Financing

In 2009, we generated an excellent operating cash flow of € 1,553 million. The key drivers were our good earnings performance and tight working capital management. The cash flow margin was 11.0 %. In 2010, we expect to achieve a cash flow margin at a high single-digit rate of sales.

The net debt / EBITDA ratio is a key financial figure for the Fresenius Group. Financing of the APP Pharmaceuticals acquisition caused this ratio to rise to 3.6 as of December 31, 2008. It was improved significantly to 3.0 in 2009. In 2010 our goal is to achieve a ratio of < 3.0, primarily through earnings improvements and continued positive cash flows.

Unused credit lines under syndicated or bilateral credit facilities from banks will generally provide us with a sufficient financial cushion. Fresenius SE’s € 250 million commercial paper program was not utilized. For further details please see here.

There will be only limited refinancing requirements in 2010. These can be met from cash flow and, if necessary, from existing credit facilities. Of the total refinancing requirements of about € 2 billion in 2011, about € 1.8 billion relates to the Fresenius Medical Care credit facility from 2006, which we intend to refinance through a renewal of the credit agreement and, if necessary, through various capital market transactions.

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