Fresenius Se & Co. Kgaa · XETR:FRE

Fresenius Se & Co. Kgaa — Fresenius — Q1-3 2005 Earnings Presentation

24 slides from Fresenius Se & Co. Kgaa's earnings presentation, Nov 3, 2005

1. Slide 1: Health Care Worldwide

   Health Care Worldwide Analyst Meeting November 3, 2005 1

2. Slide 2: Agenda

   Agenda I. Business Update - Fresenius Group - Fresenius Kabi - Fresenius ProServe - Fresenius Biotech II. Financials First Nine Months 2005 © Fresenius AG | 2

3. Slide 3: Fresenius Group: Excellent Performance Continues

   Fresenius Group: Excellent Performance Continues Sales EBIT Net income Q1-3/2005 5,712 €m 703 €m 161 €m Growth at constant +7% + 13 % + 30 % currency rates Growth at actual +6% + 12 % + 29 % currency rates © Fresenius AG | 3

4. Slide 4: Fresenius Kabi

   2100 kcal Fresenius Kabi © Fresenius AG | 4 ¥ Fresenius

5. Slide 5: Fresenius Kabi: Sales First Nine Months 2005

   Fresenius Kabi: Sales First Nine Months 2005 €m Q1-3 2005 Q1-3 2004 Organic Growth Total Sales 1,239 1,105 7% By Product Segment: Infusion Therapy 658 561 7% Clinical Nutrition 497 463 8% Transfusion Technology 84 81 1% © Fresenius AG | 5

6. Slide 6: Kabi: Sales Growth in All Regions

   Fresenius Kabi: Sales Growth in All Regions Sales growth analysis: Regional Sales Q1-3 2005 Q1-3 2004 Growth Organic Strong 7 % organic growth €m €m Growth in % yoy Q1-3 2005 sales: 1,239 €m Germany 306 300 2% 1% -1 +5 Europe ex Germany 604 529 14 % 5% +1 Asia-Pacific 132 115 15 % 16 % + 12 Latin Am

7. Slide 7: Fresenius Kabi: Excellent EBIT Performance

   Fresenius Kabi: Excellent EBIT Performance €m Q1-3 2005 Q1-3 2004 Change EBIT 170 129 + 32 % EBIT margin 13.7 % 11.7 % EBIT by Region: Europe 159 129 + 23 % EBIT margin 17.5 % 15.6 % International 53 39 + 36 % EBIT margin 16.1 % 14.1 % Corporate and Corporate R&D - 42 - 39 -8% © Fresenius AG | 7

8. Slide 8: Fresenius ProServe

   ¥ Fresenius resenius

9. Slide 9: ProServe: Key Figures First Nine Months 2005

   Fresenius ProServe: Key Figures First Nine Months 2005 €m Q1-3 2005 Q1-3 2004 Change Sales 551 581 - 5 %* - Hospital Management (WKA) 260 254 +2% - Hospital Engineering + Services (VAMED) 236 233 +1% - Pharmaceutical Engineering + Services 55 63 - 13 % (Pharmaplan) - Others** (sold/closed in 2004) 0

10. Slide 10: Fresenius Biotech

    Fresenius Biotech Zi Fresenius © Fresenius AG | 10

11. Slide 11: Biotech – Adding Opportunities in Cancer Therapy

    Fresenius Biotech – Adding Opportunities in Cancer Therapy removab rexomun lymphomun Therapeutic area Epithelial cancers Solid tumors Malignancies of the blood Target Antigen EpCAM HER2neu CD 20 Development Phase I/II successful Phase I successful Preclinical ongoing Stage Pivotal phase II/III ongoi

12. Slide 12: Biotech: Anticipated 2006 Newsflow – Confirmed

    Fresenius Biotech: Anticipated 2006 Newsflow – Confirmed H2/05 H1/06 H2/06 Ovarian cancer Malignant ascites phase IIa study phase II/III study Malignant pleural effusion phase I/II study Next Steps „ Phase II study breast cancer – start beginning 2006 „ Phase II study gastric cancer – start mid 2006

13. Slide 13: Continued Profitable Growth

    Fresenius Group: Continued Profitable Growth ƒ Base business grows sustainably and generates excellent earnings and cash flow gains ƒ Fresenius Medical Care pursues sustainable growth; RCG acquisition is an excellent strategic and geografic fit; strong growth rates in the international business ƒ La

14. Slide 14: Group Financials First Nine Months 2005

    Group Financials First Nine Months 2005 15

15. Slide 15: Fresenius Group: Profit and Loss Statement

    Fresenius Group: Profit and Loss Statement in €m Q1-3 2005 Q1-3 2004 Change Change actual constant rates rates in line with 6 - 9 % full-year Sales 5,712 5,399 6% 7% target EBIT 703 628 12% 13% Interest result - 146 -156 6% 6% Taxes - 219 -190 -15% -17% Net income 161 125 29% 30% EPS (prefs) (€) 3.9

16. Slide 16: Sales Growth Analysis First Nine Months 2005

    Fresenius Group: Sales Growth Analysis First Nine Months 2005 - 1% +2% -1% Organic Growth: + 7 % Fresenius Medical Care 6% 6% + 7 % Fresenius Kabi 0 % Fresenius ProServe Organic Acquisi- Divesti- Currency Reported Growth tions tures © Fresenius AG | 17

17. Slide 17: Fresenius Group: Profit and Loss Statement

    Fresenius Group: Profit and Loss Statement in €m Q1-3 2005 Q1-3 2004 Change Change actual constant rates rates in line with 6 - 9 % full-year Sales 5,712 5,399 6% 7% target EBIT 703 628 12% 13% margin increase to 12.3% lower debt levels and interest Interest result - 146 -156 6% 6% rates Taxes - 219

18. Slide 18: Fresenius Group: Cash Flow

    Fresenius Group: Cash Flow in €m Q1-3 2005 Q1-3 2004 Change margin increase Cash flow 577 522 11 % to 10.1 % influenced by FME tax Change in Working capital 15 58 payment in the US Operating Cash flow 592 580 2% strong capex spending in Capex (net) - 180 -157 -15 % Q4 expected Free Cash flow 412 423

19. Slide 19: Fresenius Group: Capex and Acquisitions

    Fresenius Group: Capex and Acquisitions Capex and Acquisitions Distribution by Business Segment ƒ PPE/ Fresenius 100 % = 460 €m €m intangible assets Medical Care 280 ƒ Acquisitions 264 46 % Fresenius Kabi 260 50 % 240 Fresenius ProServe 2% 220 196 Corporate/Others 200 180 174 2% 180 160 Distribution

20. Slide 20: Solid Balance Sheet Structure

    Fresenius Group: Solid Balance Sheet Structure Assets Equity + Liabilities Equity + Minority 43 % 41 % interests Non-current assets 66 % 66 % 31% 33% Debt Receivables 18 % 19 % 26% 26% Other Other 16 % 15 % Sep 30, 05 Dec 31, 04 Sep 30, 05 Dec 31, 04 B/S total (€m) 9,196 8,188 9,196 8,188 © Freseniu

21. Slide 21: Fresenius Group: Debt and Interest Ratios

    Fresenius Group: Debt and Interest Ratios Q1-3 2005 YE 2004 Net debt / EBITDA 4.0 Debt (€m) 2,821 2,735 3.5 Net debt (€m) 2,653 2,595 3.2 3.0 3.0 Target: 2.7 < 3.0 Net debt/EBITDA 2.1 2.2 2.5 2.4 2.3 2.2 2.1 EBITDA/Interest 6.4 5.6 2.0 YE01 YE02 YE03 YE04 31.03.05 30.06.05 30.09.05 YE 05* YE 08* * p

22. Slide 22: Outlook 2005 Confirmed

    Fresenius Group: Outlook 2005 Confirmed ƒ Increased earnings guidance confirmed – as announced on October 14, 2005 ƒ Sales development in line with year-end expectations ƒ Capex guidance lowered to ~350 €m © Fresenius AG | 23

23. Slide 23: Health Care Worldwide

    Health Care Worldwide Analyst Meeting November 3, 2005 24

24. Slide 24: Fresenius

    Fresenius This presentation contains forward-looking statements that are subject to various risks and uncertainties. Future results could differ materially from those described in these forward-looking statements due to certain factors, e.g. changes in business, economic and competitive conditions,

Fresenius — Q1-3 2005 Earnings Presentation on 6ix