF margin (before acquisitions amp dividends)CFFO margin
49General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
2019 including IFRS 16
32x
30x
27x
22x 23x
35x
30x
26x
36x
30x
26x27x
26x
25x
32x
27x
23x
28x
27x
31x 4
20
25
30
35
40
2001 2002 2003 2004 2005 Q106 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
3
2
Hospitals from
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Proven Track Record of Deleveraging
Net DebtEBITDA1
1 At actual FX rates from 2001 to 2010 and at average FX rates from 2011 onwards for both Net Debt and EBITDA before special items pro forma closed acquisitionsdivestitures2 Pro forma excluding advances made for the acquisition of hospitals from Rhoumln-Klinikum AG3 Both net debt and EBITDA including IFRS 16 effect and calculated at expected annual average exchange rates excluding further potential acquisitions4 Including acquisition of NxStage adjusted for IFRS 16 effect
Target 20203 towards thetop end of self-imposed
target corridor of 30 ndash 35x
50
36x
40
35
20
25
30
Equity-neutralconvertible bonds 3
Fresenius Group excl FMC Broad Mix of Financing Instruments
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 51
Total BS Debt
~euro136 bn
1 As of December 31 2019
bull Optimize funding costs and ensure financial flexibility
bull Diversify investor base
bull Strong liquidity provided by sufficient financial cushion (~euro22 billion as of December 31 2019)
Well Positioned to Meet Financing NeedsBonds 40
Lease obligations 14
Syndicated loans 15
Schuldscheinloans 16
Other financial liabilities 5
Commercial paper 7
Average interest ratecost of debt18 pa
Commercial paper 7
Fresenius Group Broad Mix of Financing Instruments
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 52
Total BS Debt
~euro273 bn
1 As of December 31 2019
bull Optimize funding costs and ensure financial flexibility
bull Diversify investor base
bull Strong liquidity provided by sufficient financial cushion (~euro40 billion as of December 31 2019)
Well Positioned to Meet Financing Needs
Average interest ratecost of debt22 pa
Equity-neutralconvertible bonds 3
Syndicated loans 14
Other financial liabilities 6
Bonds 38
Lease liabilities 24
Schuldschein loans 8
Fresenius Group Capitalization1
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 53
Instrument per Book Value in euro million in $ million4 oftotal cap
EBITDA LTM x
Syndicated Credit Agreement Revolver (euro US-$) 0 0 00 Syndicated Credit Agreement Term Loan A (euro US-$) 1976 2220 29 Bonds (euro US-$) 5501 6180 82 Convertible Bonds 465 522 07 Schuldschein Loans 2180 2449 33 Commercial Paper 953 1071 14 Lease Obligations 1876 2107 28 Other debt 675 758 10 Total Debt (FSE excl FMC) gross 13626 15307 203 Cash (excl FMC) 651 731 10 Total debt (FSE excl FMC) net 12975 14576 193 Total FMC debt net 12774 14350 190 Consolidation Adjustments (145) (163) (02)Total consolidated debt net 25604 28764 382 36x Market capitalization2 41470 46587 618 58x
Total capitalization 67074 75351 1000 94x FSE Group EBITDA3 7110
1 As of December 31 20192 Based on market capitalization for FSE and FMC as of December 31 20193 Pro Forma acquisitions before special items4 EURUSD exchange rate as of December 31 2019
Fresenius Group excl FMC Well-Balanced Debt Maturity Profile12
54
1 As of December 31 2019 and based on utilization of major financing instruments2 Excluding lease liabilities3 Pro Forma issuance of FSE EUR 750m bonds in Jan 2020 (average maturity 38)
Maturity 35 years3 on
average
eurom
EUR 750m Jan 2020
500717 700
267
1150
500700 750
500 500
153
903 927
106
304 393
430
421
238
207
84
500
953
0
500
1000
1500
2000
2500
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Bonds Syndicated Loan Schuldschein Loans Equity-neutral convertible bonds Commercial Paper
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
1500
1000
2000
2500
Fresenius Group Well-Balanced Debt Maturity Profile12
1 As of December 31 2019 and based on utilization of major financing instruments2 Excluding lease liabilities3 Pro Forma issuance of FSE EUR 750m bonds in Jan 2020 (average maturity 35)
EUR 750m Jan 2020
2380
13931859
650356 500 600
945
1712
1924
2020
697
2071
500 238
907 750
584
5000
1000
2000
3000
4000
5000
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Fresenius Medical Care Fresenius excl Fresenius Medical Care
5000
4000
3000
2000
1000
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Maturity 33 years3 on
average
eurom
55
23 23 23 19
32 36 33 41
45 41 44 40
Dec 31 16 Dec 31 17 Dec 31 18 Dec 31 19
Equity and non-controlling interest Debt Other liabilities
Fresenius Group Solid Balance Sheet Structure
Healthy Equity and Liability Split
bull Strong equity ratio of gt40 on average
bull Equity ratio kept in narrow range despite rapid growth of Fresenius Group
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 56
467 531 567 670
BS total (eurobn)
Including IFRS 16
Fresenius SE Solid Investment Grade Rating
57
ldquoFSE delivers solid organic growth thanks to positive underlying growth trends in the life-saving and life-sustaining products and therapies that the group offersrdquoSampP Jan 08 2019
ldquoFSErsquos rating remains anchored in investment-grade given its mature and defensive business risk profile its organic deleveraging ability based on free cash flow generation and its record of integrating acquisitions successfully and reducing financial leverage in line with communicated policiesrdquo Fitch April 17 2019
ldquoThe Baa3 long term issuer rating of FSE reflects its strong defensive business profile underpinned by large absolute scale global footprint and segmental diversification within the healthcare market supported by strong position in its four business segmentsrdquo Moodyrsquos May 20 2019
Rating History Rating Agenciesrsquo Key Statements
Following a positive outlook SampP upgraded Fresenius to BBB stable outlook in May 2019
SampP Moodylsquos Fitch
Corporate Credit Rating BBB Baa3 BBB-
Outlook stable stable stable
Current Credit Ratings
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Strong Access to Capital Markets
58
Major Financing Instruments
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Bonds euro250 m euro800 m$105 bn
euro750 m$15 bn
euro500 m euro12 bn$12 bn
$300m euro26 bn euro500 m euro10 bn$500 m
euro175 bn
euro750 m1
euro750 m2
SyndicatedLoans
$35 bn $898 m $385 bn $18 bneuro245 bn
$41 bneuro700 m
$115 bneuro205 bn
euro530 bn$355 bn
euro100 m
SchuldscheinLoans
euro400 m euro125 m euro500 m euro112 m $400 m euro10 bn euro700 m
Convertible Bonds
euro900 m euro500 m
Equity euro10 bn euro400 m
1 January 2020 euro750million 2020-2028 bonds issued by Fresenius SE amp Co KGaA2 March 2020 euro750million 2020-2027 bonds issued by Fresenius SE amp Co KGaA
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Debt and Cash Flow Structure
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 59
1 Incl consolidation adjustments2 Incl Fresenius financing subsidiaries3 Controlling stake4 Incl subsidiaries 5 Based on market capitalization for FMC as of December 31 20196 Via German holding entities (Fresenius Kabi AG and Fresenius ProServe GmbH)
Fresenius Medical Care
Financing
Fresenius SE Financing
Group Net Debt ~euro256 bn1
DividendsRents Service Agreements
~323 100 77 (cross boarder)100
Profit transfer Agreements6
bull Separate financing of Fresenius SE and Fresenius Medical Care
bull No joint financing facilities or mutual guarantees
bull Fresenius Kabi Fresenius Helios and Fresenius Vamed financed primarily through Fresenius SE to avoid structural subordination
bull Subsidiary debt consists mainly of lease liabilities which are on balance acc to IFRS 16 from 2019 onwards
FSE Net Debt2~euro128 bn
incl Net Debt of KabiHeliosVamed
StockMarketValue~euro62 bn5
FSE Net Debt2~euro114 bn
excl Net Debt of KabiHeliosVamed
euro12774 m Net Debt4
Thereof lease liabilities euro4705m
euro951 m Net Debt4
Thereof lease liabilities euro1042m
euro84 m Net Debt4
Thereof lease liabilities euro392m
euro371 m Net Debt4
Thereof lease liabilities euro369m
Fresenius Group Key Credit Figures
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 60
1 Adjusted for IFRS 162 Before special items pro forma acquisitionsdivestitures3 Before special items
20191 2019 2018 2017
Debt (eurom) thereof US$ denominated
2123328
2725834
1898428
1904231
Net debt (eurom) 19579 25604 16275 17406
Net debtEBITDA2
Net debt at year-end exchange rate EBITDA at LTM average FX rates
314 360 273 279
Net debtEBITDA2
at LTM average FX rates for both net debt and EBITDA
314 361 271 284
Operating Cash flowSales 99 120 112 116
EBITDANet Interest3 121 99 106 96
Appendix
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 61
Fresenius Group FY19 Key Financials
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom FY191 IFRS 16effect
specialitems
FY19 reported
Δ YoY cc12
Sales 35524 -115 - 35409 6
EBIT 4599 89 -57 4631 -2
Net interest -510 -204 -5 -719 9
Income taxes -955 30 42 -883 -5
Net income3 1915 -36 4 1883 0
Balance sheet total 61237 5769 - 67006
Operating Cashflow 3514 749 - 4263
1 Before special items adjusted for IFRS 16 effect2 On a comparable basis 2018 adjusted for divestitures of Care Coordination activities at FMC3 Net income attributable to shareholders of Fresenius SE amp Co KGaA
For a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
62
Fresenius Group Cash Flow
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 63
eurom 20191 Margin 2019 Margin 2018 Margin Δ YoY1918
Operating Cash Flow 3514 99 4263 120 3742 112 14
Capex (net) -2433 -69 -2433 -68 -2077 -62 -17
Free Cash Flow(before acquisitions and dividends)
1081 30 1830 52 1665 50 10
Acquisitions (net) -2423 -2423 613 --
Dividends -952 -952 -904 5
Free Cash Flow(after acquisitions and dividends) -2294 -65 -1545 -44 1374 41 --
1 2019 adjusted for IFRS 16
Fresenius Group Calculation of Noncontrolling Interest
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom FY19 FY18
Earnings before tax and noncontrolling interest 4089 3998
Taxes -955 -883
Noncontrolling interest thereof -1219 -1243
Fresenius Medical Care net income not attributable to Fresenius (FY19 ~69)
-897 -928
Noncontrolling interest holders in Fresenius Medical Care -239 -244
Noncontrolling interest holders in Fresenius Kabi (-euro49 m) Fresenius Helios (-euro13 m) Fresenius Vamed (-euro2 m) and due to Fresenius Vamedrsquos 23 external ownership (-euro19 m)
-83 -71
Net income attributable to Fresenius SE amp Co KGaA 1915 1872
64
On a comparable basis Before special items adjusted for IFRS16 effect FY18 adjusted for divestitures of Care Coordination activities at FMC
For a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
002
023 025029
032037
042044
055
062
93 08 09 10 11 12 13 14 15 16 17 18 19
25 2421 20 21 21 22 21 22 23 24
Fresenius SE Earnings-Linked Dividend Policy
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
euro per share
bull Dividend growth aligned to EPS1
growth
bull Pay-out Ratio 20 to 25
Dividend distribution (eurom)
Pay-out Ratio
075
2019 Pay-out Ratio 24 Dividend Policy
122 140 155 196 225 238 300 416114 343 445
080
1 Before special items
468
084
24
Track record
bull 27th consecutive dividend increase
bull CAGR dividend increase +15
65
32x1
Fresenius Medical Care Low Leverage Reflected by Solid Investment Grade Rating
66General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
60 6176
6483
2015 2016 2017 2018 2019
Free Cash Flow in of revenue
SampP Moodylsquos Fitch
Corporate Credit Rating BBB Baa3 BBB-
Outlook stable stable stable
Current Credit Ratings
1 Including IFRS16 effect
29x30x
27x
22x
18x
31x
27x25x
22x
21x
27x25x
25x
31x
26x23x
21x
18x
25x
15
20
25
30
35
40
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
1
Fresenius Medical Care Broad Mix of Financing Instruments
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 67
Total BS Debt
~euro138 m
1 As of December 31 2019
bull Optimize funding costs and ensure financial flexibility
bull Diversify investor base
bull Strong liquidity provided by sufficient financial cushion (~euro18 billion as of December 31 2019)
Well Positioned to Meet Financing Needs
Average interest ratecost of debt25 pa
Equity-neutralconvertible bonds 3
Commercial paper 7
Syndicated loans 14
Other financial liabilities 7
Bonds 36
Lease obligations 33
Fresenius Medical Care Well-Balanced Debt Maturity Profile12
68
eurom
Maturity 30 years on
average
1 As of December 31 2019 and based on utilization of major financing instruments2 Excluding lease liabilities
445
878623 650
356500 600
945
535
135
1236400
1000
380
0
500
1000
1500
2000
2500
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
Bonds Syndicated Loan Equity-neutral convertible bonds Commercial Paper AR Facility
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
2500
2000
1500
1000
Fresenius SE Overview Bonds
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 69
Issuer Volume(in millions)
Coupon type
Coupon (in )
MaturityTerm
ISIN (RegS)
WKN
Fresenius SE amp Co KGaAeuro500 Fix 2875 20132020 XS0873432511 A1HEWZ
Fresenius SE amp Co KGaAeuro450 Fix 300 20142021 XS1013955379 A1ZB7H
Fresenius SE amp Co KGaAeuro450 Fix 400 20142024 XS1026109204 A1ZC60
Fresenius SE amp Co KGaAeuro 500 Fix 1875 20192025 XS1936208252 A2NBMS
Fresenius SE amp Co KGaAeuro 750 Fix 1625 20202027 XS2152329053 A254TA
Fresenius SE amp Co KGaAeuro 750 Fix 075 20202028 XS2101357072 A254QN
Fresenius SE amp Co KGaAeuro 500 Fix 2875 20192029 XS1936208419 A2NBMT
Fresenius Finance Ireland plceuro700 Fix 0875 20172022 XS1554373164 A19B3F
Fresenius Finance Ireland plceuro700 Fix 150 20172024 XS1554373248 A19B3G
Fresenius Finance Ireland plceuro700 Fix 2125 20172027 XS1554373677 A19B3H
Fresenius Finance Ireland plceuro500 Fix 300 20172032 XS1554373834 A19B3J
Fresenius US Finance II IncUS$300 Fix 425 20142021 USU31436AG04 A1ZDVJ
Fresenius US Finance II IncUS$300 Fix 450 20152023 USU31436AH86 A1Z64A
As of April 8 2020
Fresenius Medical Care Overview Bonds
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 70
Issuer Volume(in millions)
Coupon type
Coupon (in )
MaturityTerm
ISIN (RegS)
WKN
FMC Finance VII SA euro300 Fix 525 20112021 XS0576395478 A1GLY6
Fresenius Medical Care US Finance Inc US$650 Fix 575 20112021 USU31433AA03 A1GL0J
Fresenius Medical Care US Finance II Inc US$500 Fix 4125 20142020 US35802XAH61 A1ZRTL
Fresenius Medical Care US Finance II Inc US$700 Fix 5875 20122022 USU31434AC42 A1GZRF
Fresenius Medical Care US Finance II Inc US$400 Fix 475 20142024 US35802XAJ28 A1ZRTN
Fresenius Medical Care US Finance III Inc US$500 Fix 375 20192029 USU3149FAA76 A2R3YR
Fresenius Medical Care AG amp Co KGaA euro650 Fix 0250 20192023 XS2084510069 A255DU
Fresenius Medical Care AG amp Co KGaA euro500 Fix 150 20182025 XS1854532949 A2NBE6
Fresenius Medical Care AG amp Co KGaA euro600 Fix 0625 20192026 XS2084497705 A255DV
Fresenius Medical Care AG amp Co KGaA euro500 Fix 1250 20192029 XS2084488209 A255DW
As of December 31 2019
Financial Calendar Contact
Financial Calendar 06 May 2020 Results Q120
30 July 2020 Results Q220
29 October 2020 Results Q320Please note that these dates could be subject to change
Annual General Meeting Due to the coronavirus pandemic the AGM scheduled for 20 May 2020 has been postponed A new date within the current financial year will be set as soon as the conditions for reliable planning and safe execution of the AGM are once again in place
Contact
Investor Relations amp SustainabilityFresenius SE amp Co KGaAphone +49 6172 608-2485e-mail ir-frefreseniuscomFor further information and current news wwwfreseniuscom
Follow us on Twitter wwwtwittercomfresenius_irand LinkedIn wwwlinkedincomcompanyfresenius-investor-relations
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 71
32x
30x
27x
22x 23x
35x
30x
26x
36x
30x
26x27x
26x
25x
32x
27x
23x
28x
27x
31x 4
20
25
30
35
40
2001 2002 2003 2004 2005 Q106 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
3
2
Hospitals from
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Proven Track Record of Deleveraging
Net DebtEBITDA1
1 At actual FX rates from 2001 to 2010 and at average FX rates from 2011 onwards for both Net Debt and EBITDA before special items pro forma closed acquisitionsdivestitures2 Pro forma excluding advances made for the acquisition of hospitals from Rhoumln-Klinikum AG3 Both net debt and EBITDA including IFRS 16 effect and calculated at expected annual average exchange rates excluding further potential acquisitions4 Including acquisition of NxStage adjusted for IFRS 16 effect
Target 20203 towards thetop end of self-imposed
target corridor of 30 ndash 35x
50
36x
40
35
20
25
30
Equity-neutralconvertible bonds 3
Fresenius Group excl FMC Broad Mix of Financing Instruments
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 51
Total BS Debt
~euro136 bn
1 As of December 31 2019
bull Optimize funding costs and ensure financial flexibility
bull Diversify investor base
bull Strong liquidity provided by sufficient financial cushion (~euro22 billion as of December 31 2019)
Well Positioned to Meet Financing NeedsBonds 40
Lease obligations 14
Syndicated loans 15
Schuldscheinloans 16
Other financial liabilities 5
Commercial paper 7
Average interest ratecost of debt18 pa
Commercial paper 7
Fresenius Group Broad Mix of Financing Instruments
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 52
Total BS Debt
~euro273 bn
1 As of December 31 2019
bull Optimize funding costs and ensure financial flexibility
bull Diversify investor base
bull Strong liquidity provided by sufficient financial cushion (~euro40 billion as of December 31 2019)
Well Positioned to Meet Financing Needs
Average interest ratecost of debt22 pa
Equity-neutralconvertible bonds 3
Syndicated loans 14
Other financial liabilities 6
Bonds 38
Lease liabilities 24
Schuldschein loans 8
Fresenius Group Capitalization1
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 53
Instrument per Book Value in euro million in $ million4 oftotal cap
EBITDA LTM x
Syndicated Credit Agreement Revolver (euro US-$) 0 0 00 Syndicated Credit Agreement Term Loan A (euro US-$) 1976 2220 29 Bonds (euro US-$) 5501 6180 82 Convertible Bonds 465 522 07 Schuldschein Loans 2180 2449 33 Commercial Paper 953 1071 14 Lease Obligations 1876 2107 28 Other debt 675 758 10 Total Debt (FSE excl FMC) gross 13626 15307 203 Cash (excl FMC) 651 731 10 Total debt (FSE excl FMC) net 12975 14576 193 Total FMC debt net 12774 14350 190 Consolidation Adjustments (145) (163) (02)Total consolidated debt net 25604 28764 382 36x Market capitalization2 41470 46587 618 58x
Total capitalization 67074 75351 1000 94x FSE Group EBITDA3 7110
1 As of December 31 20192 Based on market capitalization for FSE and FMC as of December 31 20193 Pro Forma acquisitions before special items4 EURUSD exchange rate as of December 31 2019
Fresenius Group excl FMC Well-Balanced Debt Maturity Profile12
54
1 As of December 31 2019 and based on utilization of major financing instruments2 Excluding lease liabilities3 Pro Forma issuance of FSE EUR 750m bonds in Jan 2020 (average maturity 38)
Maturity 35 years3 on
average
eurom
EUR 750m Jan 2020
500717 700
267
1150
500700 750
500 500
153
903 927
106
304 393
430
421
238
207
84
500
953
0
500
1000
1500
2000
2500
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Bonds Syndicated Loan Schuldschein Loans Equity-neutral convertible bonds Commercial Paper
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
1500
1000
2000
2500
Fresenius Group Well-Balanced Debt Maturity Profile12
1 As of December 31 2019 and based on utilization of major financing instruments2 Excluding lease liabilities3 Pro Forma issuance of FSE EUR 750m bonds in Jan 2020 (average maturity 35)
EUR 750m Jan 2020
2380
13931859
650356 500 600
945
1712
1924
2020
697
2071
500 238
907 750
584
5000
1000
2000
3000
4000
5000
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Fresenius Medical Care Fresenius excl Fresenius Medical Care
5000
4000
3000
2000
1000
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Maturity 33 years3 on
average
eurom
55
23 23 23 19
32 36 33 41
45 41 44 40
Dec 31 16 Dec 31 17 Dec 31 18 Dec 31 19
Equity and non-controlling interest Debt Other liabilities
Fresenius Group Solid Balance Sheet Structure
Healthy Equity and Liability Split
bull Strong equity ratio of gt40 on average
bull Equity ratio kept in narrow range despite rapid growth of Fresenius Group
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 56
467 531 567 670
BS total (eurobn)
Including IFRS 16
Fresenius SE Solid Investment Grade Rating
57
ldquoFSE delivers solid organic growth thanks to positive underlying growth trends in the life-saving and life-sustaining products and therapies that the group offersrdquoSampP Jan 08 2019
ldquoFSErsquos rating remains anchored in investment-grade given its mature and defensive business risk profile its organic deleveraging ability based on free cash flow generation and its record of integrating acquisitions successfully and reducing financial leverage in line with communicated policiesrdquo Fitch April 17 2019
ldquoThe Baa3 long term issuer rating of FSE reflects its strong defensive business profile underpinned by large absolute scale global footprint and segmental diversification within the healthcare market supported by strong position in its four business segmentsrdquo Moodyrsquos May 20 2019
Rating History Rating Agenciesrsquo Key Statements
Following a positive outlook SampP upgraded Fresenius to BBB stable outlook in May 2019
SampP Moodylsquos Fitch
Corporate Credit Rating BBB Baa3 BBB-
Outlook stable stable stable
Current Credit Ratings
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Strong Access to Capital Markets
58
Major Financing Instruments
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Bonds euro250 m euro800 m$105 bn
euro750 m$15 bn
euro500 m euro12 bn$12 bn
$300m euro26 bn euro500 m euro10 bn$500 m
euro175 bn
euro750 m1
euro750 m2
SyndicatedLoans
$35 bn $898 m $385 bn $18 bneuro245 bn
$41 bneuro700 m
$115 bneuro205 bn
euro530 bn$355 bn
euro100 m
SchuldscheinLoans
euro400 m euro125 m euro500 m euro112 m $400 m euro10 bn euro700 m
Convertible Bonds
euro900 m euro500 m
Equity euro10 bn euro400 m
1 January 2020 euro750million 2020-2028 bonds issued by Fresenius SE amp Co KGaA2 March 2020 euro750million 2020-2027 bonds issued by Fresenius SE amp Co KGaA
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Debt and Cash Flow Structure
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 59
1 Incl consolidation adjustments2 Incl Fresenius financing subsidiaries3 Controlling stake4 Incl subsidiaries 5 Based on market capitalization for FMC as of December 31 20196 Via German holding entities (Fresenius Kabi AG and Fresenius ProServe GmbH)
Fresenius Medical Care
Financing
Fresenius SE Financing
Group Net Debt ~euro256 bn1
DividendsRents Service Agreements
~323 100 77 (cross boarder)100
Profit transfer Agreements6
bull Separate financing of Fresenius SE and Fresenius Medical Care
bull No joint financing facilities or mutual guarantees
bull Fresenius Kabi Fresenius Helios and Fresenius Vamed financed primarily through Fresenius SE to avoid structural subordination
bull Subsidiary debt consists mainly of lease liabilities which are on balance acc to IFRS 16 from 2019 onwards
FSE Net Debt2~euro128 bn
incl Net Debt of KabiHeliosVamed
StockMarketValue~euro62 bn5
FSE Net Debt2~euro114 bn
excl Net Debt of KabiHeliosVamed
euro12774 m Net Debt4
Thereof lease liabilities euro4705m
euro951 m Net Debt4
Thereof lease liabilities euro1042m
euro84 m Net Debt4
Thereof lease liabilities euro392m
euro371 m Net Debt4
Thereof lease liabilities euro369m
Fresenius Group Key Credit Figures
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 60
1 Adjusted for IFRS 162 Before special items pro forma acquisitionsdivestitures3 Before special items
20191 2019 2018 2017
Debt (eurom) thereof US$ denominated
2123328
2725834
1898428
1904231
Net debt (eurom) 19579 25604 16275 17406
Net debtEBITDA2
Net debt at year-end exchange rate EBITDA at LTM average FX rates
314 360 273 279
Net debtEBITDA2
at LTM average FX rates for both net debt and EBITDA
314 361 271 284
Operating Cash flowSales 99 120 112 116
EBITDANet Interest3 121 99 106 96
Appendix
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 61
Fresenius Group FY19 Key Financials
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom FY191 IFRS 16effect
specialitems
FY19 reported
Δ YoY cc12
Sales 35524 -115 - 35409 6
EBIT 4599 89 -57 4631 -2
Net interest -510 -204 -5 -719 9
Income taxes -955 30 42 -883 -5
Net income3 1915 -36 4 1883 0
Balance sheet total 61237 5769 - 67006
Operating Cashflow 3514 749 - 4263
1 Before special items adjusted for IFRS 16 effect2 On a comparable basis 2018 adjusted for divestitures of Care Coordination activities at FMC3 Net income attributable to shareholders of Fresenius SE amp Co KGaA
For a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
62
Fresenius Group Cash Flow
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 63
eurom 20191 Margin 2019 Margin 2018 Margin Δ YoY1918
Operating Cash Flow 3514 99 4263 120 3742 112 14
Capex (net) -2433 -69 -2433 -68 -2077 -62 -17
Free Cash Flow(before acquisitions and dividends)
1081 30 1830 52 1665 50 10
Acquisitions (net) -2423 -2423 613 --
Dividends -952 -952 -904 5
Free Cash Flow(after acquisitions and dividends) -2294 -65 -1545 -44 1374 41 --
1 2019 adjusted for IFRS 16
Fresenius Group Calculation of Noncontrolling Interest
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom FY19 FY18
Earnings before tax and noncontrolling interest 4089 3998
Taxes -955 -883
Noncontrolling interest thereof -1219 -1243
Fresenius Medical Care net income not attributable to Fresenius (FY19 ~69)
-897 -928
Noncontrolling interest holders in Fresenius Medical Care -239 -244
Noncontrolling interest holders in Fresenius Kabi (-euro49 m) Fresenius Helios (-euro13 m) Fresenius Vamed (-euro2 m) and due to Fresenius Vamedrsquos 23 external ownership (-euro19 m)
-83 -71
Net income attributable to Fresenius SE amp Co KGaA 1915 1872
64
On a comparable basis Before special items adjusted for IFRS16 effect FY18 adjusted for divestitures of Care Coordination activities at FMC
For a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
002
023 025029
032037
042044
055
062
93 08 09 10 11 12 13 14 15 16 17 18 19
25 2421 20 21 21 22 21 22 23 24
Fresenius SE Earnings-Linked Dividend Policy
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
euro per share
bull Dividend growth aligned to EPS1
growth
bull Pay-out Ratio 20 to 25
Dividend distribution (eurom)
Pay-out Ratio
075
2019 Pay-out Ratio 24 Dividend Policy
122 140 155 196 225 238 300 416114 343 445
080
1 Before special items
468
084
24
Track record
bull 27th consecutive dividend increase
bull CAGR dividend increase +15
65
32x1
Fresenius Medical Care Low Leverage Reflected by Solid Investment Grade Rating
66General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
60 6176
6483
2015 2016 2017 2018 2019
Free Cash Flow in of revenue
SampP Moodylsquos Fitch
Corporate Credit Rating BBB Baa3 BBB-
Outlook stable stable stable
Current Credit Ratings
1 Including IFRS16 effect
29x30x
27x
22x
18x
31x
27x25x
22x
21x
27x25x
25x
31x
26x23x
21x
18x
25x
15
20
25
30
35
40
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
1
Fresenius Medical Care Broad Mix of Financing Instruments
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 67
Total BS Debt
~euro138 m
1 As of December 31 2019
bull Optimize funding costs and ensure financial flexibility
bull Diversify investor base
bull Strong liquidity provided by sufficient financial cushion (~euro18 billion as of December 31 2019)
Well Positioned to Meet Financing Needs
Average interest ratecost of debt25 pa
Equity-neutralconvertible bonds 3
Commercial paper 7
Syndicated loans 14
Other financial liabilities 7
Bonds 36
Lease obligations 33
Fresenius Medical Care Well-Balanced Debt Maturity Profile12
68
eurom
Maturity 30 years on
average
1 As of December 31 2019 and based on utilization of major financing instruments2 Excluding lease liabilities
445
878623 650
356500 600
945
535
135
1236400
1000
380
0
500
1000
1500
2000
2500
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
Bonds Syndicated Loan Equity-neutral convertible bonds Commercial Paper AR Facility
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
2500
2000
1500
1000
Fresenius SE Overview Bonds
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 69
Issuer Volume(in millions)
Coupon type
Coupon (in )
MaturityTerm
ISIN (RegS)
WKN
Fresenius SE amp Co KGaAeuro500 Fix 2875 20132020 XS0873432511 A1HEWZ
Fresenius SE amp Co KGaAeuro450 Fix 300 20142021 XS1013955379 A1ZB7H
Fresenius SE amp Co KGaAeuro450 Fix 400 20142024 XS1026109204 A1ZC60
Fresenius SE amp Co KGaAeuro 500 Fix 1875 20192025 XS1936208252 A2NBMS
Fresenius SE amp Co KGaAeuro 750 Fix 1625 20202027 XS2152329053 A254TA
Fresenius SE amp Co KGaAeuro 750 Fix 075 20202028 XS2101357072 A254QN
Fresenius SE amp Co KGaAeuro 500 Fix 2875 20192029 XS1936208419 A2NBMT
Fresenius Finance Ireland plceuro700 Fix 0875 20172022 XS1554373164 A19B3F
Fresenius Finance Ireland plceuro700 Fix 150 20172024 XS1554373248 A19B3G
Fresenius Finance Ireland plceuro700 Fix 2125 20172027 XS1554373677 A19B3H
Fresenius Finance Ireland plceuro500 Fix 300 20172032 XS1554373834 A19B3J
Fresenius US Finance II IncUS$300 Fix 425 20142021 USU31436AG04 A1ZDVJ
Fresenius US Finance II IncUS$300 Fix 450 20152023 USU31436AH86 A1Z64A
As of April 8 2020
Fresenius Medical Care Overview Bonds
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 70
Issuer Volume(in millions)
Coupon type
Coupon (in )
MaturityTerm
ISIN (RegS)
WKN
FMC Finance VII SA euro300 Fix 525 20112021 XS0576395478 A1GLY6
Fresenius Medical Care US Finance Inc US$650 Fix 575 20112021 USU31433AA03 A1GL0J
Fresenius Medical Care US Finance II Inc US$500 Fix 4125 20142020 US35802XAH61 A1ZRTL
Fresenius Medical Care US Finance II Inc US$700 Fix 5875 20122022 USU31434AC42 A1GZRF
Fresenius Medical Care US Finance II Inc US$400 Fix 475 20142024 US35802XAJ28 A1ZRTN
Fresenius Medical Care US Finance III Inc US$500 Fix 375 20192029 USU3149FAA76 A2R3YR
Fresenius Medical Care AG amp Co KGaA euro650 Fix 0250 20192023 XS2084510069 A255DU
Fresenius Medical Care AG amp Co KGaA euro500 Fix 150 20182025 XS1854532949 A2NBE6
Fresenius Medical Care AG amp Co KGaA euro600 Fix 0625 20192026 XS2084497705 A255DV
Fresenius Medical Care AG amp Co KGaA euro500 Fix 1250 20192029 XS2084488209 A255DW
As of December 31 2019
Financial Calendar Contact
Financial Calendar 06 May 2020 Results Q120
30 July 2020 Results Q220
29 October 2020 Results Q320Please note that these dates could be subject to change
Annual General Meeting Due to the coronavirus pandemic the AGM scheduled for 20 May 2020 has been postponed A new date within the current financial year will be set as soon as the conditions for reliable planning and safe execution of the AGM are once again in place
Contact
Investor Relations amp SustainabilityFresenius SE amp Co KGaAphone +49 6172 608-2485e-mail ir-frefreseniuscomFor further information and current news wwwfreseniuscom
Follow us on Twitter wwwtwittercomfresenius_irand LinkedIn wwwlinkedincomcompanyfresenius-investor-relations
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 71
Equity-neutralconvertible bonds 3
Fresenius Group excl FMC Broad Mix of Financing Instruments
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 51
Total BS Debt
~euro136 bn
1 As of December 31 2019
bull Optimize funding costs and ensure financial flexibility
bull Diversify investor base
bull Strong liquidity provided by sufficient financial cushion (~euro22 billion as of December 31 2019)
Well Positioned to Meet Financing NeedsBonds 40
Lease obligations 14
Syndicated loans 15
Schuldscheinloans 16
Other financial liabilities 5
Commercial paper 7
Average interest ratecost of debt18 pa
Commercial paper 7
Fresenius Group Broad Mix of Financing Instruments
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 52
Total BS Debt
~euro273 bn
1 As of December 31 2019
bull Optimize funding costs and ensure financial flexibility
bull Diversify investor base
bull Strong liquidity provided by sufficient financial cushion (~euro40 billion as of December 31 2019)
Well Positioned to Meet Financing Needs
Average interest ratecost of debt22 pa
Equity-neutralconvertible bonds 3
Syndicated loans 14
Other financial liabilities 6
Bonds 38
Lease liabilities 24
Schuldschein loans 8
Fresenius Group Capitalization1
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 53
Instrument per Book Value in euro million in $ million4 oftotal cap
EBITDA LTM x
Syndicated Credit Agreement Revolver (euro US-$) 0 0 00 Syndicated Credit Agreement Term Loan A (euro US-$) 1976 2220 29 Bonds (euro US-$) 5501 6180 82 Convertible Bonds 465 522 07 Schuldschein Loans 2180 2449 33 Commercial Paper 953 1071 14 Lease Obligations 1876 2107 28 Other debt 675 758 10 Total Debt (FSE excl FMC) gross 13626 15307 203 Cash (excl FMC) 651 731 10 Total debt (FSE excl FMC) net 12975 14576 193 Total FMC debt net 12774 14350 190 Consolidation Adjustments (145) (163) (02)Total consolidated debt net 25604 28764 382 36x Market capitalization2 41470 46587 618 58x
Total capitalization 67074 75351 1000 94x FSE Group EBITDA3 7110
1 As of December 31 20192 Based on market capitalization for FSE and FMC as of December 31 20193 Pro Forma acquisitions before special items4 EURUSD exchange rate as of December 31 2019
Fresenius Group excl FMC Well-Balanced Debt Maturity Profile12
54
1 As of December 31 2019 and based on utilization of major financing instruments2 Excluding lease liabilities3 Pro Forma issuance of FSE EUR 750m bonds in Jan 2020 (average maturity 38)
Maturity 35 years3 on
average
eurom
EUR 750m Jan 2020
500717 700
267
1150
500700 750
500 500
153
903 927
106
304 393
430
421
238
207
84
500
953
0
500
1000
1500
2000
2500
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Bonds Syndicated Loan Schuldschein Loans Equity-neutral convertible bonds Commercial Paper
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
1500
1000
2000
2500
Fresenius Group Well-Balanced Debt Maturity Profile12
1 As of December 31 2019 and based on utilization of major financing instruments2 Excluding lease liabilities3 Pro Forma issuance of FSE EUR 750m bonds in Jan 2020 (average maturity 35)
EUR 750m Jan 2020
2380
13931859
650356 500 600
945
1712
1924
2020
697
2071
500 238
907 750
584
5000
1000
2000
3000
4000
5000
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Fresenius Medical Care Fresenius excl Fresenius Medical Care
5000
4000
3000
2000
1000
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Maturity 33 years3 on
average
eurom
55
23 23 23 19
32 36 33 41
45 41 44 40
Dec 31 16 Dec 31 17 Dec 31 18 Dec 31 19
Equity and non-controlling interest Debt Other liabilities
Fresenius Group Solid Balance Sheet Structure
Healthy Equity and Liability Split
bull Strong equity ratio of gt40 on average
bull Equity ratio kept in narrow range despite rapid growth of Fresenius Group
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 56
467 531 567 670
BS total (eurobn)
Including IFRS 16
Fresenius SE Solid Investment Grade Rating
57
ldquoFSE delivers solid organic growth thanks to positive underlying growth trends in the life-saving and life-sustaining products and therapies that the group offersrdquoSampP Jan 08 2019
ldquoFSErsquos rating remains anchored in investment-grade given its mature and defensive business risk profile its organic deleveraging ability based on free cash flow generation and its record of integrating acquisitions successfully and reducing financial leverage in line with communicated policiesrdquo Fitch April 17 2019
ldquoThe Baa3 long term issuer rating of FSE reflects its strong defensive business profile underpinned by large absolute scale global footprint and segmental diversification within the healthcare market supported by strong position in its four business segmentsrdquo Moodyrsquos May 20 2019
Rating History Rating Agenciesrsquo Key Statements
Following a positive outlook SampP upgraded Fresenius to BBB stable outlook in May 2019
SampP Moodylsquos Fitch
Corporate Credit Rating BBB Baa3 BBB-
Outlook stable stable stable
Current Credit Ratings
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Strong Access to Capital Markets
58
Major Financing Instruments
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Bonds euro250 m euro800 m$105 bn
euro750 m$15 bn
euro500 m euro12 bn$12 bn
$300m euro26 bn euro500 m euro10 bn$500 m
euro175 bn
euro750 m1
euro750 m2
SyndicatedLoans
$35 bn $898 m $385 bn $18 bneuro245 bn
$41 bneuro700 m
$115 bneuro205 bn
euro530 bn$355 bn
euro100 m
SchuldscheinLoans
euro400 m euro125 m euro500 m euro112 m $400 m euro10 bn euro700 m
Convertible Bonds
euro900 m euro500 m
Equity euro10 bn euro400 m
1 January 2020 euro750million 2020-2028 bonds issued by Fresenius SE amp Co KGaA2 March 2020 euro750million 2020-2027 bonds issued by Fresenius SE amp Co KGaA
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Debt and Cash Flow Structure
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 59
1 Incl consolidation adjustments2 Incl Fresenius financing subsidiaries3 Controlling stake4 Incl subsidiaries 5 Based on market capitalization for FMC as of December 31 20196 Via German holding entities (Fresenius Kabi AG and Fresenius ProServe GmbH)
Fresenius Medical Care
Financing
Fresenius SE Financing
Group Net Debt ~euro256 bn1
DividendsRents Service Agreements
~323 100 77 (cross boarder)100
Profit transfer Agreements6
bull Separate financing of Fresenius SE and Fresenius Medical Care
bull No joint financing facilities or mutual guarantees
bull Fresenius Kabi Fresenius Helios and Fresenius Vamed financed primarily through Fresenius SE to avoid structural subordination
bull Subsidiary debt consists mainly of lease liabilities which are on balance acc to IFRS 16 from 2019 onwards
FSE Net Debt2~euro128 bn
incl Net Debt of KabiHeliosVamed
StockMarketValue~euro62 bn5
FSE Net Debt2~euro114 bn
excl Net Debt of KabiHeliosVamed
euro12774 m Net Debt4
Thereof lease liabilities euro4705m
euro951 m Net Debt4
Thereof lease liabilities euro1042m
euro84 m Net Debt4
Thereof lease liabilities euro392m
euro371 m Net Debt4
Thereof lease liabilities euro369m
Fresenius Group Key Credit Figures
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 60
1 Adjusted for IFRS 162 Before special items pro forma acquisitionsdivestitures3 Before special items
20191 2019 2018 2017
Debt (eurom) thereof US$ denominated
2123328
2725834
1898428
1904231
Net debt (eurom) 19579 25604 16275 17406
Net debtEBITDA2
Net debt at year-end exchange rate EBITDA at LTM average FX rates
314 360 273 279
Net debtEBITDA2
at LTM average FX rates for both net debt and EBITDA
314 361 271 284
Operating Cash flowSales 99 120 112 116
EBITDANet Interest3 121 99 106 96
Appendix
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 61
Fresenius Group FY19 Key Financials
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom FY191 IFRS 16effect
specialitems
FY19 reported
Δ YoY cc12
Sales 35524 -115 - 35409 6
EBIT 4599 89 -57 4631 -2
Net interest -510 -204 -5 -719 9
Income taxes -955 30 42 -883 -5
Net income3 1915 -36 4 1883 0
Balance sheet total 61237 5769 - 67006
Operating Cashflow 3514 749 - 4263
1 Before special items adjusted for IFRS 16 effect2 On a comparable basis 2018 adjusted for divestitures of Care Coordination activities at FMC3 Net income attributable to shareholders of Fresenius SE amp Co KGaA
For a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
62
Fresenius Group Cash Flow
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 63
eurom 20191 Margin 2019 Margin 2018 Margin Δ YoY1918
Operating Cash Flow 3514 99 4263 120 3742 112 14
Capex (net) -2433 -69 -2433 -68 -2077 -62 -17
Free Cash Flow(before acquisitions and dividends)
1081 30 1830 52 1665 50 10
Acquisitions (net) -2423 -2423 613 --
Dividends -952 -952 -904 5
Free Cash Flow(after acquisitions and dividends) -2294 -65 -1545 -44 1374 41 --
1 2019 adjusted for IFRS 16
Fresenius Group Calculation of Noncontrolling Interest
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom FY19 FY18
Earnings before tax and noncontrolling interest 4089 3998
Taxes -955 -883
Noncontrolling interest thereof -1219 -1243
Fresenius Medical Care net income not attributable to Fresenius (FY19 ~69)
-897 -928
Noncontrolling interest holders in Fresenius Medical Care -239 -244
Noncontrolling interest holders in Fresenius Kabi (-euro49 m) Fresenius Helios (-euro13 m) Fresenius Vamed (-euro2 m) and due to Fresenius Vamedrsquos 23 external ownership (-euro19 m)
-83 -71
Net income attributable to Fresenius SE amp Co KGaA 1915 1872
64
On a comparable basis Before special items adjusted for IFRS16 effect FY18 adjusted for divestitures of Care Coordination activities at FMC
For a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
002
023 025029
032037
042044
055
062
93 08 09 10 11 12 13 14 15 16 17 18 19
25 2421 20 21 21 22 21 22 23 24
Fresenius SE Earnings-Linked Dividend Policy
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
euro per share
bull Dividend growth aligned to EPS1
growth
bull Pay-out Ratio 20 to 25
Dividend distribution (eurom)
Pay-out Ratio
075
2019 Pay-out Ratio 24 Dividend Policy
122 140 155 196 225 238 300 416114 343 445
080
1 Before special items
468
084
24
Track record
bull 27th consecutive dividend increase
bull CAGR dividend increase +15
65
32x1
Fresenius Medical Care Low Leverage Reflected by Solid Investment Grade Rating
66General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
60 6176
6483
2015 2016 2017 2018 2019
Free Cash Flow in of revenue
SampP Moodylsquos Fitch
Corporate Credit Rating BBB Baa3 BBB-
Outlook stable stable stable
Current Credit Ratings
1 Including IFRS16 effect
29x30x
27x
22x
18x
31x
27x25x
22x
21x
27x25x
25x
31x
26x23x
21x
18x
25x
15
20
25
30
35
40
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
1
Fresenius Medical Care Broad Mix of Financing Instruments
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 67
Total BS Debt
~euro138 m
1 As of December 31 2019
bull Optimize funding costs and ensure financial flexibility
bull Diversify investor base
bull Strong liquidity provided by sufficient financial cushion (~euro18 billion as of December 31 2019)
Well Positioned to Meet Financing Needs
Average interest ratecost of debt25 pa
Equity-neutralconvertible bonds 3
Commercial paper 7
Syndicated loans 14
Other financial liabilities 7
Bonds 36
Lease obligations 33
Fresenius Medical Care Well-Balanced Debt Maturity Profile12
68
eurom
Maturity 30 years on
average
1 As of December 31 2019 and based on utilization of major financing instruments2 Excluding lease liabilities
445
878623 650
356500 600
945
535
135
1236400
1000
380
0
500
1000
1500
2000
2500
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
Bonds Syndicated Loan Equity-neutral convertible bonds Commercial Paper AR Facility
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
2500
2000
1500
1000
Fresenius SE Overview Bonds
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 69
Issuer Volume(in millions)
Coupon type
Coupon (in )
MaturityTerm
ISIN (RegS)
WKN
Fresenius SE amp Co KGaAeuro500 Fix 2875 20132020 XS0873432511 A1HEWZ
Fresenius SE amp Co KGaAeuro450 Fix 300 20142021 XS1013955379 A1ZB7H
Fresenius SE amp Co KGaAeuro450 Fix 400 20142024 XS1026109204 A1ZC60
Fresenius SE amp Co KGaAeuro 500 Fix 1875 20192025 XS1936208252 A2NBMS
Fresenius SE amp Co KGaAeuro 750 Fix 1625 20202027 XS2152329053 A254TA
Fresenius SE amp Co KGaAeuro 750 Fix 075 20202028 XS2101357072 A254QN
Fresenius SE amp Co KGaAeuro 500 Fix 2875 20192029 XS1936208419 A2NBMT
Fresenius Finance Ireland plceuro700 Fix 0875 20172022 XS1554373164 A19B3F
Fresenius Finance Ireland plceuro700 Fix 150 20172024 XS1554373248 A19B3G
Fresenius Finance Ireland plceuro700 Fix 2125 20172027 XS1554373677 A19B3H
Fresenius Finance Ireland plceuro500 Fix 300 20172032 XS1554373834 A19B3J
Fresenius US Finance II IncUS$300 Fix 425 20142021 USU31436AG04 A1ZDVJ
Fresenius US Finance II IncUS$300 Fix 450 20152023 USU31436AH86 A1Z64A
As of April 8 2020
Fresenius Medical Care Overview Bonds
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 70
Issuer Volume(in millions)
Coupon type
Coupon (in )
MaturityTerm
ISIN (RegS)
WKN
FMC Finance VII SA euro300 Fix 525 20112021 XS0576395478 A1GLY6
Fresenius Medical Care US Finance Inc US$650 Fix 575 20112021 USU31433AA03 A1GL0J
Fresenius Medical Care US Finance II Inc US$500 Fix 4125 20142020 US35802XAH61 A1ZRTL
Fresenius Medical Care US Finance II Inc US$700 Fix 5875 20122022 USU31434AC42 A1GZRF
Fresenius Medical Care US Finance II Inc US$400 Fix 475 20142024 US35802XAJ28 A1ZRTN
Fresenius Medical Care US Finance III Inc US$500 Fix 375 20192029 USU3149FAA76 A2R3YR
Fresenius Medical Care AG amp Co KGaA euro650 Fix 0250 20192023 XS2084510069 A255DU
Fresenius Medical Care AG amp Co KGaA euro500 Fix 150 20182025 XS1854532949 A2NBE6
Fresenius Medical Care AG amp Co KGaA euro600 Fix 0625 20192026 XS2084497705 A255DV
Fresenius Medical Care AG amp Co KGaA euro500 Fix 1250 20192029 XS2084488209 A255DW
As of December 31 2019
Financial Calendar Contact
Financial Calendar 06 May 2020 Results Q120
30 July 2020 Results Q220
29 October 2020 Results Q320Please note that these dates could be subject to change
Annual General Meeting Due to the coronavirus pandemic the AGM scheduled for 20 May 2020 has been postponed A new date within the current financial year will be set as soon as the conditions for reliable planning and safe execution of the AGM are once again in place
Contact
Investor Relations amp SustainabilityFresenius SE amp Co KGaAphone +49 6172 608-2485e-mail ir-frefreseniuscomFor further information and current news wwwfreseniuscom
Follow us on Twitter wwwtwittercomfresenius_irand LinkedIn wwwlinkedincomcompanyfresenius-investor-relations
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 71
Commercial paper 7
Fresenius Group Broad Mix of Financing Instruments
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 52
Total BS Debt
~euro273 bn
1 As of December 31 2019
bull Optimize funding costs and ensure financial flexibility
bull Diversify investor base
bull Strong liquidity provided by sufficient financial cushion (~euro40 billion as of December 31 2019)
Well Positioned to Meet Financing Needs
Average interest ratecost of debt22 pa
Equity-neutralconvertible bonds 3
Syndicated loans 14
Other financial liabilities 6
Bonds 38
Lease liabilities 24
Schuldschein loans 8
Fresenius Group Capitalization1
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 53
Instrument per Book Value in euro million in $ million4 oftotal cap
EBITDA LTM x
Syndicated Credit Agreement Revolver (euro US-$) 0 0 00 Syndicated Credit Agreement Term Loan A (euro US-$) 1976 2220 29 Bonds (euro US-$) 5501 6180 82 Convertible Bonds 465 522 07 Schuldschein Loans 2180 2449 33 Commercial Paper 953 1071 14 Lease Obligations 1876 2107 28 Other debt 675 758 10 Total Debt (FSE excl FMC) gross 13626 15307 203 Cash (excl FMC) 651 731 10 Total debt (FSE excl FMC) net 12975 14576 193 Total FMC debt net 12774 14350 190 Consolidation Adjustments (145) (163) (02)Total consolidated debt net 25604 28764 382 36x Market capitalization2 41470 46587 618 58x
Total capitalization 67074 75351 1000 94x FSE Group EBITDA3 7110
1 As of December 31 20192 Based on market capitalization for FSE and FMC as of December 31 20193 Pro Forma acquisitions before special items4 EURUSD exchange rate as of December 31 2019
Fresenius Group excl FMC Well-Balanced Debt Maturity Profile12
54
1 As of December 31 2019 and based on utilization of major financing instruments2 Excluding lease liabilities3 Pro Forma issuance of FSE EUR 750m bonds in Jan 2020 (average maturity 38)
Maturity 35 years3 on
average
eurom
EUR 750m Jan 2020
500717 700
267
1150
500700 750
500 500
153
903 927
106
304 393
430
421
238
207
84
500
953
0
500
1000
1500
2000
2500
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Bonds Syndicated Loan Schuldschein Loans Equity-neutral convertible bonds Commercial Paper
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
1500
1000
2000
2500
Fresenius Group Well-Balanced Debt Maturity Profile12
1 As of December 31 2019 and based on utilization of major financing instruments2 Excluding lease liabilities3 Pro Forma issuance of FSE EUR 750m bonds in Jan 2020 (average maturity 35)
EUR 750m Jan 2020
2380
13931859
650356 500 600
945
1712
1924
2020
697
2071
500 238
907 750
584
5000
1000
2000
3000
4000
5000
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Fresenius Medical Care Fresenius excl Fresenius Medical Care
5000
4000
3000
2000
1000
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Maturity 33 years3 on
average
eurom
55
23 23 23 19
32 36 33 41
45 41 44 40
Dec 31 16 Dec 31 17 Dec 31 18 Dec 31 19
Equity and non-controlling interest Debt Other liabilities
Fresenius Group Solid Balance Sheet Structure
Healthy Equity and Liability Split
bull Strong equity ratio of gt40 on average
bull Equity ratio kept in narrow range despite rapid growth of Fresenius Group
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 56
467 531 567 670
BS total (eurobn)
Including IFRS 16
Fresenius SE Solid Investment Grade Rating
57
ldquoFSE delivers solid organic growth thanks to positive underlying growth trends in the life-saving and life-sustaining products and therapies that the group offersrdquoSampP Jan 08 2019
ldquoFSErsquos rating remains anchored in investment-grade given its mature and defensive business risk profile its organic deleveraging ability based on free cash flow generation and its record of integrating acquisitions successfully and reducing financial leverage in line with communicated policiesrdquo Fitch April 17 2019
ldquoThe Baa3 long term issuer rating of FSE reflects its strong defensive business profile underpinned by large absolute scale global footprint and segmental diversification within the healthcare market supported by strong position in its four business segmentsrdquo Moodyrsquos May 20 2019
Rating History Rating Agenciesrsquo Key Statements
Following a positive outlook SampP upgraded Fresenius to BBB stable outlook in May 2019
SampP Moodylsquos Fitch
Corporate Credit Rating BBB Baa3 BBB-
Outlook stable stable stable
Current Credit Ratings
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Strong Access to Capital Markets
58
Major Financing Instruments
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Bonds euro250 m euro800 m$105 bn
euro750 m$15 bn
euro500 m euro12 bn$12 bn
$300m euro26 bn euro500 m euro10 bn$500 m
euro175 bn
euro750 m1
euro750 m2
SyndicatedLoans
$35 bn $898 m $385 bn $18 bneuro245 bn
$41 bneuro700 m
$115 bneuro205 bn
euro530 bn$355 bn
euro100 m
SchuldscheinLoans
euro400 m euro125 m euro500 m euro112 m $400 m euro10 bn euro700 m
Convertible Bonds
euro900 m euro500 m
Equity euro10 bn euro400 m
1 January 2020 euro750million 2020-2028 bonds issued by Fresenius SE amp Co KGaA2 March 2020 euro750million 2020-2027 bonds issued by Fresenius SE amp Co KGaA
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Debt and Cash Flow Structure
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 59
1 Incl consolidation adjustments2 Incl Fresenius financing subsidiaries3 Controlling stake4 Incl subsidiaries 5 Based on market capitalization for FMC as of December 31 20196 Via German holding entities (Fresenius Kabi AG and Fresenius ProServe GmbH)
Fresenius Medical Care
Financing
Fresenius SE Financing
Group Net Debt ~euro256 bn1
DividendsRents Service Agreements
~323 100 77 (cross boarder)100
Profit transfer Agreements6
bull Separate financing of Fresenius SE and Fresenius Medical Care
bull No joint financing facilities or mutual guarantees
bull Fresenius Kabi Fresenius Helios and Fresenius Vamed financed primarily through Fresenius SE to avoid structural subordination
bull Subsidiary debt consists mainly of lease liabilities which are on balance acc to IFRS 16 from 2019 onwards
FSE Net Debt2~euro128 bn
incl Net Debt of KabiHeliosVamed
StockMarketValue~euro62 bn5
FSE Net Debt2~euro114 bn
excl Net Debt of KabiHeliosVamed
euro12774 m Net Debt4
Thereof lease liabilities euro4705m
euro951 m Net Debt4
Thereof lease liabilities euro1042m
euro84 m Net Debt4
Thereof lease liabilities euro392m
euro371 m Net Debt4
Thereof lease liabilities euro369m
Fresenius Group Key Credit Figures
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 60
1 Adjusted for IFRS 162 Before special items pro forma acquisitionsdivestitures3 Before special items
20191 2019 2018 2017
Debt (eurom) thereof US$ denominated
2123328
2725834
1898428
1904231
Net debt (eurom) 19579 25604 16275 17406
Net debtEBITDA2
Net debt at year-end exchange rate EBITDA at LTM average FX rates
314 360 273 279
Net debtEBITDA2
at LTM average FX rates for both net debt and EBITDA
314 361 271 284
Operating Cash flowSales 99 120 112 116
EBITDANet Interest3 121 99 106 96
Appendix
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 61
Fresenius Group FY19 Key Financials
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom FY191 IFRS 16effect
specialitems
FY19 reported
Δ YoY cc12
Sales 35524 -115 - 35409 6
EBIT 4599 89 -57 4631 -2
Net interest -510 -204 -5 -719 9
Income taxes -955 30 42 -883 -5
Net income3 1915 -36 4 1883 0
Balance sheet total 61237 5769 - 67006
Operating Cashflow 3514 749 - 4263
1 Before special items adjusted for IFRS 16 effect2 On a comparable basis 2018 adjusted for divestitures of Care Coordination activities at FMC3 Net income attributable to shareholders of Fresenius SE amp Co KGaA
For a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
62
Fresenius Group Cash Flow
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 63
eurom 20191 Margin 2019 Margin 2018 Margin Δ YoY1918
Operating Cash Flow 3514 99 4263 120 3742 112 14
Capex (net) -2433 -69 -2433 -68 -2077 -62 -17
Free Cash Flow(before acquisitions and dividends)
1081 30 1830 52 1665 50 10
Acquisitions (net) -2423 -2423 613 --
Dividends -952 -952 -904 5
Free Cash Flow(after acquisitions and dividends) -2294 -65 -1545 -44 1374 41 --
1 2019 adjusted for IFRS 16
Fresenius Group Calculation of Noncontrolling Interest
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom FY19 FY18
Earnings before tax and noncontrolling interest 4089 3998
Taxes -955 -883
Noncontrolling interest thereof -1219 -1243
Fresenius Medical Care net income not attributable to Fresenius (FY19 ~69)
-897 -928
Noncontrolling interest holders in Fresenius Medical Care -239 -244
Noncontrolling interest holders in Fresenius Kabi (-euro49 m) Fresenius Helios (-euro13 m) Fresenius Vamed (-euro2 m) and due to Fresenius Vamedrsquos 23 external ownership (-euro19 m)
-83 -71
Net income attributable to Fresenius SE amp Co KGaA 1915 1872
64
On a comparable basis Before special items adjusted for IFRS16 effect FY18 adjusted for divestitures of Care Coordination activities at FMC
For a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
002
023 025029
032037
042044
055
062
93 08 09 10 11 12 13 14 15 16 17 18 19
25 2421 20 21 21 22 21 22 23 24
Fresenius SE Earnings-Linked Dividend Policy
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
euro per share
bull Dividend growth aligned to EPS1
growth
bull Pay-out Ratio 20 to 25
Dividend distribution (eurom)
Pay-out Ratio
075
2019 Pay-out Ratio 24 Dividend Policy
122 140 155 196 225 238 300 416114 343 445
080
1 Before special items
468
084
24
Track record
bull 27th consecutive dividend increase
bull CAGR dividend increase +15
65
32x1
Fresenius Medical Care Low Leverage Reflected by Solid Investment Grade Rating
66General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
60 6176
6483
2015 2016 2017 2018 2019
Free Cash Flow in of revenue
SampP Moodylsquos Fitch
Corporate Credit Rating BBB Baa3 BBB-
Outlook stable stable stable
Current Credit Ratings
1 Including IFRS16 effect
29x30x
27x
22x
18x
31x
27x25x
22x
21x
27x25x
25x
31x
26x23x
21x
18x
25x
15
20
25
30
35
40
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
1
Fresenius Medical Care Broad Mix of Financing Instruments
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 67
Total BS Debt
~euro138 m
1 As of December 31 2019
bull Optimize funding costs and ensure financial flexibility
bull Diversify investor base
bull Strong liquidity provided by sufficient financial cushion (~euro18 billion as of December 31 2019)
Well Positioned to Meet Financing Needs
Average interest ratecost of debt25 pa
Equity-neutralconvertible bonds 3
Commercial paper 7
Syndicated loans 14
Other financial liabilities 7
Bonds 36
Lease obligations 33
Fresenius Medical Care Well-Balanced Debt Maturity Profile12
68
eurom
Maturity 30 years on
average
1 As of December 31 2019 and based on utilization of major financing instruments2 Excluding lease liabilities
445
878623 650
356500 600
945
535
135
1236400
1000
380
0
500
1000
1500
2000
2500
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
Bonds Syndicated Loan Equity-neutral convertible bonds Commercial Paper AR Facility
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
2500
2000
1500
1000
Fresenius SE Overview Bonds
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 69
Issuer Volume(in millions)
Coupon type
Coupon (in )
MaturityTerm
ISIN (RegS)
WKN
Fresenius SE amp Co KGaAeuro500 Fix 2875 20132020 XS0873432511 A1HEWZ
Fresenius SE amp Co KGaAeuro450 Fix 300 20142021 XS1013955379 A1ZB7H
Fresenius SE amp Co KGaAeuro450 Fix 400 20142024 XS1026109204 A1ZC60
Fresenius SE amp Co KGaAeuro 500 Fix 1875 20192025 XS1936208252 A2NBMS
Fresenius SE amp Co KGaAeuro 750 Fix 1625 20202027 XS2152329053 A254TA
Fresenius SE amp Co KGaAeuro 750 Fix 075 20202028 XS2101357072 A254QN
Fresenius SE amp Co KGaAeuro 500 Fix 2875 20192029 XS1936208419 A2NBMT
Fresenius Finance Ireland plceuro700 Fix 0875 20172022 XS1554373164 A19B3F
Fresenius Finance Ireland plceuro700 Fix 150 20172024 XS1554373248 A19B3G
Fresenius Finance Ireland plceuro700 Fix 2125 20172027 XS1554373677 A19B3H
Fresenius Finance Ireland plceuro500 Fix 300 20172032 XS1554373834 A19B3J
Fresenius US Finance II IncUS$300 Fix 425 20142021 USU31436AG04 A1ZDVJ
Fresenius US Finance II IncUS$300 Fix 450 20152023 USU31436AH86 A1Z64A
As of April 8 2020
Fresenius Medical Care Overview Bonds
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 70
Issuer Volume(in millions)
Coupon type
Coupon (in )
MaturityTerm
ISIN (RegS)
WKN
FMC Finance VII SA euro300 Fix 525 20112021 XS0576395478 A1GLY6
Fresenius Medical Care US Finance Inc US$650 Fix 575 20112021 USU31433AA03 A1GL0J
Fresenius Medical Care US Finance II Inc US$500 Fix 4125 20142020 US35802XAH61 A1ZRTL
Fresenius Medical Care US Finance II Inc US$700 Fix 5875 20122022 USU31434AC42 A1GZRF
Fresenius Medical Care US Finance II Inc US$400 Fix 475 20142024 US35802XAJ28 A1ZRTN
Fresenius Medical Care US Finance III Inc US$500 Fix 375 20192029 USU3149FAA76 A2R3YR
Fresenius Medical Care AG amp Co KGaA euro650 Fix 0250 20192023 XS2084510069 A255DU
Fresenius Medical Care AG amp Co KGaA euro500 Fix 150 20182025 XS1854532949 A2NBE6
Fresenius Medical Care AG amp Co KGaA euro600 Fix 0625 20192026 XS2084497705 A255DV
Fresenius Medical Care AG amp Co KGaA euro500 Fix 1250 20192029 XS2084488209 A255DW
As of December 31 2019
Financial Calendar Contact
Financial Calendar 06 May 2020 Results Q120
30 July 2020 Results Q220
29 October 2020 Results Q320Please note that these dates could be subject to change
Annual General Meeting Due to the coronavirus pandemic the AGM scheduled for 20 May 2020 has been postponed A new date within the current financial year will be set as soon as the conditions for reliable planning and safe execution of the AGM are once again in place
Contact
Investor Relations amp SustainabilityFresenius SE amp Co KGaAphone +49 6172 608-2485e-mail ir-frefreseniuscomFor further information and current news wwwfreseniuscom
Follow us on Twitter wwwtwittercomfresenius_irand LinkedIn wwwlinkedincomcompanyfresenius-investor-relations
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 71
Fresenius Group Capitalization1
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 53
Instrument per Book Value in euro million in $ million4 oftotal cap
EBITDA LTM x
Syndicated Credit Agreement Revolver (euro US-$) 0 0 00 Syndicated Credit Agreement Term Loan A (euro US-$) 1976 2220 29 Bonds (euro US-$) 5501 6180 82 Convertible Bonds 465 522 07 Schuldschein Loans 2180 2449 33 Commercial Paper 953 1071 14 Lease Obligations 1876 2107 28 Other debt 675 758 10 Total Debt (FSE excl FMC) gross 13626 15307 203 Cash (excl FMC) 651 731 10 Total debt (FSE excl FMC) net 12975 14576 193 Total FMC debt net 12774 14350 190 Consolidation Adjustments (145) (163) (02)Total consolidated debt net 25604 28764 382 36x Market capitalization2 41470 46587 618 58x
Total capitalization 67074 75351 1000 94x FSE Group EBITDA3 7110
1 As of December 31 20192 Based on market capitalization for FSE and FMC as of December 31 20193 Pro Forma acquisitions before special items4 EURUSD exchange rate as of December 31 2019
Fresenius Group excl FMC Well-Balanced Debt Maturity Profile12
54
1 As of December 31 2019 and based on utilization of major financing instruments2 Excluding lease liabilities3 Pro Forma issuance of FSE EUR 750m bonds in Jan 2020 (average maturity 38)
Maturity 35 years3 on
average
eurom
EUR 750m Jan 2020
500717 700
267
1150
500700 750
500 500
153
903 927
106
304 393
430
421
238
207
84
500
953
0
500
1000
1500
2000
2500
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Bonds Syndicated Loan Schuldschein Loans Equity-neutral convertible bonds Commercial Paper
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
1500
1000
2000
2500
Fresenius Group Well-Balanced Debt Maturity Profile12
1 As of December 31 2019 and based on utilization of major financing instruments2 Excluding lease liabilities3 Pro Forma issuance of FSE EUR 750m bonds in Jan 2020 (average maturity 35)
EUR 750m Jan 2020
2380
13931859
650356 500 600
945
1712
1924
2020
697
2071
500 238
907 750
584
5000
1000
2000
3000
4000
5000
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Fresenius Medical Care Fresenius excl Fresenius Medical Care
5000
4000
3000
2000
1000
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Maturity 33 years3 on
average
eurom
55
23 23 23 19
32 36 33 41
45 41 44 40
Dec 31 16 Dec 31 17 Dec 31 18 Dec 31 19
Equity and non-controlling interest Debt Other liabilities
Fresenius Group Solid Balance Sheet Structure
Healthy Equity and Liability Split
bull Strong equity ratio of gt40 on average
bull Equity ratio kept in narrow range despite rapid growth of Fresenius Group
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 56
467 531 567 670
BS total (eurobn)
Including IFRS 16
Fresenius SE Solid Investment Grade Rating
57
ldquoFSE delivers solid organic growth thanks to positive underlying growth trends in the life-saving and life-sustaining products and therapies that the group offersrdquoSampP Jan 08 2019
ldquoFSErsquos rating remains anchored in investment-grade given its mature and defensive business risk profile its organic deleveraging ability based on free cash flow generation and its record of integrating acquisitions successfully and reducing financial leverage in line with communicated policiesrdquo Fitch April 17 2019
ldquoThe Baa3 long term issuer rating of FSE reflects its strong defensive business profile underpinned by large absolute scale global footprint and segmental diversification within the healthcare market supported by strong position in its four business segmentsrdquo Moodyrsquos May 20 2019
Rating History Rating Agenciesrsquo Key Statements
Following a positive outlook SampP upgraded Fresenius to BBB stable outlook in May 2019
SampP Moodylsquos Fitch
Corporate Credit Rating BBB Baa3 BBB-
Outlook stable stable stable
Current Credit Ratings
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Strong Access to Capital Markets
58
Major Financing Instruments
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Bonds euro250 m euro800 m$105 bn
euro750 m$15 bn
euro500 m euro12 bn$12 bn
$300m euro26 bn euro500 m euro10 bn$500 m
euro175 bn
euro750 m1
euro750 m2
SyndicatedLoans
$35 bn $898 m $385 bn $18 bneuro245 bn
$41 bneuro700 m
$115 bneuro205 bn
euro530 bn$355 bn
euro100 m
SchuldscheinLoans
euro400 m euro125 m euro500 m euro112 m $400 m euro10 bn euro700 m
Convertible Bonds
euro900 m euro500 m
Equity euro10 bn euro400 m
1 January 2020 euro750million 2020-2028 bonds issued by Fresenius SE amp Co KGaA2 March 2020 euro750million 2020-2027 bonds issued by Fresenius SE amp Co KGaA
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Debt and Cash Flow Structure
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 59
1 Incl consolidation adjustments2 Incl Fresenius financing subsidiaries3 Controlling stake4 Incl subsidiaries 5 Based on market capitalization for FMC as of December 31 20196 Via German holding entities (Fresenius Kabi AG and Fresenius ProServe GmbH)
Fresenius Medical Care
Financing
Fresenius SE Financing
Group Net Debt ~euro256 bn1
DividendsRents Service Agreements
~323 100 77 (cross boarder)100
Profit transfer Agreements6
bull Separate financing of Fresenius SE and Fresenius Medical Care
bull No joint financing facilities or mutual guarantees
bull Fresenius Kabi Fresenius Helios and Fresenius Vamed financed primarily through Fresenius SE to avoid structural subordination
bull Subsidiary debt consists mainly of lease liabilities which are on balance acc to IFRS 16 from 2019 onwards
FSE Net Debt2~euro128 bn
incl Net Debt of KabiHeliosVamed
StockMarketValue~euro62 bn5
FSE Net Debt2~euro114 bn
excl Net Debt of KabiHeliosVamed
euro12774 m Net Debt4
Thereof lease liabilities euro4705m
euro951 m Net Debt4
Thereof lease liabilities euro1042m
euro84 m Net Debt4
Thereof lease liabilities euro392m
euro371 m Net Debt4
Thereof lease liabilities euro369m
Fresenius Group Key Credit Figures
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 60
1 Adjusted for IFRS 162 Before special items pro forma acquisitionsdivestitures3 Before special items
20191 2019 2018 2017
Debt (eurom) thereof US$ denominated
2123328
2725834
1898428
1904231
Net debt (eurom) 19579 25604 16275 17406
Net debtEBITDA2
Net debt at year-end exchange rate EBITDA at LTM average FX rates
314 360 273 279
Net debtEBITDA2
at LTM average FX rates for both net debt and EBITDA
314 361 271 284
Operating Cash flowSales 99 120 112 116
EBITDANet Interest3 121 99 106 96
Appendix
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 61
Fresenius Group FY19 Key Financials
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom FY191 IFRS 16effect
specialitems
FY19 reported
Δ YoY cc12
Sales 35524 -115 - 35409 6
EBIT 4599 89 -57 4631 -2
Net interest -510 -204 -5 -719 9
Income taxes -955 30 42 -883 -5
Net income3 1915 -36 4 1883 0
Balance sheet total 61237 5769 - 67006
Operating Cashflow 3514 749 - 4263
1 Before special items adjusted for IFRS 16 effect2 On a comparable basis 2018 adjusted for divestitures of Care Coordination activities at FMC3 Net income attributable to shareholders of Fresenius SE amp Co KGaA
For a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
62
Fresenius Group Cash Flow
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 63
eurom 20191 Margin 2019 Margin 2018 Margin Δ YoY1918
Operating Cash Flow 3514 99 4263 120 3742 112 14
Capex (net) -2433 -69 -2433 -68 -2077 -62 -17
Free Cash Flow(before acquisitions and dividends)
1081 30 1830 52 1665 50 10
Acquisitions (net) -2423 -2423 613 --
Dividends -952 -952 -904 5
Free Cash Flow(after acquisitions and dividends) -2294 -65 -1545 -44 1374 41 --
1 2019 adjusted for IFRS 16
Fresenius Group Calculation of Noncontrolling Interest
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom FY19 FY18
Earnings before tax and noncontrolling interest 4089 3998
Taxes -955 -883
Noncontrolling interest thereof -1219 -1243
Fresenius Medical Care net income not attributable to Fresenius (FY19 ~69)
-897 -928
Noncontrolling interest holders in Fresenius Medical Care -239 -244
Noncontrolling interest holders in Fresenius Kabi (-euro49 m) Fresenius Helios (-euro13 m) Fresenius Vamed (-euro2 m) and due to Fresenius Vamedrsquos 23 external ownership (-euro19 m)
-83 -71
Net income attributable to Fresenius SE amp Co KGaA 1915 1872
64
On a comparable basis Before special items adjusted for IFRS16 effect FY18 adjusted for divestitures of Care Coordination activities at FMC
For a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
002
023 025029
032037
042044
055
062
93 08 09 10 11 12 13 14 15 16 17 18 19
25 2421 20 21 21 22 21 22 23 24
Fresenius SE Earnings-Linked Dividend Policy
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
euro per share
bull Dividend growth aligned to EPS1
growth
bull Pay-out Ratio 20 to 25
Dividend distribution (eurom)
Pay-out Ratio
075
2019 Pay-out Ratio 24 Dividend Policy
122 140 155 196 225 238 300 416114 343 445
080
1 Before special items
468
084
24
Track record
bull 27th consecutive dividend increase
bull CAGR dividend increase +15
65
32x1
Fresenius Medical Care Low Leverage Reflected by Solid Investment Grade Rating
66General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
60 6176
6483
2015 2016 2017 2018 2019
Free Cash Flow in of revenue
SampP Moodylsquos Fitch
Corporate Credit Rating BBB Baa3 BBB-
Outlook stable stable stable
Current Credit Ratings
1 Including IFRS16 effect
29x30x
27x
22x
18x
31x
27x25x
22x
21x
27x25x
25x
31x
26x23x
21x
18x
25x
15
20
25
30
35
40
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
1
Fresenius Medical Care Broad Mix of Financing Instruments
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 67
Total BS Debt
~euro138 m
1 As of December 31 2019
bull Optimize funding costs and ensure financial flexibility
bull Diversify investor base
bull Strong liquidity provided by sufficient financial cushion (~euro18 billion as of December 31 2019)
Well Positioned to Meet Financing Needs
Average interest ratecost of debt25 pa
Equity-neutralconvertible bonds 3
Commercial paper 7
Syndicated loans 14
Other financial liabilities 7
Bonds 36
Lease obligations 33
Fresenius Medical Care Well-Balanced Debt Maturity Profile12
68
eurom
Maturity 30 years on
average
1 As of December 31 2019 and based on utilization of major financing instruments2 Excluding lease liabilities
445
878623 650
356500 600
945
535
135
1236400
1000
380
0
500
1000
1500
2000
2500
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
Bonds Syndicated Loan Equity-neutral convertible bonds Commercial Paper AR Facility
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
2500
2000
1500
1000
Fresenius SE Overview Bonds
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 69
Issuer Volume(in millions)
Coupon type
Coupon (in )
MaturityTerm
ISIN (RegS)
WKN
Fresenius SE amp Co KGaAeuro500 Fix 2875 20132020 XS0873432511 A1HEWZ
Fresenius SE amp Co KGaAeuro450 Fix 300 20142021 XS1013955379 A1ZB7H
Fresenius SE amp Co KGaAeuro450 Fix 400 20142024 XS1026109204 A1ZC60
Fresenius SE amp Co KGaAeuro 500 Fix 1875 20192025 XS1936208252 A2NBMS
Fresenius SE amp Co KGaAeuro 750 Fix 1625 20202027 XS2152329053 A254TA
Fresenius SE amp Co KGaAeuro 750 Fix 075 20202028 XS2101357072 A254QN
Fresenius SE amp Co KGaAeuro 500 Fix 2875 20192029 XS1936208419 A2NBMT
Fresenius Finance Ireland plceuro700 Fix 0875 20172022 XS1554373164 A19B3F
Fresenius Finance Ireland plceuro700 Fix 150 20172024 XS1554373248 A19B3G
Fresenius Finance Ireland plceuro700 Fix 2125 20172027 XS1554373677 A19B3H
Fresenius Finance Ireland plceuro500 Fix 300 20172032 XS1554373834 A19B3J
Fresenius US Finance II IncUS$300 Fix 425 20142021 USU31436AG04 A1ZDVJ
Fresenius US Finance II IncUS$300 Fix 450 20152023 USU31436AH86 A1Z64A
As of April 8 2020
Fresenius Medical Care Overview Bonds
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 70
Issuer Volume(in millions)
Coupon type
Coupon (in )
MaturityTerm
ISIN (RegS)
WKN
FMC Finance VII SA euro300 Fix 525 20112021 XS0576395478 A1GLY6
Fresenius Medical Care US Finance Inc US$650 Fix 575 20112021 USU31433AA03 A1GL0J
Fresenius Medical Care US Finance II Inc US$500 Fix 4125 20142020 US35802XAH61 A1ZRTL
Fresenius Medical Care US Finance II Inc US$700 Fix 5875 20122022 USU31434AC42 A1GZRF
Fresenius Medical Care US Finance II Inc US$400 Fix 475 20142024 US35802XAJ28 A1ZRTN
Fresenius Medical Care US Finance III Inc US$500 Fix 375 20192029 USU3149FAA76 A2R3YR
Fresenius Medical Care AG amp Co KGaA euro650 Fix 0250 20192023 XS2084510069 A255DU
Fresenius Medical Care AG amp Co KGaA euro500 Fix 150 20182025 XS1854532949 A2NBE6
Fresenius Medical Care AG amp Co KGaA euro600 Fix 0625 20192026 XS2084497705 A255DV
Fresenius Medical Care AG amp Co KGaA euro500 Fix 1250 20192029 XS2084488209 A255DW
As of December 31 2019
Financial Calendar Contact
Financial Calendar 06 May 2020 Results Q120
30 July 2020 Results Q220
29 October 2020 Results Q320Please note that these dates could be subject to change
Annual General Meeting Due to the coronavirus pandemic the AGM scheduled for 20 May 2020 has been postponed A new date within the current financial year will be set as soon as the conditions for reliable planning and safe execution of the AGM are once again in place
Contact
Investor Relations amp SustainabilityFresenius SE amp Co KGaAphone +49 6172 608-2485e-mail ir-frefreseniuscomFor further information and current news wwwfreseniuscom
Follow us on Twitter wwwtwittercomfresenius_irand LinkedIn wwwlinkedincomcompanyfresenius-investor-relations
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 71
Fresenius Group excl FMC Well-Balanced Debt Maturity Profile12
54
1 As of December 31 2019 and based on utilization of major financing instruments2 Excluding lease liabilities3 Pro Forma issuance of FSE EUR 750m bonds in Jan 2020 (average maturity 38)
Maturity 35 years3 on
average
eurom
EUR 750m Jan 2020
500717 700
267
1150
500700 750
500 500
153
903 927
106
304 393
430
421
238
207
84
500
953
0
500
1000
1500
2000
2500
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Bonds Syndicated Loan Schuldschein Loans Equity-neutral convertible bonds Commercial Paper
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
1500
1000
2000
2500
Fresenius Group Well-Balanced Debt Maturity Profile12
1 As of December 31 2019 and based on utilization of major financing instruments2 Excluding lease liabilities3 Pro Forma issuance of FSE EUR 750m bonds in Jan 2020 (average maturity 35)
EUR 750m Jan 2020
2380
13931859
650356 500 600
945
1712
1924
2020
697
2071
500 238
907 750
584
5000
1000
2000
3000
4000
5000
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Fresenius Medical Care Fresenius excl Fresenius Medical Care
5000
4000
3000
2000
1000
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Maturity 33 years3 on
average
eurom
55
23 23 23 19
32 36 33 41
45 41 44 40
Dec 31 16 Dec 31 17 Dec 31 18 Dec 31 19
Equity and non-controlling interest Debt Other liabilities
Fresenius Group Solid Balance Sheet Structure
Healthy Equity and Liability Split
bull Strong equity ratio of gt40 on average
bull Equity ratio kept in narrow range despite rapid growth of Fresenius Group
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 56
467 531 567 670
BS total (eurobn)
Including IFRS 16
Fresenius SE Solid Investment Grade Rating
57
ldquoFSE delivers solid organic growth thanks to positive underlying growth trends in the life-saving and life-sustaining products and therapies that the group offersrdquoSampP Jan 08 2019
ldquoFSErsquos rating remains anchored in investment-grade given its mature and defensive business risk profile its organic deleveraging ability based on free cash flow generation and its record of integrating acquisitions successfully and reducing financial leverage in line with communicated policiesrdquo Fitch April 17 2019
ldquoThe Baa3 long term issuer rating of FSE reflects its strong defensive business profile underpinned by large absolute scale global footprint and segmental diversification within the healthcare market supported by strong position in its four business segmentsrdquo Moodyrsquos May 20 2019
Rating History Rating Agenciesrsquo Key Statements
Following a positive outlook SampP upgraded Fresenius to BBB stable outlook in May 2019
SampP Moodylsquos Fitch
Corporate Credit Rating BBB Baa3 BBB-
Outlook stable stable stable
Current Credit Ratings
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Strong Access to Capital Markets
58
Major Financing Instruments
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Bonds euro250 m euro800 m$105 bn
euro750 m$15 bn
euro500 m euro12 bn$12 bn
$300m euro26 bn euro500 m euro10 bn$500 m
euro175 bn
euro750 m1
euro750 m2
SyndicatedLoans
$35 bn $898 m $385 bn $18 bneuro245 bn
$41 bneuro700 m
$115 bneuro205 bn
euro530 bn$355 bn
euro100 m
SchuldscheinLoans
euro400 m euro125 m euro500 m euro112 m $400 m euro10 bn euro700 m
Convertible Bonds
euro900 m euro500 m
Equity euro10 bn euro400 m
1 January 2020 euro750million 2020-2028 bonds issued by Fresenius SE amp Co KGaA2 March 2020 euro750million 2020-2027 bonds issued by Fresenius SE amp Co KGaA
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Debt and Cash Flow Structure
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 59
1 Incl consolidation adjustments2 Incl Fresenius financing subsidiaries3 Controlling stake4 Incl subsidiaries 5 Based on market capitalization for FMC as of December 31 20196 Via German holding entities (Fresenius Kabi AG and Fresenius ProServe GmbH)
Fresenius Medical Care
Financing
Fresenius SE Financing
Group Net Debt ~euro256 bn1
DividendsRents Service Agreements
~323 100 77 (cross boarder)100
Profit transfer Agreements6
bull Separate financing of Fresenius SE and Fresenius Medical Care
bull No joint financing facilities or mutual guarantees
bull Fresenius Kabi Fresenius Helios and Fresenius Vamed financed primarily through Fresenius SE to avoid structural subordination
bull Subsidiary debt consists mainly of lease liabilities which are on balance acc to IFRS 16 from 2019 onwards
FSE Net Debt2~euro128 bn
incl Net Debt of KabiHeliosVamed
StockMarketValue~euro62 bn5
FSE Net Debt2~euro114 bn
excl Net Debt of KabiHeliosVamed
euro12774 m Net Debt4
Thereof lease liabilities euro4705m
euro951 m Net Debt4
Thereof lease liabilities euro1042m
euro84 m Net Debt4
Thereof lease liabilities euro392m
euro371 m Net Debt4
Thereof lease liabilities euro369m
Fresenius Group Key Credit Figures
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 60
1 Adjusted for IFRS 162 Before special items pro forma acquisitionsdivestitures3 Before special items
20191 2019 2018 2017
Debt (eurom) thereof US$ denominated
2123328
2725834
1898428
1904231
Net debt (eurom) 19579 25604 16275 17406
Net debtEBITDA2
Net debt at year-end exchange rate EBITDA at LTM average FX rates
314 360 273 279
Net debtEBITDA2
at LTM average FX rates for both net debt and EBITDA
314 361 271 284
Operating Cash flowSales 99 120 112 116
EBITDANet Interest3 121 99 106 96
Appendix
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 61
Fresenius Group FY19 Key Financials
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom FY191 IFRS 16effect
specialitems
FY19 reported
Δ YoY cc12
Sales 35524 -115 - 35409 6
EBIT 4599 89 -57 4631 -2
Net interest -510 -204 -5 -719 9
Income taxes -955 30 42 -883 -5
Net income3 1915 -36 4 1883 0
Balance sheet total 61237 5769 - 67006
Operating Cashflow 3514 749 - 4263
1 Before special items adjusted for IFRS 16 effect2 On a comparable basis 2018 adjusted for divestitures of Care Coordination activities at FMC3 Net income attributable to shareholders of Fresenius SE amp Co KGaA
For a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
62
Fresenius Group Cash Flow
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 63
eurom 20191 Margin 2019 Margin 2018 Margin Δ YoY1918
Operating Cash Flow 3514 99 4263 120 3742 112 14
Capex (net) -2433 -69 -2433 -68 -2077 -62 -17
Free Cash Flow(before acquisitions and dividends)
1081 30 1830 52 1665 50 10
Acquisitions (net) -2423 -2423 613 --
Dividends -952 -952 -904 5
Free Cash Flow(after acquisitions and dividends) -2294 -65 -1545 -44 1374 41 --
1 2019 adjusted for IFRS 16
Fresenius Group Calculation of Noncontrolling Interest
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom FY19 FY18
Earnings before tax and noncontrolling interest 4089 3998
Taxes -955 -883
Noncontrolling interest thereof -1219 -1243
Fresenius Medical Care net income not attributable to Fresenius (FY19 ~69)
-897 -928
Noncontrolling interest holders in Fresenius Medical Care -239 -244
Noncontrolling interest holders in Fresenius Kabi (-euro49 m) Fresenius Helios (-euro13 m) Fresenius Vamed (-euro2 m) and due to Fresenius Vamedrsquos 23 external ownership (-euro19 m)
-83 -71
Net income attributable to Fresenius SE amp Co KGaA 1915 1872
64
On a comparable basis Before special items adjusted for IFRS16 effect FY18 adjusted for divestitures of Care Coordination activities at FMC
For a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
002
023 025029
032037
042044
055
062
93 08 09 10 11 12 13 14 15 16 17 18 19
25 2421 20 21 21 22 21 22 23 24
Fresenius SE Earnings-Linked Dividend Policy
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
euro per share
bull Dividend growth aligned to EPS1
growth
bull Pay-out Ratio 20 to 25
Dividend distribution (eurom)
Pay-out Ratio
075
2019 Pay-out Ratio 24 Dividend Policy
122 140 155 196 225 238 300 416114 343 445
080
1 Before special items
468
084
24
Track record
bull 27th consecutive dividend increase
bull CAGR dividend increase +15
65
32x1
Fresenius Medical Care Low Leverage Reflected by Solid Investment Grade Rating
66General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
60 6176
6483
2015 2016 2017 2018 2019
Free Cash Flow in of revenue
SampP Moodylsquos Fitch
Corporate Credit Rating BBB Baa3 BBB-
Outlook stable stable stable
Current Credit Ratings
1 Including IFRS16 effect
29x30x
27x
22x
18x
31x
27x25x
22x
21x
27x25x
25x
31x
26x23x
21x
18x
25x
15
20
25
30
35
40
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
1
Fresenius Medical Care Broad Mix of Financing Instruments
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 67
Total BS Debt
~euro138 m
1 As of December 31 2019
bull Optimize funding costs and ensure financial flexibility
bull Diversify investor base
bull Strong liquidity provided by sufficient financial cushion (~euro18 billion as of December 31 2019)
Well Positioned to Meet Financing Needs
Average interest ratecost of debt25 pa
Equity-neutralconvertible bonds 3
Commercial paper 7
Syndicated loans 14
Other financial liabilities 7
Bonds 36
Lease obligations 33
Fresenius Medical Care Well-Balanced Debt Maturity Profile12
68
eurom
Maturity 30 years on
average
1 As of December 31 2019 and based on utilization of major financing instruments2 Excluding lease liabilities
445
878623 650
356500 600
945
535
135
1236400
1000
380
0
500
1000
1500
2000
2500
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
Bonds Syndicated Loan Equity-neutral convertible bonds Commercial Paper AR Facility
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
2500
2000
1500
1000
Fresenius SE Overview Bonds
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 69
Issuer Volume(in millions)
Coupon type
Coupon (in )
MaturityTerm
ISIN (RegS)
WKN
Fresenius SE amp Co KGaAeuro500 Fix 2875 20132020 XS0873432511 A1HEWZ
Fresenius SE amp Co KGaAeuro450 Fix 300 20142021 XS1013955379 A1ZB7H
Fresenius SE amp Co KGaAeuro450 Fix 400 20142024 XS1026109204 A1ZC60
Fresenius SE amp Co KGaAeuro 500 Fix 1875 20192025 XS1936208252 A2NBMS
Fresenius SE amp Co KGaAeuro 750 Fix 1625 20202027 XS2152329053 A254TA
Fresenius SE amp Co KGaAeuro 750 Fix 075 20202028 XS2101357072 A254QN
Fresenius SE amp Co KGaAeuro 500 Fix 2875 20192029 XS1936208419 A2NBMT
Fresenius Finance Ireland plceuro700 Fix 0875 20172022 XS1554373164 A19B3F
Fresenius Finance Ireland plceuro700 Fix 150 20172024 XS1554373248 A19B3G
Fresenius Finance Ireland plceuro700 Fix 2125 20172027 XS1554373677 A19B3H
Fresenius Finance Ireland plceuro500 Fix 300 20172032 XS1554373834 A19B3J
Fresenius US Finance II IncUS$300 Fix 425 20142021 USU31436AG04 A1ZDVJ
Fresenius US Finance II IncUS$300 Fix 450 20152023 USU31436AH86 A1Z64A
As of April 8 2020
Fresenius Medical Care Overview Bonds
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 70
Issuer Volume(in millions)
Coupon type
Coupon (in )
MaturityTerm
ISIN (RegS)
WKN
FMC Finance VII SA euro300 Fix 525 20112021 XS0576395478 A1GLY6
Fresenius Medical Care US Finance Inc US$650 Fix 575 20112021 USU31433AA03 A1GL0J
Fresenius Medical Care US Finance II Inc US$500 Fix 4125 20142020 US35802XAH61 A1ZRTL
Fresenius Medical Care US Finance II Inc US$700 Fix 5875 20122022 USU31434AC42 A1GZRF
Fresenius Medical Care US Finance II Inc US$400 Fix 475 20142024 US35802XAJ28 A1ZRTN
Fresenius Medical Care US Finance III Inc US$500 Fix 375 20192029 USU3149FAA76 A2R3YR
Fresenius Medical Care AG amp Co KGaA euro650 Fix 0250 20192023 XS2084510069 A255DU
Fresenius Medical Care AG amp Co KGaA euro500 Fix 150 20182025 XS1854532949 A2NBE6
Fresenius Medical Care AG amp Co KGaA euro600 Fix 0625 20192026 XS2084497705 A255DV
Fresenius Medical Care AG amp Co KGaA euro500 Fix 1250 20192029 XS2084488209 A255DW
As of December 31 2019
Financial Calendar Contact
Financial Calendar 06 May 2020 Results Q120
30 July 2020 Results Q220
29 October 2020 Results Q320Please note that these dates could be subject to change
Annual General Meeting Due to the coronavirus pandemic the AGM scheduled for 20 May 2020 has been postponed A new date within the current financial year will be set as soon as the conditions for reliable planning and safe execution of the AGM are once again in place
Contact
Investor Relations amp SustainabilityFresenius SE amp Co KGaAphone +49 6172 608-2485e-mail ir-frefreseniuscomFor further information and current news wwwfreseniuscom
Follow us on Twitter wwwtwittercomfresenius_irand LinkedIn wwwlinkedincomcompanyfresenius-investor-relations
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 71
Fresenius Group Well-Balanced Debt Maturity Profile12
1 As of December 31 2019 and based on utilization of major financing instruments2 Excluding lease liabilities3 Pro Forma issuance of FSE EUR 750m bonds in Jan 2020 (average maturity 35)
EUR 750m Jan 2020
2380
13931859
650356 500 600
945
1712
1924
2020
697
2071
500 238
907 750
584
5000
1000
2000
3000
4000
5000
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Fresenius Medical Care Fresenius excl Fresenius Medical Care
5000
4000
3000
2000
1000
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Maturity 33 years3 on
average
eurom
55
23 23 23 19
32 36 33 41
45 41 44 40
Dec 31 16 Dec 31 17 Dec 31 18 Dec 31 19
Equity and non-controlling interest Debt Other liabilities
Fresenius Group Solid Balance Sheet Structure
Healthy Equity and Liability Split
bull Strong equity ratio of gt40 on average
bull Equity ratio kept in narrow range despite rapid growth of Fresenius Group
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 56
467 531 567 670
BS total (eurobn)
Including IFRS 16
Fresenius SE Solid Investment Grade Rating
57
ldquoFSE delivers solid organic growth thanks to positive underlying growth trends in the life-saving and life-sustaining products and therapies that the group offersrdquoSampP Jan 08 2019
ldquoFSErsquos rating remains anchored in investment-grade given its mature and defensive business risk profile its organic deleveraging ability based on free cash flow generation and its record of integrating acquisitions successfully and reducing financial leverage in line with communicated policiesrdquo Fitch April 17 2019
ldquoThe Baa3 long term issuer rating of FSE reflects its strong defensive business profile underpinned by large absolute scale global footprint and segmental diversification within the healthcare market supported by strong position in its four business segmentsrdquo Moodyrsquos May 20 2019
Rating History Rating Agenciesrsquo Key Statements
Following a positive outlook SampP upgraded Fresenius to BBB stable outlook in May 2019
SampP Moodylsquos Fitch
Corporate Credit Rating BBB Baa3 BBB-
Outlook stable stable stable
Current Credit Ratings
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Strong Access to Capital Markets
58
Major Financing Instruments
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Bonds euro250 m euro800 m$105 bn
euro750 m$15 bn
euro500 m euro12 bn$12 bn
$300m euro26 bn euro500 m euro10 bn$500 m
euro175 bn
euro750 m1
euro750 m2
SyndicatedLoans
$35 bn $898 m $385 bn $18 bneuro245 bn
$41 bneuro700 m
$115 bneuro205 bn
euro530 bn$355 bn
euro100 m
SchuldscheinLoans
euro400 m euro125 m euro500 m euro112 m $400 m euro10 bn euro700 m
Convertible Bonds
euro900 m euro500 m
Equity euro10 bn euro400 m
1 January 2020 euro750million 2020-2028 bonds issued by Fresenius SE amp Co KGaA2 March 2020 euro750million 2020-2027 bonds issued by Fresenius SE amp Co KGaA
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Debt and Cash Flow Structure
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 59
1 Incl consolidation adjustments2 Incl Fresenius financing subsidiaries3 Controlling stake4 Incl subsidiaries 5 Based on market capitalization for FMC as of December 31 20196 Via German holding entities (Fresenius Kabi AG and Fresenius ProServe GmbH)
Fresenius Medical Care
Financing
Fresenius SE Financing
Group Net Debt ~euro256 bn1
DividendsRents Service Agreements
~323 100 77 (cross boarder)100
Profit transfer Agreements6
bull Separate financing of Fresenius SE and Fresenius Medical Care
bull No joint financing facilities or mutual guarantees
bull Fresenius Kabi Fresenius Helios and Fresenius Vamed financed primarily through Fresenius SE to avoid structural subordination
bull Subsidiary debt consists mainly of lease liabilities which are on balance acc to IFRS 16 from 2019 onwards
FSE Net Debt2~euro128 bn
incl Net Debt of KabiHeliosVamed
StockMarketValue~euro62 bn5
FSE Net Debt2~euro114 bn
excl Net Debt of KabiHeliosVamed
euro12774 m Net Debt4
Thereof lease liabilities euro4705m
euro951 m Net Debt4
Thereof lease liabilities euro1042m
euro84 m Net Debt4
Thereof lease liabilities euro392m
euro371 m Net Debt4
Thereof lease liabilities euro369m
Fresenius Group Key Credit Figures
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 60
1 Adjusted for IFRS 162 Before special items pro forma acquisitionsdivestitures3 Before special items
20191 2019 2018 2017
Debt (eurom) thereof US$ denominated
2123328
2725834
1898428
1904231
Net debt (eurom) 19579 25604 16275 17406
Net debtEBITDA2
Net debt at year-end exchange rate EBITDA at LTM average FX rates
314 360 273 279
Net debtEBITDA2
at LTM average FX rates for both net debt and EBITDA
314 361 271 284
Operating Cash flowSales 99 120 112 116
EBITDANet Interest3 121 99 106 96
Appendix
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 61
Fresenius Group FY19 Key Financials
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom FY191 IFRS 16effect
specialitems
FY19 reported
Δ YoY cc12
Sales 35524 -115 - 35409 6
EBIT 4599 89 -57 4631 -2
Net interest -510 -204 -5 -719 9
Income taxes -955 30 42 -883 -5
Net income3 1915 -36 4 1883 0
Balance sheet total 61237 5769 - 67006
Operating Cashflow 3514 749 - 4263
1 Before special items adjusted for IFRS 16 effect2 On a comparable basis 2018 adjusted for divestitures of Care Coordination activities at FMC3 Net income attributable to shareholders of Fresenius SE amp Co KGaA
For a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
62
Fresenius Group Cash Flow
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 63
eurom 20191 Margin 2019 Margin 2018 Margin Δ YoY1918
Operating Cash Flow 3514 99 4263 120 3742 112 14
Capex (net) -2433 -69 -2433 -68 -2077 -62 -17
Free Cash Flow(before acquisitions and dividends)
1081 30 1830 52 1665 50 10
Acquisitions (net) -2423 -2423 613 --
Dividends -952 -952 -904 5
Free Cash Flow(after acquisitions and dividends) -2294 -65 -1545 -44 1374 41 --
1 2019 adjusted for IFRS 16
Fresenius Group Calculation of Noncontrolling Interest
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom FY19 FY18
Earnings before tax and noncontrolling interest 4089 3998
Taxes -955 -883
Noncontrolling interest thereof -1219 -1243
Fresenius Medical Care net income not attributable to Fresenius (FY19 ~69)
-897 -928
Noncontrolling interest holders in Fresenius Medical Care -239 -244
Noncontrolling interest holders in Fresenius Kabi (-euro49 m) Fresenius Helios (-euro13 m) Fresenius Vamed (-euro2 m) and due to Fresenius Vamedrsquos 23 external ownership (-euro19 m)
-83 -71
Net income attributable to Fresenius SE amp Co KGaA 1915 1872
64
On a comparable basis Before special items adjusted for IFRS16 effect FY18 adjusted for divestitures of Care Coordination activities at FMC
For a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
002
023 025029
032037
042044
055
062
93 08 09 10 11 12 13 14 15 16 17 18 19
25 2421 20 21 21 22 21 22 23 24
Fresenius SE Earnings-Linked Dividend Policy
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
euro per share
bull Dividend growth aligned to EPS1
growth
bull Pay-out Ratio 20 to 25
Dividend distribution (eurom)
Pay-out Ratio
075
2019 Pay-out Ratio 24 Dividend Policy
122 140 155 196 225 238 300 416114 343 445
080
1 Before special items
468
084
24
Track record
bull 27th consecutive dividend increase
bull CAGR dividend increase +15
65
32x1
Fresenius Medical Care Low Leverage Reflected by Solid Investment Grade Rating
66General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
60 6176
6483
2015 2016 2017 2018 2019
Free Cash Flow in of revenue
SampP Moodylsquos Fitch
Corporate Credit Rating BBB Baa3 BBB-
Outlook stable stable stable
Current Credit Ratings
1 Including IFRS16 effect
29x30x
27x
22x
18x
31x
27x25x
22x
21x
27x25x
25x
31x
26x23x
21x
18x
25x
15
20
25
30
35
40
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
1
Fresenius Medical Care Broad Mix of Financing Instruments
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 67
Total BS Debt
~euro138 m
1 As of December 31 2019
bull Optimize funding costs and ensure financial flexibility
bull Diversify investor base
bull Strong liquidity provided by sufficient financial cushion (~euro18 billion as of December 31 2019)
Well Positioned to Meet Financing Needs
Average interest ratecost of debt25 pa
Equity-neutralconvertible bonds 3
Commercial paper 7
Syndicated loans 14
Other financial liabilities 7
Bonds 36
Lease obligations 33
Fresenius Medical Care Well-Balanced Debt Maturity Profile12
68
eurom
Maturity 30 years on
average
1 As of December 31 2019 and based on utilization of major financing instruments2 Excluding lease liabilities
445
878623 650
356500 600
945
535
135
1236400
1000
380
0
500
1000
1500
2000
2500
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
Bonds Syndicated Loan Equity-neutral convertible bonds Commercial Paper AR Facility
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
2500
2000
1500
1000
Fresenius SE Overview Bonds
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 69
Issuer Volume(in millions)
Coupon type
Coupon (in )
MaturityTerm
ISIN (RegS)
WKN
Fresenius SE amp Co KGaAeuro500 Fix 2875 20132020 XS0873432511 A1HEWZ
Fresenius SE amp Co KGaAeuro450 Fix 300 20142021 XS1013955379 A1ZB7H
Fresenius SE amp Co KGaAeuro450 Fix 400 20142024 XS1026109204 A1ZC60
Fresenius SE amp Co KGaAeuro 500 Fix 1875 20192025 XS1936208252 A2NBMS
Fresenius SE amp Co KGaAeuro 750 Fix 1625 20202027 XS2152329053 A254TA
Fresenius SE amp Co KGaAeuro 750 Fix 075 20202028 XS2101357072 A254QN
Fresenius SE amp Co KGaAeuro 500 Fix 2875 20192029 XS1936208419 A2NBMT
Fresenius Finance Ireland plceuro700 Fix 0875 20172022 XS1554373164 A19B3F
Fresenius Finance Ireland plceuro700 Fix 150 20172024 XS1554373248 A19B3G
Fresenius Finance Ireland plceuro700 Fix 2125 20172027 XS1554373677 A19B3H
Fresenius Finance Ireland plceuro500 Fix 300 20172032 XS1554373834 A19B3J
Fresenius US Finance II IncUS$300 Fix 425 20142021 USU31436AG04 A1ZDVJ
Fresenius US Finance II IncUS$300 Fix 450 20152023 USU31436AH86 A1Z64A
As of April 8 2020
Fresenius Medical Care Overview Bonds
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 70
Issuer Volume(in millions)
Coupon type
Coupon (in )
MaturityTerm
ISIN (RegS)
WKN
FMC Finance VII SA euro300 Fix 525 20112021 XS0576395478 A1GLY6
Fresenius Medical Care US Finance Inc US$650 Fix 575 20112021 USU31433AA03 A1GL0J
Fresenius Medical Care US Finance II Inc US$500 Fix 4125 20142020 US35802XAH61 A1ZRTL
Fresenius Medical Care US Finance II Inc US$700 Fix 5875 20122022 USU31434AC42 A1GZRF
Fresenius Medical Care US Finance II Inc US$400 Fix 475 20142024 US35802XAJ28 A1ZRTN
Fresenius Medical Care US Finance III Inc US$500 Fix 375 20192029 USU3149FAA76 A2R3YR
Fresenius Medical Care AG amp Co KGaA euro650 Fix 0250 20192023 XS2084510069 A255DU
Fresenius Medical Care AG amp Co KGaA euro500 Fix 150 20182025 XS1854532949 A2NBE6
Fresenius Medical Care AG amp Co KGaA euro600 Fix 0625 20192026 XS2084497705 A255DV
Fresenius Medical Care AG amp Co KGaA euro500 Fix 1250 20192029 XS2084488209 A255DW
As of December 31 2019
Financial Calendar Contact
Financial Calendar 06 May 2020 Results Q120
30 July 2020 Results Q220
29 October 2020 Results Q320Please note that these dates could be subject to change
Annual General Meeting Due to the coronavirus pandemic the AGM scheduled for 20 May 2020 has been postponed A new date within the current financial year will be set as soon as the conditions for reliable planning and safe execution of the AGM are once again in place
Contact
Investor Relations amp SustainabilityFresenius SE amp Co KGaAphone +49 6172 608-2485e-mail ir-frefreseniuscomFor further information and current news wwwfreseniuscom
Follow us on Twitter wwwtwittercomfresenius_irand LinkedIn wwwlinkedincomcompanyfresenius-investor-relations
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 71
23 23 23 19
32 36 33 41
45 41 44 40
Dec 31 16 Dec 31 17 Dec 31 18 Dec 31 19
Equity and non-controlling interest Debt Other liabilities
Fresenius Group Solid Balance Sheet Structure
Healthy Equity and Liability Split
bull Strong equity ratio of gt40 on average
bull Equity ratio kept in narrow range despite rapid growth of Fresenius Group
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 56
467 531 567 670
BS total (eurobn)
Including IFRS 16
Fresenius SE Solid Investment Grade Rating
57
ldquoFSE delivers solid organic growth thanks to positive underlying growth trends in the life-saving and life-sustaining products and therapies that the group offersrdquoSampP Jan 08 2019
ldquoFSErsquos rating remains anchored in investment-grade given its mature and defensive business risk profile its organic deleveraging ability based on free cash flow generation and its record of integrating acquisitions successfully and reducing financial leverage in line with communicated policiesrdquo Fitch April 17 2019
ldquoThe Baa3 long term issuer rating of FSE reflects its strong defensive business profile underpinned by large absolute scale global footprint and segmental diversification within the healthcare market supported by strong position in its four business segmentsrdquo Moodyrsquos May 20 2019
Rating History Rating Agenciesrsquo Key Statements
Following a positive outlook SampP upgraded Fresenius to BBB stable outlook in May 2019
SampP Moodylsquos Fitch
Corporate Credit Rating BBB Baa3 BBB-
Outlook stable stable stable
Current Credit Ratings
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Strong Access to Capital Markets
58
Major Financing Instruments
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Bonds euro250 m euro800 m$105 bn
euro750 m$15 bn
euro500 m euro12 bn$12 bn
$300m euro26 bn euro500 m euro10 bn$500 m
euro175 bn
euro750 m1
euro750 m2
SyndicatedLoans
$35 bn $898 m $385 bn $18 bneuro245 bn
$41 bneuro700 m
$115 bneuro205 bn
euro530 bn$355 bn
euro100 m
SchuldscheinLoans
euro400 m euro125 m euro500 m euro112 m $400 m euro10 bn euro700 m
Convertible Bonds
euro900 m euro500 m
Equity euro10 bn euro400 m
1 January 2020 euro750million 2020-2028 bonds issued by Fresenius SE amp Co KGaA2 March 2020 euro750million 2020-2027 bonds issued by Fresenius SE amp Co KGaA
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Debt and Cash Flow Structure
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 59
1 Incl consolidation adjustments2 Incl Fresenius financing subsidiaries3 Controlling stake4 Incl subsidiaries 5 Based on market capitalization for FMC as of December 31 20196 Via German holding entities (Fresenius Kabi AG and Fresenius ProServe GmbH)
Fresenius Medical Care
Financing
Fresenius SE Financing
Group Net Debt ~euro256 bn1
DividendsRents Service Agreements
~323 100 77 (cross boarder)100
Profit transfer Agreements6
bull Separate financing of Fresenius SE and Fresenius Medical Care
bull No joint financing facilities or mutual guarantees
bull Fresenius Kabi Fresenius Helios and Fresenius Vamed financed primarily through Fresenius SE to avoid structural subordination
bull Subsidiary debt consists mainly of lease liabilities which are on balance acc to IFRS 16 from 2019 onwards
FSE Net Debt2~euro128 bn
incl Net Debt of KabiHeliosVamed
StockMarketValue~euro62 bn5
FSE Net Debt2~euro114 bn
excl Net Debt of KabiHeliosVamed
euro12774 m Net Debt4
Thereof lease liabilities euro4705m
euro951 m Net Debt4
Thereof lease liabilities euro1042m
euro84 m Net Debt4
Thereof lease liabilities euro392m
euro371 m Net Debt4
Thereof lease liabilities euro369m
Fresenius Group Key Credit Figures
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 60
1 Adjusted for IFRS 162 Before special items pro forma acquisitionsdivestitures3 Before special items
20191 2019 2018 2017
Debt (eurom) thereof US$ denominated
2123328
2725834
1898428
1904231
Net debt (eurom) 19579 25604 16275 17406
Net debtEBITDA2
Net debt at year-end exchange rate EBITDA at LTM average FX rates
314 360 273 279
Net debtEBITDA2
at LTM average FX rates for both net debt and EBITDA
314 361 271 284
Operating Cash flowSales 99 120 112 116
EBITDANet Interest3 121 99 106 96
Appendix
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 61
Fresenius Group FY19 Key Financials
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom FY191 IFRS 16effect
specialitems
FY19 reported
Δ YoY cc12
Sales 35524 -115 - 35409 6
EBIT 4599 89 -57 4631 -2
Net interest -510 -204 -5 -719 9
Income taxes -955 30 42 -883 -5
Net income3 1915 -36 4 1883 0
Balance sheet total 61237 5769 - 67006
Operating Cashflow 3514 749 - 4263
1 Before special items adjusted for IFRS 16 effect2 On a comparable basis 2018 adjusted for divestitures of Care Coordination activities at FMC3 Net income attributable to shareholders of Fresenius SE amp Co KGaA
For a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
62
Fresenius Group Cash Flow
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 63
eurom 20191 Margin 2019 Margin 2018 Margin Δ YoY1918
Operating Cash Flow 3514 99 4263 120 3742 112 14
Capex (net) -2433 -69 -2433 -68 -2077 -62 -17
Free Cash Flow(before acquisitions and dividends)
1081 30 1830 52 1665 50 10
Acquisitions (net) -2423 -2423 613 --
Dividends -952 -952 -904 5
Free Cash Flow(after acquisitions and dividends) -2294 -65 -1545 -44 1374 41 --
1 2019 adjusted for IFRS 16
Fresenius Group Calculation of Noncontrolling Interest
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom FY19 FY18
Earnings before tax and noncontrolling interest 4089 3998
Taxes -955 -883
Noncontrolling interest thereof -1219 -1243
Fresenius Medical Care net income not attributable to Fresenius (FY19 ~69)
-897 -928
Noncontrolling interest holders in Fresenius Medical Care -239 -244
Noncontrolling interest holders in Fresenius Kabi (-euro49 m) Fresenius Helios (-euro13 m) Fresenius Vamed (-euro2 m) and due to Fresenius Vamedrsquos 23 external ownership (-euro19 m)
-83 -71
Net income attributable to Fresenius SE amp Co KGaA 1915 1872
64
On a comparable basis Before special items adjusted for IFRS16 effect FY18 adjusted for divestitures of Care Coordination activities at FMC
For a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
002
023 025029
032037
042044
055
062
93 08 09 10 11 12 13 14 15 16 17 18 19
25 2421 20 21 21 22 21 22 23 24
Fresenius SE Earnings-Linked Dividend Policy
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
euro per share
bull Dividend growth aligned to EPS1
growth
bull Pay-out Ratio 20 to 25
Dividend distribution (eurom)
Pay-out Ratio
075
2019 Pay-out Ratio 24 Dividend Policy
122 140 155 196 225 238 300 416114 343 445
080
1 Before special items
468
084
24
Track record
bull 27th consecutive dividend increase
bull CAGR dividend increase +15
65
32x1
Fresenius Medical Care Low Leverage Reflected by Solid Investment Grade Rating
66General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
60 6176
6483
2015 2016 2017 2018 2019
Free Cash Flow in of revenue
SampP Moodylsquos Fitch
Corporate Credit Rating BBB Baa3 BBB-
Outlook stable stable stable
Current Credit Ratings
1 Including IFRS16 effect
29x30x
27x
22x
18x
31x
27x25x
22x
21x
27x25x
25x
31x
26x23x
21x
18x
25x
15
20
25
30
35
40
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
1
Fresenius Medical Care Broad Mix of Financing Instruments
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 67
Total BS Debt
~euro138 m
1 As of December 31 2019
bull Optimize funding costs and ensure financial flexibility
bull Diversify investor base
bull Strong liquidity provided by sufficient financial cushion (~euro18 billion as of December 31 2019)
Well Positioned to Meet Financing Needs
Average interest ratecost of debt25 pa
Equity-neutralconvertible bonds 3
Commercial paper 7
Syndicated loans 14
Other financial liabilities 7
Bonds 36
Lease obligations 33
Fresenius Medical Care Well-Balanced Debt Maturity Profile12
68
eurom
Maturity 30 years on
average
1 As of December 31 2019 and based on utilization of major financing instruments2 Excluding lease liabilities
445
878623 650
356500 600
945
535
135
1236400
1000
380
0
500
1000
1500
2000
2500
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
Bonds Syndicated Loan Equity-neutral convertible bonds Commercial Paper AR Facility
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
2500
2000
1500
1000
Fresenius SE Overview Bonds
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 69
Issuer Volume(in millions)
Coupon type
Coupon (in )
MaturityTerm
ISIN (RegS)
WKN
Fresenius SE amp Co KGaAeuro500 Fix 2875 20132020 XS0873432511 A1HEWZ
Fresenius SE amp Co KGaAeuro450 Fix 300 20142021 XS1013955379 A1ZB7H
Fresenius SE amp Co KGaAeuro450 Fix 400 20142024 XS1026109204 A1ZC60
Fresenius SE amp Co KGaAeuro 500 Fix 1875 20192025 XS1936208252 A2NBMS
Fresenius SE amp Co KGaAeuro 750 Fix 1625 20202027 XS2152329053 A254TA
Fresenius SE amp Co KGaAeuro 750 Fix 075 20202028 XS2101357072 A254QN
Fresenius SE amp Co KGaAeuro 500 Fix 2875 20192029 XS1936208419 A2NBMT
Fresenius Finance Ireland plceuro700 Fix 0875 20172022 XS1554373164 A19B3F
Fresenius Finance Ireland plceuro700 Fix 150 20172024 XS1554373248 A19B3G
Fresenius Finance Ireland plceuro700 Fix 2125 20172027 XS1554373677 A19B3H
Fresenius Finance Ireland plceuro500 Fix 300 20172032 XS1554373834 A19B3J
Fresenius US Finance II IncUS$300 Fix 425 20142021 USU31436AG04 A1ZDVJ
Fresenius US Finance II IncUS$300 Fix 450 20152023 USU31436AH86 A1Z64A
As of April 8 2020
Fresenius Medical Care Overview Bonds
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 70
Issuer Volume(in millions)
Coupon type
Coupon (in )
MaturityTerm
ISIN (RegS)
WKN
FMC Finance VII SA euro300 Fix 525 20112021 XS0576395478 A1GLY6
Fresenius Medical Care US Finance Inc US$650 Fix 575 20112021 USU31433AA03 A1GL0J
Fresenius Medical Care US Finance II Inc US$500 Fix 4125 20142020 US35802XAH61 A1ZRTL
Fresenius Medical Care US Finance II Inc US$700 Fix 5875 20122022 USU31434AC42 A1GZRF
Fresenius Medical Care US Finance II Inc US$400 Fix 475 20142024 US35802XAJ28 A1ZRTN
Fresenius Medical Care US Finance III Inc US$500 Fix 375 20192029 USU3149FAA76 A2R3YR
Fresenius Medical Care AG amp Co KGaA euro650 Fix 0250 20192023 XS2084510069 A255DU
Fresenius Medical Care AG amp Co KGaA euro500 Fix 150 20182025 XS1854532949 A2NBE6
Fresenius Medical Care AG amp Co KGaA euro600 Fix 0625 20192026 XS2084497705 A255DV
Fresenius Medical Care AG amp Co KGaA euro500 Fix 1250 20192029 XS2084488209 A255DW
As of December 31 2019
Financial Calendar Contact
Financial Calendar 06 May 2020 Results Q120
30 July 2020 Results Q220
29 October 2020 Results Q320Please note that these dates could be subject to change
Annual General Meeting Due to the coronavirus pandemic the AGM scheduled for 20 May 2020 has been postponed A new date within the current financial year will be set as soon as the conditions for reliable planning and safe execution of the AGM are once again in place
Contact
Investor Relations amp SustainabilityFresenius SE amp Co KGaAphone +49 6172 608-2485e-mail ir-frefreseniuscomFor further information and current news wwwfreseniuscom
Follow us on Twitter wwwtwittercomfresenius_irand LinkedIn wwwlinkedincomcompanyfresenius-investor-relations
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 71
Fresenius SE Solid Investment Grade Rating
57
ldquoFSE delivers solid organic growth thanks to positive underlying growth trends in the life-saving and life-sustaining products and therapies that the group offersrdquoSampP Jan 08 2019
ldquoFSErsquos rating remains anchored in investment-grade given its mature and defensive business risk profile its organic deleveraging ability based on free cash flow generation and its record of integrating acquisitions successfully and reducing financial leverage in line with communicated policiesrdquo Fitch April 17 2019
ldquoThe Baa3 long term issuer rating of FSE reflects its strong defensive business profile underpinned by large absolute scale global footprint and segmental diversification within the healthcare market supported by strong position in its four business segmentsrdquo Moodyrsquos May 20 2019
Rating History Rating Agenciesrsquo Key Statements
Following a positive outlook SampP upgraded Fresenius to BBB stable outlook in May 2019
SampP Moodylsquos Fitch
Corporate Credit Rating BBB Baa3 BBB-
Outlook stable stable stable
Current Credit Ratings
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Strong Access to Capital Markets
58
Major Financing Instruments
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Bonds euro250 m euro800 m$105 bn
euro750 m$15 bn
euro500 m euro12 bn$12 bn
$300m euro26 bn euro500 m euro10 bn$500 m
euro175 bn
euro750 m1
euro750 m2
SyndicatedLoans
$35 bn $898 m $385 bn $18 bneuro245 bn
$41 bneuro700 m
$115 bneuro205 bn
euro530 bn$355 bn
euro100 m
SchuldscheinLoans
euro400 m euro125 m euro500 m euro112 m $400 m euro10 bn euro700 m
Convertible Bonds
euro900 m euro500 m
Equity euro10 bn euro400 m
1 January 2020 euro750million 2020-2028 bonds issued by Fresenius SE amp Co KGaA2 March 2020 euro750million 2020-2027 bonds issued by Fresenius SE amp Co KGaA
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Debt and Cash Flow Structure
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 59
1 Incl consolidation adjustments2 Incl Fresenius financing subsidiaries3 Controlling stake4 Incl subsidiaries 5 Based on market capitalization for FMC as of December 31 20196 Via German holding entities (Fresenius Kabi AG and Fresenius ProServe GmbH)
Fresenius Medical Care
Financing
Fresenius SE Financing
Group Net Debt ~euro256 bn1
DividendsRents Service Agreements
~323 100 77 (cross boarder)100
Profit transfer Agreements6
bull Separate financing of Fresenius SE and Fresenius Medical Care
bull No joint financing facilities or mutual guarantees
bull Fresenius Kabi Fresenius Helios and Fresenius Vamed financed primarily through Fresenius SE to avoid structural subordination
bull Subsidiary debt consists mainly of lease liabilities which are on balance acc to IFRS 16 from 2019 onwards
FSE Net Debt2~euro128 bn
incl Net Debt of KabiHeliosVamed
StockMarketValue~euro62 bn5
FSE Net Debt2~euro114 bn
excl Net Debt of KabiHeliosVamed
euro12774 m Net Debt4
Thereof lease liabilities euro4705m
euro951 m Net Debt4
Thereof lease liabilities euro1042m
euro84 m Net Debt4
Thereof lease liabilities euro392m
euro371 m Net Debt4
Thereof lease liabilities euro369m
Fresenius Group Key Credit Figures
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 60
1 Adjusted for IFRS 162 Before special items pro forma acquisitionsdivestitures3 Before special items
20191 2019 2018 2017
Debt (eurom) thereof US$ denominated
2123328
2725834
1898428
1904231
Net debt (eurom) 19579 25604 16275 17406
Net debtEBITDA2
Net debt at year-end exchange rate EBITDA at LTM average FX rates
314 360 273 279
Net debtEBITDA2
at LTM average FX rates for both net debt and EBITDA
314 361 271 284
Operating Cash flowSales 99 120 112 116
EBITDANet Interest3 121 99 106 96
Appendix
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 61
Fresenius Group FY19 Key Financials
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom FY191 IFRS 16effect
specialitems
FY19 reported
Δ YoY cc12
Sales 35524 -115 - 35409 6
EBIT 4599 89 -57 4631 -2
Net interest -510 -204 -5 -719 9
Income taxes -955 30 42 -883 -5
Net income3 1915 -36 4 1883 0
Balance sheet total 61237 5769 - 67006
Operating Cashflow 3514 749 - 4263
1 Before special items adjusted for IFRS 16 effect2 On a comparable basis 2018 adjusted for divestitures of Care Coordination activities at FMC3 Net income attributable to shareholders of Fresenius SE amp Co KGaA
For a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
62
Fresenius Group Cash Flow
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 63
eurom 20191 Margin 2019 Margin 2018 Margin Δ YoY1918
Operating Cash Flow 3514 99 4263 120 3742 112 14
Capex (net) -2433 -69 -2433 -68 -2077 -62 -17
Free Cash Flow(before acquisitions and dividends)
1081 30 1830 52 1665 50 10
Acquisitions (net) -2423 -2423 613 --
Dividends -952 -952 -904 5
Free Cash Flow(after acquisitions and dividends) -2294 -65 -1545 -44 1374 41 --
1 2019 adjusted for IFRS 16
Fresenius Group Calculation of Noncontrolling Interest
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom FY19 FY18
Earnings before tax and noncontrolling interest 4089 3998
Taxes -955 -883
Noncontrolling interest thereof -1219 -1243
Fresenius Medical Care net income not attributable to Fresenius (FY19 ~69)
-897 -928
Noncontrolling interest holders in Fresenius Medical Care -239 -244
Noncontrolling interest holders in Fresenius Kabi (-euro49 m) Fresenius Helios (-euro13 m) Fresenius Vamed (-euro2 m) and due to Fresenius Vamedrsquos 23 external ownership (-euro19 m)
-83 -71
Net income attributable to Fresenius SE amp Co KGaA 1915 1872
64
On a comparable basis Before special items adjusted for IFRS16 effect FY18 adjusted for divestitures of Care Coordination activities at FMC
For a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
002
023 025029
032037
042044
055
062
93 08 09 10 11 12 13 14 15 16 17 18 19
25 2421 20 21 21 22 21 22 23 24
Fresenius SE Earnings-Linked Dividend Policy
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
euro per share
bull Dividend growth aligned to EPS1
growth
bull Pay-out Ratio 20 to 25
Dividend distribution (eurom)
Pay-out Ratio
075
2019 Pay-out Ratio 24 Dividend Policy
122 140 155 196 225 238 300 416114 343 445
080
1 Before special items
468
084
24
Track record
bull 27th consecutive dividend increase
bull CAGR dividend increase +15
65
32x1
Fresenius Medical Care Low Leverage Reflected by Solid Investment Grade Rating
66General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
60 6176
6483
2015 2016 2017 2018 2019
Free Cash Flow in of revenue
SampP Moodylsquos Fitch
Corporate Credit Rating BBB Baa3 BBB-
Outlook stable stable stable
Current Credit Ratings
1 Including IFRS16 effect
29x30x
27x
22x
18x
31x
27x25x
22x
21x
27x25x
25x
31x
26x23x
21x
18x
25x
15
20
25
30
35
40
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
1
Fresenius Medical Care Broad Mix of Financing Instruments
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 67
Total BS Debt
~euro138 m
1 As of December 31 2019
bull Optimize funding costs and ensure financial flexibility
bull Diversify investor base
bull Strong liquidity provided by sufficient financial cushion (~euro18 billion as of December 31 2019)
Well Positioned to Meet Financing Needs
Average interest ratecost of debt25 pa
Equity-neutralconvertible bonds 3
Commercial paper 7
Syndicated loans 14
Other financial liabilities 7
Bonds 36
Lease obligations 33
Fresenius Medical Care Well-Balanced Debt Maturity Profile12
68
eurom
Maturity 30 years on
average
1 As of December 31 2019 and based on utilization of major financing instruments2 Excluding lease liabilities
445
878623 650
356500 600
945
535
135
1236400
1000
380
0
500
1000
1500
2000
2500
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
Bonds Syndicated Loan Equity-neutral convertible bonds Commercial Paper AR Facility
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
2500
2000
1500
1000
Fresenius SE Overview Bonds
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 69
Issuer Volume(in millions)
Coupon type
Coupon (in )
MaturityTerm
ISIN (RegS)
WKN
Fresenius SE amp Co KGaAeuro500 Fix 2875 20132020 XS0873432511 A1HEWZ
Fresenius SE amp Co KGaAeuro450 Fix 300 20142021 XS1013955379 A1ZB7H
Fresenius SE amp Co KGaAeuro450 Fix 400 20142024 XS1026109204 A1ZC60
Fresenius SE amp Co KGaAeuro 500 Fix 1875 20192025 XS1936208252 A2NBMS
Fresenius SE amp Co KGaAeuro 750 Fix 1625 20202027 XS2152329053 A254TA
Fresenius SE amp Co KGaAeuro 750 Fix 075 20202028 XS2101357072 A254QN
Fresenius SE amp Co KGaAeuro 500 Fix 2875 20192029 XS1936208419 A2NBMT
Fresenius Finance Ireland plceuro700 Fix 0875 20172022 XS1554373164 A19B3F
Fresenius Finance Ireland plceuro700 Fix 150 20172024 XS1554373248 A19B3G
Fresenius Finance Ireland plceuro700 Fix 2125 20172027 XS1554373677 A19B3H
Fresenius Finance Ireland plceuro500 Fix 300 20172032 XS1554373834 A19B3J
Fresenius US Finance II IncUS$300 Fix 425 20142021 USU31436AG04 A1ZDVJ
Fresenius US Finance II IncUS$300 Fix 450 20152023 USU31436AH86 A1Z64A
As of April 8 2020
Fresenius Medical Care Overview Bonds
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 70
Issuer Volume(in millions)
Coupon type
Coupon (in )
MaturityTerm
ISIN (RegS)
WKN
FMC Finance VII SA euro300 Fix 525 20112021 XS0576395478 A1GLY6
Fresenius Medical Care US Finance Inc US$650 Fix 575 20112021 USU31433AA03 A1GL0J
Fresenius Medical Care US Finance II Inc US$500 Fix 4125 20142020 US35802XAH61 A1ZRTL
Fresenius Medical Care US Finance II Inc US$700 Fix 5875 20122022 USU31434AC42 A1GZRF
Fresenius Medical Care US Finance II Inc US$400 Fix 475 20142024 US35802XAJ28 A1ZRTN
Fresenius Medical Care US Finance III Inc US$500 Fix 375 20192029 USU3149FAA76 A2R3YR
Fresenius Medical Care AG amp Co KGaA euro650 Fix 0250 20192023 XS2084510069 A255DU
Fresenius Medical Care AG amp Co KGaA euro500 Fix 150 20182025 XS1854532949 A2NBE6
Fresenius Medical Care AG amp Co KGaA euro600 Fix 0625 20192026 XS2084497705 A255DV
Fresenius Medical Care AG amp Co KGaA euro500 Fix 1250 20192029 XS2084488209 A255DW
As of December 31 2019
Financial Calendar Contact
Financial Calendar 06 May 2020 Results Q120
30 July 2020 Results Q220
29 October 2020 Results Q320Please note that these dates could be subject to change
Annual General Meeting Due to the coronavirus pandemic the AGM scheduled for 20 May 2020 has been postponed A new date within the current financial year will be set as soon as the conditions for reliable planning and safe execution of the AGM are once again in place
Contact
Investor Relations amp SustainabilityFresenius SE amp Co KGaAphone +49 6172 608-2485e-mail ir-frefreseniuscomFor further information and current news wwwfreseniuscom
Follow us on Twitter wwwtwittercomfresenius_irand LinkedIn wwwlinkedincomcompanyfresenius-investor-relations
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 71
Fresenius Group Strong Access to Capital Markets
58
Major Financing Instruments
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Bonds euro250 m euro800 m$105 bn
euro750 m$15 bn
euro500 m euro12 bn$12 bn
$300m euro26 bn euro500 m euro10 bn$500 m
euro175 bn
euro750 m1
euro750 m2
SyndicatedLoans
$35 bn $898 m $385 bn $18 bneuro245 bn
$41 bneuro700 m
$115 bneuro205 bn
euro530 bn$355 bn
euro100 m
SchuldscheinLoans
euro400 m euro125 m euro500 m euro112 m $400 m euro10 bn euro700 m
Convertible Bonds
euro900 m euro500 m
Equity euro10 bn euro400 m
1 January 2020 euro750million 2020-2028 bonds issued by Fresenius SE amp Co KGaA2 March 2020 euro750million 2020-2027 bonds issued by Fresenius SE amp Co KGaA
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
Fresenius Group Debt and Cash Flow Structure
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 59
1 Incl consolidation adjustments2 Incl Fresenius financing subsidiaries3 Controlling stake4 Incl subsidiaries 5 Based on market capitalization for FMC as of December 31 20196 Via German holding entities (Fresenius Kabi AG and Fresenius ProServe GmbH)
Fresenius Medical Care
Financing
Fresenius SE Financing
Group Net Debt ~euro256 bn1
DividendsRents Service Agreements
~323 100 77 (cross boarder)100
Profit transfer Agreements6
bull Separate financing of Fresenius SE and Fresenius Medical Care
bull No joint financing facilities or mutual guarantees
bull Fresenius Kabi Fresenius Helios and Fresenius Vamed financed primarily through Fresenius SE to avoid structural subordination
bull Subsidiary debt consists mainly of lease liabilities which are on balance acc to IFRS 16 from 2019 onwards
FSE Net Debt2~euro128 bn
incl Net Debt of KabiHeliosVamed
StockMarketValue~euro62 bn5
FSE Net Debt2~euro114 bn
excl Net Debt of KabiHeliosVamed
euro12774 m Net Debt4
Thereof lease liabilities euro4705m
euro951 m Net Debt4
Thereof lease liabilities euro1042m
euro84 m Net Debt4
Thereof lease liabilities euro392m
euro371 m Net Debt4
Thereof lease liabilities euro369m
Fresenius Group Key Credit Figures
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 60
1 Adjusted for IFRS 162 Before special items pro forma acquisitionsdivestitures3 Before special items
20191 2019 2018 2017
Debt (eurom) thereof US$ denominated
2123328
2725834
1898428
1904231
Net debt (eurom) 19579 25604 16275 17406
Net debtEBITDA2
Net debt at year-end exchange rate EBITDA at LTM average FX rates
314 360 273 279
Net debtEBITDA2
at LTM average FX rates for both net debt and EBITDA
314 361 271 284
Operating Cash flowSales 99 120 112 116
EBITDANet Interest3 121 99 106 96
Appendix
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 61
Fresenius Group FY19 Key Financials
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom FY191 IFRS 16effect
specialitems
FY19 reported
Δ YoY cc12
Sales 35524 -115 - 35409 6
EBIT 4599 89 -57 4631 -2
Net interest -510 -204 -5 -719 9
Income taxes -955 30 42 -883 -5
Net income3 1915 -36 4 1883 0
Balance sheet total 61237 5769 - 67006
Operating Cashflow 3514 749 - 4263
1 Before special items adjusted for IFRS 16 effect2 On a comparable basis 2018 adjusted for divestitures of Care Coordination activities at FMC3 Net income attributable to shareholders of Fresenius SE amp Co KGaA
For a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
62
Fresenius Group Cash Flow
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 63
eurom 20191 Margin 2019 Margin 2018 Margin Δ YoY1918
Operating Cash Flow 3514 99 4263 120 3742 112 14
Capex (net) -2433 -69 -2433 -68 -2077 -62 -17
Free Cash Flow(before acquisitions and dividends)
1081 30 1830 52 1665 50 10
Acquisitions (net) -2423 -2423 613 --
Dividends -952 -952 -904 5
Free Cash Flow(after acquisitions and dividends) -2294 -65 -1545 -44 1374 41 --
1 2019 adjusted for IFRS 16
Fresenius Group Calculation of Noncontrolling Interest
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom FY19 FY18
Earnings before tax and noncontrolling interest 4089 3998
Taxes -955 -883
Noncontrolling interest thereof -1219 -1243
Fresenius Medical Care net income not attributable to Fresenius (FY19 ~69)
-897 -928
Noncontrolling interest holders in Fresenius Medical Care -239 -244
Noncontrolling interest holders in Fresenius Kabi (-euro49 m) Fresenius Helios (-euro13 m) Fresenius Vamed (-euro2 m) and due to Fresenius Vamedrsquos 23 external ownership (-euro19 m)
-83 -71
Net income attributable to Fresenius SE amp Co KGaA 1915 1872
64
On a comparable basis Before special items adjusted for IFRS16 effect FY18 adjusted for divestitures of Care Coordination activities at FMC
For a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
002
023 025029
032037
042044
055
062
93 08 09 10 11 12 13 14 15 16 17 18 19
25 2421 20 21 21 22 21 22 23 24
Fresenius SE Earnings-Linked Dividend Policy
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
euro per share
bull Dividend growth aligned to EPS1
growth
bull Pay-out Ratio 20 to 25
Dividend distribution (eurom)
Pay-out Ratio
075
2019 Pay-out Ratio 24 Dividend Policy
122 140 155 196 225 238 300 416114 343 445
080
1 Before special items
468
084
24
Track record
bull 27th consecutive dividend increase
bull CAGR dividend increase +15
65
32x1
Fresenius Medical Care Low Leverage Reflected by Solid Investment Grade Rating
66General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
60 6176
6483
2015 2016 2017 2018 2019
Free Cash Flow in of revenue
SampP Moodylsquos Fitch
Corporate Credit Rating BBB Baa3 BBB-
Outlook stable stable stable
Current Credit Ratings
1 Including IFRS16 effect
29x30x
27x
22x
18x
31x
27x25x
22x
21x
27x25x
25x
31x
26x23x
21x
18x
25x
15
20
25
30
35
40
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
1
Fresenius Medical Care Broad Mix of Financing Instruments
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 67
Total BS Debt
~euro138 m
1 As of December 31 2019
bull Optimize funding costs and ensure financial flexibility
bull Diversify investor base
bull Strong liquidity provided by sufficient financial cushion (~euro18 billion as of December 31 2019)
Well Positioned to Meet Financing Needs
Average interest ratecost of debt25 pa
Equity-neutralconvertible bonds 3
Commercial paper 7
Syndicated loans 14
Other financial liabilities 7
Bonds 36
Lease obligations 33
Fresenius Medical Care Well-Balanced Debt Maturity Profile12
68
eurom
Maturity 30 years on
average
1 As of December 31 2019 and based on utilization of major financing instruments2 Excluding lease liabilities
445
878623 650
356500 600
945
535
135
1236400
1000
380
0
500
1000
1500
2000
2500
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
Bonds Syndicated Loan Equity-neutral convertible bonds Commercial Paper AR Facility
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
2500
2000
1500
1000
Fresenius SE Overview Bonds
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 69
Issuer Volume(in millions)
Coupon type
Coupon (in )
MaturityTerm
ISIN (RegS)
WKN
Fresenius SE amp Co KGaAeuro500 Fix 2875 20132020 XS0873432511 A1HEWZ
Fresenius SE amp Co KGaAeuro450 Fix 300 20142021 XS1013955379 A1ZB7H
Fresenius SE amp Co KGaAeuro450 Fix 400 20142024 XS1026109204 A1ZC60
Fresenius SE amp Co KGaAeuro 500 Fix 1875 20192025 XS1936208252 A2NBMS
Fresenius SE amp Co KGaAeuro 750 Fix 1625 20202027 XS2152329053 A254TA
Fresenius SE amp Co KGaAeuro 750 Fix 075 20202028 XS2101357072 A254QN
Fresenius SE amp Co KGaAeuro 500 Fix 2875 20192029 XS1936208419 A2NBMT
Fresenius Finance Ireland plceuro700 Fix 0875 20172022 XS1554373164 A19B3F
Fresenius Finance Ireland plceuro700 Fix 150 20172024 XS1554373248 A19B3G
Fresenius Finance Ireland plceuro700 Fix 2125 20172027 XS1554373677 A19B3H
Fresenius Finance Ireland plceuro500 Fix 300 20172032 XS1554373834 A19B3J
Fresenius US Finance II IncUS$300 Fix 425 20142021 USU31436AG04 A1ZDVJ
Fresenius US Finance II IncUS$300 Fix 450 20152023 USU31436AH86 A1Z64A
As of April 8 2020
Fresenius Medical Care Overview Bonds
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 70
Issuer Volume(in millions)
Coupon type
Coupon (in )
MaturityTerm
ISIN (RegS)
WKN
FMC Finance VII SA euro300 Fix 525 20112021 XS0576395478 A1GLY6
Fresenius Medical Care US Finance Inc US$650 Fix 575 20112021 USU31433AA03 A1GL0J
Fresenius Medical Care US Finance II Inc US$500 Fix 4125 20142020 US35802XAH61 A1ZRTL
Fresenius Medical Care US Finance II Inc US$700 Fix 5875 20122022 USU31434AC42 A1GZRF
Fresenius Medical Care US Finance II Inc US$400 Fix 475 20142024 US35802XAJ28 A1ZRTN
Fresenius Medical Care US Finance III Inc US$500 Fix 375 20192029 USU3149FAA76 A2R3YR
Fresenius Medical Care AG amp Co KGaA euro650 Fix 0250 20192023 XS2084510069 A255DU
Fresenius Medical Care AG amp Co KGaA euro500 Fix 150 20182025 XS1854532949 A2NBE6
Fresenius Medical Care AG amp Co KGaA euro600 Fix 0625 20192026 XS2084497705 A255DV
Fresenius Medical Care AG amp Co KGaA euro500 Fix 1250 20192029 XS2084488209 A255DW
As of December 31 2019
Financial Calendar Contact
Financial Calendar 06 May 2020 Results Q120
30 July 2020 Results Q220
29 October 2020 Results Q320Please note that these dates could be subject to change
Annual General Meeting Due to the coronavirus pandemic the AGM scheduled for 20 May 2020 has been postponed A new date within the current financial year will be set as soon as the conditions for reliable planning and safe execution of the AGM are once again in place
Contact
Investor Relations amp SustainabilityFresenius SE amp Co KGaAphone +49 6172 608-2485e-mail ir-frefreseniuscomFor further information and current news wwwfreseniuscom
Follow us on Twitter wwwtwittercomfresenius_irand LinkedIn wwwlinkedincomcompanyfresenius-investor-relations
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 71
Fresenius Group Debt and Cash Flow Structure
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 59
1 Incl consolidation adjustments2 Incl Fresenius financing subsidiaries3 Controlling stake4 Incl subsidiaries 5 Based on market capitalization for FMC as of December 31 20196 Via German holding entities (Fresenius Kabi AG and Fresenius ProServe GmbH)
Fresenius Medical Care
Financing
Fresenius SE Financing
Group Net Debt ~euro256 bn1
DividendsRents Service Agreements
~323 100 77 (cross boarder)100
Profit transfer Agreements6
bull Separate financing of Fresenius SE and Fresenius Medical Care
bull No joint financing facilities or mutual guarantees
bull Fresenius Kabi Fresenius Helios and Fresenius Vamed financed primarily through Fresenius SE to avoid structural subordination
bull Subsidiary debt consists mainly of lease liabilities which are on balance acc to IFRS 16 from 2019 onwards
FSE Net Debt2~euro128 bn
incl Net Debt of KabiHeliosVamed
StockMarketValue~euro62 bn5
FSE Net Debt2~euro114 bn
excl Net Debt of KabiHeliosVamed
euro12774 m Net Debt4
Thereof lease liabilities euro4705m
euro951 m Net Debt4
Thereof lease liabilities euro1042m
euro84 m Net Debt4
Thereof lease liabilities euro392m
euro371 m Net Debt4
Thereof lease liabilities euro369m
Fresenius Group Key Credit Figures
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 60
1 Adjusted for IFRS 162 Before special items pro forma acquisitionsdivestitures3 Before special items
20191 2019 2018 2017
Debt (eurom) thereof US$ denominated
2123328
2725834
1898428
1904231
Net debt (eurom) 19579 25604 16275 17406
Net debtEBITDA2
Net debt at year-end exchange rate EBITDA at LTM average FX rates
314 360 273 279
Net debtEBITDA2
at LTM average FX rates for both net debt and EBITDA
314 361 271 284
Operating Cash flowSales 99 120 112 116
EBITDANet Interest3 121 99 106 96
Appendix
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 61
Fresenius Group FY19 Key Financials
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom FY191 IFRS 16effect
specialitems
FY19 reported
Δ YoY cc12
Sales 35524 -115 - 35409 6
EBIT 4599 89 -57 4631 -2
Net interest -510 -204 -5 -719 9
Income taxes -955 30 42 -883 -5
Net income3 1915 -36 4 1883 0
Balance sheet total 61237 5769 - 67006
Operating Cashflow 3514 749 - 4263
1 Before special items adjusted for IFRS 16 effect2 On a comparable basis 2018 adjusted for divestitures of Care Coordination activities at FMC3 Net income attributable to shareholders of Fresenius SE amp Co KGaA
For a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
62
Fresenius Group Cash Flow
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 63
eurom 20191 Margin 2019 Margin 2018 Margin Δ YoY1918
Operating Cash Flow 3514 99 4263 120 3742 112 14
Capex (net) -2433 -69 -2433 -68 -2077 -62 -17
Free Cash Flow(before acquisitions and dividends)
1081 30 1830 52 1665 50 10
Acquisitions (net) -2423 -2423 613 --
Dividends -952 -952 -904 5
Free Cash Flow(after acquisitions and dividends) -2294 -65 -1545 -44 1374 41 --
1 2019 adjusted for IFRS 16
Fresenius Group Calculation of Noncontrolling Interest
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom FY19 FY18
Earnings before tax and noncontrolling interest 4089 3998
Taxes -955 -883
Noncontrolling interest thereof -1219 -1243
Fresenius Medical Care net income not attributable to Fresenius (FY19 ~69)
-897 -928
Noncontrolling interest holders in Fresenius Medical Care -239 -244
Noncontrolling interest holders in Fresenius Kabi (-euro49 m) Fresenius Helios (-euro13 m) Fresenius Vamed (-euro2 m) and due to Fresenius Vamedrsquos 23 external ownership (-euro19 m)
-83 -71
Net income attributable to Fresenius SE amp Co KGaA 1915 1872
64
On a comparable basis Before special items adjusted for IFRS16 effect FY18 adjusted for divestitures of Care Coordination activities at FMC
For a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
002
023 025029
032037
042044
055
062
93 08 09 10 11 12 13 14 15 16 17 18 19
25 2421 20 21 21 22 21 22 23 24
Fresenius SE Earnings-Linked Dividend Policy
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
euro per share
bull Dividend growth aligned to EPS1
growth
bull Pay-out Ratio 20 to 25
Dividend distribution (eurom)
Pay-out Ratio
075
2019 Pay-out Ratio 24 Dividend Policy
122 140 155 196 225 238 300 416114 343 445
080
1 Before special items
468
084
24
Track record
bull 27th consecutive dividend increase
bull CAGR dividend increase +15
65
32x1
Fresenius Medical Care Low Leverage Reflected by Solid Investment Grade Rating
66General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
60 6176
6483
2015 2016 2017 2018 2019
Free Cash Flow in of revenue
SampP Moodylsquos Fitch
Corporate Credit Rating BBB Baa3 BBB-
Outlook stable stable stable
Current Credit Ratings
1 Including IFRS16 effect
29x30x
27x
22x
18x
31x
27x25x
22x
21x
27x25x
25x
31x
26x23x
21x
18x
25x
15
20
25
30
35
40
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
1
Fresenius Medical Care Broad Mix of Financing Instruments
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 67
Total BS Debt
~euro138 m
1 As of December 31 2019
bull Optimize funding costs and ensure financial flexibility
bull Diversify investor base
bull Strong liquidity provided by sufficient financial cushion (~euro18 billion as of December 31 2019)
Well Positioned to Meet Financing Needs
Average interest ratecost of debt25 pa
Equity-neutralconvertible bonds 3
Commercial paper 7
Syndicated loans 14
Other financial liabilities 7
Bonds 36
Lease obligations 33
Fresenius Medical Care Well-Balanced Debt Maturity Profile12
68
eurom
Maturity 30 years on
average
1 As of December 31 2019 and based on utilization of major financing instruments2 Excluding lease liabilities
445
878623 650
356500 600
945
535
135
1236400
1000
380
0
500
1000
1500
2000
2500
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
Bonds Syndicated Loan Equity-neutral convertible bonds Commercial Paper AR Facility
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
2500
2000
1500
1000
Fresenius SE Overview Bonds
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 69
Issuer Volume(in millions)
Coupon type
Coupon (in )
MaturityTerm
ISIN (RegS)
WKN
Fresenius SE amp Co KGaAeuro500 Fix 2875 20132020 XS0873432511 A1HEWZ
Fresenius SE amp Co KGaAeuro450 Fix 300 20142021 XS1013955379 A1ZB7H
Fresenius SE amp Co KGaAeuro450 Fix 400 20142024 XS1026109204 A1ZC60
Fresenius SE amp Co KGaAeuro 500 Fix 1875 20192025 XS1936208252 A2NBMS
Fresenius SE amp Co KGaAeuro 750 Fix 1625 20202027 XS2152329053 A254TA
Fresenius SE amp Co KGaAeuro 750 Fix 075 20202028 XS2101357072 A254QN
Fresenius SE amp Co KGaAeuro 500 Fix 2875 20192029 XS1936208419 A2NBMT
Fresenius Finance Ireland plceuro700 Fix 0875 20172022 XS1554373164 A19B3F
Fresenius Finance Ireland plceuro700 Fix 150 20172024 XS1554373248 A19B3G
Fresenius Finance Ireland plceuro700 Fix 2125 20172027 XS1554373677 A19B3H
Fresenius Finance Ireland plceuro500 Fix 300 20172032 XS1554373834 A19B3J
Fresenius US Finance II IncUS$300 Fix 425 20142021 USU31436AG04 A1ZDVJ
Fresenius US Finance II IncUS$300 Fix 450 20152023 USU31436AH86 A1Z64A
As of April 8 2020
Fresenius Medical Care Overview Bonds
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 70
Issuer Volume(in millions)
Coupon type
Coupon (in )
MaturityTerm
ISIN (RegS)
WKN
FMC Finance VII SA euro300 Fix 525 20112021 XS0576395478 A1GLY6
Fresenius Medical Care US Finance Inc US$650 Fix 575 20112021 USU31433AA03 A1GL0J
Fresenius Medical Care US Finance II Inc US$500 Fix 4125 20142020 US35802XAH61 A1ZRTL
Fresenius Medical Care US Finance II Inc US$700 Fix 5875 20122022 USU31434AC42 A1GZRF
Fresenius Medical Care US Finance II Inc US$400 Fix 475 20142024 US35802XAJ28 A1ZRTN
Fresenius Medical Care US Finance III Inc US$500 Fix 375 20192029 USU3149FAA76 A2R3YR
Fresenius Medical Care AG amp Co KGaA euro650 Fix 0250 20192023 XS2084510069 A255DU
Fresenius Medical Care AG amp Co KGaA euro500 Fix 150 20182025 XS1854532949 A2NBE6
Fresenius Medical Care AG amp Co KGaA euro600 Fix 0625 20192026 XS2084497705 A255DV
Fresenius Medical Care AG amp Co KGaA euro500 Fix 1250 20192029 XS2084488209 A255DW
As of December 31 2019
Financial Calendar Contact
Financial Calendar 06 May 2020 Results Q120
30 July 2020 Results Q220
29 October 2020 Results Q320Please note that these dates could be subject to change
Annual General Meeting Due to the coronavirus pandemic the AGM scheduled for 20 May 2020 has been postponed A new date within the current financial year will be set as soon as the conditions for reliable planning and safe execution of the AGM are once again in place
Contact
Investor Relations amp SustainabilityFresenius SE amp Co KGaAphone +49 6172 608-2485e-mail ir-frefreseniuscomFor further information and current news wwwfreseniuscom
Follow us on Twitter wwwtwittercomfresenius_irand LinkedIn wwwlinkedincomcompanyfresenius-investor-relations
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 71
Fresenius Group Key Credit Figures
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 60
1 Adjusted for IFRS 162 Before special items pro forma acquisitionsdivestitures3 Before special items
20191 2019 2018 2017
Debt (eurom) thereof US$ denominated
2123328
2725834
1898428
1904231
Net debt (eurom) 19579 25604 16275 17406
Net debtEBITDA2
Net debt at year-end exchange rate EBITDA at LTM average FX rates
314 360 273 279
Net debtEBITDA2
at LTM average FX rates for both net debt and EBITDA
314 361 271 284
Operating Cash flowSales 99 120 112 116
EBITDANet Interest3 121 99 106 96
Appendix
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 61
Fresenius Group FY19 Key Financials
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom FY191 IFRS 16effect
specialitems
FY19 reported
Δ YoY cc12
Sales 35524 -115 - 35409 6
EBIT 4599 89 -57 4631 -2
Net interest -510 -204 -5 -719 9
Income taxes -955 30 42 -883 -5
Net income3 1915 -36 4 1883 0
Balance sheet total 61237 5769 - 67006
Operating Cashflow 3514 749 - 4263
1 Before special items adjusted for IFRS 16 effect2 On a comparable basis 2018 adjusted for divestitures of Care Coordination activities at FMC3 Net income attributable to shareholders of Fresenius SE amp Co KGaA
For a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
62
Fresenius Group Cash Flow
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 63
eurom 20191 Margin 2019 Margin 2018 Margin Δ YoY1918
Operating Cash Flow 3514 99 4263 120 3742 112 14
Capex (net) -2433 -69 -2433 -68 -2077 -62 -17
Free Cash Flow(before acquisitions and dividends)
1081 30 1830 52 1665 50 10
Acquisitions (net) -2423 -2423 613 --
Dividends -952 -952 -904 5
Free Cash Flow(after acquisitions and dividends) -2294 -65 -1545 -44 1374 41 --
1 2019 adjusted for IFRS 16
Fresenius Group Calculation of Noncontrolling Interest
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom FY19 FY18
Earnings before tax and noncontrolling interest 4089 3998
Taxes -955 -883
Noncontrolling interest thereof -1219 -1243
Fresenius Medical Care net income not attributable to Fresenius (FY19 ~69)
-897 -928
Noncontrolling interest holders in Fresenius Medical Care -239 -244
Noncontrolling interest holders in Fresenius Kabi (-euro49 m) Fresenius Helios (-euro13 m) Fresenius Vamed (-euro2 m) and due to Fresenius Vamedrsquos 23 external ownership (-euro19 m)
-83 -71
Net income attributable to Fresenius SE amp Co KGaA 1915 1872
64
On a comparable basis Before special items adjusted for IFRS16 effect FY18 adjusted for divestitures of Care Coordination activities at FMC
For a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
002
023 025029
032037
042044
055
062
93 08 09 10 11 12 13 14 15 16 17 18 19
25 2421 20 21 21 22 21 22 23 24
Fresenius SE Earnings-Linked Dividend Policy
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
euro per share
bull Dividend growth aligned to EPS1
growth
bull Pay-out Ratio 20 to 25
Dividend distribution (eurom)
Pay-out Ratio
075
2019 Pay-out Ratio 24 Dividend Policy
122 140 155 196 225 238 300 416114 343 445
080
1 Before special items
468
084
24
Track record
bull 27th consecutive dividend increase
bull CAGR dividend increase +15
65
32x1
Fresenius Medical Care Low Leverage Reflected by Solid Investment Grade Rating
66General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
60 6176
6483
2015 2016 2017 2018 2019
Free Cash Flow in of revenue
SampP Moodylsquos Fitch
Corporate Credit Rating BBB Baa3 BBB-
Outlook stable stable stable
Current Credit Ratings
1 Including IFRS16 effect
29x30x
27x
22x
18x
31x
27x25x
22x
21x
27x25x
25x
31x
26x23x
21x
18x
25x
15
20
25
30
35
40
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
1
Fresenius Medical Care Broad Mix of Financing Instruments
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 67
Total BS Debt
~euro138 m
1 As of December 31 2019
bull Optimize funding costs and ensure financial flexibility
bull Diversify investor base
bull Strong liquidity provided by sufficient financial cushion (~euro18 billion as of December 31 2019)
Well Positioned to Meet Financing Needs
Average interest ratecost of debt25 pa
Equity-neutralconvertible bonds 3
Commercial paper 7
Syndicated loans 14
Other financial liabilities 7
Bonds 36
Lease obligations 33
Fresenius Medical Care Well-Balanced Debt Maturity Profile12
68
eurom
Maturity 30 years on
average
1 As of December 31 2019 and based on utilization of major financing instruments2 Excluding lease liabilities
445
878623 650
356500 600
945
535
135
1236400
1000
380
0
500
1000
1500
2000
2500
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
Bonds Syndicated Loan Equity-neutral convertible bonds Commercial Paper AR Facility
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
2500
2000
1500
1000
Fresenius SE Overview Bonds
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 69
Issuer Volume(in millions)
Coupon type
Coupon (in )
MaturityTerm
ISIN (RegS)
WKN
Fresenius SE amp Co KGaAeuro500 Fix 2875 20132020 XS0873432511 A1HEWZ
Fresenius SE amp Co KGaAeuro450 Fix 300 20142021 XS1013955379 A1ZB7H
Fresenius SE amp Co KGaAeuro450 Fix 400 20142024 XS1026109204 A1ZC60
Fresenius SE amp Co KGaAeuro 500 Fix 1875 20192025 XS1936208252 A2NBMS
Fresenius SE amp Co KGaAeuro 750 Fix 1625 20202027 XS2152329053 A254TA
Fresenius SE amp Co KGaAeuro 750 Fix 075 20202028 XS2101357072 A254QN
Fresenius SE amp Co KGaAeuro 500 Fix 2875 20192029 XS1936208419 A2NBMT
Fresenius Finance Ireland plceuro700 Fix 0875 20172022 XS1554373164 A19B3F
Fresenius Finance Ireland plceuro700 Fix 150 20172024 XS1554373248 A19B3G
Fresenius Finance Ireland plceuro700 Fix 2125 20172027 XS1554373677 A19B3H
Fresenius Finance Ireland plceuro500 Fix 300 20172032 XS1554373834 A19B3J
Fresenius US Finance II IncUS$300 Fix 425 20142021 USU31436AG04 A1ZDVJ
Fresenius US Finance II IncUS$300 Fix 450 20152023 USU31436AH86 A1Z64A
As of April 8 2020
Fresenius Medical Care Overview Bonds
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 70
Issuer Volume(in millions)
Coupon type
Coupon (in )
MaturityTerm
ISIN (RegS)
WKN
FMC Finance VII SA euro300 Fix 525 20112021 XS0576395478 A1GLY6
Fresenius Medical Care US Finance Inc US$650 Fix 575 20112021 USU31433AA03 A1GL0J
Fresenius Medical Care US Finance II Inc US$500 Fix 4125 20142020 US35802XAH61 A1ZRTL
Fresenius Medical Care US Finance II Inc US$700 Fix 5875 20122022 USU31434AC42 A1GZRF
Fresenius Medical Care US Finance II Inc US$400 Fix 475 20142024 US35802XAJ28 A1ZRTN
Fresenius Medical Care US Finance III Inc US$500 Fix 375 20192029 USU3149FAA76 A2R3YR
Fresenius Medical Care AG amp Co KGaA euro650 Fix 0250 20192023 XS2084510069 A255DU
Fresenius Medical Care AG amp Co KGaA euro500 Fix 150 20182025 XS1854532949 A2NBE6
Fresenius Medical Care AG amp Co KGaA euro600 Fix 0625 20192026 XS2084497705 A255DV
Fresenius Medical Care AG amp Co KGaA euro500 Fix 1250 20192029 XS2084488209 A255DW
As of December 31 2019
Financial Calendar Contact
Financial Calendar 06 May 2020 Results Q120
30 July 2020 Results Q220
29 October 2020 Results Q320Please note that these dates could be subject to change
Annual General Meeting Due to the coronavirus pandemic the AGM scheduled for 20 May 2020 has been postponed A new date within the current financial year will be set as soon as the conditions for reliable planning and safe execution of the AGM are once again in place
Contact
Investor Relations amp SustainabilityFresenius SE amp Co KGaAphone +49 6172 608-2485e-mail ir-frefreseniuscomFor further information and current news wwwfreseniuscom
Follow us on Twitter wwwtwittercomfresenius_irand LinkedIn wwwlinkedincomcompanyfresenius-investor-relations
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 71
Appendix
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 61
Fresenius Group FY19 Key Financials
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom FY191 IFRS 16effect
specialitems
FY19 reported
Δ YoY cc12
Sales 35524 -115 - 35409 6
EBIT 4599 89 -57 4631 -2
Net interest -510 -204 -5 -719 9
Income taxes -955 30 42 -883 -5
Net income3 1915 -36 4 1883 0
Balance sheet total 61237 5769 - 67006
Operating Cashflow 3514 749 - 4263
1 Before special items adjusted for IFRS 16 effect2 On a comparable basis 2018 adjusted for divestitures of Care Coordination activities at FMC3 Net income attributable to shareholders of Fresenius SE amp Co KGaA
For a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
62
Fresenius Group Cash Flow
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 63
eurom 20191 Margin 2019 Margin 2018 Margin Δ YoY1918
Operating Cash Flow 3514 99 4263 120 3742 112 14
Capex (net) -2433 -69 -2433 -68 -2077 -62 -17
Free Cash Flow(before acquisitions and dividends)
1081 30 1830 52 1665 50 10
Acquisitions (net) -2423 -2423 613 --
Dividends -952 -952 -904 5
Free Cash Flow(after acquisitions and dividends) -2294 -65 -1545 -44 1374 41 --
1 2019 adjusted for IFRS 16
Fresenius Group Calculation of Noncontrolling Interest
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom FY19 FY18
Earnings before tax and noncontrolling interest 4089 3998
Taxes -955 -883
Noncontrolling interest thereof -1219 -1243
Fresenius Medical Care net income not attributable to Fresenius (FY19 ~69)
-897 -928
Noncontrolling interest holders in Fresenius Medical Care -239 -244
Noncontrolling interest holders in Fresenius Kabi (-euro49 m) Fresenius Helios (-euro13 m) Fresenius Vamed (-euro2 m) and due to Fresenius Vamedrsquos 23 external ownership (-euro19 m)
-83 -71
Net income attributable to Fresenius SE amp Co KGaA 1915 1872
64
On a comparable basis Before special items adjusted for IFRS16 effect FY18 adjusted for divestitures of Care Coordination activities at FMC
For a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
002
023 025029
032037
042044
055
062
93 08 09 10 11 12 13 14 15 16 17 18 19
25 2421 20 21 21 22 21 22 23 24
Fresenius SE Earnings-Linked Dividend Policy
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
euro per share
bull Dividend growth aligned to EPS1
growth
bull Pay-out Ratio 20 to 25
Dividend distribution (eurom)
Pay-out Ratio
075
2019 Pay-out Ratio 24 Dividend Policy
122 140 155 196 225 238 300 416114 343 445
080
1 Before special items
468
084
24
Track record
bull 27th consecutive dividend increase
bull CAGR dividend increase +15
65
32x1
Fresenius Medical Care Low Leverage Reflected by Solid Investment Grade Rating
66General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
60 6176
6483
2015 2016 2017 2018 2019
Free Cash Flow in of revenue
SampP Moodylsquos Fitch
Corporate Credit Rating BBB Baa3 BBB-
Outlook stable stable stable
Current Credit Ratings
1 Including IFRS16 effect
29x30x
27x
22x
18x
31x
27x25x
22x
21x
27x25x
25x
31x
26x23x
21x
18x
25x
15
20
25
30
35
40
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
1
Fresenius Medical Care Broad Mix of Financing Instruments
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 67
Total BS Debt
~euro138 m
1 As of December 31 2019
bull Optimize funding costs and ensure financial flexibility
bull Diversify investor base
bull Strong liquidity provided by sufficient financial cushion (~euro18 billion as of December 31 2019)
Well Positioned to Meet Financing Needs
Average interest ratecost of debt25 pa
Equity-neutralconvertible bonds 3
Commercial paper 7
Syndicated loans 14
Other financial liabilities 7
Bonds 36
Lease obligations 33
Fresenius Medical Care Well-Balanced Debt Maturity Profile12
68
eurom
Maturity 30 years on
average
1 As of December 31 2019 and based on utilization of major financing instruments2 Excluding lease liabilities
445
878623 650
356500 600
945
535
135
1236400
1000
380
0
500
1000
1500
2000
2500
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
Bonds Syndicated Loan Equity-neutral convertible bonds Commercial Paper AR Facility
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
2500
2000
1500
1000
Fresenius SE Overview Bonds
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 69
Issuer Volume(in millions)
Coupon type
Coupon (in )
MaturityTerm
ISIN (RegS)
WKN
Fresenius SE amp Co KGaAeuro500 Fix 2875 20132020 XS0873432511 A1HEWZ
Fresenius SE amp Co KGaAeuro450 Fix 300 20142021 XS1013955379 A1ZB7H
Fresenius SE amp Co KGaAeuro450 Fix 400 20142024 XS1026109204 A1ZC60
Fresenius SE amp Co KGaAeuro 500 Fix 1875 20192025 XS1936208252 A2NBMS
Fresenius SE amp Co KGaAeuro 750 Fix 1625 20202027 XS2152329053 A254TA
Fresenius SE amp Co KGaAeuro 750 Fix 075 20202028 XS2101357072 A254QN
Fresenius SE amp Co KGaAeuro 500 Fix 2875 20192029 XS1936208419 A2NBMT
Fresenius Finance Ireland plceuro700 Fix 0875 20172022 XS1554373164 A19B3F
Fresenius Finance Ireland plceuro700 Fix 150 20172024 XS1554373248 A19B3G
Fresenius Finance Ireland plceuro700 Fix 2125 20172027 XS1554373677 A19B3H
Fresenius Finance Ireland plceuro500 Fix 300 20172032 XS1554373834 A19B3J
Fresenius US Finance II IncUS$300 Fix 425 20142021 USU31436AG04 A1ZDVJ
Fresenius US Finance II IncUS$300 Fix 450 20152023 USU31436AH86 A1Z64A
As of April 8 2020
Fresenius Medical Care Overview Bonds
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 70
Issuer Volume(in millions)
Coupon type
Coupon (in )
MaturityTerm
ISIN (RegS)
WKN
FMC Finance VII SA euro300 Fix 525 20112021 XS0576395478 A1GLY6
Fresenius Medical Care US Finance Inc US$650 Fix 575 20112021 USU31433AA03 A1GL0J
Fresenius Medical Care US Finance II Inc US$500 Fix 4125 20142020 US35802XAH61 A1ZRTL
Fresenius Medical Care US Finance II Inc US$700 Fix 5875 20122022 USU31434AC42 A1GZRF
Fresenius Medical Care US Finance II Inc US$400 Fix 475 20142024 US35802XAJ28 A1ZRTN
Fresenius Medical Care US Finance III Inc US$500 Fix 375 20192029 USU3149FAA76 A2R3YR
Fresenius Medical Care AG amp Co KGaA euro650 Fix 0250 20192023 XS2084510069 A255DU
Fresenius Medical Care AG amp Co KGaA euro500 Fix 150 20182025 XS1854532949 A2NBE6
Fresenius Medical Care AG amp Co KGaA euro600 Fix 0625 20192026 XS2084497705 A255DV
Fresenius Medical Care AG amp Co KGaA euro500 Fix 1250 20192029 XS2084488209 A255DW
As of December 31 2019
Financial Calendar Contact
Financial Calendar 06 May 2020 Results Q120
30 July 2020 Results Q220
29 October 2020 Results Q320Please note that these dates could be subject to change
Annual General Meeting Due to the coronavirus pandemic the AGM scheduled for 20 May 2020 has been postponed A new date within the current financial year will be set as soon as the conditions for reliable planning and safe execution of the AGM are once again in place
Contact
Investor Relations amp SustainabilityFresenius SE amp Co KGaAphone +49 6172 608-2485e-mail ir-frefreseniuscomFor further information and current news wwwfreseniuscom
Follow us on Twitter wwwtwittercomfresenius_irand LinkedIn wwwlinkedincomcompanyfresenius-investor-relations
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 71
Fresenius Group FY19 Key Financials
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom FY191 IFRS 16effect
specialitems
FY19 reported
Δ YoY cc12
Sales 35524 -115 - 35409 6
EBIT 4599 89 -57 4631 -2
Net interest -510 -204 -5 -719 9
Income taxes -955 30 42 -883 -5
Net income3 1915 -36 4 1883 0
Balance sheet total 61237 5769 - 67006
Operating Cashflow 3514 749 - 4263
1 Before special items adjusted for IFRS 16 effect2 On a comparable basis 2018 adjusted for divestitures of Care Coordination activities at FMC3 Net income attributable to shareholders of Fresenius SE amp Co KGaA
For a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
62
Fresenius Group Cash Flow
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 63
eurom 20191 Margin 2019 Margin 2018 Margin Δ YoY1918
Operating Cash Flow 3514 99 4263 120 3742 112 14
Capex (net) -2433 -69 -2433 -68 -2077 -62 -17
Free Cash Flow(before acquisitions and dividends)
1081 30 1830 52 1665 50 10
Acquisitions (net) -2423 -2423 613 --
Dividends -952 -952 -904 5
Free Cash Flow(after acquisitions and dividends) -2294 -65 -1545 -44 1374 41 --
1 2019 adjusted for IFRS 16
Fresenius Group Calculation of Noncontrolling Interest
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom FY19 FY18
Earnings before tax and noncontrolling interest 4089 3998
Taxes -955 -883
Noncontrolling interest thereof -1219 -1243
Fresenius Medical Care net income not attributable to Fresenius (FY19 ~69)
-897 -928
Noncontrolling interest holders in Fresenius Medical Care -239 -244
Noncontrolling interest holders in Fresenius Kabi (-euro49 m) Fresenius Helios (-euro13 m) Fresenius Vamed (-euro2 m) and due to Fresenius Vamedrsquos 23 external ownership (-euro19 m)
-83 -71
Net income attributable to Fresenius SE amp Co KGaA 1915 1872
64
On a comparable basis Before special items adjusted for IFRS16 effect FY18 adjusted for divestitures of Care Coordination activities at FMC
For a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
002
023 025029
032037
042044
055
062
93 08 09 10 11 12 13 14 15 16 17 18 19
25 2421 20 21 21 22 21 22 23 24
Fresenius SE Earnings-Linked Dividend Policy
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
euro per share
bull Dividend growth aligned to EPS1
growth
bull Pay-out Ratio 20 to 25
Dividend distribution (eurom)
Pay-out Ratio
075
2019 Pay-out Ratio 24 Dividend Policy
122 140 155 196 225 238 300 416114 343 445
080
1 Before special items
468
084
24
Track record
bull 27th consecutive dividend increase
bull CAGR dividend increase +15
65
32x1
Fresenius Medical Care Low Leverage Reflected by Solid Investment Grade Rating
66General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
60 6176
6483
2015 2016 2017 2018 2019
Free Cash Flow in of revenue
SampP Moodylsquos Fitch
Corporate Credit Rating BBB Baa3 BBB-
Outlook stable stable stable
Current Credit Ratings
1 Including IFRS16 effect
29x30x
27x
22x
18x
31x
27x25x
22x
21x
27x25x
25x
31x
26x23x
21x
18x
25x
15
20
25
30
35
40
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
1
Fresenius Medical Care Broad Mix of Financing Instruments
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 67
Total BS Debt
~euro138 m
1 As of December 31 2019
bull Optimize funding costs and ensure financial flexibility
bull Diversify investor base
bull Strong liquidity provided by sufficient financial cushion (~euro18 billion as of December 31 2019)
Well Positioned to Meet Financing Needs
Average interest ratecost of debt25 pa
Equity-neutralconvertible bonds 3
Commercial paper 7
Syndicated loans 14
Other financial liabilities 7
Bonds 36
Lease obligations 33
Fresenius Medical Care Well-Balanced Debt Maturity Profile12
68
eurom
Maturity 30 years on
average
1 As of December 31 2019 and based on utilization of major financing instruments2 Excluding lease liabilities
445
878623 650
356500 600
945
535
135
1236400
1000
380
0
500
1000
1500
2000
2500
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
Bonds Syndicated Loan Equity-neutral convertible bonds Commercial Paper AR Facility
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
2500
2000
1500
1000
Fresenius SE Overview Bonds
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 69
Issuer Volume(in millions)
Coupon type
Coupon (in )
MaturityTerm
ISIN (RegS)
WKN
Fresenius SE amp Co KGaAeuro500 Fix 2875 20132020 XS0873432511 A1HEWZ
Fresenius SE amp Co KGaAeuro450 Fix 300 20142021 XS1013955379 A1ZB7H
Fresenius SE amp Co KGaAeuro450 Fix 400 20142024 XS1026109204 A1ZC60
Fresenius SE amp Co KGaAeuro 500 Fix 1875 20192025 XS1936208252 A2NBMS
Fresenius SE amp Co KGaAeuro 750 Fix 1625 20202027 XS2152329053 A254TA
Fresenius SE amp Co KGaAeuro 750 Fix 075 20202028 XS2101357072 A254QN
Fresenius SE amp Co KGaAeuro 500 Fix 2875 20192029 XS1936208419 A2NBMT
Fresenius Finance Ireland plceuro700 Fix 0875 20172022 XS1554373164 A19B3F
Fresenius Finance Ireland plceuro700 Fix 150 20172024 XS1554373248 A19B3G
Fresenius Finance Ireland plceuro700 Fix 2125 20172027 XS1554373677 A19B3H
Fresenius Finance Ireland plceuro500 Fix 300 20172032 XS1554373834 A19B3J
Fresenius US Finance II IncUS$300 Fix 425 20142021 USU31436AG04 A1ZDVJ
Fresenius US Finance II IncUS$300 Fix 450 20152023 USU31436AH86 A1Z64A
As of April 8 2020
Fresenius Medical Care Overview Bonds
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 70
Issuer Volume(in millions)
Coupon type
Coupon (in )
MaturityTerm
ISIN (RegS)
WKN
FMC Finance VII SA euro300 Fix 525 20112021 XS0576395478 A1GLY6
Fresenius Medical Care US Finance Inc US$650 Fix 575 20112021 USU31433AA03 A1GL0J
Fresenius Medical Care US Finance II Inc US$500 Fix 4125 20142020 US35802XAH61 A1ZRTL
Fresenius Medical Care US Finance II Inc US$700 Fix 5875 20122022 USU31434AC42 A1GZRF
Fresenius Medical Care US Finance II Inc US$400 Fix 475 20142024 US35802XAJ28 A1ZRTN
Fresenius Medical Care US Finance III Inc US$500 Fix 375 20192029 USU3149FAA76 A2R3YR
Fresenius Medical Care AG amp Co KGaA euro650 Fix 0250 20192023 XS2084510069 A255DU
Fresenius Medical Care AG amp Co KGaA euro500 Fix 150 20182025 XS1854532949 A2NBE6
Fresenius Medical Care AG amp Co KGaA euro600 Fix 0625 20192026 XS2084497705 A255DV
Fresenius Medical Care AG amp Co KGaA euro500 Fix 1250 20192029 XS2084488209 A255DW
As of December 31 2019
Financial Calendar Contact
Financial Calendar 06 May 2020 Results Q120
30 July 2020 Results Q220
29 October 2020 Results Q320Please note that these dates could be subject to change
Annual General Meeting Due to the coronavirus pandemic the AGM scheduled for 20 May 2020 has been postponed A new date within the current financial year will be set as soon as the conditions for reliable planning and safe execution of the AGM are once again in place
Contact
Investor Relations amp SustainabilityFresenius SE amp Co KGaAphone +49 6172 608-2485e-mail ir-frefreseniuscomFor further information and current news wwwfreseniuscom
Follow us on Twitter wwwtwittercomfresenius_irand LinkedIn wwwlinkedincomcompanyfresenius-investor-relations
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 71
Fresenius Group Cash Flow
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 63
eurom 20191 Margin 2019 Margin 2018 Margin Δ YoY1918
Operating Cash Flow 3514 99 4263 120 3742 112 14
Capex (net) -2433 -69 -2433 -68 -2077 -62 -17
Free Cash Flow(before acquisitions and dividends)
1081 30 1830 52 1665 50 10
Acquisitions (net) -2423 -2423 613 --
Dividends -952 -952 -904 5
Free Cash Flow(after acquisitions and dividends) -2294 -65 -1545 -44 1374 41 --
1 2019 adjusted for IFRS 16
Fresenius Group Calculation of Noncontrolling Interest
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom FY19 FY18
Earnings before tax and noncontrolling interest 4089 3998
Taxes -955 -883
Noncontrolling interest thereof -1219 -1243
Fresenius Medical Care net income not attributable to Fresenius (FY19 ~69)
-897 -928
Noncontrolling interest holders in Fresenius Medical Care -239 -244
Noncontrolling interest holders in Fresenius Kabi (-euro49 m) Fresenius Helios (-euro13 m) Fresenius Vamed (-euro2 m) and due to Fresenius Vamedrsquos 23 external ownership (-euro19 m)
-83 -71
Net income attributable to Fresenius SE amp Co KGaA 1915 1872
64
On a comparable basis Before special items adjusted for IFRS16 effect FY18 adjusted for divestitures of Care Coordination activities at FMC
For a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
002
023 025029
032037
042044
055
062
93 08 09 10 11 12 13 14 15 16 17 18 19
25 2421 20 21 21 22 21 22 23 24
Fresenius SE Earnings-Linked Dividend Policy
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
euro per share
bull Dividend growth aligned to EPS1
growth
bull Pay-out Ratio 20 to 25
Dividend distribution (eurom)
Pay-out Ratio
075
2019 Pay-out Ratio 24 Dividend Policy
122 140 155 196 225 238 300 416114 343 445
080
1 Before special items
468
084
24
Track record
bull 27th consecutive dividend increase
bull CAGR dividend increase +15
65
32x1
Fresenius Medical Care Low Leverage Reflected by Solid Investment Grade Rating
66General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
60 6176
6483
2015 2016 2017 2018 2019
Free Cash Flow in of revenue
SampP Moodylsquos Fitch
Corporate Credit Rating BBB Baa3 BBB-
Outlook stable stable stable
Current Credit Ratings
1 Including IFRS16 effect
29x30x
27x
22x
18x
31x
27x25x
22x
21x
27x25x
25x
31x
26x23x
21x
18x
25x
15
20
25
30
35
40
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
1
Fresenius Medical Care Broad Mix of Financing Instruments
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 67
Total BS Debt
~euro138 m
1 As of December 31 2019
bull Optimize funding costs and ensure financial flexibility
bull Diversify investor base
bull Strong liquidity provided by sufficient financial cushion (~euro18 billion as of December 31 2019)
Well Positioned to Meet Financing Needs
Average interest ratecost of debt25 pa
Equity-neutralconvertible bonds 3
Commercial paper 7
Syndicated loans 14
Other financial liabilities 7
Bonds 36
Lease obligations 33
Fresenius Medical Care Well-Balanced Debt Maturity Profile12
68
eurom
Maturity 30 years on
average
1 As of December 31 2019 and based on utilization of major financing instruments2 Excluding lease liabilities
445
878623 650
356500 600
945
535
135
1236400
1000
380
0
500
1000
1500
2000
2500
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
Bonds Syndicated Loan Equity-neutral convertible bonds Commercial Paper AR Facility
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
2500
2000
1500
1000
Fresenius SE Overview Bonds
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 69
Issuer Volume(in millions)
Coupon type
Coupon (in )
MaturityTerm
ISIN (RegS)
WKN
Fresenius SE amp Co KGaAeuro500 Fix 2875 20132020 XS0873432511 A1HEWZ
Fresenius SE amp Co KGaAeuro450 Fix 300 20142021 XS1013955379 A1ZB7H
Fresenius SE amp Co KGaAeuro450 Fix 400 20142024 XS1026109204 A1ZC60
Fresenius SE amp Co KGaAeuro 500 Fix 1875 20192025 XS1936208252 A2NBMS
Fresenius SE amp Co KGaAeuro 750 Fix 1625 20202027 XS2152329053 A254TA
Fresenius SE amp Co KGaAeuro 750 Fix 075 20202028 XS2101357072 A254QN
Fresenius SE amp Co KGaAeuro 500 Fix 2875 20192029 XS1936208419 A2NBMT
Fresenius Finance Ireland plceuro700 Fix 0875 20172022 XS1554373164 A19B3F
Fresenius Finance Ireland plceuro700 Fix 150 20172024 XS1554373248 A19B3G
Fresenius Finance Ireland plceuro700 Fix 2125 20172027 XS1554373677 A19B3H
Fresenius Finance Ireland plceuro500 Fix 300 20172032 XS1554373834 A19B3J
Fresenius US Finance II IncUS$300 Fix 425 20142021 USU31436AG04 A1ZDVJ
Fresenius US Finance II IncUS$300 Fix 450 20152023 USU31436AH86 A1Z64A
As of April 8 2020
Fresenius Medical Care Overview Bonds
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 70
Issuer Volume(in millions)
Coupon type
Coupon (in )
MaturityTerm
ISIN (RegS)
WKN
FMC Finance VII SA euro300 Fix 525 20112021 XS0576395478 A1GLY6
Fresenius Medical Care US Finance Inc US$650 Fix 575 20112021 USU31433AA03 A1GL0J
Fresenius Medical Care US Finance II Inc US$500 Fix 4125 20142020 US35802XAH61 A1ZRTL
Fresenius Medical Care US Finance II Inc US$700 Fix 5875 20122022 USU31434AC42 A1GZRF
Fresenius Medical Care US Finance II Inc US$400 Fix 475 20142024 US35802XAJ28 A1ZRTN
Fresenius Medical Care US Finance III Inc US$500 Fix 375 20192029 USU3149FAA76 A2R3YR
Fresenius Medical Care AG amp Co KGaA euro650 Fix 0250 20192023 XS2084510069 A255DU
Fresenius Medical Care AG amp Co KGaA euro500 Fix 150 20182025 XS1854532949 A2NBE6
Fresenius Medical Care AG amp Co KGaA euro600 Fix 0625 20192026 XS2084497705 A255DV
Fresenius Medical Care AG amp Co KGaA euro500 Fix 1250 20192029 XS2084488209 A255DW
As of December 31 2019
Financial Calendar Contact
Financial Calendar 06 May 2020 Results Q120
30 July 2020 Results Q220
29 October 2020 Results Q320Please note that these dates could be subject to change
Annual General Meeting Due to the coronavirus pandemic the AGM scheduled for 20 May 2020 has been postponed A new date within the current financial year will be set as soon as the conditions for reliable planning and safe execution of the AGM are once again in place
Contact
Investor Relations amp SustainabilityFresenius SE amp Co KGaAphone +49 6172 608-2485e-mail ir-frefreseniuscomFor further information and current news wwwfreseniuscom
Follow us on Twitter wwwtwittercomfresenius_irand LinkedIn wwwlinkedincomcompanyfresenius-investor-relations
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 71
Fresenius Group Calculation of Noncontrolling Interest
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
eurom FY19 FY18
Earnings before tax and noncontrolling interest 4089 3998
Taxes -955 -883
Noncontrolling interest thereof -1219 -1243
Fresenius Medical Care net income not attributable to Fresenius (FY19 ~69)
-897 -928
Noncontrolling interest holders in Fresenius Medical Care -239 -244
Noncontrolling interest holders in Fresenius Kabi (-euro49 m) Fresenius Helios (-euro13 m) Fresenius Vamed (-euro2 m) and due to Fresenius Vamedrsquos 23 external ownership (-euro19 m)
-83 -71
Net income attributable to Fresenius SE amp Co KGaA 1915 1872
64
On a comparable basis Before special items adjusted for IFRS16 effect FY18 adjusted for divestitures of Care Coordination activities at FMC
For a detailed overview of special items and adjustments please see the reconciliation tables provided on our website httpswwwfreseniuscomresults-center
002
023 025029
032037
042044
055
062
93 08 09 10 11 12 13 14 15 16 17 18 19
25 2421 20 21 21 22 21 22 23 24
Fresenius SE Earnings-Linked Dividend Policy
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
euro per share
bull Dividend growth aligned to EPS1
growth
bull Pay-out Ratio 20 to 25
Dividend distribution (eurom)
Pay-out Ratio
075
2019 Pay-out Ratio 24 Dividend Policy
122 140 155 196 225 238 300 416114 343 445
080
1 Before special items
468
084
24
Track record
bull 27th consecutive dividend increase
bull CAGR dividend increase +15
65
32x1
Fresenius Medical Care Low Leverage Reflected by Solid Investment Grade Rating
66General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
60 6176
6483
2015 2016 2017 2018 2019
Free Cash Flow in of revenue
SampP Moodylsquos Fitch
Corporate Credit Rating BBB Baa3 BBB-
Outlook stable stable stable
Current Credit Ratings
1 Including IFRS16 effect
29x30x
27x
22x
18x
31x
27x25x
22x
21x
27x25x
25x
31x
26x23x
21x
18x
25x
15
20
25
30
35
40
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
1
Fresenius Medical Care Broad Mix of Financing Instruments
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 67
Total BS Debt
~euro138 m
1 As of December 31 2019
bull Optimize funding costs and ensure financial flexibility
bull Diversify investor base
bull Strong liquidity provided by sufficient financial cushion (~euro18 billion as of December 31 2019)
Well Positioned to Meet Financing Needs
Average interest ratecost of debt25 pa
Equity-neutralconvertible bonds 3
Commercial paper 7
Syndicated loans 14
Other financial liabilities 7
Bonds 36
Lease obligations 33
Fresenius Medical Care Well-Balanced Debt Maturity Profile12
68
eurom
Maturity 30 years on
average
1 As of December 31 2019 and based on utilization of major financing instruments2 Excluding lease liabilities
445
878623 650
356500 600
945
535
135
1236400
1000
380
0
500
1000
1500
2000
2500
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
Bonds Syndicated Loan Equity-neutral convertible bonds Commercial Paper AR Facility
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
2500
2000
1500
1000
Fresenius SE Overview Bonds
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 69
Issuer Volume(in millions)
Coupon type
Coupon (in )
MaturityTerm
ISIN (RegS)
WKN
Fresenius SE amp Co KGaAeuro500 Fix 2875 20132020 XS0873432511 A1HEWZ
Fresenius SE amp Co KGaAeuro450 Fix 300 20142021 XS1013955379 A1ZB7H
Fresenius SE amp Co KGaAeuro450 Fix 400 20142024 XS1026109204 A1ZC60
Fresenius SE amp Co KGaAeuro 500 Fix 1875 20192025 XS1936208252 A2NBMS
Fresenius SE amp Co KGaAeuro 750 Fix 1625 20202027 XS2152329053 A254TA
Fresenius SE amp Co KGaAeuro 750 Fix 075 20202028 XS2101357072 A254QN
Fresenius SE amp Co KGaAeuro 500 Fix 2875 20192029 XS1936208419 A2NBMT
Fresenius Finance Ireland plceuro700 Fix 0875 20172022 XS1554373164 A19B3F
Fresenius Finance Ireland plceuro700 Fix 150 20172024 XS1554373248 A19B3G
Fresenius Finance Ireland plceuro700 Fix 2125 20172027 XS1554373677 A19B3H
Fresenius Finance Ireland plceuro500 Fix 300 20172032 XS1554373834 A19B3J
Fresenius US Finance II IncUS$300 Fix 425 20142021 USU31436AG04 A1ZDVJ
Fresenius US Finance II IncUS$300 Fix 450 20152023 USU31436AH86 A1Z64A
As of April 8 2020
Fresenius Medical Care Overview Bonds
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 70
Issuer Volume(in millions)
Coupon type
Coupon (in )
MaturityTerm
ISIN (RegS)
WKN
FMC Finance VII SA euro300 Fix 525 20112021 XS0576395478 A1GLY6
Fresenius Medical Care US Finance Inc US$650 Fix 575 20112021 USU31433AA03 A1GL0J
Fresenius Medical Care US Finance II Inc US$500 Fix 4125 20142020 US35802XAH61 A1ZRTL
Fresenius Medical Care US Finance II Inc US$700 Fix 5875 20122022 USU31434AC42 A1GZRF
Fresenius Medical Care US Finance II Inc US$400 Fix 475 20142024 US35802XAJ28 A1ZRTN
Fresenius Medical Care US Finance III Inc US$500 Fix 375 20192029 USU3149FAA76 A2R3YR
Fresenius Medical Care AG amp Co KGaA euro650 Fix 0250 20192023 XS2084510069 A255DU
Fresenius Medical Care AG amp Co KGaA euro500 Fix 150 20182025 XS1854532949 A2NBE6
Fresenius Medical Care AG amp Co KGaA euro600 Fix 0625 20192026 XS2084497705 A255DV
Fresenius Medical Care AG amp Co KGaA euro500 Fix 1250 20192029 XS2084488209 A255DW
As of December 31 2019
Financial Calendar Contact
Financial Calendar 06 May 2020 Results Q120
30 July 2020 Results Q220
29 October 2020 Results Q320Please note that these dates could be subject to change
Annual General Meeting Due to the coronavirus pandemic the AGM scheduled for 20 May 2020 has been postponed A new date within the current financial year will be set as soon as the conditions for reliable planning and safe execution of the AGM are once again in place
Contact
Investor Relations amp SustainabilityFresenius SE amp Co KGaAphone +49 6172 608-2485e-mail ir-frefreseniuscomFor further information and current news wwwfreseniuscom
Follow us on Twitter wwwtwittercomfresenius_irand LinkedIn wwwlinkedincomcompanyfresenius-investor-relations
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 71
002
023 025029
032037
042044
055
062
93 08 09 10 11 12 13 14 15 16 17 18 19
25 2421 20 21 21 22 21 22 23 24
Fresenius SE Earnings-Linked Dividend Policy
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
euro per share
bull Dividend growth aligned to EPS1
growth
bull Pay-out Ratio 20 to 25
Dividend distribution (eurom)
Pay-out Ratio
075
2019 Pay-out Ratio 24 Dividend Policy
122 140 155 196 225 238 300 416114 343 445
080
1 Before special items
468
084
24
Track record
bull 27th consecutive dividend increase
bull CAGR dividend increase +15
65
32x1
Fresenius Medical Care Low Leverage Reflected by Solid Investment Grade Rating
66General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
60 6176
6483
2015 2016 2017 2018 2019
Free Cash Flow in of revenue
SampP Moodylsquos Fitch
Corporate Credit Rating BBB Baa3 BBB-
Outlook stable stable stable
Current Credit Ratings
1 Including IFRS16 effect
29x30x
27x
22x
18x
31x
27x25x
22x
21x
27x25x
25x
31x
26x23x
21x
18x
25x
15
20
25
30
35
40
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
1
Fresenius Medical Care Broad Mix of Financing Instruments
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 67
Total BS Debt
~euro138 m
1 As of December 31 2019
bull Optimize funding costs and ensure financial flexibility
bull Diversify investor base
bull Strong liquidity provided by sufficient financial cushion (~euro18 billion as of December 31 2019)
Well Positioned to Meet Financing Needs
Average interest ratecost of debt25 pa
Equity-neutralconvertible bonds 3
Commercial paper 7
Syndicated loans 14
Other financial liabilities 7
Bonds 36
Lease obligations 33
Fresenius Medical Care Well-Balanced Debt Maturity Profile12
68
eurom
Maturity 30 years on
average
1 As of December 31 2019 and based on utilization of major financing instruments2 Excluding lease liabilities
445
878623 650
356500 600
945
535
135
1236400
1000
380
0
500
1000
1500
2000
2500
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
Bonds Syndicated Loan Equity-neutral convertible bonds Commercial Paper AR Facility
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
2500
2000
1500
1000
Fresenius SE Overview Bonds
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 69
Issuer Volume(in millions)
Coupon type
Coupon (in )
MaturityTerm
ISIN (RegS)
WKN
Fresenius SE amp Co KGaAeuro500 Fix 2875 20132020 XS0873432511 A1HEWZ
Fresenius SE amp Co KGaAeuro450 Fix 300 20142021 XS1013955379 A1ZB7H
Fresenius SE amp Co KGaAeuro450 Fix 400 20142024 XS1026109204 A1ZC60
Fresenius SE amp Co KGaAeuro 500 Fix 1875 20192025 XS1936208252 A2NBMS
Fresenius SE amp Co KGaAeuro 750 Fix 1625 20202027 XS2152329053 A254TA
Fresenius SE amp Co KGaAeuro 750 Fix 075 20202028 XS2101357072 A254QN
Fresenius SE amp Co KGaAeuro 500 Fix 2875 20192029 XS1936208419 A2NBMT
Fresenius Finance Ireland plceuro700 Fix 0875 20172022 XS1554373164 A19B3F
Fresenius Finance Ireland plceuro700 Fix 150 20172024 XS1554373248 A19B3G
Fresenius Finance Ireland plceuro700 Fix 2125 20172027 XS1554373677 A19B3H
Fresenius Finance Ireland plceuro500 Fix 300 20172032 XS1554373834 A19B3J
Fresenius US Finance II IncUS$300 Fix 425 20142021 USU31436AG04 A1ZDVJ
Fresenius US Finance II IncUS$300 Fix 450 20152023 USU31436AH86 A1Z64A
As of April 8 2020
Fresenius Medical Care Overview Bonds
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 70
Issuer Volume(in millions)
Coupon type
Coupon (in )
MaturityTerm
ISIN (RegS)
WKN
FMC Finance VII SA euro300 Fix 525 20112021 XS0576395478 A1GLY6
Fresenius Medical Care US Finance Inc US$650 Fix 575 20112021 USU31433AA03 A1GL0J
Fresenius Medical Care US Finance II Inc US$500 Fix 4125 20142020 US35802XAH61 A1ZRTL
Fresenius Medical Care US Finance II Inc US$700 Fix 5875 20122022 USU31434AC42 A1GZRF
Fresenius Medical Care US Finance II Inc US$400 Fix 475 20142024 US35802XAJ28 A1ZRTN
Fresenius Medical Care US Finance III Inc US$500 Fix 375 20192029 USU3149FAA76 A2R3YR
Fresenius Medical Care AG amp Co KGaA euro650 Fix 0250 20192023 XS2084510069 A255DU
Fresenius Medical Care AG amp Co KGaA euro500 Fix 150 20182025 XS1854532949 A2NBE6
Fresenius Medical Care AG amp Co KGaA euro600 Fix 0625 20192026 XS2084497705 A255DV
Fresenius Medical Care AG amp Co KGaA euro500 Fix 1250 20192029 XS2084488209 A255DW
As of December 31 2019
Financial Calendar Contact
Financial Calendar 06 May 2020 Results Q120
30 July 2020 Results Q220
29 October 2020 Results Q320Please note that these dates could be subject to change
Annual General Meeting Due to the coronavirus pandemic the AGM scheduled for 20 May 2020 has been postponed A new date within the current financial year will be set as soon as the conditions for reliable planning and safe execution of the AGM are once again in place
Contact
Investor Relations amp SustainabilityFresenius SE amp Co KGaAphone +49 6172 608-2485e-mail ir-frefreseniuscomFor further information and current news wwwfreseniuscom
Follow us on Twitter wwwtwittercomfresenius_irand LinkedIn wwwlinkedincomcompanyfresenius-investor-relations
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 71
32x1
Fresenius Medical Care Low Leverage Reflected by Solid Investment Grade Rating
66General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
60 6176
6483
2015 2016 2017 2018 2019
Free Cash Flow in of revenue
SampP Moodylsquos Fitch
Corporate Credit Rating BBB Baa3 BBB-
Outlook stable stable stable
Current Credit Ratings
1 Including IFRS16 effect
29x30x
27x
22x
18x
31x
27x25x
22x
21x
27x25x
25x
31x
26x23x
21x
18x
25x
15
20
25
30
35
40
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
1
Fresenius Medical Care Broad Mix of Financing Instruments
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 67
Total BS Debt
~euro138 m
1 As of December 31 2019
bull Optimize funding costs and ensure financial flexibility
bull Diversify investor base
bull Strong liquidity provided by sufficient financial cushion (~euro18 billion as of December 31 2019)
Well Positioned to Meet Financing Needs
Average interest ratecost of debt25 pa
Equity-neutralconvertible bonds 3
Commercial paper 7
Syndicated loans 14
Other financial liabilities 7
Bonds 36
Lease obligations 33
Fresenius Medical Care Well-Balanced Debt Maturity Profile12
68
eurom
Maturity 30 years on
average
1 As of December 31 2019 and based on utilization of major financing instruments2 Excluding lease liabilities
445
878623 650
356500 600
945
535
135
1236400
1000
380
0
500
1000
1500
2000
2500
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
Bonds Syndicated Loan Equity-neutral convertible bonds Commercial Paper AR Facility
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
2500
2000
1500
1000
Fresenius SE Overview Bonds
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 69
Issuer Volume(in millions)
Coupon type
Coupon (in )
MaturityTerm
ISIN (RegS)
WKN
Fresenius SE amp Co KGaAeuro500 Fix 2875 20132020 XS0873432511 A1HEWZ
Fresenius SE amp Co KGaAeuro450 Fix 300 20142021 XS1013955379 A1ZB7H
Fresenius SE amp Co KGaAeuro450 Fix 400 20142024 XS1026109204 A1ZC60
Fresenius SE amp Co KGaAeuro 500 Fix 1875 20192025 XS1936208252 A2NBMS
Fresenius SE amp Co KGaAeuro 750 Fix 1625 20202027 XS2152329053 A254TA
Fresenius SE amp Co KGaAeuro 750 Fix 075 20202028 XS2101357072 A254QN
Fresenius SE amp Co KGaAeuro 500 Fix 2875 20192029 XS1936208419 A2NBMT
Fresenius Finance Ireland plceuro700 Fix 0875 20172022 XS1554373164 A19B3F
Fresenius Finance Ireland plceuro700 Fix 150 20172024 XS1554373248 A19B3G
Fresenius Finance Ireland plceuro700 Fix 2125 20172027 XS1554373677 A19B3H
Fresenius Finance Ireland plceuro500 Fix 300 20172032 XS1554373834 A19B3J
Fresenius US Finance II IncUS$300 Fix 425 20142021 USU31436AG04 A1ZDVJ
Fresenius US Finance II IncUS$300 Fix 450 20152023 USU31436AH86 A1Z64A
As of April 8 2020
Fresenius Medical Care Overview Bonds
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 70
Issuer Volume(in millions)
Coupon type
Coupon (in )
MaturityTerm
ISIN (RegS)
WKN
FMC Finance VII SA euro300 Fix 525 20112021 XS0576395478 A1GLY6
Fresenius Medical Care US Finance Inc US$650 Fix 575 20112021 USU31433AA03 A1GL0J
Fresenius Medical Care US Finance II Inc US$500 Fix 4125 20142020 US35802XAH61 A1ZRTL
Fresenius Medical Care US Finance II Inc US$700 Fix 5875 20122022 USU31434AC42 A1GZRF
Fresenius Medical Care US Finance II Inc US$400 Fix 475 20142024 US35802XAJ28 A1ZRTN
Fresenius Medical Care US Finance III Inc US$500 Fix 375 20192029 USU3149FAA76 A2R3YR
Fresenius Medical Care AG amp Co KGaA euro650 Fix 0250 20192023 XS2084510069 A255DU
Fresenius Medical Care AG amp Co KGaA euro500 Fix 150 20182025 XS1854532949 A2NBE6
Fresenius Medical Care AG amp Co KGaA euro600 Fix 0625 20192026 XS2084497705 A255DV
Fresenius Medical Care AG amp Co KGaA euro500 Fix 1250 20192029 XS2084488209 A255DW
As of December 31 2019
Financial Calendar Contact
Financial Calendar 06 May 2020 Results Q120
30 July 2020 Results Q220
29 October 2020 Results Q320Please note that these dates could be subject to change
Annual General Meeting Due to the coronavirus pandemic the AGM scheduled for 20 May 2020 has been postponed A new date within the current financial year will be set as soon as the conditions for reliable planning and safe execution of the AGM are once again in place
Contact
Investor Relations amp SustainabilityFresenius SE amp Co KGaAphone +49 6172 608-2485e-mail ir-frefreseniuscomFor further information and current news wwwfreseniuscom
Follow us on Twitter wwwtwittercomfresenius_irand LinkedIn wwwlinkedincomcompanyfresenius-investor-relations
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 71
Fresenius Medical Care Broad Mix of Financing Instruments
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 67
Total BS Debt
~euro138 m
1 As of December 31 2019
bull Optimize funding costs and ensure financial flexibility
bull Diversify investor base
bull Strong liquidity provided by sufficient financial cushion (~euro18 billion as of December 31 2019)
Well Positioned to Meet Financing Needs
Average interest ratecost of debt25 pa
Equity-neutralconvertible bonds 3
Commercial paper 7
Syndicated loans 14
Other financial liabilities 7
Bonds 36
Lease obligations 33
Fresenius Medical Care Well-Balanced Debt Maturity Profile12
68
eurom
Maturity 30 years on
average
1 As of December 31 2019 and based on utilization of major financing instruments2 Excluding lease liabilities
445
878623 650
356500 600
945
535
135
1236400
1000
380
0
500
1000
1500
2000
2500
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
Bonds Syndicated Loan Equity-neutral convertible bonds Commercial Paper AR Facility
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
2500
2000
1500
1000
Fresenius SE Overview Bonds
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 69
Issuer Volume(in millions)
Coupon type
Coupon (in )
MaturityTerm
ISIN (RegS)
WKN
Fresenius SE amp Co KGaAeuro500 Fix 2875 20132020 XS0873432511 A1HEWZ
Fresenius SE amp Co KGaAeuro450 Fix 300 20142021 XS1013955379 A1ZB7H
Fresenius SE amp Co KGaAeuro450 Fix 400 20142024 XS1026109204 A1ZC60
Fresenius SE amp Co KGaAeuro 500 Fix 1875 20192025 XS1936208252 A2NBMS
Fresenius SE amp Co KGaAeuro 750 Fix 1625 20202027 XS2152329053 A254TA
Fresenius SE amp Co KGaAeuro 750 Fix 075 20202028 XS2101357072 A254QN
Fresenius SE amp Co KGaAeuro 500 Fix 2875 20192029 XS1936208419 A2NBMT
Fresenius Finance Ireland plceuro700 Fix 0875 20172022 XS1554373164 A19B3F
Fresenius Finance Ireland plceuro700 Fix 150 20172024 XS1554373248 A19B3G
Fresenius Finance Ireland plceuro700 Fix 2125 20172027 XS1554373677 A19B3H
Fresenius Finance Ireland plceuro500 Fix 300 20172032 XS1554373834 A19B3J
Fresenius US Finance II IncUS$300 Fix 425 20142021 USU31436AG04 A1ZDVJ
Fresenius US Finance II IncUS$300 Fix 450 20152023 USU31436AH86 A1Z64A
As of April 8 2020
Fresenius Medical Care Overview Bonds
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 70
Issuer Volume(in millions)
Coupon type
Coupon (in )
MaturityTerm
ISIN (RegS)
WKN
FMC Finance VII SA euro300 Fix 525 20112021 XS0576395478 A1GLY6
Fresenius Medical Care US Finance Inc US$650 Fix 575 20112021 USU31433AA03 A1GL0J
Fresenius Medical Care US Finance II Inc US$500 Fix 4125 20142020 US35802XAH61 A1ZRTL
Fresenius Medical Care US Finance II Inc US$700 Fix 5875 20122022 USU31434AC42 A1GZRF
Fresenius Medical Care US Finance II Inc US$400 Fix 475 20142024 US35802XAJ28 A1ZRTN
Fresenius Medical Care US Finance III Inc US$500 Fix 375 20192029 USU3149FAA76 A2R3YR
Fresenius Medical Care AG amp Co KGaA euro650 Fix 0250 20192023 XS2084510069 A255DU
Fresenius Medical Care AG amp Co KGaA euro500 Fix 150 20182025 XS1854532949 A2NBE6
Fresenius Medical Care AG amp Co KGaA euro600 Fix 0625 20192026 XS2084497705 A255DV
Fresenius Medical Care AG amp Co KGaA euro500 Fix 1250 20192029 XS2084488209 A255DW
As of December 31 2019
Financial Calendar Contact
Financial Calendar 06 May 2020 Results Q120
30 July 2020 Results Q220
29 October 2020 Results Q320Please note that these dates could be subject to change
Annual General Meeting Due to the coronavirus pandemic the AGM scheduled for 20 May 2020 has been postponed A new date within the current financial year will be set as soon as the conditions for reliable planning and safe execution of the AGM are once again in place
Contact
Investor Relations amp SustainabilityFresenius SE amp Co KGaAphone +49 6172 608-2485e-mail ir-frefreseniuscomFor further information and current news wwwfreseniuscom
Follow us on Twitter wwwtwittercomfresenius_irand LinkedIn wwwlinkedincomcompanyfresenius-investor-relations
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 71
Fresenius Medical Care Well-Balanced Debt Maturity Profile12
68
eurom
Maturity 30 years on
average
1 As of December 31 2019 and based on utilization of major financing instruments2 Excluding lease liabilities
445
878623 650
356500 600
945
535
135
1236400
1000
380
0
500
1000
1500
2000
2500
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
Bonds Syndicated Loan Equity-neutral convertible bonds Commercial Paper AR Facility
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability
2500
2000
1500
1000
Fresenius SE Overview Bonds
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 69
Issuer Volume(in millions)
Coupon type
Coupon (in )
MaturityTerm
ISIN (RegS)
WKN
Fresenius SE amp Co KGaAeuro500 Fix 2875 20132020 XS0873432511 A1HEWZ
Fresenius SE amp Co KGaAeuro450 Fix 300 20142021 XS1013955379 A1ZB7H
Fresenius SE amp Co KGaAeuro450 Fix 400 20142024 XS1026109204 A1ZC60
Fresenius SE amp Co KGaAeuro 500 Fix 1875 20192025 XS1936208252 A2NBMS
Fresenius SE amp Co KGaAeuro 750 Fix 1625 20202027 XS2152329053 A254TA
Fresenius SE amp Co KGaAeuro 750 Fix 075 20202028 XS2101357072 A254QN
Fresenius SE amp Co KGaAeuro 500 Fix 2875 20192029 XS1936208419 A2NBMT
Fresenius Finance Ireland plceuro700 Fix 0875 20172022 XS1554373164 A19B3F
Fresenius Finance Ireland plceuro700 Fix 150 20172024 XS1554373248 A19B3G
Fresenius Finance Ireland plceuro700 Fix 2125 20172027 XS1554373677 A19B3H
Fresenius Finance Ireland plceuro500 Fix 300 20172032 XS1554373834 A19B3J
Fresenius US Finance II IncUS$300 Fix 425 20142021 USU31436AG04 A1ZDVJ
Fresenius US Finance II IncUS$300 Fix 450 20152023 USU31436AH86 A1Z64A
As of April 8 2020
Fresenius Medical Care Overview Bonds
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 70
Issuer Volume(in millions)
Coupon type
Coupon (in )
MaturityTerm
ISIN (RegS)
WKN
FMC Finance VII SA euro300 Fix 525 20112021 XS0576395478 A1GLY6
Fresenius Medical Care US Finance Inc US$650 Fix 575 20112021 USU31433AA03 A1GL0J
Fresenius Medical Care US Finance II Inc US$500 Fix 4125 20142020 US35802XAH61 A1ZRTL
Fresenius Medical Care US Finance II Inc US$700 Fix 5875 20122022 USU31434AC42 A1GZRF
Fresenius Medical Care US Finance II Inc US$400 Fix 475 20142024 US35802XAJ28 A1ZRTN
Fresenius Medical Care US Finance III Inc US$500 Fix 375 20192029 USU3149FAA76 A2R3YR
Fresenius Medical Care AG amp Co KGaA euro650 Fix 0250 20192023 XS2084510069 A255DU
Fresenius Medical Care AG amp Co KGaA euro500 Fix 150 20182025 XS1854532949 A2NBE6
Fresenius Medical Care AG amp Co KGaA euro600 Fix 0625 20192026 XS2084497705 A255DV
Fresenius Medical Care AG amp Co KGaA euro500 Fix 1250 20192029 XS2084488209 A255DW
As of December 31 2019
Financial Calendar Contact
Financial Calendar 06 May 2020 Results Q120
30 July 2020 Results Q220
29 October 2020 Results Q320Please note that these dates could be subject to change
Annual General Meeting Due to the coronavirus pandemic the AGM scheduled for 20 May 2020 has been postponed A new date within the current financial year will be set as soon as the conditions for reliable planning and safe execution of the AGM are once again in place
Contact
Investor Relations amp SustainabilityFresenius SE amp Co KGaAphone +49 6172 608-2485e-mail ir-frefreseniuscomFor further information and current news wwwfreseniuscom
Follow us on Twitter wwwtwittercomfresenius_irand LinkedIn wwwlinkedincomcompanyfresenius-investor-relations
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 71
Fresenius SE Overview Bonds
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 69
Issuer Volume(in millions)
Coupon type
Coupon (in )
MaturityTerm
ISIN (RegS)
WKN
Fresenius SE amp Co KGaAeuro500 Fix 2875 20132020 XS0873432511 A1HEWZ
Fresenius SE amp Co KGaAeuro450 Fix 300 20142021 XS1013955379 A1ZB7H
Fresenius SE amp Co KGaAeuro450 Fix 400 20142024 XS1026109204 A1ZC60
Fresenius SE amp Co KGaAeuro 500 Fix 1875 20192025 XS1936208252 A2NBMS
Fresenius SE amp Co KGaAeuro 750 Fix 1625 20202027 XS2152329053 A254TA
Fresenius SE amp Co KGaAeuro 750 Fix 075 20202028 XS2101357072 A254QN
Fresenius SE amp Co KGaAeuro 500 Fix 2875 20192029 XS1936208419 A2NBMT
Fresenius Finance Ireland plceuro700 Fix 0875 20172022 XS1554373164 A19B3F
Fresenius Finance Ireland plceuro700 Fix 150 20172024 XS1554373248 A19B3G
Fresenius Finance Ireland plceuro700 Fix 2125 20172027 XS1554373677 A19B3H
Fresenius Finance Ireland plceuro500 Fix 300 20172032 XS1554373834 A19B3J
Fresenius US Finance II IncUS$300 Fix 425 20142021 USU31436AG04 A1ZDVJ
Fresenius US Finance II IncUS$300 Fix 450 20152023 USU31436AH86 A1Z64A
As of April 8 2020
Fresenius Medical Care Overview Bonds
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 70
Issuer Volume(in millions)
Coupon type
Coupon (in )
MaturityTerm
ISIN (RegS)
WKN
FMC Finance VII SA euro300 Fix 525 20112021 XS0576395478 A1GLY6
Fresenius Medical Care US Finance Inc US$650 Fix 575 20112021 USU31433AA03 A1GL0J
Fresenius Medical Care US Finance II Inc US$500 Fix 4125 20142020 US35802XAH61 A1ZRTL
Fresenius Medical Care US Finance II Inc US$700 Fix 5875 20122022 USU31434AC42 A1GZRF
Fresenius Medical Care US Finance II Inc US$400 Fix 475 20142024 US35802XAJ28 A1ZRTN
Fresenius Medical Care US Finance III Inc US$500 Fix 375 20192029 USU3149FAA76 A2R3YR
Fresenius Medical Care AG amp Co KGaA euro650 Fix 0250 20192023 XS2084510069 A255DU
Fresenius Medical Care AG amp Co KGaA euro500 Fix 150 20182025 XS1854532949 A2NBE6
Fresenius Medical Care AG amp Co KGaA euro600 Fix 0625 20192026 XS2084497705 A255DV
Fresenius Medical Care AG amp Co KGaA euro500 Fix 1250 20192029 XS2084488209 A255DW
As of December 31 2019
Financial Calendar Contact
Financial Calendar 06 May 2020 Results Q120
30 July 2020 Results Q220
29 October 2020 Results Q320Please note that these dates could be subject to change
Annual General Meeting Due to the coronavirus pandemic the AGM scheduled for 20 May 2020 has been postponed A new date within the current financial year will be set as soon as the conditions for reliable planning and safe execution of the AGM are once again in place
Contact
Investor Relations amp SustainabilityFresenius SE amp Co KGaAphone +49 6172 608-2485e-mail ir-frefreseniuscomFor further information and current news wwwfreseniuscom
Follow us on Twitter wwwtwittercomfresenius_irand LinkedIn wwwlinkedincomcompanyfresenius-investor-relations
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 71
Fresenius Medical Care Overview Bonds
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 70
Issuer Volume(in millions)
Coupon type
Coupon (in )
MaturityTerm
ISIN (RegS)
WKN
FMC Finance VII SA euro300 Fix 525 20112021 XS0576395478 A1GLY6
Fresenius Medical Care US Finance Inc US$650 Fix 575 20112021 USU31433AA03 A1GL0J
Fresenius Medical Care US Finance II Inc US$500 Fix 4125 20142020 US35802XAH61 A1ZRTL
Fresenius Medical Care US Finance II Inc US$700 Fix 5875 20122022 USU31434AC42 A1GZRF
Fresenius Medical Care US Finance II Inc US$400 Fix 475 20142024 US35802XAJ28 A1ZRTN
Fresenius Medical Care US Finance III Inc US$500 Fix 375 20192029 USU3149FAA76 A2R3YR
Fresenius Medical Care AG amp Co KGaA euro650 Fix 0250 20192023 XS2084510069 A255DU
Fresenius Medical Care AG amp Co KGaA euro500 Fix 150 20182025 XS1854532949 A2NBE6
Fresenius Medical Care AG amp Co KGaA euro600 Fix 0625 20192026 XS2084497705 A255DV
Fresenius Medical Care AG amp Co KGaA euro500 Fix 1250 20192029 XS2084488209 A255DW
As of December 31 2019
Financial Calendar Contact
Financial Calendar 06 May 2020 Results Q120
30 July 2020 Results Q220
29 October 2020 Results Q320Please note that these dates could be subject to change
Annual General Meeting Due to the coronavirus pandemic the AGM scheduled for 20 May 2020 has been postponed A new date within the current financial year will be set as soon as the conditions for reliable planning and safe execution of the AGM are once again in place
Contact
Investor Relations amp SustainabilityFresenius SE amp Co KGaAphone +49 6172 608-2485e-mail ir-frefreseniuscomFor further information and current news wwwfreseniuscom
Follow us on Twitter wwwtwittercomfresenius_irand LinkedIn wwwlinkedincomcompanyfresenius-investor-relations
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 71
Financial Calendar Contact
Financial Calendar 06 May 2020 Results Q120
30 July 2020 Results Q220
29 October 2020 Results Q320Please note that these dates could be subject to change
Annual General Meeting Due to the coronavirus pandemic the AGM scheduled for 20 May 2020 has been postponed A new date within the current financial year will be set as soon as the conditions for reliable planning and safe execution of the AGM are once again in place
Contact
Investor Relations amp SustainabilityFresenius SE amp Co KGaAphone +49 6172 608-2485e-mail ir-frefreseniuscomFor further information and current news wwwfreseniuscom
Follow us on Twitter wwwtwittercomfresenius_irand LinkedIn wwwlinkedincomcompanyfresenius-investor-relations
General Credit Presentation March 2020 copy Fresenius SE amp Co KGaA Investor Relations amp Sustainability 71
