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Fresenius Kabi has agreed to collaborate with Phlow Corporation, a public benefit company, to expand access to affordable sterile injectables formulated for U.S. children’s hospitals and to help strengthen the supply chain for U.S.-sourced API and essential medicines. The companies will work together to supply private-labelled products, co-develop and manufacture novel products and make essential medicines rapidly available in the event of a public health emergency.
Fresenius Kabi has agreed to collaborate with Phlow Corporation, a public benefit company, to expand access to affordable sterile injectables formulated for U.S. children’s hospitals and to help strengthen the supply chain for U.S.-sourced API and essential medicines. The companies will work together to supply private-labelled products, co-develop and manufacture novel products and make essential medicines rapidly available in the event of a public health emergency.
Ensure financial flexibility, maintain our investment grade rating, limit refinancing risks and optimize the cost of capital are the main objectives in Fresenius’s financing strategy
Ensuring financial flexibility is key to the financing strategy of the Fresenius Group. Our investment grade rating provides us with good access to the financial and capital markets. We also remain financially flexible by maintaining adequate liquidity headroom.
Our refinancing risks are limited due to a balanced maturity profile that is characterized by a broad spread of maturities with a high proportion of medium- and long-term financing up to 2033. Relevant financiang instruments include bonds, Schuldschein Loans and bank loans. In addition, Fresenius SE & Co. KGaA maintains a commercial paper program.
Another main objective of the Fresenius Group’s financing strategy is to optimize the weighted average cost of capital by employing a balanced mix of equity and debt and striving to achieve a net debt/EBITDA ratio within a range of 3.0 to 3.5x.
Without further acquisitions and divestments, Fresenius expects the net debt/EBITDA1 ratio to be within the self-imposed target corridor at 3.0x to 3.5x at the end of 2024 (December 31, 20232: 3.76x).
1 At LTM average exchange rates for both net debt and EBITDA; pro forma closed acquisitions/divestitures; excluding further potential acquisitions/divestitures; before special items; including lease liabilities; including Fresenius Medical Care dividend
2 At LTM average exchange rates for both net debt and EBITDA; pro forma closed acquisitions/divestitures; before special items; including lease liabilities; including Fresenius Medical Care dividend
1 Prior-year figures have been adjusted due to the application of IFRS 5 to the deconsolidated operations of Fresenius Medical Care
2 Before special items
3 At average exchange rates for both net debt and EBITDA; pro forma closed acquisitions/divestitures, including lease liabilities, including Fresenius Medical Care dividend
Contact
Director Investor Relations
T: +49 (0) 6172 608-2486
elisabeth.truckenbrodt@fresenius.com
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Our Corporate Communications team can be reached at pr-fre@fresenius.com.
February 21, 2024 - 10:00 am CET
Bad Homburg, Germany
Dennis Hofmann
Head of Corporate Communications T +49 (0) 6172 608-96008
Fresenius Helios is one of the largest and most medically-advanced operators of both in- and outpatient care in Europe, offering expertise in all areas of clinical care.
Fresenius Helios owns and operates Helios hospitals in Germany and Quirónsalud hospitals in Spain and Latin America. Every year more than 24 million patients choose Helios for medical treatment, of whom 22.2 million are outpatients. Fresenius Helios is committed to the highest quality clinical and nursing care.
Based in Berlin, Helios owns and operates 87 clinics, including seven maximum care hospitals in Erfurt, Berlin-Buch, Duisburg, Wuppertal, Schwerin, Krefeld and Wiesbaden. Helios hospitals provide inpatient care to about 1.2 million patients annually.
As the only hospital group in Germany Helios operates its own hospitals ranging from basic care starting at 46 beds to maximum care with 1,500 beds. The acute care hospitals offer nearly the full spectrum of medical services at a high level of quality. Some Helios clinics are renowned beyond Germany’s borders for their outstanding medical achievements.
By combining senior citizens’ homes and acute medical care, Helios gives residents access to optimum, fast medical care. Helios has already implemented this intelligent and trend-setting concept of short distances for seniors at nine of its hospitals.
Helios strives to expand its integrated medical care offering. This is made possible through cooperations with non-hospital providers, especially local doctors’ practices, as well as our own medical care centers close to the hospitals. Our medical care centers are only established where they offer a useful complement to our hospitals and when high-quality outpatient care cannot be guaranteed over a long period through cooperations with local doctors’ practices. In medical care centers, patients are treated before or after an inpatient hospital stay. An important goal is to avoid unnecessary duplication in examinations, because high quality and competent medical care in conjunction with the rational use of resources best serves the well-being of patients.
Quirónsalud operates 58 hospitals, around 100 outpatient centers and some 300 Occupational Risk Centers. Active in every major metropolitan region of Spain, and now with eight hospitals in Latin America, Madrid-based Quirónsalud has more than 47,000 employees.
Extreme concentration and the most modern medical technology: Here you can take a look around the operating room as Peter Horn, M.D., PhD, Head of Neurosurgery at Helios Hospital Dr. Horst Schmidt Kliniken, successfully removes a 4-centimeter (1.6-inch) tumor from a patient’s brain.
Contact
Helios Kliniken GmbH
Friedrichstr. 136
10117 Berlin
Germany
T +49 30 521 321-0
Corporate governance covers all aspects connected with the management, supervision and transparency of companies. Key elements of good corporate governance are efficient company management, the protection of shareholders' interests and transparent corporate communication.
The Supervisory Board of Fresenius SE & Co. KGaA and the Management Board of the general partner of Fresenius SE & Co. KGaA, Fresenius Management SE, issued the Declaration of Conformity pursuant to Section 161 of the German Stock Corporation Act in December 2023.
Current Declaration of Conformity
German Corporate Governance Code
Previous Declarations of Conformity
Please find below the 2023 Corporate Governance Declaration and Report of Fresenius SE & Co. KGaA.
The Management Board takes diversity into account when filling executive positions. At Fresenius, the individual’s qualifications are the paramount consideration in all hiring and promotion decisions. This means that women and men with comparable qualifications and suitability have the same career opportunities. Fresenius will continue to consistently act upon this principle – in compliance with the obligations arising from the Act on the Equal Participation of Women and Men in Leadership Positions in the Private Sector and the Public Sector (FüPoG I) and the Act to Supplement and Amend the Regulations for the Equal Participation of Women in Leadership Positions in the Private Sector and the Public Sector (FüPoG II):
For the Supervisory Board of Fresenius SE & Co. KGaA, the law requires a quota of at least 30% women and 30% men. These mandatory quotas were again met by the Supervisory Board elections in 2021.
The legally stipulated targets for the Management Board do not apply to Fresenius Management SE or to Fresenius SE & Co. KGaA. Due to its legal form, Fresenius SE & Co. KGaA does not have a Management Board. Fresenius Management SE is not listed on the stock exchange and is also not subject to co-determination. In accordance with the legal requirements, the Management Board specifies composition of the two management levels directly below the Management Board as follows:
The first management level includes all Senior Vice Presidents and Vice Presidents who have an employment contract with Fresenius SE & Co. KGaA and who report directly to a Member of the Management Board. Through a decision effective January 1, 2021 the Management Board has set a target, which has to be met by December 31, 2025, and calls for a proportion of women of 30.0% at the first management level.
The second management level includes all Vice Presidents who have an employment contract with Fresenius SE & Co. KGaA and who report directly to a member of the first management level. Through the decision effective January 1, 2021, the Management Board has set a target, which has to be met by December 31, 2025, and calls for a proportion of women of 30.0% at the second management level. The Management Board believes that inclusion in the company-wide long-term incentive programs is a strong indicator that an individual holds a leading executive position. The proportion of women in this group of our top 1,800 executives was approximately 34% as of December 31, 2022.
For a detailed report on the Management and Supervisory Board members’ compensation please refer to the Compensation Report 2023.
For further information regarding the Compensation System 2023+, please refer to the following document:
Our corporate philosophy "entrepreneur in the enterprise" implies not only that our employees are driven by a spirit of entrepreneurial responsibility but that they also have a stake in the company's performance. The overall remuneration package for Group executives and the members of the Management Board has been linked to the performance of the share price through stock option plans.
As of December 31, 2022, Fresenius SE & Co. KGaA had two share-based compensation plans in place: the Fresenius SE & Co. KGaA Long Term Incentive Program 2013 (2013 LTIP) which is based on stock options and phantom stocks and the Long Term Incentive Plan 2018 (LTIP 2018) which is solely based on performance shares. Currently, solely LTIP 2018 can be used to grant performance shares.
In 2023, the new employee participation program Fresenius SHARE was introduced. The program applies equally to all employees of the participating companies - whether collectively agreed or non-pay-scale employees, executives as well as trainees and temporary workers. The program consists of two components: On the one hand, participants can annually purchase a share package with ordinary shares of Fresenius SE & Co. KGaA at a significant discount. Secondly, four targets have been set, upon achievement of which a certain amount will be issued in ordinary shares of Fresenius SE & Co. KGaA. In addition to increasing the Group's net income, the targets include the topics of cybersecurity and quality. The first shares will be issued in 2024, corresponding to the achievement of the targets in the 2023 financial year.
Management Board
Fresenius SE & Co. KGaA does not have an own Management Board. The Management Board of the general partner, Fresenius Management SE, is responsible for conducting the business of the KGaA. It formulates strategy, coordinates this with the Supervisory Board of Fresenius SE & Co. KGaA, and sees to its implementation. It is guided solely by the best interests of Fresenius SE & Co. KGaA.
Supervisory Board of Fresenius SE & Co. KGaA
The Supervisory Board of Fresenius SE & Co. KGaA supervises the management of the Company’s business by the general partner and the latter’s Management Board. The Supervisory Board of Fresenius SE & Co. KGaA has 12 members – 6 shareholder representatives and 6 employee representatives It supervises whether corporate decisions are compliant, suitable, and financially sound. The members of the Management Board of the general partner are appointed by the Supervisory Board of Fresenius Management SE, not by the Supervisory Board of the KGaA.
The Supervisory Board of Fresenius SE & Co. KGaA has the following committees:
- Audit Committee
- Nomination Committee
- Joint Committee
Supervisory Board of Fresenius Management SE
The Supervisory Board of Fresenius Management SE advises and supervises the Management Board in its management of the Company. The Supervisory Board of Fresenius Management SE appoints the members of the Management Board. He consists of six members who are elected by the annual general meeting of Fresenius Management SE Committees.
Current Publications of transactions that are subject to disclosure requirements are listed, together with the information required by law (before July 3, 2016 pursuant to section 15a of the German Securities Trading Act (WpHG); from July 3, 2016 pursuant to Art. 19 of the Market Abuse Regulation).
2024
2023
2022
2021
Transactions reported during the last 12 months are stored on the Federal Financial Supervisory Authority's central database and can be accessed by clicking on the link Bundesanstalt für Finanzdienstleistungsaufsicht (BAFin).
Michael Sen, 55, became Chairman of the Management Board of Fresenius (equivalent to President and CEO) on October 1, 2022. He joined Fresenius in April 2021 as Chairman of the Management Board of Fresenius Kabi. Before joining Fresenius Kabi, Michael Sen was a member of the Management Board of Siemens AG, where he was responsible for the healthcare business Siemens Healthineers and for Siemens’ energy business. Prior to that, he was Chief Financial Officer of E.ON SE. At the start of his professional career, Michael Sen completed an apprenticeship at Siemens in Berlin and then studied business administration at the Technical University of Berlin.
Pierluigi Antonelli, 56, joined the Management Board of Fresenius in March 2023 with responsibility for Fresenius Kabi. In his previous role since 2019, he was the CEO of Angelini Pharma, a company of the Italian Angelini Group specializing in brain health and consumer health. Prior to that, he held senior leadership positions at Novartis Oncology, Sandoz, Merck & Co. and Bristol Myers Squibb in the United States and across Europe.
Sara Hennicken (43) was appointed CFO of Fresenius as of September 1, 2022. She joined the Group in 2019 as Senior Vice President Global Treasury & Corporate Finance for Fresenius and Fresenius Medical Care. Previously, she spent 14 years in investment banking, including nine years at Deutsche Bank, lastly as Managing Director and Senior Client Executive in Corporate Finance Coverage before moving to Fresenius. Between 2005 and 2010 she worked for Citigroup in Frankfurt and London. Sara Hennicken studied economics in Germany and in the United States.
Robert Möller, 56, joined the Management Board of Fresenius in September 2023 with responsibility for Fresenius Helios. Robert Möller has been CEO of Helios Kliniken GmbH since 2022. He joined Helios in 2014, where he held the position of Clinic Managing Director at Helios Hanseklinikum Stralsund until 2017. After a short time away, he returned to Helios in 2019 and took over the management of various regions. Möller studied human medicine at the University of Hamburg and practiced as a specialist for internal medicine. After various medical positions and a part-time master's degree in health care management, he switched to hospital management while continuing to work as a physician.
Michael Moser (47) joined the Management Board of Fresenius in July 2023 with responsibility for Legal, Compliance, Risk Management, ESG and the business segment Fresenius Vamed. Since December 2023, he is also responsible for Human Resources. After starting his career at Baker McKenzie, he joined E.ON SE in 2008. During this time, he inter alia became member of the Management Board of the stock listed company ENEVA in Brazil, steered the listing of Uniper and served as Deputy CEO and CFO of Enerjisa, the stock listed leading energy company in Turkey. He has received university degrees in law and business economics in Germany, USA, UK, Switzerland and China.
Contact
Fresenius SE & Co. KGaA
Else-Kröner-Str. 1
61352 Bad Homburg v.d.H.
Germany
board@fresenius.com