Fresenius Group Fresenius Shares Share Price Development 
In 2008, the stock markets were marked by the international financial market crisis and its impact on the real economy. In the course of the year, all stocks were buffeted by these events – resulting, in part, in correspondingly high share price losses. Despite the Fresenius Group’s excellent financial results, neither the ordinary shares nor the preference shares were able to bypass this development.
STOCK MARKETS
The equity markets experienced strong price fluctuations in the first half of 2008. Although supported at first by the good company results released in the reporting season, the equity markets were not able to escape from the continuing turbulences on the money and credit markets. As early as January 2008, at 7,949 points, the DAX registered what would be its high for the year. By May 2008, the MDAX reached 10,069 points – its high for the year. From midyear, the effects of the financial crisis in the United States – triggered by the credit crisis on the US subprime mortgage market – spilled over with full force to the international capital markets. This led to a downward trend that persisted to the end of 2008. Despite the launch of global economic support programs for the industrial sector and huge rescue packages for banks, investors lost confidence. To limit their risks, many withdrew their capital from the stock market, leading to correspondingly high losses in stock prices and indices. The DAX lost heavily in the second half of the year, falling to 4,127 points in November 2008. At its low of 4,735 points in November the MDAX had lost over 50% in value. Both indices recovered slightly by the end of the year but remained well below their levels at the beginning of 2008; the DAX and MDAX closed the year at 4,810 points and 5,602 points, respectively. Over the year the DAX lost 40% and the MDAX 43%. Despite the heavy losses, the DAX still did well compared to other European blue chip indices. The EuroStoxx 50 suffered considerable losses in 2008 with a decrease of 44%. The European Dow Jones STOXX 600 Index, which comprises Europe’s 600 largest companies, closed the year at 197 points, a decrease of 45%. In this index the best performing sectors were Healthcare (-18%), Food&Beverages (-30%), and Telecommunications (-36%), while Banks (-64%), Basic Resources (-64%), and Financial Services (-55%) were the three worst performers. The leading US indices also lost heavily. The S&P 500 closed 2008 with a loss of 38%, while the Dow Jones Industrial Average fell 34%.
