Fresenius shares

In the first half of 2009, the prices of both our ordinary shares and preference shares moved in tandem with the DAX, albeit with a time lag. In the second half, Fresenius shares did not keep pace with the DAX’s strong rise, but managed to close the gap by the end of the year.

At the beginning of the year, Fresenius shares were not able to decouple from the generally negative trend, but, as defensive stocks, held up better than the DAX through to mid-March 2009. Preference shares reached their low for the year, € 31.40, on March 20, 2009, shortly before their first listing on the DAX. On March 23, 2009, Fresenius SE preference shares were admitted to the index of the top 30 listed German companies. Ordinary shares reached their low for the year, € 27.69, on April 7, 2009. Both classes of share then recovered along with a broad market turnaround and the release of good results for the first quarter of 2009. In the further course of the year, the optimistic underlying sentiment in the market then led to a switch from more defensive stocks into cyclical stocks. Our shares did not keep pace with the DAX’s strong rally to its high for the year in the second half of the year. After the publication of the six-month results, news of delayed product approvals at APP Pharmaceuticals, acquired in 2008, led to subdued share performance despite good results and increased guidance for some business segments. Both classes of share lagged behind the DAX’s performance, and only managed to catch up towards the end of the year, after positive results were announced for the third quarter of 2009. With a strong finishing spurt, Fresenius shares managed to close the gap versus the indices almost completely by the end of the year. Ordinary shares closed the year at € 43.45 after reaching their year high of € 43.76 shortly before December 29, 2009. The preference share’s high for the year, € 50.01, was reached with its closing price on December 30, 2009. The ordinary share gained 22 % – and the preference share 20 % – over their opening prices at the beginning of the year. In terms of full-year performance in 2009, Fresenius preference shares came in 17th place on the DAX.

Fresenius SE’s market capitalization was € 7.5 billion as of December 31, 2009, an increase of 19 % compared to December 31, 2008. As the table shows, the average daily trading volume in Fresenius shares on Xetra was slightly lower in 2009 than in 2008. DAX trading volume decreased even more, by 32 %, in the same time period.

Xetra Trading Volume


  Average trading
volume 2009
No. of shares
Average trading
volume 2008
No. of shares
Change
in %
Ordinary share 72,012 79,081 - 9
Preference share 500,509 566,635 - 12

  Average trading
volume 2009
No. of shares
Average trading
volume 2008
No. of shares
Change
in %
Ordinary share 72,012 79,081 - 9
Preference share 500,509 566,635 - 12

Fresenius shares are listed on stock exchanges in Frankfurt am Main, Düsseldorf, and Munich. Fresenius is included in Germany’s leading index, the DAX, as well as the Prime Standard Pharma and Healthcare Index, and the Dow Jones Stoxx 600.

CAPITAL STRUCTURE

Stock options on ordinary and preference shares under the 1998 and 2003 stock option plans were exercised to a small extent in 2009, increasing the number of ordinary and preference shares by 85,821 each. Further information on the stock option plans can be found under note 34, Stock options.

At the end of 2009, there were 80,657,688 bearer ordinary shares and 80,657,688 bearer preference shares outstanding.

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