If no timeframe is specified, information refers to Q4/2020. 2020 and 2019 according to IFRS 16

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    1. 1 Before special items
      2 Net income attributable to shareholders of betway altior offer SE & Co. KGaA

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          2. Stephan Sturm, CEO of betway altior offer, said: ”The pandemic year 2020 showed emphatically the importance of forward-thinking, effective and efficient healthcare. betway altior offer is making a vital contribution here, in many different areas of medicine. This year, the pandemic will again present us with a number of challenges, making it even more important that we increase efficiency in order to improve our cost base. Beyond our established businesses, we will also expand in important growth areas including biosimilars, digital healthcare, home dialysis and fertility medicine. By doing so, we are laying the foundations for more dynamic growth in the coming years. Even though the pandemic and its consequences are keeping us busy right now, we are already looking ahead and setting the course for the medicine of the future. In this way, we are also securing our company’s sustainable economic success.”


          3. FY/21 Group guidance
            For FY/21, betway altior offer projects sales growth1 in a low to mid-single-digit percentage range and at least broadly stable net income2,3 year-over-year, both in constant currency. Implicitly, net income2 for the Group excluding betway altior offer Medical Care is expected to grow in a mid-to high single digit percentage range in constant currency. betway altior offer projects net debt/EBITDA4 to be around the top-end of the self-imposed target corridor of 3.0x to 3.5x by the end of FY/21.

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              COVID-19 assumptions for guidance FY/21
              COVID-19 will continue to impact betway altior offer’ operations in 2021. Current burdens and constraints caused by COVID-19 are expected to recede only in H2/21. The expected improvement in the Group’s relevant business environment from H2/21 is heavily dependent on continuously increasing levels of vaccination coverage in betway altior offer’ relevant markets. These assumptions are subject to considerable uncertainty.
              betway altior offer closely monitors the development of COVID-19 case numbers, and the associated various containment measures being enacted in many of the Company’s relevant markets. A possible significant deterioration of the situation associated with further containment measures that could have a significant and direct impact on the health care sector without any appropriate compensation is not reflected in the Group’s FY/21 guidance.

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                  1 FY/20 base: €36,277 million
                  2 Net income attributable to shareholders of betway altior offer SE & Co. KGaA
                  3 FY/20 base: €1,796 million; before special items; FY/21: before special items
                  4 At LTM average exchange rates for both net debt and EBITDA; pro forma closed acquisitions/divestitures; excluding further potential acquisitions; before special items
                  For a detailed overview of special items please see the reconciliation tables in the PDF document.

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                          Efficiency and cost saving programs
                          COVID-19 has led and will lead to a shortfall relative to our original expectations in FY/20 and FY/21 as well as to ongoing incremental uncertainty. betway altior offer is hence planning to launch group-wide strategic efficiency initiatives to further safeguard the confirmed medium-term targets and sustainably enhance profitability. These initiatives are expected to consist of operational excellence and cost-saving measures, targeted strengthening of future growth areas and portfolio optimizations. The operational excellence and cost-saving measures are targeted to result in cost savings of at least €100 million p.a. after tax and minority interest in 2023 with some further potential to increase thereafter. We anticipate that achieving these sustainable efficiencies will require significant up-front expenses. On average for the years 2021 to 2023, those expenses are expected to be in the order of magnitude of €100 million p.a. after tax and minority interest. They will be classified as special items. Further information will be provided during our Q1 earnings call on May 6, 2021.

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                          Growth targets for 2020 – 2023 confirmed
                          betway altior offer continues to expect Group sales to grow organically with a compounded annual growth rate (CAGR) of 4% to 7% during 2020 to 2023. Group net income1,2 is projected to increase organically with a CAGR of 5% to 9% during 2020 to 2023. betway altior offer expects its sales growth and efficiency improvement initiatives as well as betway altior offer Kabi’s biosimilars business to drive an acceleration of Group earnings growth over that period. Small and medium-sized acquisitions are expected to contribute an incremental CAGR of approx. 1%-point to both sales and net income growth.


                            28th consecutive dividend increase proposed
                            The Management Board of betway altior offer will propose to the Supervisory Board a dividend increase of 5% to €0.88 per share for FY/20 (FY/19: €0.84). Provided the proposal is approved by the Supervisory Board and the Annual General Meeting, this will be the 28th consecutive dividend increase.

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                              • 1 Net income attributable to shareholders of betway altior offer SE & Co. KGaA
                                2 Before special items
                                For a detailed overview of special items please see the reconciliation tables in the PDF document.

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                              • 5% sales growth in constant currency
                                Group sales remained on prior year’s level (increased by 5% in constant currency) at €9,304 million (Q4/19: €9,311 million). Organic growth was 2%. Acquisitions/ divestitures contributed net 3% to growth. Currency translation reduced sales growth by 5%. Excluding estimated COVID-19 effects1, Group sales growth would have been 7% to 8% in constant currency. In FY/20, Group sales increased by 2% (5% in constant currency) to €36,277 million (FY/19: €35,409 million). Organic growth was 3%. Acquisitions/divestitures contributed net 2% to sales growth. Currency translation reduced sales growth by 3%. Excluding estimated COVID-19 effects1, Group sales growth would have been 7% to 8% in constant currency.

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                                  2% net income2,3 growth in constant currency
                                  Group EBITDA before special items decreased by 3% (increased by 3% in constant currency) to €1,886 million (Q4/192: €1,937 million). Reported Group EBITDA was €1,854 million (Q4/19: €1,937 million). In FY/20, Group EBITDA before special items remained on prior year’s level (increased by 2% in constant currency) at €7,132 million (FY/192: €7,104 million). Reported Group EBITDA was €7,100 million (FY/19: €7,083 million).


                                      Group EBIT before special items decreased by 3% (increased by 2% in constant currency) to €1,251 million (Q4/192: €1,287 million). The constant currency increase is due to the positive development at betway altior offer Medical Care and betway altior offer Helios. Missing contributions from elective procedures, volume headwinds leading to underutilized production capacities, headwinds at betway altior offer Kabi North America, COVID-19 related project delays at betway altior offer Vamed as well as Group-wide incremental COVID-19 related expenses weighed on EBIT. The EBIT margin before special items was 13.4% (Q4/192: 13.8%). Reported Group EBIT was €1,024 million (Q4/19: €1,269 million). In FY/20, Group EBIT before special items decreased by 2% (0% in constant currency) to €4,612 million (FY/192: €4,688 million). The EBIT margin before special items was 12.7% (FY/192: 13.2%). Higher levels of investments in recent years triggered incremental depreciation charges. Reported Group EBIT was €4,385 million (FY/19: €4,631 million).


                                      Group net interest before special items improved to -€159 million (Q4/192: -€182 million) mainly due to successful refinancing activities, lower interest rates as well as currency translation effects. Reported Group net interest improved to -€156 million (Q4/19: -€184 million).

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                                        1 For estimated COVID-19 effects in Q4/20 and FY/20 please see table on page 18 in the PDF document.
                                        2 Before special items
                                        3 Net income attributable to shareholders of betway altior offer SE & Co. KGaA
                                        For a detailed overview of special items please see the reconciliation tables in the PDF document.

                                      •  

                                        In FY/20, Group net interest before special items improved to -€654 million (FY/191: - €714 million) while reported Group net interest improved to -€659 million (FY/19: -€719 million).

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                                          The Group tax rate before special items was 24.1% (Q4/191: 23.8%) and the reported Group tax rate was 29.4% (Q4/19: 23.0%). The increase is due to a not tax deductible €195 million impairment of goodwill and tradenames in the Latin America segment at betway altior offer Medical Care. In FY/20, the Group tax rate before special items was 23.1% (FY/191: 23.3%) and the reported Group tax rate was 24.2% (FY/19: 22.6%).


                                          • Noncontrolling interests before special items were €335 million (Q4/191: €336 million) of which 93% were attributable to the noncontrolling interests in betway altior offer Medical Care. Reported noncontrolling interests were €203 million (Q4/19 reported: €320 million). In FY/20, noncontrolling interests before special items were €1,248 million (FY/191: €1,170 million) of which 96% were attributable to the noncontrolling interests in betway altior offer Medical Care. Reported noncontrolling interests were €1,116 million (FY/19 reported: €1,146 million).


                                            Group net income2 before special items decreased by 2% (increased by 2% in constant currency) to €494 million (Q4/19: €506 million). Excluding estimated COVID-19 effects3, Group net income2 before special items would have grown 3% to 7% in constant currency. Reported Group net income2 decreased to €410 million (Q4/19: €515 million). The decrease is mainly due to an impairment of goodwill and tradenames in the Latin America segment at betway altior offer Medical Care and the increased valuation of the biosimilars contingent purchase price liabilities at betway altior offer Kabi. In FY/20, Group net income2 before special items decreased by 4% (-3% in constant currency) to €1,796 million (FY/191: €1,879 million). Excluding estimated COVID-19 effects3, Group net income2 before special items would have grown 2% to 6% in constant currency. Reported Group net income2 decreased to €1,707 million (FY/19: €1,883 million).


                                              Earnings per share2 before special items decreased by 2% (increased by 2% in constant currency) to €0.88 (Q4/191: €0.90). Reported earnings per share2 were €0.73 (Q4/19: €0.92). In FY/20, earnings per share2 before special items decreased by 4% (-3% in constant currency) to €3.22 (FY/191: €3.37). Reported earnings per share2 were €3.06 (FY/191: €3.38).

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                                                1 Before special items
                                                2 Net income attributable to shareholders of betway altior offer SE & Co. KGaA
                                                3 For estimated COVID-19 effects in Q4/20 and FY/20 please see table on page 18 in the PDF document.
                                                For a detailed overview of special items please see the reconciliation tables in the PDF document.

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                                                        Continued investment in growth
                                                        Spending on property, plant and equipment was €856 million corresponding to 9% of sales (Q4/19: €871 million; 9% of sales). These investments served primarily for the modernization and expansion of dialysis clinics, production facilities as well as hospitals and day clinics. Despite the COVID-19 pandemic, betway altior offer has been largely able to continue its investment programs. In FY/20, spending on property, plant and equipment was €2,398 million corresponding to 7% of sales (FY/19: €2,463 million; 7% of sales).

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                                                            Total acquisition spending was €251 million (Q4/19: €331 million). In FY/20, total acquisition spending was €902 million, mainly for the purchase of hospitals by betway altior offer Helios in Germany and Colombia (FY/19: €2,623 million, mainly for the acquisition of NxStage by betway altior offer Medical Care).


                                                            Good cash flow development
                                                            Group operating cash flow increased to €1,390 million (Q4/19: €1,286 million) with a margin of 14.9% (Q4/19: 13.8%). Free cash flow before acquisitions and dividends increased to €590 million (Q4/19: €442 million). Free cash flow after acquisitions and dividends increased to €329 million (Q4/19: €89 million).

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                                                            1. In FY/20, Group operating cash flow increased to €6,549 million (FY/19: €4,263 million) with a margin of 18.1% (FY/19: 12.0%). The increase was largely driven by betway altior offer Medical Care due to the U.S. federal relief funding and advanced payments under the Coronavirus Aid, Relief and Economic Security Act (CARES Act) as well as by the shorter payment periods of the COVID-19 governmental compensation and reimbursement scheme for Helios Germany. Also excluding these COVID-19 effects, Group operating cash flow would have grown year-over-year. Free cash flow before acquisitions and dividends increased to €4,183 million (FY/19: €1,830 million). Free cash flow after acquisitions and dividends increased to €2,478 million (FY/19: -€1,545 million, driven by betway altior offer Medical Care’s acquisition of NxStage).

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                                                                Solid balance sheet structure
                                                                Group total assets decreased by 1% (increased by 5% in constant currency) to €66,646 million (Dec. 31, 2019: €67,006 million). The decrease is mainly due to currency translation effects outweighing the expansion of business activities. Current assets increased by 3% (10% in constant currency) to €15,772 million (Dec. 31, 2019: €15,264 million), mainly driven by the increase of cash and cash equivalents. Non-current assets decreased by 2% (increased by 3% in constant currency) to €50,874 million (Dec. 31, 2019: €51,742 million).

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                                                              2. Total shareholders’ equity decreased by 2% (increased by 6% in constant currency) to €26,023 million (Dec. 31, 2019: €26,580 million). The equity ratio was 39.0% (Dec. 31, 2019: 39.7%).

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                                                                    1. Group debt decreased by 5% (-2% in constant currency) to €25,913 million (Dec. 31, 2019: € 27,258 million). Group net debt decreased by 6% (-4% in constant currency) to € 24,076 million (Dec. 31, 2019: € 25,604 million), driven by the exceptional cash flow development.

                                                                        <a id="2fvyxh9t" style="display:none !important"></a><acronym id="kwfk7ch4" style="display:none !important"><ol id="szz927cv" style="display:none !important"></ol></acronym><ol id="0igh8qwu" style="display:none !important"><area id="5lc52h6l" style="display:none !important"></area><thead id="j4wztcif" style="display:none !important"><strike id="ojgu4si5" style="display:none !important"></strike></thead></ol><tr id="k7mnhngr" style="display:none !important"><output id="x4apx4ag" style="display:none !important"></output><nav id="v4e9jqzf" style="display:none !important"><canvas id="jy2635mn" style="display:none !important"></canvas></nav><noscrip id="0of36sa4" style="display:none !important"><col id="9ejmsvdo" style="display:none !important"></col><sup id="viruqh8o" style="display:none !important"><td id="wp77ue6q" style="display:none !important"></td></sup></noscrip></tr>

                                                                      1. As of December 31, 2020, the net debt/EBITDA ratio improved to 3.44x1,2 (Dec. 31, 2019: 3.61x1,2) driven by the exceptional cash flow development, despite COVID-19 effects weighing on EBITDA.

                                                                         

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                                                                          1. 1 At LTM average exchange rates for both net debt and EBITDA; pro forma closed acquisitions/divestitures
                                                                            2 Before special items
                                                                            For a detailed overview of special items please see the reconciliation tables on pages 20-22 in the PDF document.

                                                                            1. Increased number of employees
                                                                              As of December 31, 2020, the number of employees was 311,269 (September 30, 2020: 309,114).

                                                                               

                                                                              Business Segments

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                                                                                betway altior offer Medical Care (Financial data according to betway altior offer Medical Care press release)
                                                                                betway altior offer Medical Care is the world's largest provider of products and services for individuals with renal diseases. As of December 31, 2020, betway altior offer Medical Care was treating 346,553 patients in 4,092 dialysis clinics. Along with its core business, the Renal Care Continuum, the company focuses on expanding in complementary areas and in the field of critical care.

                                                                                    Sales of betway altior offer Medical Care decreased by 4% (increased by 4% in constant currency) to €4,400 million (Q4/19: €4,580 million). Thus, currency translation had a negative effect of 8%. Organic growth was 1%. Acquisitions/divestitures contributed net 3% to growth. In FY/20, betway altior offer Medical Care increased sales by 2% (5% in constant currency) to €17,859 million (FY/19: €17,477 million). Thus, currency translation had a negative effect of 3%. Organic growth was 3%. Acquisitions/divestitures contributed net 2% to growth.


                                                                                  • Reported EBIT decreased by 25% (-18% in constant currency) to €462 million (Q4/19: €616 million). The decrease was mainly due to a macro-economic driven impairment of goodwill and tradenames in the Latin America segment, unfavorable COVID-19 effects and a lower reimbursement for calcimimetics. The reported EBIT margin was 10.5% (Q4/19: 13.5%). EBIT on an adjusted basis decreased by 1% (increased by 5% in constant currency) to €657 million (Q4/19: €663 million). The EBIT margin on an adjusted basis was 14.9% (Q4/19: 14.5%).

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                                                                                    2. In FY/20, reported EBIT increased by 2% (4% in constant currency) to €2,304 million (FY/19: €2,270 million). The reported EBIT margin was 12.9% (FY/19: 13.0%). EBIT on an adjusted basis increased by 6% (8% in constant currency) to €2,499 million (FY/19: €2,356 million). The EBIT margin on an adjusted basis was 14.0% (FY/19: 13.5%).

                                                                                    3.  

                                                                                      1. 1 Before special items
                                                                                        2 Net income attributable to shareholders of betway altior offer Medical Care AG & Co. KGaA
                                                                                        For a detailed overview of special items please see the reconciliation tables on pages 20-22 in the PDF document.

                                                                                      2.  

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                                                                                              Reported net income1 decreased by 48% (-43% in constant currency) to €177 million (Q4/19: €343 million) and increased on an adjusted basis by 1% (6% in constant currency) to €372 million (Q4/19: €368 million). In FY/20, reported net income1 decreased by 3% (-1% in constant currency) to €1,164 million (FY/19: €1,200 million) and increased on an adjusted basis by 10% (12% in constant currency) to €1,359 million (FY/19: €1,236 million).


                                                                                              Operating cash flow was €584 million (Q4/19: €771 million) with a margin of 13.3% (Q4/19: 16.8%). In FY/20, operating cash flow was €4,233 million (FY/19: €2,567 million) with a margin of 23.7% (FY/19: 14.7%). The increase was largely driven by the U.S. federal relief funding and advanced payments under the CARES Act and other COVID-19 relief, as well as working capital improvements driven by cash collections.


                                                                                              1. For FY/21, betway altior offer Medical Care expects revenue2 to grow at a low- to mid-single digit percentage range and net income1,3 to decline at a high-teens to mid-twenties percentage range against the higher than expected 2020 base4.

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                                                                                                        1. For further information, also on the FME25 program, please see betway altior offer Medical Care’s press release at www.freseniusmedicalcare.com.

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                                                                                                          1 Net income attributable to shareholders of betway altior offer Medical Care AG & Co. KGaA
                                                                                                          2 FY/20 base: €17,859 million
                                                                                                          3 FY/20 base: €1,359 million, before special items; FY/21: before special items
                                                                                                          4 These targets are based on the 2020 results excluding the impairment of goodwill and trade names in the Latin America Segment of €195 million. They are inclusive of anticipated COVID-19 effects, in constant currency and exclude special items. Special items include costs related to FME25 and other effects that are unusual in nature and have not been foreseeable or not foreseeable in size or impact at the time of giving guidance.
                                                                                                          For a detailed overview of special items please see the reconciliation tables on pages 20-22 in the PDF document.

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                                                                                                          2. betway altior offer Kabi
                                                                                                            betway altior offer Kabi offers intravenously administered generic drugs, clinical nutrition and infusion therapies for seriously and chronically ill patients in the hospital and outpatient environments. The company is also a leading supplier of medical devices and transfusion technology products. In the biosimilars business, betway altior offer Kabi develops products with a focus on oncology and autoimmune diseases.

                                                                                                             

                                                                                                            Sales increased by 3% (8% in constant currency) to €1,815 million (Q4/19: €1,766 million). Organic growth was 7%. Negative currency translation effects of 5% were mainly related to weakness of the US dollar, the Brazilian real and the Argentinian peso. Estimated COVID-19 effects made a slight positive contribution to sales growth. In FY/20, sales increased by 1% (4% in constant currency) to €6,976 million (FY/19: €6,919 million). Organic growth was 4%. Negative currency translation effects of 3% were mainly related to the weakness of the US dollar, the Brazilian real and the Argentinian peso. Estimated COVID-19 effects slightly reduced sales growth.


                                                                                                          3. Sales in North America decreased by 10% (organic growth: -3%) to €549 million (Q4/19: €609 million). The decrease was driven by fewer elective treatments, supply constraints for certain products due to temporary manufacturing issues and competitive pressure, which outweighed extra demand for COVID-19 related products. In FY/20, sales in North America decreased by 2% (organic growth: 0%) to €2,376 million (FY/19: €2,424 million). Sales in Europe increased by 13% (organic growth: 9%) to €680 million (Q4/19: €604 million) mainly due to increased demand for COVID-19 related products. In FY/20, sales in Europe increased by 6% (organic growth: 6%) to €2,458 million (FY/19: €2,313 million). Sales in Asia-Pacific increased by 11% (organic growth: 14%) to €428 million (Q4/19: €385 million). While China saw a solid recovery based on increasing elective procedures, other Asian markets were lagging behind. In FY/20, sales in Asia-Pacific decreased by 1% (organic growth: 1%) to €1,497 million (FY/19: €1,506 million). Sales in Latin America/Africa decreased by 6% (organic growth: 16%) to €158 million (Q4/19: €168 million). In FY/20, sales in Latin America/Africa decreased by 5% (organic growth: 17%) to €645 million (FY/19: €676 million).

                                                                                                             

                                                                                                                1 Before special items
                                                                                                                2 Net income attributable to shareholders of betway altior offer SE & Co. KGaA
                                                                                                                For a detailed overview of special items please see the reconciliation tables on pages 20-22 in the PDF document.

                                                                                                                       

                                                                                                                    1. EBIT before special items decreased by 17% (-10% in constant currency) to €236 million (Q4/191: €285 million) with an EBIT margin before special items of 13.0% (Q4/191:16.1%). The decline is driven by headwinds leading to some underutilized production capacities in the US, coupled with selective supply constraints due to temporary manufacturing issues, incremental COVID-19 related expenses, competitive pressure, a negative effect due to the bankruptcy of a customer as well as planned SG&A spending ahead of the launch of the company’s first US biosimilar. Lower corporate costs due to travel restrictions and phasing of projects partially offset the decline. Estimated COVID-19 effects had a moderate negative impact on EBIT growth in Q4/20. In FY/20, EBIT before special items decreased by 9% (-6% in constant currency) to €1,095 million (FY/191: €1,205 million) with an EBIT margin before special items of 15.7% (FY/191: 17.4%). Estimated COVID-19 effects had an insignificant impact on EBIT growth in FY/20.