Liquidity analysis

In 2009, key sources of liquidity were operating cash flows and short, medium, and long-term debt. Cash flow from operations is influenced by the profitability of Fresenius’ business and by net working capital, especially accounts receivable. Cash flow can be generated from short-term borrowings through the sale of receivables under the Fresenius Medical Care accounts receivable securitization program, by using the commercial paper program, and by drawing on bilateral bank credit agreements. Medium and long-term funding is provided by the revolving credit facilities of Fresenius Medical Care and Fresenius SE and by bonds, as well as by various other financing instruments. Fresenius believes that its existing credit facilities, as well as the operating cash flows and additional sources of short-term funding, are sufficient to meet the Company’s foreseeable liquidity needs.

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