{
  "docId": "019dd923-5e88-73ef-bd5a-0ab1717fb738",
  "docSlug": "7ec40cabf8e4d071",
  "documentTitle": "Fresenius SE 2023 06 13 14 Goldman Sachs 44th Annual Global Healthcare Conference",
  "authorId": "GoldmanSachs",
  "authorName": "Fresenius",
  "documentKindSlug": "consulting-deck",
  "documentKindLabel": "Consulting deck",
  "sourceTypeSlug": "equity_research",
  "sourceTypeLabel": "Equity research",
  "presentationDate": null,
  "orientation": "landscape",
  "aspectRatio": 1.778,
  "pageNumber": 19,
  "pageCount": 58,
  "prevPage": 18,
  "nextPage": 20,
  "slideType": "recommendation",
  "function": "present_solution",
  "density": "balanced",
  "nDataPoints": 0,
  "notes": "The slide uses a vertical flow diagram to represent the new governance structure alongside key bulleted takeaways.",
  "elementsJson": [
    "headline_text",
    "process_diagram",
    "bullet_list",
    "callout_box"
  ],
  "metadataConfidence": 0.9,
  "imagePath": null,
  "slideHref": "/slides/019dd923-5e88-73ef-bd5a-0ab1717fb738/19",
  "deckHref": "/decks/019dd923-5e88-73ef-bd5a-0ab1717fb738",
  "deckJsonHref": "/decks/019dd923-5e88-73ef-bd5a-0ab1717fb738.json",
  "deckAnchorHref": "/decks/019dd923-5e88-73ef-bd5a-0ab1717fb738#slide-19",
  "components": [
    {
      "bbox": {
        "h": 0.05,
        "w": 0.94,
        "x": 0.03,
        "y": 0.8
      },
      "kind": "callout",
      "text": "Value upside retained, strategic optionality created",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3c01179e-0183-41a9-a089-4ed99f28904d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.94,
        "x": 0.03,
        "y": 0.86
      },
      "kind": "callout",
      "text": "Implementation expected Q3-4 2023",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d8f00949-78f2-4942-8ef4-b13adf041cf4",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "callout",
      "text": "Value upside retained, strategic optionality created",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd952-1d6d-7403-ae9d-998b0c92d0d4",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.48,
        "w": 0.26,
        "x": 0.08,
        "y": 0.24
      },
      "kind": "diagram",
      "text": "New Governance Structure: All shareholders incl. FSE -> Supervisory Board Fresenius Medical Care AG -> Management Board Fresenius Medical Care AG",
      "attrs": null,
      "subkind": "org-chart",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "bce47639-937a-40ac-b929-4963ae953335",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.52,
        "w": 0.52,
        "x": 0.45,
        "y": 0.23
      },
      "kind": "list",
      "text": "Supportive and active long-term shareholder to benefit from FMC value creation plan\nChange from full consolidation to at-equity consolidation of FMC after conversion\nNo relevant impact on material financing arrangements at both FSE and FMC\nFSE one-time costs in low double-digit €m range; negligible dissynergies from deconsolidation",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f1db54db-8694-4402-ab86-b1fbe1ee1b3b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.37,
        "x": 0.03,
        "y": 0.1
      },
      "kind": "title",
      "text": "FSE / FMC to focus on performance",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e77c8e90-85eb-420b-8e2e-42f2dc359b75",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "governance-board",
      "slug": null,
      "matchId": "e50c6d85-1d87-4dcf-a653-9160a11a4f54",
      "evidence": "New Governance Structure diagram showing Shareholders, Supervisory Board, and Management Board",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 28,
      "from": 18,
      "beatId": "2705ec00-68c0-4b74-bfa8-fca35d09b351",
      "arcName": "Monroe's Motivated Sequence",
      "arcSlug": "monroes-sequence",
      "beatName": "Satisfaction",
      "beatSlug": "monroes-sequence-satisfaction",
      "evidence": "The strategic update and business update slides provide satisfaction by outlining the company's plans and progress",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": "Turn",
      "parentBeatSlug": "turn"
    }
  ],
  "loops": [
    {
      "to": 20,
      "from": 15,
      "name": "Cost Of Inaction",
      "slug": "27-cost-of-inaction",
      "bestFor": "Urgent budget requests, compliance, risk mitigation",
      "matchId": "3acc2abe-dbfc-4762-acc7-a24738b1a643",
      "evidence": "The financial analysis and comparison tables highlight the benefits of the strategic initiatives",
      "position": 1,
      "objective": "What are the benefits of Fresenius' strategic initiatives?",
      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
      "confidence": 0.7,
      "description": "Quantify what happens if the audience does nothing"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}