Fresenius Group Fresenius Shares Shareholder Structure 
FRESENIUS SHARES
In 2008, the prices of both our ordinary shares and preference shares were affected by the repercussions of the global financial market crisis. At the end of the year, the ordinary share had lost 35%, while the preference share was down 27% from its price at the beginning of the year. Despite excellent financial results and a positive company outlook, Fresenius shares were unable to escape the general market trend. Both share classes exceeded the DAX and the MDAX but underperformed the Dow Jones Stoxx European Healthcare sector index (-18%) and the German DAXsector Pharma&Healthcare index (-22%). On December 22, 2008, at € 31.93, the ordinary share reached its low for the year, recovering only slightly to close the year at € 36.23. Its high for the year, € 60.87, was reached on May 19, 2008. The preference share registered its low for the year, € 37.23, on December 11, 2008 and its high, € 59.25, as early as January 9, 2008. It closed the year at € 41.59. Fresenius SE came 10th in the MDAX in terms of its full-year performance in 2008. Out of the 110 companies listed in the Deutsche Börse index, Fresenius was ranked 24th, at the end of 2008.
Fresenius SE’s market capitalization as of December 31, 2008 was € 6.3 billion, a decrease of 28% compared to December 31, 2007. As the following table shows, the average daily trading volume in Fresenius shares on Xetra has continued to rise.
|
Average trading volume 2008 |
Average trading volume 2007 |
Change in % |
|
| Ordinary share | 79,081 | 70,574 | 12 |
| Preference share | 566,635 | 534,660 | 6 |
CAPITAL STRUCTURE
To partially finance the acquisition of APP Pharmaceuticals, we conducted a capital increase in authorized capital on August 12, 2008 with the issuance of 2,748,057 new ordinary shares and 2,748,057 new preference shares, generating gross proceeds of approximately € 289 million. The issue price was € 52.00 per ordinary share and € 53.00 per preference share. Existing shareholders’ subscription rights were excluded. The new shares were included in the quotation of existing Fresenius SE shares in the Regulated Market at the stock exchanges in Frankfurt, Munich, and Düsseldorf on August 19, 2008. They have full dividend entitlement for the fiscal year 2008.
In addition, stock options on ordinary and preference shares under the 1998 and 2003 stock option plans were exercised to a small extent in 2008, increasing the number of ordinary and preference shares by 241,425 each. Further information on the stock option plan can be found on pages 173 to 179 of this Annual Report
At the end of 2008, there were 80,571,867 bearer ordinary shares and 80,571,867 bearer preference shares outstanding.
