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Comparison of the actual business results with the forecasts

For 2011, we had assumed that strong demand for our products and services would continue despite ongoing costcontainment efforts in the health care sector. This proved to be the case.

We achieved our guidance of approximately 6% sales growth in constant currency. As the table below shows, we initially increased our guidance over the course of the year. Due to the sales growth in the first three quarters of 2011, we had to slightly reduce it. Net income1 reached new records: The outlook for fiscal year 2011 was increased a total of four times based on the excellent earnings growth at Fresenius Kabi and Fresenius Helios. We finally expected net income to increase by 18% in constant currency. With 18%, we met this target. Fresenius Kabi and Fresenius Helios also fully achieved their sales and earnings guidance. At the beginning of August, Fresenius Vamed slightly revised the sales and earnings targets downwards due to the unrest in the region Middle East/North Africa and the resulting impact on the project business. Fresenius Medical Care slightly reduced its sales target in December. Both business segments fully met their revised guidance.

The Group’s cost positions in 2011 developed as expected. Cost of sales were improved as percentage rate of sales, and at the same time operating expenses increased slightly. We increased our R & D expenses as planned. With 4%, they are fully within the targeted range of approximately 4% to 5% of our product sales.

ACHIEVED GROUP TARGETS 2011


Group Targets for 2011 announced in February 2011 Increased guidance announced in May 2011 Increased guidance announced in August 2011 Adjusted guidance announced in November 2011 Increased guidance announced in December 2011 Achieved in 2011
1 Net income attributable to Fresenius SE & Co. KGaA adjusted for the effects of mark-to-market accounting of the Mandatory Exchangeable Bonds (MEB) and the Contingent Value Rights (CVR) relating to the acquisition of APP Pharmaceuticals. Both are non-cash items.
Sales (growth, in constant currency) > 7% 7–8%   ~ 6%   6%
Net income (growth, in constant currency)1 8–12% 12–16% 15–18% upper half of range ~ 18% 18%

Group Targets for 2011 announced in February 2011 Increased guidance announced in May 2011 Increased guidance announced in August 2011 Adjusted guidance announced in November 2011 Increased guidance announced in December 2011 Achieved in 2011
1 Net income attributable to Fresenius SE & Co. KGaA adjusted for the effects of mark-to-market accounting of the Mandatory Exchangeable Bonds (MEB) and the Contingent Value Rights (CVR) relating to the acquisition of APP Pharmaceuticals. Both are non-cash items.
Sales (growth, in constant currency) > 7% 7–8%   ~ 6%   6%
Net income (growth, in constant currency)1 8–12% 12–16% 15–18% upper half of range ~ 18% 18%

Fresenius invested €783 million in property, plant and equipment in 2011, equivalent to about 5% of Group sales. That was well in line with the budgeted level of about 5% as percentage of sales.

We also clearly exceeded our guidance for operating cash flow with a cash flow rate of more than 10%. We had forecasted a cash flow rate at a high single-digit percentage rate of sales.

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