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Financing

In 2011, we generated an excellent operating cash flow of €1,689 million mainly driven by strong earnings and tight working capital management. The cash flow margin was 10.2%. In 2012, we expect to achieve a similar cash flow margin.

The net debt/EBITDA ratio is a key financial figure for the Fresenius Group. As of December 31, 2011, the net debt/EBITDA ratio was 2.8. At the end of 2012, we expect Group leverage to be ≤3.0, due to the recently announced acquisitions.

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

Financing measures are planned for 2012 due to acquisitions and refinancing requirements. Fresenius SE & Co. KGaA is planning to finance the acquisition of the Damp Group. In addition, it is planned to refinance tranches of Euro notes that were issued in 2007 and 2008 and that will become due, as well as the 2006 senior notes that will become due on January 31, 2013.

On January 26, 2012, Fresenius Medical Care placed senior notes to finance the acquisition of Liberty Dialysis Holdings. Proceeds are amounting to approximately US$1.81 billion. Fresenius Medical Care is also planning to refinance the credit facilities due on March 31, 2013 under the Fresenius Medical Care 2006 Senior Credit Agreement, including repayments of Loan B, and the tranches of 2009 Euro Notes that will become due October 27, 2012.

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