Fresenius : Quarterly Financial Report H1/21 (PDF)

H1 2021

HALF-YEAR FINANCIAL REPORT

At a Glance

Shareholder Information

Interim Group Management Report

Financial Statements

Financial Calendar/Contact

Table of contents

TABLE OF CONTENTS

			15	Business segments
3	Fresenius Group figures at a glance		15	Fresenius Medical Care	31	Consolidated financial statements
				17	Fresenius Kabi	31	Consolidated statement of income
				19	Fresenius Helios	32	Consolidated statement of comprehensive income
4	Shareholder information		21	Fresenius Vamed	33	Consolidated statement of financial position
			23	Employees	34	Consolidated statement of cash flows
			23	Changes to the Management Board	36	Consolidated statement of changes in equity
7	Management Report	23	Changes to the Supervisory Board	38	Consolidated segment reporting first halt of 2021
7	Strategy and goals	23	Research and development	39	Consolidated segment reporting second quarter of 2020
8	Health care industry	24	Oppotunities and risk report
10	Results of operations, financial position, assets and liabilities	24	Subsequent events
	10	Sales	24	Rating	40	Notes
	11	Earnings	25	Outlook 2021
	12	Reconciliation	28	Reconciliation tables
	13	Investments	30	Estimated COVID-19 effects	64	Report after review

1. Cash flow
2. Asset and liability structure

65 Financial Calendar

Fresenius Quarterly Financial Report 1st Half and 2nd Quarter 2021

2

At a Glance

Shareholder Information

Interim Group Management Report

Financial Statements

Financial Calendar/Contact

FRESENIUS GROUP FIGURES AT A GLANCE

Fresenius is a global health care group providing products and services for dialysis, hospitals, and outpatient medical care. In addition, Fresenius focuses on hospital operations. We also manage projects and provide services for hospitals and other health care facilities. In 2020, Group sales were €36.3 billion. As of June 30, 2021, more than 312,000 employees have dedicated themselves to the service of health in about 100 countries worldwide.

SALES AND EARNINGS

								Growth						Growth
€ in millions						in constant						in constant
Q2 / 2021			Growth		currency	H1 / 2021			Growth		currency
Sales		9,246			4%		8%			18,230			1%		6%
EBIT1		1,030			-8%		-4%			2,039			-9%		-5%
Net income1,2			474	16%	20%			910	4%	8%
BALANCE SHEET
€ in millions									June 30, 2021			Dec. 31, 2020		Change
Total assets									69,655			66,646		5%
Equity3									27,131			26,023		4%
Equity ratio3									39%			39%
Net debt / EBITDA1,4									3.60	3.44

PROFITABILITY
	Q2 / 2021	Q2 / 2020	H1 / 2021	H1 / 2020
EBIT margin1	11.1%	12.6%	11.2%	12.5%
Return on equity after tax (ROE)1,2	--	--	10.3%	10.5%
Return on operating assets (ROOA)1	--	--	6.7%	7.4%
Return on invested capital (ROIC)1	--	--	6.1%	6.6%

• Before special items

• Net income attributable to shareholders of Fresenius SE & Co. KGaA
  3 Including noncontrolling interests
  4 At LTM average exchange rates for both net debt and EBITDA; pro forma closed acquisitions / divestiture

Table of contents

Fresenius Quarterly Financial Report 1st Half and 2nd Quarter 2021

3

At a Glance

Shareholder Information

Interim Group Management Report

Financial Statements

Financial Calendar/Contact

Table of contents

SHAREHOLDER INFORMATION

Since the beginning of the year, the Fresenius share price increased by 16% closing the first half of 2021 at a price of €44.00. The Fresenius share is slightly outperforming the DAX in this timeframe.

RELATIVE SHARE PRICE PERFORMANCE VS. DAX

31.12.2020 = 100%

125

120

115

110

105

100

95

90
31.12.2020	31.01.2021	28.02.2021	31.03.2021	30.04.2021	31.05.2021	30.06.2021
			Fresenius share		DAX

DEVELOPMENT IN FIRST HALF OF 2021

Due to rising vaccination rates in many major markets, government-imposed containment measures were partially eased during Q2 2021. This development strenghtened economic activity and employment in the second quarter of 2021. However, uncertainties remain as the overall global economic outlook continues to depend on the further course of the pandemic, including the spread of virus mutations. The capital markets and global investment levels remained stable, benefitting from economic stimulus measures taken by governments and favourable financing conditions.

According to the ECB's current forecast, the economy in the euro zone will grow by 4.6% this year. The ECB left its key interest rate unchanged at 0.00% during its June

nd Quarter 2021

KEY DATA OF THE FRESENIUS SHARE

Number of shares (June 30 / December 31)

Stock exchange quotation1 in €

High

Low

Period-end quotation closing price in €

• Trading volume (number of shares per trading day) Market capitalization2 in million € (June 30 / December 31) Earnings per share in €3

• Xetra closing price on the Frankfurt Stock Exchange

• Total number of ordinary shares multiplied by the respective Xetra period-end quotation on the Frankfurt Stock Exchange

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

H1 / 2021

558,040,523

46.32

34.57

44.00

1,614,783

24,554

1.63

2020Growth

557,540,9090%

1. -8%

1. 35%

37.8416%

2,085,926-23%

21,09716%

3.22--

meeting.

The Federal Reserve's latest forecast projects the U.S. economy to grow by 7.0% in 2021. The U.S. Federal Reserve did not change the existing interest rates corridor of 0% to 0.25% at its June meeting.

Within this economic environment, the DAX increased by 13% in the first half of 2021 to 15,531 points. The Fresenius share closed at €44.00 on June 30, 2021, an increase of 16% compared to 2020 year-end closing price.

Fresenius Quarterly Financial Report 1st Half and 2

4

At a Glance

Shareholder Information

Interim Group Management Report

Financial Statements

Financial Calendar/Contact

Table of contents

SHAREHOLDER STRUCTURE

The charts opposite show the shareholder structure at the end of the first half of 2021. The Else Kröner-Fresenius- Stiftung was the largest shareholder of Fresenius SE & Co. KGaA, with 26.6% of the shares. According to notifications pursuant to the German Securities Trading Act (WpHG), the shares held by BlackRock, Inc were below 5% and by Allianz Global Investors GmbH below 3%. For further information on notifications, please visit www.fresenius.com/shareholder-structure.

As of June 30, 2021, a shareholder survey identified the ownership of about 95% of our subscribed capital. The shareholder base of Fresenius is solid: a total of over 600 institutional investors held about 330 million shares or 60% (December 31, 2020: 60%) of the subscribed capital;

47.0 million (December 31: 46.1 million) shares were iden- tified as retail holdings.

The 10 largest investors held about 18% (December 31, 2021: 20%) of the share capital. Our shares were mostly held by investors in Germany, the United States, and the United Kingdom.

ANALYST RECOMMENDATIONS

The recommendations published by financial analysts are an important guide for institutional and private investors when making investment decisions. According to our survey, as of June 30, 2021, we were rated with 13 ''buy'', 4 ''hold'', and 1 ''sell'' recommendations. The list of banks that provide regular analyst coverage of Fresenius and their latest recommendations can be found at www.fresenius.com/analysts-and-consensus.

VIRTUAL ANNUAL GENERAL MEETING

The virtual Annual General Meeting 2021 of Fresenius SE & Co. KGaA took place on May 21, 2021. With a large majority of 99.61%, the shareholders approved the proposal of the General Partner and the Supervisory Board to increase the dividend for the 28th consecutive year. Shareholders received €0.88 per ordinary share, representing an increase of 5%. The actions of Management Board and Supervisory Board were approved for the year 2020 with majorities of 99.28 and 91.34 respectively.

At the virtual Annual General Meeting 2021 of Fresenius SE & Co. KGaA, 72.76% of the capital stock was represented.

Fresenius Quarterly Financial Report 1st Half and 2nd Quarter 2021

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